Fujiyama Power Systems Limited (NSE: UTLSOLAR | BSE: 544613)
Source: Fujiyama Power Systems Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Fujiyama Power Systems Limited |
| Corporate Identity Number (CIN) | L31909DL2017PLC326513 |
| ISIN | INE12UR01024 |
| NSE Symbol & BSE Scrip Code | UTLSOLAR | 544613 |
| Date of Incorporation / Founding Year | Incorporated on November 29, 2017 (Proprietorship established in 1996) |
| Founders / Key Founding Figures | Pawan Kumar Garg and Yogesh Dua |
| Registered Office & Corporate Headquarters | Registered Office: 53A/6, Near NDPL Grid Office, Near Metro Station, Industrial Area, Sat Guru Ram Singh Marg, New Delhi 110015, India. Corporate Office: Plot No. 51-52, Sector Ecotech-1, Ecotech Extension-1, Greater Noida, Gautam Buddha Nagar, Uttar Pradesh 201310, India. |
| Telephone & Investor Relations Contact | Telephone: +91-11-41055305 | Email: investor@utlsolarfujiyama.com |
| Chairman / Managing Director & CEO | Pawan Kumar Garg (Chairman & Joint Managing Director) & Yogesh Dua (CEO & Joint Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Prashant Gupta (CFO) & Mayuri Gupta (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar |
| Industry / Sector Classification | Power Electronics and Renewable Energy Sector (Solar Power Generating Systems & Components) |
| Total Employees / Permanent & Contractual Workforce | 3,768 Permanent Employees/Workers and 1,632 Contract Workers (as of March 31, 2026) |
| Manufacturing Plants / Branches / Offices Count | 4 Manufacturing Plants (Parwanoo, Dadri, Greater Noida, and Ratlam) and 13 Warehouses |
| Countries / States Served | 23 Indian States and 10 International Export Countries |
| Statutory Auditors | S.N. Dhawan & Co LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
🏢 The Corporate Identity: Fujiyama Power Systems Limited Overview, Promoters & History
The Big Picture: Business Model & Core Value Proposition
Fujiyama Power Systems Limited operates as a fully integrated power electronics and renewable energy solutions enterprise with over three decades of operating legacy. The company specialises in manufacturing an extensive suite of rooftop solar generation products and power backup systems, anchoring its market positioning on an end-to-end “one-stop shop” model. By producing critical components internally—including solar panels, solar inverters, lithium-ion and tubular lead-acid batteries, solar management units, and EV chargers—the company maintains rigorous quality control while insulating its cost structures from external supply chain volatility.
- Vertically Integrated Operations: Operates advanced manufacturing facilities encompassing solar panels, power electronics, lithium-ion storage units, and captive solar cell production.
- Extensive Retail Penetration: Serves a massive B2C retail base accounting for over 90% of total revenue, powered by an expansive pan-India distribution network comprising over 10,100 channel partners and 1,200+ exclusive “Shoppe” franchise outlets.
- Technology-Led Execution: Integrates proprietary innovations such as patented rMPPT technology and in-house artificial intelligence platforms (UTL AI) across sales, service dispatch, and dealer coordination workflows.
The Founders, Promoters & Their Legacy
The enterprise traces its genesis to 1996 when founder Pawan Kumar Garg established UTL Electronics as a sole proprietorship. Over subsequent decades, Pawan Kumar Garg and Yogesh Dua formalized their partnership in 2008 and incorporated Fujiyama Power Systems as a private limited entity in November 2017. Both promoters bring over thirty years of hands-on technical expertise in hardware design, power electronics instrumentation, and clean energy R&D. Their leadership has guided the company’s evolution from a regional power inverter manufacturer into a publicly listed national clean energy leader.
- Pawan Kumar Garg: Chairman and Joint Managing Director, holding a diploma in industrial electronics and instrumentation with over three decades of R&D and operational leadership.
- Yogesh Dua: Chief Executive Officer and Joint Managing Director, holding an industrial electronics diploma and law credentials, spearheading corporate strategy, sales administration, and business development.
- Sunil Kumar: Non-Executive Director and promoter, a B.Tech graduate from IIT Delhi with extensive software engineering leadership experience across global technology enterprises including Google and Xilinx.
The Journey: Corporate History & Key Milestones
The corporate evolution of Fujiyama Power Systems represents a structured transition from component assembly to deep backward integration and public market accountability. Key historical inflection points include:
- 1996–2012: Founding of UTL Electronics in 1996; formation of the partnership in 2008; entry into solar PCU manufacturing in 2012.
- 2014–2018: Expansion into online solar PCUs in 2014; acquisition of the Fujiyama Power Systems business via slump sale in 2018, consolidating operational assets into a unified corporate structure.
- 2020–2022: Scaling of solar PCU and inverter manufacturing capacities; launch of solar panel and lithium-ion battery production units at Greater Noida in 2021, marking the initiation of genuine vertical integration.
- 2025–2026: Successful Initial Public Offering (IPO) raising ₹8.28 Crores with equity listings on NSE and BSE on November 20, 2025; commissioning of the 1 GW Mono-PERC DCR solar cell manufacturing plant in Dadri, Uttar Pradesh in January 2026; and successful capacity expansion at the Ratlam facility in Madhya Pradesh.
The Corporate Umbrella & Group Structure
The company maintains strategic supply chain linkages through equity investments in component manufacturers. Post the reporting period, the company increased its equity stake in Zayo Energy Private Limited and Zayo Cables Private Limited to 50%, elevating both entities to associate companies to secure uninterrupted access to critical solar panel components, wires, and cabling.
⚙️ The Business Engine: Segments, Brands, Products & Operations
The Core Divisions & Segment Revenue Breakdown
Fujiyama Power Systems operates primarily within a single unified business segment focused on solar power generating systems and power electronics. Revenue is heavily concentrated in the Business-to-Consumer (B2C) residential rooftop solar market, which generates approximately 90% of total revenue. The remaining share comprises institutional supplies, commercial deployments, and export markets across 10 international destinations.
The Product & Service Catalog (with Operational KPIs & Order Book)
The company maintains one of the widest product portfolios in the Indian rooftop solar industry, offering fully customisable Stock Keeping Units (SKUs) tailored to diverse geographical and grid-reliability conditions. The catalog spans:
- Solar Power Generation Systems: Solar panels ranging from 40 Wp to 670 Wp (including Mono-PERC bifacial and TOPCon glass-to-glass modules); on-grid inverters (1 kW to 136 kW); off-grid inverters (0.6 KVA to 20 KVA); hybrid inverters (1 KVA to 50 KVA); and online solar PCUs (10 KVA to 120 KVA).
- Energy Storage Solutions: Lithium-ion battery packs (1.2 KWh to 48 KWh) equipped with in-house Battery Management Systems (BMS); and tubular lead-acid batteries (40 Ah to 300 Ah) manufactured entirely in-house from basic raw materials (lead and acid).
- Power Supply & Chargers: Hybrid charge controller units, online and hybrid UPS systems, and specialized EV chargers (298 W to 1080 W) for E-rickshaws and marine applications.
The Names You Know: Key Brands & Flagship Portfolio
The company markets its product portfolio under two distinct flagship brands—UTL Solar and Fujiyama Solar. These brands are endorsed by prominent public figures including Indian Cricket Team Captain Suryakumar Yadav and cinematic legend Anil Kapoor, reflecting qualities of reliability, high performance, and nationwide accessibility.
| Brand / Product Name | Category / Business Segment | Target Market & Key Positioning |
|---|---|---|
| UTL Solar | Solar Power Generation Systems & Inverters | Tier-2, Tier-3, and rural residential markets; positioned as India’s trusted smart-city and off-grid solar brand backed by 1,200+ exclusive Shoppes. |
| Fujiyama Solar | High-Efficiency Solar Panels & Power Electronics | Urban and semi-urban residential and commercial on-grid segments; positioned for premium efficiency and DCR-compliant rooftop installations. |
| UTL AI Platform | Digital Operations & Sales Orchestration Suite | Internal sales, predictive service inventory management, and dealer coordination across the pan-India distribution network. |
Mapping the Domestic & Global Reach (India vs. Exports)
The company’s commercial footprint spans across 23 Indian states, with deep historical strongholds in Northern India (Uttar Pradesh, Rajasthan, Delhi, Haryana) and expanding strategic coverage across Southern and Eastern regions (Karnataka, Telangana, Andhra Pradesh, Tamil Nadu, West Bengal, Assam). International exports represent an emerging growth vector, contributing 1.46% of total operational revenue across 10 foreign destinations.
| Geographic Market | Revenue Contribution (₹ in Crores) | % Share of Total Revenue |
|---|---|---|
| Domestic (India) | 2,615.84 | 98.54% |
| International (Exports) | 38.67 | 1.46% |
| Total Revenue from Operations | 26,545.06 | 100.00% |
The Brick & Mortar Footprint: Manufacturing Plants, R&D & Offices
Manufacturing excellence serves as the company’s primary structural moat, supported by four operational manufacturing units and extensive in-house backward integration capabilities:
- Unit 1 (Parwanoo, Himachal Pradesh): Dedicated manufacturing facility for solar PCUs and high-frequency UPS systems (0.4 GW capacity).
- Unit 2 (Dadri, Uttar Pradesh): Advanced facility housing a 1 GW Mono-PERC DCR solar cell manufacturing plant (completed in six months) and 1.2 GW solar panel assembly lines.
- Unit 3 (Greater Noida, Uttar Pradesh): Comprehensive production hub featuring 0.4 GW solar panel lines, 0.5 GWh lithium-ion battery assembly, and 1.8 GW power electronics manufacturing lines.
- Unit 4 (Ratlam, Madhya Pradesh): Large-scale integrated facility recently commissioned with 2 GW solar panel and 2 GW power electronics capacity, alongside upcoming 3 GWh lithium-ion battery lines and a proposed 1.2 GW TOPCon solar cell plant.
- Unit 5 (Bawal, Haryana): Lead-acid battery production facility (1.3 GW capacity) with temporary operational adjustments following a post-reporting period fire incident.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Metric (₹ in Crores / Crores) | FY 2025-26 | FY 2024-25 | FY 2023-24 | Latest YoY (%) |
|---|---|---|---|---|
| Revenue from Operations (₹ Crores) | 2,654.51 | 1,540.68 | 924.70 | +72.29% |
| EBITDA (₹ Crores) | 49.03 | 24.85 | 5.16 | +97.30% |
| Profit After Tax / PAT (₹ Crores) | 30.41 | 15.63 | 2.44 | +94.56% |
| Total Equity / Net Worth (₹ Crores) | 127.34 | 39.68 | 23.95 | +220.92% |
| Capital Employed (₹ Crores) | 176.82 | 76.05 | – | +132.50% |
| Net Cash from Operating Activities (₹ Crores) | -2.89 | 18.14 | – | N/M |
Earnings, Expenses, & Take-Home Profits (Consolidated Profit & Loss)
| Particulars (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 2,654.51 | 1,540.68 | +72.29% |
| Other Income | 5.52 | 9.42 | -41.40% |
| Total Income | 2,660.03 | 1,550.09 | +71.60% |
| Cost of Materials Consumed | 2,027.84 | 1,121.54 | +80.81% |
| Changes in Inventories | (185.58) | (26.34) | +604.56% |
| Other Operating Expenses | 82.44 | 46.66 | +76.68% |
| Employee Benefits Expense | 112.36 | 69.87 | +60.81% |
| Finance Costs | 43.60 | 26.83 | +62.50% |
| Depreciation and Amortisation Expense | 44.19 | 17.99 | +145.64% |
| Other Expenses | 127.15 | 80.43 | +58.09% |
| Total Expenses | 2,252.00 | 1,336.97 | +68.44% |
| Profit Before Tax | 408.03 | 213.12 | +91.46% |
| Tax Expense (Current Tax, Earlier Years & Deferred Tax) | 103.90 | 56.79 | +82.95% |
| Profit for the Year (PAT) | 304.12 | 156.34 | +94.52% |
| Earnings Per Equity Share (Basic) (in ₹) | 10.24 | 5.59 | +83.18% |
| Earnings Per Equity Share (Diluted) (in ₹) | 10.21 | 5.56 | +83.63% |
Assets, Borrowings, & Net Worth (Consolidated Balance Sheet)
| Particulars (₹ in Crores) | As at 31 March 2026 | As at 31 March 2025 | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Property, Plant and Equipment | 535.15 | 285.66 | +87.34% |
| Capital Work-in-Progress (CWIP) | 201.27 | 0.00 | N/M |
| Right of Use Assets | 79.34 | 73.14 | +8.48% |
| Goodwill & Other Intangible Assets | 58.90 | 59.65 | -1.26% |
| Financial Investments & Other Non-Current Assets | 59.50 | 28.39 | +109.58% |
| Total Non-Current Assets | 934.15 | 446.84 | +109.06% |
| Inventories | 909.82 | 382.60 | +137.80% |
| Trade Receivables | 140.32 | 73.13 | +91.88% |
| Cash and Cash Equivalents | 139.46 | 8.23 | +1594.53% |
| Other Bank Balances | 21.37 | 12.34 | +73.18% |
| Other Current Financial & Tax Assets | 20.14 | 1.81 | +1012.71% |
| Other Current Assets | 178.56 | 89.02 | +100.58% |
| Total Current Assets | 1,409.40 | 567.12 | +148.52% |
| TOTAL ASSETS | 2,343.56 | 1,013.96 | +131.13% |
| EQUITY AND LIABILITIES | |||
| Equity Share Capital | 30.64 | 28.01 | +9.39% |
| Other Equity | 1,242.71 | 368.81 | +236.95% |
| Total Equity (Net Worth) | 1,273.36 | 396.82 | +220.89% |
| Non-Current Borrowings (Term Loans) | 136.07 | 88.46 | +53.82% |
| Non-Current Lease Liabilities | 52.95 | 46.04 | +15.01% |
| Provisions, Deferred Tax Liabilities & Other Non-Current Liabilities | 62.05 | 30.77 | +101.66% |
| Total Non-Current Liabilities | 251.07 | 165.27 | +51.92% |
| Current Borrowings (Loans Repayable on Demand & Current Maturities) | 325.41 | 257.76 | +26.25% |
| Current Lease Liabilities | 5.13 | 2.52 | +103.57% |
| Trade Payables (MSME & Others) | 360.38 | 120.46 | +199.17% |
| Other Current Financial Liabilities | 110.69 | 22.86 | +384.21% |
| Other Current Liabilities & Provisions | 17.51 | 48.26 | -63.72% |
| Total Current Liabilities | 819.13 | 451.87 | +81.28% |
| TOTAL EQUITY AND LIABILITIES | 2,343.56 | 1,013.96 | +131.13% |
Cash Flow: Tracking the Money Movement
| Particulars (₹ in Crores) | Year Ended 31 March 2026 | Year Ended 31 March 2025 | Latest YoY (%) |
|---|---|---|---|
| Net Profit Before Tax | 408.03 | 213.12 | +91.46% |
| Operating Profit Before Working Capital Changes | 496.39 | 260.48 | +90.57% |
| Net Cash Generated from / (Used in) Operating Activities | (2.89) | 18.14 | N/M |
| Purchase of Property, Plant and Equipment (CapEx / CWIP) | 513.20 | 116.91 | +338.97% |
| Net Cash Generated from / (Used in) Investing Activities | (519.70) | (118.12) | +339.98% |
| Net Proceeds from Issue of Shares (Fresh IPO Issue) | 0.32% | 1.22% | – |
| Net Proceeds from Borrowings | 0.32% | 1.22% | – |
| Net Cash Generated from / (Used in) Financing Activities | 653.82 | 104.00 | +528.67% |
| Net Increase in Cash and Cash Equivalents | 131.23 | 4.01 | +3172.57% |
| Cash and Cash Equivalents at the Beginning of the Year | 8.23 | 4.22 | +95.02% |
| Cash and Cash Equivalents at the End of the Year | 139.46 | 8.23 | +1594.53% |
Funding the Future: CapEx, CWIP & R&D Spending
The successful execution of the Initial Public Offering in November 2025 unlocked ₹60.00 Crores in fresh capital, which was deployed with strict precision. Key allocations included ₹275.00 Crores toward debt repayment (improving net debt-to-equity from 0.9x to 0.3x), ₹180.00 Crores toward the Ratlam integrated manufacturing plant, and ₹145.00 Crores for general corporate purposes and IPO expenses. Furthermore, capital work-in-progress stood at ₹201.27 Crores as of March 31, 2026, reflecting active expansion across solar cell and power electronics manufacturing lines.
👥 Power & Control: Corporate Governance, Leadership & Ownership
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The company maintains a balanced Board of Directors comprising executive promoters, non-executive directors, and independent members possessing extensive expertise in corporate finance, physics, technology, and secretarial compliance.
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Pawan Kumar Garg | Chairman & Joint Managing Director | 08005220 | Promoter Executive Director |
| Yogesh Dua | CEO & Joint Managing Director | 00315251 | Promoter Executive Director |
| Sunil Kumar | Non-Executive Director | 09824459 | Non-Executive Promoter Director |
| Sonia Bansal Arora | Independent Director | 10291330 | Non-Executive Independent Director |
| Manav Sheoran | Independent Director | 10829601 | Non-Executive Independent Director |
| Rajesh Kumar Choudhary | Independent Director | 10837108 | Non-Executive Independent Director |
| Prashant Gupta | Chief Financial Officer (CFO) | – | Key Managerial Personnel |
| Mayuri Gupta | Company Secretary & Compliance Officer | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
Following the public listing on November 20, 2025, public shareholding expanded significantly alongside continued strong promoter commitment.
| Category of Shareholder | Number of Shares | % of Total Shares |
|---|---|---|
| Promoter and Promoter Group | 265,865,270 | 86.77% |
| Mutual Funds (DIIs) | 8,980,228 | 2.93% |
| Alternative Investment Funds (AIF Cat III) | 8,179,606 | 2.67% |
| Foreign Portfolio Investors (FPI Corporate) | 5,905,245 | 1.93% |
| Public Retail & Other Shareholders | 17,480,585 | 5.70% |
| Total Paid-Up Share Capital | 306,410,934 | 100.00% |
🗺️ The Corporate Family Tree: Group Structure & Strategic Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
As of March 31, 2026, the company did not have any subsidiary, joint venture, or associate company. However, subsequent to the reporting period on May 7, 2026, the company acquired an additional 31% equity stake in Zayo Cables Private Limited and Zayo Energy Private Limited, increasing its total equity interest in each entity from 19% to 50% and establishing both as associate companies.
Strategic Investments & Treasury Holdings
The company holds minor unquoted equity investments in Kura Systems Private Limited (1,998 shares), Zayo Cables Private Limited (1,900 shares), and Zayo Energy Private Limited (1,900 shares), classified at Fair Value through Profit or Loss (FVTPL).
🎯 The Strategic Outlook: Competitive Moats, Risks & Future Growth Plans
Competitive Advantages & Economic Moats
- One-Stop Shop Architecture: Seamlessly bundles solar panels, inverters, batteries, and chargers, eliminating customer dependency on multiple OEMs.
- Deep Backward Integration: Internalisation of DCR-compliant Mono-PERC solar cell manufacturing at Dadri and in-house production of BMS and battery plates protect operating margins.
- Extensive Service Infrastructure: A dedicated field workforce of over 900 qualified service engineers across 25 states ensures rapid maintenance response and high customer retention.
What Could Go Wrong? Key Challenges & Business Risks
- Supply Chain Concentration: Continued reliance on imported raw materials for specialized electronic components exposes margins to global price volatility and geopolitical disruptions.
- Regulatory & Policy Exposure: Heavy reliance on government policy tailwinds such as the PM Surya Ghar Muft Bijli Yojana and DCR compliance mandates.
- Execution & Operational Hazards: Risks associated with large-scale capital expenditure projects and unforeseen facility incidents, such as the May 2026 fire at the Bawal lead-acid battery plant.
The Next Chapter: Growth, Order Pipeline & CapEx Initiatives
The company’s strategic roadmap focuses on scaling production through the newly commissioned Ratlam integrated facility (adding 2 GW solar panel and 2 GW power electronics capacity, alongside upcoming lithium-ion battery and 1.2 GW TOPCon solar cell lines). Furthermore, the company is evaluating advanced energy storage applications including Commercial & Industrial (C&I) BESS and battery cell manufacturing chemistries.
The Verdict: Strategic Outlook & Conclusion
Fujiyama Power Systems Limited has successfully transitioned from a private enterprise into a publicly governed clean energy powerhouse. Backed by a strengthened balance sheet post-IPO, robust backward integration, and proprietary AI-driven operational platforms, the company is strategically positioned to capture high-growth opportunities within India’s accelerating rooftop solar expansion.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.utlsolarfujiyama.com