Fujiyama Power Systems share price
NSE: UTLSOLARBSE: 544613Electrical EquipmentSmall Cap
Fujiyama Power Systems Limited · Face value ₹1 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Nov 2025 · Issue price ₹228
Last close ₹370.90up ₹1.70 (0.46%)BSE ₹371.20
Share price at the NSE close on 28 Oct 2026. Previous close ₹369.20.
28 Oct: open ₹369.20, high ₹378.35, low ₹367.75
Range of traded prices from listing on 20 Nov 2025 to 28 Oct 2026
₹172.00Low, 5 Mar 2026₹494.25High, 20 Aug 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹11,383 Cr649th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 38.67
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹144 crore of one-off items, the largest of them in the quarter to Jun 2026.
- 25.99
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 8.94
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Nov 2025
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the latest balance sheet's; the one a year before is not on record.
- 23.1%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹144 crore of one-off items, the largest of them in the quarter to Jun 2026.
- 34.4%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 33.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.36
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 71,82742.6% delivered
About Fujiyama Power Systems
Fujiyama Power Systems Limited makes rooftop solar systems and power backup products in India, including solar panels, inverters, lithium-ion and tubular batteries, UPS systems and chargers, sold under the UTL Solar and Fujiyama Solar brands.12 It sells mainly to consumers in smaller towns and rural areas, offering complete rooftop solar systems from one source through distributors, dealers and franchised stores called Shoppes.13
Its operating plants are at Parwanoo in Himachal Pradesh, Dadri and Greater Noida in Uttar Pradesh, and Ratlam in Madhya Pradesh.45 It sells in 25 states and union territories, and lists its concentration in northern India among its business risks.67 It has an in-house R&D team of more than 60 people and 5 granted patents, including 1 for its rMPPT technology, which draws more power from the same solar panels.789
The business began in 1996 as UTL Electronics, a sole proprietorship set up by Pawan Kumar Garg; he and Yogesh Dua formed Fujiyama Power Systems as a partnership in 2008.1011 It was incorporated as a private limited company on 29 Nov 2017 and listed on NSE and BSE on 20 Nov 2025 after an initial public offer of ₹8,280 million, of which ₹6,000 million came from new shares.111213 Its promoters are Pawan Kumar Garg, the chairman and joint managing director, and Yogesh Dua, the chief executive and joint managing director.1415 Cricketer Suryakumar Yadav and actor Anil Kapoor are ambassadors for its brands.16
Fujiyama Power Systems key points
Results
- In the quarter to Jun 2026, revenue from operations rose 125.3% from a year earlier to ₹13,457 million, and EBITDA (earnings before interest, tax, depreciation and amortisation) rose 140.6% to ₹2,548 million, an 18.9% margin against 17.7%.17
- In the quarter to Jun 2026, reported profit after tax was ₹578 million after a ₹1,074 million loss, net of tax, from the Bawal plant fire; excluding it, as the company presents it, profit was ₹1,652 million, up 144.5%.18
- In the year to Mar 2026, revenue from operations rose 72.3% to ₹26,545 million, EBITDA rose 97.3% to ₹4,903 million at an 18.5% margin, and profit after tax rose 94.5% to ₹3,041 million.19
Market position
- The company cites an industry report putting its share of India's solar battery market at about 15.5% in the year to Mar 2025.20
Revenue mix
- The company says about 90% of its revenue comes from consumers (business to consumer, or B2C), who buy complete solar power systems.21
Plants and capacity
- With the Ratlam lines added, total manufacturing capacity is 3,568 megawatts (MW) for solar panels and 4,180 MW for power electronics (inverters, solar power conditioning units, UPS systems and chargers).22
- At Ratlam in Madhya Pradesh, a 2,000 MW solar panel line was commissioned in the quarter to Jun 2026 and a 2,000 MW power electronics line in August 2026.22
Distribution network
- Sales and service network2324Channel partners totalled more than 10,100 at the end of June 2026.
Item Jun 2026 Distributors 1,000+ Dealers 7,900+ Exclusive Shoppes (franchised stores selling only its products) 1,200+ Service engineers 900+ - In the quarter to Jun 2026, the company added more than 80 distributors, over 1,000 dealers and more than 30 exclusive Shoppes.24
Expansion and capital spending
- The company stated in its annual report for the year to Mar 2026 that its board approved a 1.2 gigawatt (GW) TOPCon (a newer cell design) solar cell plant at Ratlam, estimated at ₹3,500 million, for completion by the quarter to Jun 2027.25
- In its exchange filing of 14 May 2026, the company said the Ratlam solar panel line would first run at about 1,000 MW a year on a single shift and reach full use with double shifts by the quarter to Mar 2027.26
- In its presentation of 13 Aug 2026, the company said its lithium-ion battery line at Ratlam was on track for commissioning by the quarter to Sep 2026; its documents give no outcome.27
- The company stated in its annual report for the year to Mar 2026 that it has installed a 5 MW battery energy storage system at Dadri, plans a 10 MW one at Ratlam, and is evaluating battery cell manufacturing.28
Recent events
- On 14 Aug 2026, CRISIL reaffirmed its A/Stable long-term and A1 short-term credit ratings (an opinion on ability to repay debt) on ₹500 crore of bank facilities and removed the watch placed after the Bawal fire.2930
- On 7 May 2026, the company raised its stake in Zayo Energy and Zayo Cables, which make solar panel parts such as aluminium frames, ribbon wire, junction boxes, solar cables and EVA sheet, from 19% to 50%.3132
- On 6 May 2026, a fire damaged the Bawal plant in Haryana, which makes lead-acid batteries and has 1.3 GW of installed capacity. As of 2 Sep 2026, operations there were temporarily suspended, third-party partners supplied its products and insurance claims were being processed.33
- On 21 Jan 2026, the company commissioned a 1 GW solar cell plant at Dadri, Uttar Pradesh, for about ₹3,000 million against an estimate of ₹4,000 million; its whole output is reserved for the company's own use.34
Litigation and regulatory matters
- On 13 Oct 2026, a magistrate fined the company and each joint managing director ₹3,00,000 for non-compliance with the Bureau of Indian Standards mark on certain products, found at Greater Noida on 24 Mar 2026; the penalties were paid on 14 Oct 2026.3536
- The Bureau of Indian Standards also seized goods worth ₹19 million at the Bawal plant on 28 Apr 2026; as of its annual report of 2 Sep 2026, the company said it believes all the seized goods meet the standards.37
- On 17 Jun 2026, Noida customs issued a show cause notice (a formal demand to explain) seeking ₹13,96,77,362 in differential duty (extra duty from reclassifying the goods), alleging mis-declared imports; the company proposed to appeal and has made a provision. Its documents give no outcome.3839
- On 31 Dec 2025, after an audit of the year to Mar 2022, a GST officer issued a demand of ₹3.62 crore in tax, ₹1.95 crore in interest and ₹4.79 crore in penalty; the company intends to appeal. Its documents give no outcome.4041
Last updated
All 41 sources, each with its page
- 1. Annual report, 2 Sep 2026, page 50
- 2. Annual report, 2 Sep 2026, page 26
- 3. Annual report, 2 Sep 2026, page 27
- 4. Annual report, 2 Sep 2026, page 40
- 5. Annual report, 2 Sep 2026, page 90
- 6. Investor presentation, 13 Aug 2026, page 20
- 7. Annual report, 2 Sep 2026, page 37
- 8. Annual report, 2 Sep 2026, page 24
- 9. Annual report, 2 Sep 2026, page 27
- 10. Annual report, 2 Sep 2026, page 21
- 11. Exchange filing, 18 Aug 2026, page 3
- 12. Annual report, 2 Sep 2026, page 100
- 13. Annual report, 2 Sep 2026, page 58
- 14. Annual report, 2 Sep 2026, page 30
- 15. Exchange filing, 14 Oct 2026, page 1
- 16. Annual report, 2 Sep 2026, page 19
- 17. Investor presentation, 13 Aug 2026, page 5
- 18. Investor presentation, 13 Aug 2026, page 23
- 19. Annual report, 2 Sep 2026, page 17
- 20. Annual report, 2 Sep 2026, page 26
- 21. Investor presentation, 13 Aug 2026, page 12
- 22. Investor presentation, 13 Aug 2026, page 5
- 23. Annual report, 2 Sep 2026, page 27
- 24. Investor presentation, 13 Aug 2026, page 5
- 25. Annual report, 2 Sep 2026, page 9
- 26. Exchange filing, 14 May 2026, page 2
- 27. Investor presentation, 13 Aug 2026, page 5
- 28. Annual report, 2 Sep 2026, page 42
- 29. Exchange filing, 18 Aug 2026, page 1
- 30. Exchange filing, 18 Aug 2026, page 2
- 31. Annual report, 2 Sep 2026, page 58
- 32. Investor presentation, 13 Aug 2026, page 5
- 33. Annual report, 2 Sep 2026, page 42
- 34. Annual report, 2 Sep 2026, page 10
- 35. Exchange filing, 14 Oct 2026, page 1
- 36. Exchange filing, 14 Oct 2026, page 2
- 37. Annual report, 2 Sep 2026, page 58
- 38. Exchange filing, 18 Jun 2026, page 1
- 39. Exchange filing, 18 Jun 2026, page 2
- 40. Exchange filing, 9 Jan 2026, page 2
- 41. Exchange filing, 9 Jan 2026, page 1
Results
Standalone; ₹ crore.Fujiyama Power Systems quarterly results
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹1,346 Crup 49.39%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹58 Crdown 45.64%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 4.3%
Revenue by quarter
Peak revenue ₹1,346 Cr, quarter to Jun 2026; lowest ₹568 Cr, quarter to Sep 2025
Net profit by quarter, a loss in red
| ₹ crore | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 597 | 568 | 588 | 901 | 1,346 |
| Net profit | 68 | 63 | 67 | 106 | 58 |
| Net margin | 11.3% | 11.1% | 11.4% | 11.8% | 4.3% |
Standalone. The 5 quarters from Jun 2025, the first on record. The latest is shaded.
Year to Mar 2026
- Revenue
- ₹2,655 Cr
- Net profit
- ₹304 Cr
- Net margin
- 11.5%
| ₹ crore | Mar 2026 |
|---|---|
| Revenue | 2,655 |
| Net profit | 304 |
| Net margin | 11.5% |
Standalone. Years to March.
Business segments
In the year to Mar 2026 the company reports one business segment, The Company is engaged in the production and sale of Rooftop solar power generating systems(SPGS), which carries all its revenue.
Mutual fund holdings
17 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 8 of the 9 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 17 funds holding Fujiyama Power Systems
- AddedAdded. Funds that held more shares than at the end of the month before.
- 9
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 8
| Fund | |||
|---|---|---|---|
 Nippon India Small Cap FundNippon India Mutual Fund | 33,21,083 | 0.16% | ₹132.3 Cr |
| Nippon India Power & Infra FundNippon India Mutual Fund | 12,01,308 | 0.61% | ₹47.9 Cr |
 Tata Retirement Savings Fund-ProgressiveTata Mutual Fund | 9,99,000 | 1.89% | ₹39.8 Cr |
| Tata Retirement Savings Fund- ModerateTata Mutual Fund | 7,29,000 | 1.37% | ₹29.0 Cr |
| Tata Resources & Energy FundTata Mutual Fund | 5,35,145 | 1.53% | ₹21.3 Cr |
 Motilal Oswal Consumption FundMotilal Oswal Mutual Fund | 4,54,130 | 1.56% | ₹18.1 Cr |
 JM Value FundJM Financial Mutual Fund | 2,65,729 | 1.36% | ₹10.6 Cr |
| Motilal Oswal Nifty Microcap 250 Index FundMotilal Oswal Mutual Fund | 1,08,368 | 0.18% | ₹4.32 Cr |
 Unifi Flexi Cap FundUnifi Mutual Fund | 83,000 | 1.39% | ₹3.31 Cr |
| Tata Retirement Savings Fund- ConservativeTata Mutual Fund | 23,400 | 0.56% | ₹0.93 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Fujiyama Power Systems insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Employees2 purchases, 3 sales₹0.03 Cr₹0.14 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹0.10 Cr
- Others0 purchases, 6 salesNo purchase₹1.57 CrNet−₹1.57 Cr
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Fujiyama Power Systems competitors and peers
Other Electrical Equipment, 84 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Fujiyama Power Systems in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Mtar TechnologiesMTARTECH | 21,459 | 160.81 | 26.09 | +53.4% | +125.1% | 17.2% | 16.1% | 0.00% |
 Diamond Power InfrastructureDIACABS | 19,461 | 99.03 | – | +92.6% | +416.5% | – | 12.2% | 0.00% |
 Emmvee Photovoltaic PowerEMMVEE | 16,876 | 11.90 | 3.84 | – | – | 53.1% | 33.4% | 0.41% |
 Avalon TechnologiesAVALON | 13,687 | 102.45 | 18.97 | +44.4% | +67.1% | 20.0% | 18.5% | 0.00% |
 Genus Power InfrastructuresGENUSPOWER | 8,251 | 12.66 | 3.72 | +74.2% | +62.8% | 31.9% | 20.1% | 0.18% |
 Waaree Renewable TechnologiesWAAREERTL | 7,021 | 15.08 | 6.28 | +77.7% | +33.0% | 52.4% | 21.0% | 0.00% |
 Ram Ratna WiresRAMRAT | 5,113 | 40.32 | 8.82 | +60.5% | – | 23.9% | 21.6% | 0.46% |
 Vikram SolarVIKRAMSOLR | 4,622 | 12.96 | 1.46 | – | – | 11.3% | 18.6% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.Fujiyama Power Systems announcements
Oct 2026
21 Oct · Meeting
15 Oct · Board meeting
14 Oct · Legal
12 Oct · Board meeting
Sep 2026
Fujiyama Power Systems share price by year
Each calendar year to 2025.Fujiyama Power Systems share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 222.43 | – | 222.43 | 195.24 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2025 is from its first session, 20 Nov 2025.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 366.60 | 380.90 | 362.60 | 369.20 | 373.83 | 3,04,497 | 39.5% |
| 26 Oct 2026 | 355.00 | 372.40 | 352.10 | 363.90 | 364.83 | 1,72,565 | 53.8% |
| 23 Oct 2026 | 362.80 | 366.10 | 344.50 | 362.05 | 354.05 | 4,63,286 | 56.2% |
| 22 Oct 2026 | 358.05 | 374.30 | 356.30 | 369.00 | 369.14 | 2,77,565 | 37.9% |
| 21 Oct 2026 | 360.95 | 372.10 | 352.10 | 356.30 | 358.45 | 4,22,663 | 51.8% |
| 19 Oct 2026 | 388.80 | 389.25 | 365.00 | 369.55 | 373.24 | 4,99,279 | 53.6% |
| 16 Oct 2026 | 401.00 | 407.95 | 393.00 | 394.90 | 398.44 | 1,64,582 | 51.6% |
| 15 Oct 2026 | 412.00 | 416.40 | 400.00 | 402.40 | 404.21 | 1,70,452 | 53.9% |
| 14 Oct 2026 | 406.00 | 420.50 | 394.65 | 418.45 | 410.80 | 2,38,596 | 46.0% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- UTLSOLAR
- BSE code
- 544613
- ISIN
- INE12UR01024
- Industry
- Electrical Equipment
- Website
- www.utlsolarfujiyama.com
- CIN
- U31909DL2017PLC326513
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2017
- Registered office
- 53A/6, Sat Guru Ram Singh Marg, Near NDPL Grid Office, Near Metro Station, Industrial Area, Delhi 110015, Delhi
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments