Fujiyama/UTL Solar makes solar inverters, panels, cells and batteries for the Indian rooftop market.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,346 | +125.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 58.0 | −14.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 50.03 | −12.4 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -19.40 | −13.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 95.01 | +5.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 6 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Dadri Solar Cell Line Operationalization | within 1 month | Q2 FY26 | Maintained. Promise was achieved in a previous quarter. | Achieved |
| Dadri Solar Cell Line Full Capacity | full capacity by March/April 2026 | Q2 FY26 | Maintained. Promise was missed in a previous quarter. | Missed |
| Ratlam Facility Capacity Addition | add 2,000 megawatts each of solar panels, inverters, and batteries by March 2026 | Q2 FY26 | 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. | Delayed |
2 of Fujiyama Power Systems Limited's 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹208.44 on 20 Nov 2025 → ₹369.2. High ₹483.95 (19 Aug 2026), low ₹174.83 (4 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 6 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Dadri Solar Cell Line Operationalization | within 1 month | Q2 FY26 | Maintained. Promise was achieved in a previous quarter. | Achieved |
| Dadri Solar Cell Line Full Capacity | full capacity by March/April 2026 | Q2 FY26 | Maintained. Promise was missed in a previous quarter. | Missed |
| Ratlam Facility Capacity Addition | add 2,000 megawatts each of solar panels, inverters, and batteries by March 2026 | Q2 FY26 | 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. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 23 tracked commitments, with each call’s wording and source.
Call summaries
Fujiyama Power Systems Limited Q1 FY27
Fujiyama Power Systems Limited reported a strong Q1 FY27, with revenue growing 125.3% YoY and EBITDA expanding to 18.9%. The company significantly increased manufacturing capacity and expanded its distribution network. However, a fire incident at the Bawal facility resulted in a provisional exceptional loss of ₹1,436 million, impacting reported PAT.
Read the full callUTLSOLAR Q4 FY26
UTLSOLAR reported a strong Q4 and full-year FY26, with significant revenue and EBITDA growth driven by expanded manufacturing and distribution. The company commissioned a 2,000 MW solar panel facility and plans a 1,200 MW TOPCon cell line. Despite a fire incident at its Bawal facility and some BIS seizures, management remains confident in its growth trajectory and financial health, guiding for 50% revenue growth and 11-13% PAT margin for FY27.
Read the full callUTLSOLAR Q3 FY26
UTLSOLAR reported a strong Q3 FY26, with revenue growing 73.8% year-on-year to ₹588.5 crores and EBITDA more than doubling to ₹109.9 crores, driven by scaling benefits and increased in-house manufacturing. The company successfully commissioned a 1 GW solar cell manufacturing plant at Dadri, enhancing backward integration and total solar panel capacity to 1.6 GW. Management expressed confidence in continued growth, targeting at least 1 GW each for solar panels, inverters, and batteries in FY27, while actively expanding its distribution network and focusing on operational efficiency.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −15% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 329 | 339 | 480 | 597 | 568 | 588 | 901 | 1,346 |
| Expenses | 279 | 286 | 401 | 491 | 465 | 479 | 729 | 1,091 |
| Operating profit | 50 | 52 | 79 | 106 | 103 | 110 | 171 | 255 |
| Operating margin | 15.0% | 15.0% | 16.0% | 18.0% | 18.0% | 19.0% | 19.0% | 19.0% |
| Other income | 2 | 0 | 7 | 0 | 2 | 0 | 3 | -141 |
| Interest | 6 | 8 | 9 | 9 | 12 | 12 | 10 | 11 |
| Depreciation | 4 | 5 | 6 | 7 | 8 | 9 | 21 | 25 |
| Profit before tax | 42 | 40 | 72 | 90 | 85 | 89 | 144 | 78 |
| Tax rate | 25.0% | 26.0% | 29.0% | 25.0% | 26.0% | 25.0% | 26.0% | 26.0% |
| Net profit | 32 | 30 | 51 | 68 | 63 | 67 | 106 | 58 |
| EPS (₹ per share) | 1.14 | 1.07 | 1.83 | 2.41 | 2.25 | 2.20 | 3.47 | 1.88 |
| Line item | Mar 2026 |
|---|---|
| Sales | 2,654 |
| Expenses | 2,164 |
| Operating profit | 490 |
| Other income | 5 |
| Interest | 43 |
| Depreciation | 45 |
| Profit before tax | 408 |
| Net profit | 304 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 14 | 14 | 25 | 28 | 28 | 31 |
| Reserves | 167 | 179 | 215 | 369 | 500 | 1,243 |
| Borrowings | 141 | 215 | 205 | 395 | 730 | 520 |
| Other liabilities | 77 | 106 | 166 | 222 | 332 | 551 |
| Total liabilities | 400 | 515 | 610 | 1,014 | 1,590 | 2,344 |
| Fixed assets | 114 | 232 | 276 | 418 | 463 | 673 |
| Capital work in progress | 0 | 8 | 0 | 0 | 187 | 201 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 286 | 274 | 334 | 596 | 940 | 1,469 |
| Total assets | 400 | 515 | 610 | 1,014 | 1,590 | 2,344 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -10 | -58 | 78 | 85 | 18 | -3 |
| Cash from investing | -7 | -46 | -132 | -45 | -118 | -520 |
| Cash from financing | 16 | 104 | 54 | -37 | 104 | 654 |
| Net cash flow | -2 | 0 | 0 | 4 | 4 | 131 |
| Free cash flow | -18 | -91 | -60 | 38 | -99 | -515 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 41 | 28 | 16 | 26 | 17 | 19 |
| Inventory days | 85 | 174 | 136 | 124 | 128 | 180 |
| Days payable | 43 | 45 | 52 | 61 | 40 | 71 |
| Cash conversion cycle | 82 | 158 | 100 | 88 | 105 | 128 |
| Working capital days | 44 | 40 | 6 | 11 | 22 | 59 |
| Return on capital employed | 17.0% | 18.0% | 13.0% | 21.0% | 39.0% | 35.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 86.63% as of Sept 2026; institutions cut 1.09 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Fujiyama Power Systems Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 33.68% | unchanged | |
| 33.68% | unchanged | |
| 4.48% | unchanged | |
| 4.48% | unchanged | |
| 4.12% | unchanged | |
| 3.63% | unchanged | |
| Mutual fund | 1.47% | −0.64 pp |
| 0.42% | unchanged | |
| 0.41% | unchanged | |
| 0.41% | unchanged | |
| 0.41% | unchanged | |
| 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.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹132 Cr | held | Nov '25 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹48 Cr | held | 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 Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
Shares held by these funds −32%
Nov '25 45.22 L shares Sep '26
Your own record
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