| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹216 to ₹228 | 65 | 13th Nov, 2025 –17th Nov, 2025 | ₹828 Cr |
Fujiyama Power Systems Ltd
Fujiyama Power Systems Ltd. operates as an integrated manufacturer and solutions provider in India’s rooftop solar industry, offering a comprehensive range of on-grid, off-grid, and hybrid solar systems. It has established strong capabilities across the solar value chain, spanning solar panel and inverter manufacturing to both lead acid and lithium-ion battery production, positioning itself as one of the most diversified players in the domestic solar equipment space. With over 29 years of brand legacy under ‘UTL Solar’ and the complementary ‘Fujiyama Solar’ brand, the company enjoys strong industry recall and credibility. It operates four domestic manufacturing facilities supported by in-house R&D focused on continuous innovation in inverter technology. Notably, the company has demonstrated technological leadership by being among the first in India to develop an SMT-based single-card inverter (2000), an Online UPS with a single card, and high-frequency online UPS. The company’s extensive product portfolio of more than 522 SKUs, encompassing solar inverters, panels, and batteries, allows it to serve as a one-stop solution provider, reducing customer dependence on external OEMs. As of June 30, 2025, its expansive distribution network comprises 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, supported by a strong after-sales team of over 600 service engineers. Overall, the company’s deep manufacturing integration, robust distribution reach, and sustained focus on R&D-driven innovation position it well to capitalize on India’s accelerating rooftop solar adoption and broader renewable energy transition.
Objective of the Fujiyama Power Systems Ltd IPO
The company will utilize its net proceeds in the following manner:
Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India (the
“Project”);
Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company;
and
General corporate purposes..
Rationale To Fujiyama Power Systems Ltd IPO
Well-diversified portfolio positions the company as a comprehensive leader in the rooftop solar industry
The company stands out as a well-diversified and vertically integrated player in India’s rooftop solar industry, offering one of the most comprehensive product portfolios in the segment. It manufactures and supplies a wide range of solar energy solutions, including solar PCUs, off-grid, on-grid, and hybrid inverters, solar panels, battery chargers, tubular and lithium-ion batteries, as well as online and offline UPS systems, solar management units, and charge controllers, enabling it to serve varied customer needs across both residential and commercial applications. In addition to its strong presence in the rooftop solar domain, the company has strategically expanded into the EV segment through E-Rickshaw chargers and lithium-ion batteries, enhancing its exposure to emerging clean energy opportunities. With over 522 SKUs, the company’s product diversity mitigates dependency on any single category, offering greater business resilience and steady revenue visibility. According to the Ministry of New and Renewable Energy (MNRE), India’s cumulative rooftop solar capacity stood at 17 GW as of March 2025, and the company has supplied 1.64 GW of solar inverters over the past five years, representing a 9.6% share of installed capacity, underscoring its significant contribution to India’s rooftop solar growth. By offering a ‘one-stop solution’ model, providing end-to-end products and customized system configurations suited to different geographies and customer needs, the company reduces customer reliance on third-party OEMs. Its integrated product offering, supported by a robust service network, strengthens brand trust and positions the company as a leading, full-spectrum solutions provider in India’s rapidly expanding rooftop solar
ecosystem.
Proven track record of technology development and innovation
The company has consistently positioned itself as an early adopter of advanced technology, integrating global manufacturing standards to enhance product quality, performance, and efficiency. It is among the few Indian players with demonstrated technological leadership, having developed the country’s first single-card SMT inverter in the year 2000, along with innovations such as online UPS with a single card, Combo UPS with automatic voltage regulation (AVR), and high-frequency online UPS systems. Building on this legacy of innovation, the company continues to invest in cutting-edge solar manufacturing capabilities. It has upgraded its production infrastructure to manufacture next-generation solar panels, including TOPCon bifacial and glass-to-glass modules (up to 590 Wp) and MonoPerc bifacial panels (up to 670 Wp), aligning with global advancements in solar efficiency. Further strengthening its technology stack, the company has designed an indigenous Battery Management System (BMS) that enhances the safety, reliability, and longevity of its lithium-ion batteries, a critical advantage as energy storage solutions gain traction. Its online solar PCU, which combines a solar inverter with an Online UPS, ensures uninterrupted operation of critical loads, while its off-grid inverter with an integrated lithium-ion battery eliminates the need for separate battery cabinets and interconnections, thereby simplifying installation and reducing system costs. Overall, the company’s sustained focus on R&D-driven innovation, product differentiation, and process modernization underscores its strong technological edge and reinforces its positioning as a forward-looking, innovation-led player in India’s rapidly evolving rooftop solar ecosystem.
Valuation of Fujiyama Power Systems Ltd IPO
Fujiyama Power Systems Ltd. is a fully integrated manufacturer and solutions provider in India’s rooftop solar segment, offering a comprehensive range of on-grid, off-grid, and hybrid solar systems. With established competencies across solar panels, inverters, and both lead-acid and lithium-ion batteries, the company has developed a diversified and scalable product ecosystem that positions it as a prominent player in the domestic solar equipment market. India’s renewable energy sector continues to witness rapid transformation, with solar energy’s share in renewables rising from 23% in FY19 to 48% in FY25, and projected to exceed 60% by 2030, supported by strong policy push and capacity expansion plans. This sectoral momentum provides a robust demand backdrop for Fujiyama’s growth trajectory. The company’s planned integrated manufacturing facility in Ratlam, Madhya Pradesh, marks a key strategic expansion that is expected to more than double its current production capacity. The new facility will enhance manufacturing capability by 2,000 MWh for lithium-ion batteries and 2,000 MW each for solar panels and inverters, enabling deeper penetration in Western and Southern India regions witnessing accelerated rooftop and distributed solar adoption. On the financial front, the company has demonstrated impressive topline growth, with revenue increasing at a CAGR of 52% between FY23 and FY25, reflecting strong product demand and market positioning. Moreover, EBITDA grew at a CAGR of 119% between FY23 and FY25, while margins expanded from 8% in FY23 to 16% in FY25, underscoring significant operational efficiency and improved cost management. A Return on Average Equity (ROAE) of 49% in FY25 further highlights robust profitability and effective capital deployment. At the upper price band of Rs. 228, Fujiyama Power Systems Ltd. is valued at a P/E multiple of 41.0x based on FY25 earnings. Given the company’s technological capabilities, financial strength, expanding margins, scalable business model, and industry growth potential, we believe the valuation is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.
What is the Fujiyama Power Systems Ltd IPO?
The initial public offer (IPO) of Fujiyama Power Systems Ltd offers an early investment opportunity in Fujiyama Power Systems Ltd . A stock market investor can buy Fujiyama Power Systems Ltd IPO shares by applying in IPO before All Fujiyama Power Systems Ltd shares get listed at the stock exchanges. An investor could invest in Fujiyama Power Systems Ltd IPO for short term listing gain or a long term.
How to apply for the Fujiyama Power Systems Ltd IPO through StoxBox?
To apply for the Fujiyama Power Systems Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Fujiyama Power Systems Ltd IPO open?
Fujiyama Power Systems Ltd IPO is opening on 12th Nov 2025. Apply Now
What is the lot size of the Fujiyama Power Systems Ltd IPO?
The Lot Size of Fujiyama Power Systems Ltd IPO is 65 equity shares. Login to your account now.
When is the Fujiyama Power Systems Ltd allotment date?
The allotment Date for Fujiyama Power Systems Ltd IPO is 18th Nov 2025. Login to your account now.
When is the Fujiyama Power Systems Ltd IPO listing date?
The listing Date for Fujiyama Power Systems Ltd IPO is 20th Nov 2025. Login to your account now
What is the minimum investment required for the Fujiyama Power Systems Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,820. Login to your account now
What is the maximum investment allowed for the Fujiyama Power Systems Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,92,660. Login to your account now
What are the risks associated with investing in the Fujiyama Power Systems Ltd IPO?
- The company’s manufacturing operations are exposed to various operational and external risks. Any disruption, shutdown, or unforeseen event affecting existing or future facilities could lead to production delays and lower sales. Such occurrences may adversely impact the company’s business performance, financial condition, and overall operational stability.
- The company’s manufacturing footprint is geographically concentrated in the Northern region of India, which could increase its concentration risk and, in turn, affect its financial condition, results of operations, and cash flows.
- The company remains exposed to import-related risks due to its reliance on China for key raw materials and other foreign countries for equipment and machinery. Any changes to trade policies, import restrictions, or higher duties could raise input costs and erode margin stability. Additionally, similar restrictions or tariffs in export markets may affect competitiveness and cash flows.
When will the Fujiyama Power Systems Ltd IPO shares be credited to my Demat account?
The Fujiyama Power Systems Ltd IPO be credited to the account on allotment date which is 19th Nov 2025. Login to your account now
Where can I find the Fujiyama Power Systems Ltd IPO prospectus?
The prospectus of Fujiyama Power Systems Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
