UTLSOLAR
Fujiyama Power Systems share price & financials
- Price
- ₹311
- Market cap
- ₹14.7k Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Fujiyama Power Systems Limited Q1 FY27
What went well
- Revenue from operations grew 125.3% year-on-year to ₹13,457 million in Q1 FY27.
- EBITDA increased by 140.6% year-on-year to ₹2,548 million.
- EBITDA margin expanded to 18.9% in Q1 FY27 from 17.7% in Q1 FY26.
What to watch
- A provisional exceptional loss of ₹1,436 million was recognized due to a fire incident at the Bawal facility.
- Reported PAT was INR 578 million with a margin of 4.3% due to the exceptional loss.
What Fujiyama Power Systems Limited does
Fujiyama Power Systems (UTL Solar/Fujiyama Solar) is an integrated solar-energy equipment manufacturer serving India's residential rooftop solar market. It designs and manufactures power electronics (solar inverters, PCUs, UPS, chargers), solar panels, solar cells and batteries (both lithium-ion and tubular), sold through a nationwide dealer/distributor network across on-grid, off-grid and hybrid configurations. The company earns primarily as a B2C-oriented equipment brand (over 90% of revenue from B2C), selling directly to end households as well as through e-rickshaw, marine and engine-start charger use cases, with a strategy of backward integration into solar cell manufacturing to capture the DCR-compliant, subsidy-linked on-grid rooftop opportunity under schemes like PM Surya Ghar.
Segments
- Power Electronics
- Solar Panels & Cells
- Batteries
- End customers (B2C, cumulative last 5 FY)
- 1.4 million+
- Channel partners (dealers, distributors, exclusive Shoppes)
- 8,900+
- Manufacturing facilities
- 5 (Parwanoo, Greater Noida, Bawal, Dadri, Ratlam)
- Installed power-electronics capacity (inverters/PCU/UPS/chargers)
- 2,180 MW
- Installed solar panel capacity
- 3,568 MW
- Installed solar cell capacity
- 1,000 MW
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 4 delivered 2 missed 17 open- Dadri Solar Cell Line Operationalization delivered said Q2 FY26 Promised: within 1 month Q1 FY27: Maintained. Promise was achieved in a previous quarter.
- Dadri Solar Cell Line Full Capacity missed said Q2 FY26 Promised: full capacity by March/April 2026 Q1 FY27: Maintained. Promise was missed in a previous quarter.
- Ratlam Facility Capacity Addition delayed said Q2 FY26 Promised: add 2,000 megawatts each of solar panels, inverters, and batteries by March 2026 Q1 FY27: The 2GW solar panel and 2GW power electronics facilities at Ratlam were commissioned. The 2GW battery capacity is on track for Q2 FY27. The original target of March 2026 for all three was missed.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 125.5%, net profit down 14.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 329 | 339 | 480 | 597 | 568 +73% | 588 +73% | 901 +88% | 1,346 +125% |
| EBITDA | 50 | 52 | 79 | 106 | 103 +106% | 110 +112% | 171 +116% | 255 +141% |
| Net profit | 32 | 30 | 51 | 68 | 63 +97% | 67 +123% | 106 +108% | 58 −15% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +100.4% YTD
YTD: ₹223.41 on 1 Jan 2026 → ₹447.8. High ₹483.95 (19 Aug 2026), low ₹174.83 (4 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.4%
- 14 Aug
- Q4 FY26
- +0.5%
- 15 May
- Q3 FY26
- −1.5%
- 2 Feb
- Q2 FY26
- +0.9%
- 10 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹2.7k Cr |
| Operating profit | ₹490 Cr |
| Operating margin | 18.5% |
| Interest | ₹43 Cr |
| Depreciation | ₹45 Cr |
| Net profit | ₹304 Cr |
| Net margin | 11.5% |
| Cash from operations | ₹-3 Cr |
| Free cash flow | ₹-515 Cr |
| ROCE | 35.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹25 Cr | ₹28 Cr | ₹31 Cr |
| Reserves | ₹31 Cr | ₹167 Cr | ₹179 Cr | ₹215 Cr | ₹500 Cr | ₹1.2k Cr |
| Borrowings | ₹142 Cr | ₹141 Cr | ₹215 Cr | ₹205 Cr | ₹730 Cr | ₹520 Cr |
| Other liabilities | ₹55 Cr | ₹77 Cr | ₹106 Cr | ₹166 Cr | ₹332 Cr | ₹551 Cr |
| Total liabilities | ₹241 Cr | ₹400 Cr | ₹515 Cr | ₹610 Cr | ₹1.6k Cr | ₹2.3k Cr |
| Fixed assets | ₹83 Cr | ₹114 Cr | ₹232 Cr | ₹276 Cr | ₹463 Cr | ₹673 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹0 Cr | ₹187 Cr | ₹201 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹158 Cr | ₹286 Cr | ₹274 Cr | ₹334 Cr | ₹940 Cr | ₹1.5k Cr |
| Total assets | ₹241 Cr | ₹400 Cr | ₹515 Cr | ₹610 Cr | ₹1.6k Cr | ₹2.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, DIIs added +1.26 pp while FIIs trimmed −0.87 pp. The shareholder count shrank 39% to 60,134.
- Promoters
- 86.6%
- FIIs
- 1.6%
- DIIs
- 6.0%
- Public
- 5.8%
Since Dec 2025
- DIIs +1.26 pp
- FIIs −0.87 pp
- Public −0.25 pp
How it drifted, 3 quarters
Over this window DIIs went from 4.7% to 6.0% — +1.3 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 86.8%, FIIs 2.5%, DIIs 4.7%, Public 6.0%.Mar '26: Promoters 86.8%, FIIs 1.9%, DIIs 5.6%, Public 5.7%.Jun '26: Promoters 86.6%, FIIs 1.6%, DIIs 6.0%, Public 5.8%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Fujiyama Power Systems Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pawan Kumar Garg | 33.68% | unchanged |
| Yogesh Dua | 33.68% | unchanged |
| Madhvi Bhatia | 4.48% | unchanged |
| Sunil Kumar | 4.48% | unchanged |
| Sandeep Dua . | 4.12% | unchanged |
| Shiv Kumar Garg | 3.63% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 2.11% | −0.09 pp |
| Vq Fastercap Fund Ii AIF | 1.21% | −0.07 pp |
| Rita Garg | 0.42% | unchanged |
| Satnarayan . . | 0.41% | unchanged |
| Harsh Bala Dua | 0.41% | unchanged |
| Anju Bala | 0.41% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in UTLSOLAR
Filings to Aug 2026
0 new, 0 added, 2 trimmed, 0 sold out — net −19.67 L shares (−30.3%).
- Held by funds
- ₹209 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹153 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹153 Cr | −16.74 L | Nov '25 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹55 Cr | −2.92 L | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 2 trimmed — net −19.67 L shares (−30.3%)
- Funds are sitting on
- +48%
- vs est. average cost
- Held by funds
- ₹209 Cr
- 2 schemes · ≈ 0.96% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹153 Cr · 0.2% of that fund
Shares held by these funds −2%
Nov '25 64.89 L shares Jul '26
What the price assumes
- Growth the price implies
- 24.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse Fujiyama Power Systems Limited
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