Fujiyama Power Systems Limited, operating under the premium brand **UTL Solar**, is a leading Indian provider of integrated rooftop solar solutions. The company operates a comprehensive "**one-stop shop**" model for Solar Power Generating Systems (SPGS), managing an extensive portfolio of over **500 SKUs**. With a primary focus on **Tier 2 and Tier 3 cities**, the company has facilitated over **2 GW** of rooftop solar installations across India over the last **4.5 years**. The business is heavily **B2C-focused**, with retail consumers contributing **91.7%** of total revenue as of **H1 FY26**. --- ### **Manufacturing Infrastructure and Strategic Capacity Expansion** The company is currently undergoing a massive scaling phase, doubling its manufacturing footprint to capitalize on the **PM Surya Ghar Muft Bijli Yojana**. It operates four established facilities with a major integrated site in **Ratlam** nearing completion. | Facility | Location | Key Products | Current/Target Capacity | | :--- | :--- | :--- | :--- | | **Dadri** | Uttar Pradesh | Solar Cells & Panels | **1,000 MW** (Cells); **1,200 MW** (Panels) | | **Greater Noida** | Uttar Pradesh | Panels, Inverters, Li-ion | **368 MW** (Panels); **1,084 MW** (Inverters); **545 MWh** (Li-ion) | | **Bawal** | Haryana | Tubular Batteries, Panels | **1,318 MWh** (Batteries); **71 MW** (Panels) | | **Parwanoo** | Himachal Pradesh | Solar PCU and UPS | **325 MW** | | **Ratlam** (Q4 FY26) | Madhya Pradesh | Integrated Hub | **2,000 MW** (Panels); **2,000 MW** (Inverters); **2,000 MWh** (Li-ion) | **Key Expansion Milestones:** * **Dadri Cell Plant:** Commissioned in **January 2026** following a **₹300 crore** investment. This **1 GW Mono PERC DCR** facility was completed in a record **6 months**. * **Ratlam Mega-Project:** Targeted for **Q4 FY26**, this facility is expected to operate at **50% utilization** in Year 1, reaching **100%** by Year 2. * **FY27 Targets:** Management has set a minimum sales guidance of **1 GW** each for solar panels, inverters, and batteries for the **FY27** period. --- ### **Vertical Integration and Supply Chain Sovereignty** Fujiyama has transitioned to a highly **backward-integrated** model to capture higher margins and ensure resilience against international trade volatility. * **Solar Cells:** In-house production of **Domestic Content Requirement (DCR)** compliant cells allows the company to participate in government-subsidized projects and meet the anticipated **June 2026** mandate requiring DCR cells for all installations. * **Power Electronics:** The company manufactures its own **Battery Management Systems (BMS)**, **PCB mounting (EMS)**, sheet metal cabinets, transformers, and wire harnesses. * **Energy Storage:** Full integration for lead-acid batteries (from raw lead to grids) and advanced **Li-ion cell sorting** and pack assembly. * **Strategic Acquisitions:** In **April 2026**, the Board approved acquiring **31%** equity stakes in **Zayo Energy** and **Zayo Cables** to further secure the internal supply chain. --- ### **Product Portfolio and Market Performance** The company’s product matrix covers the entire solar value chain, supported by industry-leading warranties. | Product Category | Cumulative Output | Revenue Contribution (H1 FY26) | Warranty Terms | | :--- | :--- | :--- | :--- | | **Solar Panels** | **22+ Lakh units** | **45.4%** | **25 Years** | | **Solar Inverters** | **9+ Lakh units** | Significant | **2-10 Years** | | **Solar Batteries** | **12+ Lakh units** | Significant | **2-5 Years** | **Specialized Offerings:** * **On-Grid & Off-Grid Systems:** Driving growth in areas with inconsistent power-backup. * **High-Frequency Inverters:** Ranging from **4000VA to 50KVA**. * **Online UPS:** 3-Phase systems up to **120kVA**. * **E-Mobility:** Specialized **E-Rickshaw** chargers and **Marine/Engine Start** chargers. --- ### **Sales, Distribution, and Brand Strategy** Fujiyama leverages a robust retail-centric ecosystem to maintain its market leadership. * **Distribution Network:** Over **8,200 channel partners**, including distributors, dealers, and exclusive "**Shoppes**." In **Q3 FY26** alone, the company added **60+ distributors** and **400+ dealers**. * **Service-Led Growth:** Utilizes a "Smart Reference System" and app-based tools for service engineers to optimize dealer visits and customer support. * **Brand Visibility:** Appointed cricket star **Surya Kumar Yadav** as Brand Ambassador in **December 2025** to drive household penetration. * **Operational Efficiency:** Implementation of **CAPA (Corrective and Preventive Action)** frameworks and **AI integration** across operations to drive labor optimization. --- ### **Financial Performance and Capital Structure** The company has demonstrated explosive growth, with **9M FY26** revenue increasing by **65.4%** YoY. | Metric | Q3 FY26 | 9M FY26 | YoY Growth (9M) | | :--- | :--- | :--- | :--- | | **Revenue** | **₹588.5 Cr** | **₹1,753.7 Cr** | **65.4%** | | **EBITDA** | **₹109.9 Cr** | **₹318.8 Cr** | **88.1%** | | **EBITDA Margin** | **18.7%** | **18.2%** | **+220 bps** | | **PAT** | **₹67.3 Cr** | **₹197.8 Cr** | **Strong Growth** | **Capital Allocation:** * **Borrowing Limits:** Shareholders approved an increase in borrowing limits from **₹1,000 crore** to **₹2,500 crore**. * **Debt Profile:** Total debt stands at **~₹470+ crore** as of early 2026. * **IPO Proceeds:** **₹100 crore** of the **November 2025** listing proceeds are temporarily held in fixed deposits, earmarked for project costs and debt repayment. * **Equity:** Paid-up capital is **₹30.64 crore** (shares of **₹1/-** each). The **ESOP 2023** scheme (pool of **6.25 million** options) is active to retain key talent. --- ### **Risk Factors and Regulatory Compliance** Investors should monitor several evolving regulatory and operational challenges: * **BIS and Quality Compliance:** In **March 2026**, the **Bureau of Indian Standards (BIS)** seized inventory worth **₹2.52 crore** at the Greater Noida plant. The company is currently conducting an internal assessment of this event. * **Taxation:** A **Demand Order** was issued in **January 2026** following a **GST Special Audit** for **FY 2021-22**. * **Cybersecurity & Data Sovereignty:** New government mandates regarding **malware protection** and **remote access security** for inverters require continuous technical upgrades. * **Import Sensitivity:** While backward integration is progressing, the industry remains sensitive to **Chinese imports** for specific components like **Lithium cells** and certain **BMS** parts. * **Market Volatility:** A **GST rate cut** (from **12% to 5%**) in **Q2 FY26** caused a temporary **4.9%** sequential revenue dip as customers deferred purchases, highlighting the impact of policy shifts on short-term demand.