Fujiyama Power Systems revenue doubles, fire cuts profit

Fujiyama Power Systems Limited reported Rs 2,656.93 crore in total income for the half year ended 30 September 2026, compared with Rs 1,167.555 crore a year earlier, but a Rs 143.581 crore exceptional loss from a 6 May fire reduced reported profit after tax to Rs 190.650 crore. The unaudited results were approved on 5 November 2026.

What were Fujiyama Power Systems' September-half results?

Fujiyama Power Systems recorded revenue from operations of Rs 2,652.510 crore for the half year ended 30 September 2026, against Rs 1,165.256 crore in the corresponding 2025 period. Other income was Rs 4.420 crore, compared with Rs 2.299 crore, taking total income to Rs 2,656.930 crore from Rs 1,167.555 crore.

The company reported profit before exceptional item and tax of Rs 401.382 crore, up from Rs 174.552 crore in the September 2025 half year. The increase came as total expenses rose to Rs 2,255.548 crore from Rs 993.003 crore, while income growth exceeded the increase in costs.

In the quarter ended 30 September 2026, Fujiyama Power Systems generated Rs 1,308.817 crore of total income, compared with Rs 569.789 crore a year earlier. Quarterly profit after tax was Rs 132.856 crore, versus Rs 62.924 crore, after the fire-related exceptional item had been recognised in the preceding quarter ended 30 June 2026.

Fujiyama Power Systems produces and sells solar power generating systems-related products and stated that its operations are predominantly in India. The company reported no separate operating segments under Indian Accounting Standard 108 because it considers its operations to be within one reportable business and geographic area.

How did the Bawal fire affect Fujiyama Power Systems' profit?

Fujiyama Power Systems recognised a Rs 143.581 crore exceptional loss for the 6 May 2026 fire at its production facility in Bawal, District Rewari, Haryana. The charge represents the net carrying value of damaged building structures, plant and machinery, and inventories, and there was no comparable exceptional item in the September 2025 half year.

The exceptional charge reduced half-year profit before tax to Rs 257.801 crore from Rs 401.382 crore before the item. After a tax expense of Rs 67.142 crore, reported profit after tax was Rs 190.650 crore, compared with Rs 130.459 crore in the corresponding prior-year period.

Fujiyama Power Systems said it has adequate insurance coverage for the damaged assets and has lodged claims with its insurer. However, the assessment remained in progress with the insurance surveyor and insurer at 30 September 2026, so the company could not ascertain or recognise any recovery against the Rs 143.581 crore loss.

The June 2026 quarter carried the entire exceptional item: profit before exceptional item and tax was Rs 221.242 crore, while profit before tax was Rs 77.661 crore. In the September 2026 quarter, with no further disclosed exceptional charge, profit before tax rose to Rs 180.140 crore.

What changed in Fujiyama Power Systems' balance sheet?

Fujiyama Power Systems' total assets rose to Rs 2,906.689 crore at 30 September 2026 from Rs 2,343.556 crore at 31 March 2026. Inventories increased to Rs 1,229.540 crore from Rs 909.819 crore, while other current assets rose to Rs 423.607 crore from Rs 178.558 crore.

Cash and cash equivalents fell to Rs 51.807 crore from Rs 139.460 crore over the same six-month period. Trade receivables were broadly stable at Rs 140.030 crore, compared with Rs 140.321 crore at 31 March 2026, indicating that the largest balance-sheet movements were in inventories and other current assets.

Current borrowings increased by Rs 336.022 crore to Rs 661.435 crore at 30 September 2026, while non-current borrowings rose by Rs 54.125 crore to Rs 190.197 crore. Total equity increased to Rs 1,465.737 crore from Rs 1,273.356 crore, including other equity of Rs 1,435.047 crore.

Why did Fujiyama Power Systems' cash balance decline?

Fujiyama Power Systems used Rs 187.762 crore in operating activities in the half year ended 30 September 2026, compared with an outflow of Rs 161.737 crore in the corresponding 2025 period. Before working-capital changes, operating profit was Rs 490.062 crore, including the Rs 143.581 crore fire loss added back in the cash-flow reconciliation.

The operating outflow included Rs 398.023 crore associated with inventories and Rs 245.043 crore relating to other current assets. These uses of cash were partly offset by Rs 171.354 crore generated from trade payables during the six months to 30 September 2026.

Investing activities used Rs 184.038 crore, compared with Rs 159.435 crore in the prior-year half, while financing activities generated Rs 359.824 crore against Rs 307.467 crore a year earlier. Net cash declined by Rs 87.653 crore from an opening balance of Rs 139.460 crore to Rs 51.807 crore.

Fujiyama Power Systems acquired 31% of Zayo Energy Private Limited and 31% of Zayo Cables Private Limited on 25 April 2026, making both companies associates. On 9 September 2026, it subscribed to 833 compulsorily convertible debentures in an associate at Rs 60,093 each; consolidated results are being prepared for the first time.

Conclusion

Fujiyama Power Systems' half-year figures show a substantial increase in sales and profit before exceptional items, with total income rising by Rs 1,489.375 crore year on year and profit before exceptional item and tax increasing by Rs 226.830 crore. The Rs 143.581 crore Bawal fire loss nevertheless remains the main factor separating underlying pre-exceptional performance from reported profit after tax.

The next disclosed issue to watch is the insurer's assessment of the 6 May 2026 Bawal fire, because no recovery had been recognised at 30 September 2026. Fujiyama Power Systems is also awaiting a response from the Bureau of Indian Standards on goods worth Rs 1.900 crore seized at Bawal on 28 April 2026, while it expects release of Rs 2.450 crore of products seized at Greater Noida after fines were paid on 14 October 2026.