Fujiyama Power Systems IPO
Solar Leader Fujiyama Launches IPO on 13 Nov; Explosive FY25 Growth Lifts Investor Sentiment
SEBI has granted its observation for the Initial Public Offer (IPO) of Fujiyama Power Systems Ltd. The company will now proceed with its IPO launch, subject to market conditions and required approvals.
The Fujiyama Power Systems IPO is a Book-Built Issue, consisting of a fresh issue of Rs. 600 crore and an Offer for Sale (OFS) of 1 crore equity shares.
The IPO will open for subscription on November 13, 2025, and close on November 17, 2025.
The price band is yet to be announced, and the shares will list on BSE and NSE with a tentative listing date of November 20, 2025.
Motilal Oswal Investment Advisors Ltd. is the Book Running Lead Manager, and MUFG Intime India Pvt. Ltd. is the Registrar to the issue.
🕗 Last Update: 9 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | 13 Nov. 2025 |
| IPO Closes on | 17 Nov. 2025 |
| Allotment | 18 Nov. 2025 |
| Initiation of Refunds | 19 Nov. 2025 |
| Credit of Shares | 19 Nov. 2025 |
| Listing Date | 20 Nov. 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on 17 Nov. 2025 |
Promoters
The promoters of the company are Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar.
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Promoter Holding (Pre-Issue): 99.67%
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Promoter Holding (Post-Issue): To be updated after equity dilution
Objects of the Issue
| Particulars | Rs. in Crores |
|---|---|
| Setting up a new manufacturing facility at Ratlam, Madhya Pradesh | 180.00 |
| Repayment/prepayment of certain borrowings | 275.00 |
| General Corporate Purposes | — |
Business
Founded in 2017, Fujiyama Power Systems Ltd. is a leading manufacturer in the rooftop solar power systems industry, producing on-grid, off-grid, and hybrid solar solutions.
The company has built a wide product portfolio exceeding 522 SKUs, including:
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Solar PCUs
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On-grid, off-grid & hybrid inverters
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Solar panels
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PWM chargers
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Lithium-ion & tubular batteries
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UPS systems
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Solar management units and controllers
Manufacturing Strength
Fujiyama operates four manufacturing facilities across Greater Noida (UP), Parwanoo (HP), Bawal (Haryana), and Dadri (UP).
All units are certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
Robust Distribution Ecosystem
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725+ distributors
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5,546 dealers
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1,100 exclusive “Shoppe” franchisees
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602+ trained service engineers
The company also exports products to the USA, Bangladesh, UAE, and other Asian regions.
Competitive Strengths
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Large-scale, quality-centric manufacturing infrastructure
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Extensive distribution and after-sales service network
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Strong capabilities in technology innovation
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Diversified solar product basket
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Experienced promoters and stable senior management
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 1 per share |
| Issue Price Band | To be announced |
| Sale Type | Fresh Issue + Offer for Sale |
| Fresh Issue | Rs. 600 crore |
| Offer for Sale | 1 crore shares |
| Issue Type | Book Built |
| Listing At | BSE, NSE |
How are the Shares Offered?
| Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
Financial Snapshot
Fujiyama Power Systems Ltd. (Restated)
Strong growth is visible across all major financial metrics.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total Income | 597.79 | 1,550.09 | 927.20 | 665.33 |
| Profit After Tax | 67.59 | 156.34 | 45.30 | 24.37 |
| EBITDA | 105.89 | 248.52 | 98.64 | 51.60 |
| Net Worth | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves & Surplus | 436.33 | 368.81 | 215.00 | 70.55 |
| Borrowings | 432.83 | 346.22 | 200.19 | 211.14 |
KPI Highlights
| KPI | Value |
|---|---|
| ROE | 39.40% |
| ROCE | 41.01% |
| Debt/Equity | 0.87 |
| PAT Margin | 10.15% |
| EBITDA Margin | 16.13% |
A significant 67% YoY jump in revenue and a sharp 245% rise in PAT underline the company’s operational strength.
Peer Comparison
(Will be updated when peers disclose relevant FY25 metrics.)
IPO Review by Paresh Gordhandas, CA & Research Analyst
Fujiyama Power Systems has scaled rapidly in the solar solutions ecosystem with a wide and evolving product suite. The company’s revenue and profit growth over the last two years is impressive, supported by consistently rising margins and expanding distribution strength.
The debt level is moderate after recent improvements, and return ratios such as ROE (39.4%) and ROCE (41.01%) reflect a high-efficiency model.
Fresh capital deployment toward a new facility and debt repayment will further support growth momentum.
Investment Verdict:
The IPO appears fundamentally strong. Valuation clarity will emerge once the price band is announced.
Given the growth metrics, brand presence, and scale-up opportunity in India’s rooftop solar market, this IPO looks promising for listing gains and medium-term investors, subject to final pricing.
Registered Office
Fujiyama Power Systems Ltd.
53A/6, Near NDPL Grid Office,
Near Metro Station
Sat Guru Ram Singh Marg
Delhi – 110015
Phone: +91 11 4105 5305
Email: investor@utlsolarfujiyama.com
Website: www.utlsolarfujiyama.com
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: fujiyamapower.ipo@linkintime.co.in
Website: linkintime.co.in
Lead Managers
Motilal Oswal Investment Advisors Ltd.
SBI Capital Markets Ltd.
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