November 10, 2025
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Fujiyama Power Systems IPO Review
by Paresh Gordhandas, CA & Research Analyst
Fujiyama Power Systems, a fast-growing player in rooftop solar solutions, is launching its IPO on 13 November 2025, backed by strong FY25 performance and an expanding national distribution network. The company offers over 522 SKUs, supported by four certified manufacturing units and a solid presence across 725 distributors and 5,546 dealers. FY25 financials reflect exceptional growth, with revenue up 67 percent YoY and PAT jumping 245 percent, while margins remain healthy at 16.13 percent EBITDA and 10.15 percent PAT. Return ratios are impressive with ROE at 39.4 percent and ROCE at 41 percent, indicating high operational efficiency. Borrowings have risen due to scale expansion, but the IPO’s fresh issue—allocated toward a new Ratlam plant and debt repayment—should strengthen the balance sheet.
The price band of Rs. 216–228 appears reasonable against the company’s scale-up potential in India’s booming solar segment. With rapidly increasing capacity, strong brand presence, and robust financial momentum, the IPO looks attractive for both listing gains and medium-term investors, subject to final valuations.
🕗 Last Update: 10 November 2025, 6.00 AM
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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 | Rs. 216-228 |
| 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 |
How Shares can be applid?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 65 | 14,820 |
| Retail (Max) | 13 | 845 | 1,92,660 |
| S-HNI (Min) | 14 | 910 | 2,07,480 |
| S-HNI (Max) | 67 | 4,355 | 9,92,940 |
| B-HNI (Min) | 68 | 4,420 | 10,07,760 |
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.
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.
Quick Links
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