Fujiyama adds over 1,000 dealers and 350 engineers in H1 FY27

In H1 FY27, Fujiyama Power Systems Limited added more than 1,000 dealers and more than 100 distributors while increasing its on-roll service-engineer workforce to more than 1,000 from about 650 in March 2026. The expansion is intended to deepen rooftop-solar sales, installation and after-sales coverage in Tier 2 and Tier 3 markets.

How did Fujiyama expand its rooftop-solar retail network in H1 FY27?

Fujiyama expanded its retail network by adding more than 1,000 dealers and more than 100 distributors during the first six months of FY27. Management said Fujiyama had more than 10,200 channel partners, distributors, dealers and exclusive UTL shoppes across more than 25 states and Union Territories at the time of the November 10, 2026 call.

The additions build on a network initially developed through Fujiyama's inverter and uninterruptible power supply business, which dates to 1996. Fujiyama said more than 85% of its revenue comes from retail households and small businesses buying through local dealers, making dealer coverage central to its route to market rather than an ancillary sales channel.

Fujiyama said Odisha and Uttarakhand moved into its fully covered category during H1 FY27. Its internal geographic framework identified 13 states as covered, five as growth markets and four as subject to special-focus programmes, while management said 14 further states and Union Territories remained largely ahead of Fujiyama.

The commercial rationale is to sell different solar configurations through the same local outlet. Fujiyama makes on-grid, off-grid and hybrid systems, with products ranging from 40-watt solar panels to 120 kilovolt-amperes, or kVA, online UPS equipment. Management described customer demand as varying by location, with backup power, grid export capability or both influencing system choice.

How much did Fujiyama increase its service-engineer workforce?

Fujiyama increased its on-roll service-engineer workforce by more than 350 people, to more than 1,000 in H1 FY27 from about 650 in March 2026. Management said these engineers are employees rather than outsourced personnel and support dealers in person on sales, installation and service work.

The company links this workforce to the practical demands of rooftop systems. Management said the industry challenge extends beyond manufacturing panels to installing systems on roofs and maintaining them over a 25-year operating period. The engineers are intended to help dealers with rapid delivery, installation and after-sales service across smaller towns.

Each logged service complaint is fed back to Fujiyama's research and development team of more than 80 engineers, according to management. Fujiyama cited this feedback loop as part of the development process for its patented rMPPT hybrid inverter technology, combo UPS systems and solar power conditioning units, or PCUs.

Fujiyama also said its in-house UTL AI platform supports sales, service and dealer operations through WhatsApp and voice chatbots that operate 24 hours a day in local languages. Management said the system registers complaints, forecasts regional spare-parts needs, helps route field engineers to dealers and identifies districts and dealers for further expansion.

Why is Fujiyama spending more on distribution and service?

Fujiyama said its higher selling, distribution and overhead costs partly reflect a deliberate, front-loaded expansion of sales, marketing and service coverage in new states. Management specifically cited brand-visibility campaigns aimed at Tier 2, Tier 3 and rural markets, alongside the additional field workforce needed to support the enlarged dealer base.

That spending coincided with a quarterly margin change. Earnings before interest, tax, depreciation and amortisation, or EBITDA, margin was 17.1% in Q2 FY27, compared with 18.9% in Q1 FY27, although management said gross margin was similar in both quarters. It attributed the sequential decline to seasonal softness and the absorption of fixed operating costs while capacity ramped up.

Fujiyama also staffed and operated its Ratlam facility before full production volumes arrived, according to management. Fujiyama said these costs are largely fixed and are expected to be spread across a larger revenue base as the plant fills, but it did not provide a date or quantitative target for that operating-cost absorption.

Revenue reached Rs 2,652 crore in H1 FY27, nearly equal to the Rs 2,655 crore reported for the whole of FY26. H1 FY27 EBITDA was Rs 478 crore, up 129%, while normalised profit after tax was Rs 298 crore, up 128%. In Q2 FY27, revenue grew 130% to Rs 1,307 crore and EBITDA rose 116% to Rs 223 crore.

What supports Fujiyama's wider dealer and service footprint?

Fujiyama said its legacy installed base gives dealers opportunities to sell upgrades and related products. Fujiyama sold more than 14 lakh inverters in the past five years, including about 4.5 lakh in FY26, and management said these households may subsequently need batteries, panels, upgrades and services.

The network is being expanded alongside manufacturing capacity. Fujiyama commissioned a 2-gigawatt power-electronics facility at Ratlam in August 2026, where solar-panel production had started in May 2026. Management said Fujiyama's current manufacturing capacities include 1 gigawatt of solar cells, 3.5 gigawatts of solar panels, 4 gigawatts of power electronics and 545 megawatt-hours of lithium-ion batteries.

Management said a 3-gigawatt-hour lithium-ion battery plant at Ratlam and a 1-gigawatt tubular-battery plant at Hathras are expected to start in the coming quarter. The Hathras facility is intended to replace Bawal capacity lost in a May fire, while the expanded Ratlam lithium-ion plant would take total lithium-ion capacity to 3.5 gigawatt-hours.

A 1.2-gigawatt TOPCon solar-cell project at Ratlam is targeted for Q1 FY28 and would raise cell capacity to 2.2 gigawatts, management said. Fujiyama said new capacity is designed to replace external procurement, including tubular batteries bought after the Bawal fire and cells needed for panel production beyond its existing 1-gigawatt cell capacity.

Conclusion

Fujiyama's H1 FY27 expansion shows a distribution-led rooftop-solar strategy: more than 1,000 new dealers, more than 100 new distributors and an on-roll service force of more than 1,000 people. The model combines local retail access with installation support, product breadth across on-grid, off-grid and hybrid systems, and a service-data feedback loop involving more than 80 research and development engineers.

The next items to watch are the planned commissioning of Ratlam lithium-ion and Hathras tubular-battery facilities in the coming quarter, and the targeted Q1 FY28 start for the 1.2-gigawatt TOPCon cell plant. Management also identified the January 1, 2027 domestic-cell requirement for net-metered rooftop systems as a pending regulatory shift that could affect demand for domestic-content-requirement panels and complete systems.