Fujiyama Power Systems IPO 2025 – Powering India’s Rooftop Solar Wave
India’s renewable energy manufacturing landscape, especially the rooftop solar segment, is gaining accelerated momentum. In this run, Fujiyama Power Systems Ltd (“Fujiyama” or “the Company”) is launching an initial public offering (IPO) that invites investors into a growth story anchored in the rooftop solar industry.
Company & Sector Context
Fujiyama Power Systems, based in Greater Noida, Uttar Pradesh, operates in the rooftop solar products and solutions space—covering on-grid, off-grid and hybrid solar systems.
The Company’s brands include “UTL Solar” and “Fujiyama Solar”, with a legacy of over 28 years in the solar/renewables space.
It manufactures components such as solar panels, solar inverters, lithium-ion and tubular batteries, and offers system solutions.
Fujiyama has multiple manufacturing facilities, R&D capabilities, and a wide distribution network (over 725 distributors, 5,500+ dealers and 1,100 “Shoppe” franchisee outlets) as per latest filings.
IPO Structure & Key Details
- The IPO is planned to open on 13 November 2025 and close on 17 November 2025 (anchor allocation on 12 Nov) for public subscription.
- The price band has been fixed at ₹216 to ₹228 per share.
- The issue size is approximately ₹828 crore, comprising a fresh issue of ₹600 crore and an Offer-For-Sale (OFS) of promoters’ shares worth ~₹228 crore.
- The fresh issue involves issuing ~26.3 million equity shares (aggregate ₹600 crore) plus the OFS of ~10 million shares (₹228 crore) at the upper band.
- Key usage of fresh proceeds: ~₹180 crore to finance a manufacturing facility in Ratlam, Madhya Pradesh (for inverters, panels, lithium-ion batteries); ~₹275 crore for debt repayment; remainder for general corporate purposes.
- Tentative listing date on both the National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) is around 20 November 2025.
Financial & Growth Snapshot
- For FY 2025, revenue stood at approximately ₹1,540.7 crore, up about 66.6 % from FY 2024’s ~₹924.7 crore. Profit after tax rose ~245 % to ~₹156.4 crore (up from ~₹45.3 crore).
- In the quarter ended June 2025, revenue reached ~₹597.3 crore and profit ~₹67.6 crore.
- Historically, over the last three years and six months ended September 30, 2024, Fujiyama sold ~12.25 lakh solar panels (~458.14 MW), ~6.31 lakh inverters (~1,065.83 MW) and ~8.52 lakh batteries (~1,672.17 MWh).
Strengths
- Strong brand presence in the rooftop solar segment, covering a wide product portfolio and deep distribution network.
- Demonstrated strong growth in revenue and earnings, suggesting operational scaling.
- Fresh capital raised will be directed toward manufacturing expansion and debt reduction – both important for further upward trajectory.
- Positioned in a favourable macro environment: India’s rooftop solar sector and domestic manufacturing thrust provide tailwinds.
Risks & Considerations
- Rapid growth must be sustained: while recent profit-growth is impressive, the solar manufacturing/solutions business is capital intensive and competitive.
- Execution risk: manufacturing expansion in Ratlam and other facilities must deliver as planned (costs, timelines, product quality) to convert promise into performance.
- Technology & input risks: Inverters, batteries and solar modules face evolving tech, input cost volatility (e.g., lithium-ion batteries) and competition from domestic & international players.
- Sector dependence & regulatory risk: The rooftop solar industry, while growing, depends on policy/regulatory frameworks, subsidies/tariffs, and customer adoption; any adverse changes could impact.
- Valuation & listing expectations: While growth is strong, the IPO pricing will reflect expectations – retail investors should gauge whether upside potential justifies risk.
Why It Matters
This IPO is significant for multiple reasons:
- It provides investors exposure to a domestic manufacturer/solutions provider in the rooftop solar value-chain, rather than just developers.
- As India emphasises solar manufacturing and rooftop deployment, Fujiyama’s listing tests investor appetite for such companies.
- For the company, the IPO is a stepping stone to scale manufacturing, reduce debt and strengthen its competitive position.
Investor Perspective: Key Takeaways
- For retail investors: Minimum application size at upper band (~₹228 × lot size of 65 shares = ~₹14,820) – ensure investable amount and risk appetite align.
- For medium to long-term horizon: If Fujiyama executes on manufacturing expansion, debt reduction and market growth, there is potential. Track post-listing quarterly performance for margin trends, ROE/ROCE and debt levels.
- For short-term listing gain: While sentiment is positive, IPOs in growth-manufacturing sectors are less of a guaranteed ‘pop’ – value lies in execution over time.
- Make sure to compare with peers in the solar manufacturing/solutions space and review the business model (manufacturing + distribution + service) carefully.
Conclusion
The Fujiyama Power Systems IPO offers a compelling story: a growing company in the expanding rooftop solar ecosystem, backed by strong distribution, clear use of funds for expansion and debt reduction, and already showing strong growth. That said, the manufacturing growth path is also full of execution challenges, technology/input pressures and sector/regulatory dependencies. For investors with conviction in the solar manufacturing/solutions theme and a medium-term horizon, this IPO merits serious consideration. For those seeking speculative short-term gains or low-risk exposures, caution is advised.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. Investors are advised to consult certified financial advisors before making any investment decisions.)
