Fujiyama Power Systems is a residential solar company that sells complete rooftop electricity systems to Indian households - not just panels, but the inverters, batteries and chargers that make the whole thing work. It grew out of a power-electronics business founded by promoters with over thirty years in the industry, who launched India’s first single-card inverter in 2000 and began making solar inverters in 2008. The recurring pattern is backward integration: the company keeps moving upstream to make more of what it sells in-house - first inverters, then panels, and most recently its own solar cells - so it can control costs, secure supply and price its systems for the Tier-2 and Tier-3 towns where unreliable grid power makes solar a necessity rather than a luxury.
Business segments
A single integrated business - residential rooftop solar systems - built on in-house manufacturing and sold through a national channel network that reaches more than 8,900 partners.
1. Rooftop solar systems: a one-stop shop for household energy security
The company sells complete solar power systems to homeowners, earning revenue on every panel, inverter and battery that leaves its factories - over 90% of sales come from residential rooftops.
- Everything under one roof - the portfolio covers more than 500 SKUs across five categories: power electronics, solar panels, solar cells, lithium-ion batteries and tubular lead-acid batteries, so a customer gets a fully matched system from a single brand rather than piecing together components from different suppliers.
- Three configurations for different grid realities - systems come in on-grid (tied to the utility), off-grid (standalone with battery storage) and hybrid (both), which means the company can sell into cities with stable power, villages with frequent cuts, and everywhere in between.
- Solar as a necessity, not a subsidy play - the core market is Tier-2 and Tier-3 cities where power reliability is poor and households adopt solar for energy security and long-term savings, making demand less dependent on government incentives than in metro-focused on-grid markets.
- Brands built on word-of-mouth - the company markets under two names, “UTL Solar” and “Fujiyama Solar,” each with its own brand ambassador, but the real driver of trust is local reputation and referrals in the towns where it operates.
- An installed base that keeps buying - in FY26 alone the company sold 4.5 lakh inverters, adding over 400,000 households to its base, and every installed system creates recurring demand for replacement batteries, additional panels and related equipment over its lifetime.
2. In-house manufacturing: the cost-control engine underneath the brand
The company makes its own solar cells, panels, inverters and batteries across five factory locations - backward integration that protects margins and insulates it from import disruption.
- Cells are the deepest moat - a 1,000 MW Mono PERC solar cell line at Dadri, commissioned in January 2026 at a cost of Rs. 300 crore, supplies cells entirely for captive consumption, so the company no longer depends on Chinese imports for the most expensive component in a solar panel.
- A second cell plant already approved - a 1,200 MW TOPCon cell facility at Ratlam, with an estimated investment of roughly Rs. 350 crore, is targeted for commercial production by Q1 FY2028, aimed at capturing demand under the subsidy-driven PM Surya Ghar Yojana for on-grid rooftops.
- Panels and inverters at scale - existing panel capacity stands at 3,568 MW across Greater Noida, Dadri and the newly commissioned Ratlam line, while power-electronics capacity totals 2,180 MW with an additional 2,000 MW expansion capacity, giving the company enough in-house supply to feed its channel without relying on third-party sourcing.
- Battery integration is the next step - lithium-ion battery capacity of 545 MWh is already running at Greater Noida, with a further 2,000 MWh planned at Ratlam; the expansion was deliberately delayed to incorporate a shift from 100 Ah cells to 300 Ah-plus cells, reflecting a technology upgrade mid-build.
- Speed as a capability - the Dadri cell plant was completed in six months, faster than industry norms, and the company holds five granted patents including one for rMPPT technology, with 60-plus R&D engineers feeding improvements directly from field data.
3. The channel network: last-mile reach in small-town India
Over 8,900 channel partners across 23 states put the company’s products within reach of households that big-city-focused competitors rarely touch.
- Three layers of distribution - the network comprises more than 950 distributors, over 6,800 dealers and more than 1,150 exclusive “Shoppe” outlets, each layer pushing inventory closer to the end customer in towns where retail infrastructure for solar is thin.
- Shoppes as the customer’s first stop - the exclusive outlets act as a physical interface where homeowners can get guidance on system sizing, installation and financing, which matters in a category where purchase decisions are high-involvement and trust-dependent.
- A 650-strong service army - field engineers provide installation and after-sales support, but they also locate dealers on their routes and feed real-time observations back to R&D, creating a direct loop from the customer’s rooftop to the product design team that the company describes as hard to replicate.
- AI that speaks the customer’s language - an in-house platform called UTL AI, built as vernacular-ready and mobile-first, orchestrates sales leads, dealer coordination, predictive service inventory and an intelligent service bot, so the network runs on data rather than guesswork.
- Steady expansion quarter by quarter - the network added 80-plus distributors, 450-plus dealers and 30-plus Shoppes in Q4 FY26 alone, and the company maps its presence across 11 covered states, 7 growing states, 4 special-focus states and 11 untapped states, showing a deliberate geography-by-geography rollout.
Group structure and partners
The listed company is acquiring stakes in two component suppliers, bringing solar-panel raw materials and cables under its influence.
- Fujiyama Power Systems Limited is the listed entity, trading under the symbol UTLSOLAR on NSE and BSE since November 2025, with its registered office in Delhi.
- In April 2026 the company moved to increase its stake in Zayo Energy Private Limited from 19% to 50% for Rs. 31,000 in cash; ZEPL manufactures solar panel components including EVA sheets, junction boxes and backsheet, though it reported Nil turnover for the last three financial years.
- On the same date it moved to increase its stake in Zayo Cables Private Limited from 19% to 50%, also for Rs. 31,000; ZCPL makes insulated wire and cable from steel, copper and aluminium, and likewise reported nil turnover for the most recent fiscal year.