UTLSOLAR stock: Motilal Oswal sees ₹600 bull-case by FY28

Stock hits a fresh post-listing high

Shares of Fujiyama Power Systems, traded as UTLSOLAR, climbed sharply in Thursday’s intraday trade on 23 April, even as the broader market tone was described as generally weak. On the BSE, the stock rose as much as 10% to a new high of ₹285.90 during the session. At 09:39 am, UTLSOLAR was up 7% at ₹277.80, while the BSE Sensex was down 0.8%.

The move came as the stock traded at its highest level since listing. The company had listed on 20 November 2025, and the stock was noted to be trading about 25% above its IPO price of ₹228 per share at the time of the report.

What triggered the surge

The immediate trigger for the rally was Motilal Oswal Financial Services initiating coverage on the stock. The brokerage started with a BUY rating and set a target price of ₹340 per share. The coverage initiation and the target price were highlighted as key reasons behind the sudden jump in the share price.

The stock’s rise also stood out because it happened when the market environment was described as broadly softer. Against that backdrop, the stock’s relative strength drew attention among traders tracking newly listed names.

Gains from the 52-week low underline volatility

While the stock was making a new post-listing high, the report also flagged how much it had rebounded from its recent bottom. UTLSOLAR was up 68% from its 52-week low of ₹170.55, recorded on 3 March 2026.

That sharp recovery in a short span underlines the volatility that can surround newly listed companies, especially when brokerage coverage begins and new price targets enter market narratives.

Motilal Oswal’s base target and the bull case

Motilal Oswal’s base target price for UTLSOLAR was set at ₹340 per share, accompanied by a BUY rating. Beyond that base case, the brokerage outlined a more optimistic bull case: it said the stock could reach ₹600 by FY28.

According to the report, the bull-case target represents a potential upside of 131% from the stock’s previous close. This bull case was positioned around the company’s growth runway and execution of capacity expansion plans.

Rooftop solar opportunity and capacity expansion plan

Motilal Oswal said it expects further upside in UTLSOLAR as the company scales to benefit from India’s rooftop solar opportunity, which it pegged at around 100 GW by FY30. The brokerage noted that UTLSOLAR is increasing capacity to address this opportunity.

A key part of the plan is a proposed capital expenditure of ₹300 crore at Ratlam for panels, inverters, and batteries. After this expansion, the company’s capacity is expected to rise to 3.7 GW for panels, 3.7 GW for inverters, and 3.8 GWh for batteries, as stated in the report.

What the brokerage expects on growth metrics

Motilal Oswal projected strong compounding over FY25 to FY28 across the income statement. It expects revenue, EBITDA, and PAT to grow at CAGR of 56%, 65%, and 65%, respectively, over the FY25 to FY28 period.

The brokerage linked this growth outlook mainly to demand generated by PMSGMBY and the company’s expansion plans. These are the central operational drivers cited for the multi-year growth estimates.

Valuation approach used in the note

On valuation, the report stated that the target price of ₹340 was arrived at by valuing the company at 15 times FY28E EPS. This valuation framework and the forward estimate period are central to how the brokerage anchored its recommendation.

The report did not provide additional valuation bands in the excerpt beyond the base target and the bull-case level, but it clearly separated the two outcomes as base and optimistic scenarios.

Key data points at a glance

Conclusion: what investors will track next

UTLSOLAR’s jump to a fresh post-listing high followed Motilal Oswal’s coverage initiation, with a ₹340 target and a bull-case path to ₹600 by FY28. The brokerage’s thesis rests on the rooftop solar opportunity it estimates at around 100 GW by FY30, and on the company’s ₹300 crore Ratlam expansion plan across panels, inverters, and batteries.

Going forward, attention is likely to remain on how the company executes the planned capacity build-out toward 3.7 GW, 3.7 GW, and 3.8 GWh, and whether growth tracks the FY25 to FY28 CAGR assumptions cited in the report.