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₹228 - 228
Fujiyama Power Systems Ltd
Capital Goods - Electrical EquipmentIPO
₹228 - 228
Our Company operates in the Indian rooftop solar industry, manufacturing and supplying a comprehensive range of solar products including solar panels, inverters and batteries. With a focus on innovation and R&D, our Company has a history of developing various technologies, including its patented rMPPT technology and offers a wide product portfolio of over 522 SKUs under "UTL Solar" and "Fujiyama Solar" brands. As of June 30, 2025, our Company currently operates four manufacturing facilities with its distribution network across India with more than 725 distributors, 5,546 dealers and 1,100 exclusive "Shoppe" franchisees. Some of our listed peers are Waaree Energies Limited, Premier Energies Limited, Exicom Tele-Systems Limited and Insolation Energy Limited.
Lot65Min Invest₹14,820Face Value₹1Issue Size₹828 CrFresh Issue₹600 CrOffer for Sale₹228 CrListing Price₹218CMP₹362
Timeline
13 Nov
Bidding opens
17 Nov
Bidding closes
18 Nov
Allotment
19 Nov
Refund & demat credit
20 Nov
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹828 Cr3.63 Cr shares
Fresh Issue₹600 Cr
Offer for Sale₹228 Cr
Face Value₹1
Lot Size65 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8201-13 lots
sNII₹2,07,480from 14 lots
bNII₹10,07,760from 68 lots
Managers & Registrar
Lead ManagerMotilal Oswal Investment Advisors Ltd
Co-ManagerSBI Capital Markets Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrPawan Kumar GargPRMTR50,00,000114.00Yogesh DuaPRMTR50,00,000114.00Total1,00,00,000228.00
Shareholding
CategoryPre IPOPost IPOPromoter Group82.27%71.95%Public17.73%28.05%
Objects of the Issue
- Part funding the cost of establishing the manufacturing facility in ratlam
- Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 664 | 925 | 1,541 | 2,655 | 3,403 |
| Operating ProfitCr | 52 | 99 | 249 | 490 | 639 |
| OPM% | 7.8 | 10.7 | 16.1 | 18.5 | 18.8 |
| PBTCr | 31 | 63 | 213 | 408 | 396 |
| PATCr | 24 | 45 | 156 | 304 | 294 |
| EPS | 18 | 2 | 6 | 10 | 10 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 14 | 25 | 28 | 31 | - |
| ReservesCr | 71 | 215 | 369 | 1,242 | - |
| BorrowingsCr | 215 | 205 | 395 | 520 | - |
| Fixed AssetsCr | - | - | 418 | 673 | - |
| Total AssetsCr | 515 | 610 | 1,014 | 2,344 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 78 | 85 | 18 | -3 | - |
| Investing Cash FlowCr | -132 | -45 | -118 | -520 | - |
| Financing Cash FlowCr | 55 | -37 | 104 | 654 | - |
| Net Cash FlowCr | 0 | 4 | 4 | 131 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Diversified portfolio of solar products and solutions which distinguishes us as a well-rounded leader in the rooftop solar industry.
- Track record of technological development and product innovation.
- Robust distribution network and post-sale service capabilities driving strong brand recognition.
- Quality-centric and precision-driven large scale manufacturing infrastructure driving production efficiency.
- Experienced Promoters and Senior Management and a committed employee base.
- Robust financial performance and growth.
Strategies · as stated in the DRHP
- Expand the manufacturing base for solar panels, inverters and batteries and strengthen back-end integration in solar panels.
- Further strengthening domestic distribution and retail network and increase export sales.
- Address market opportunities with a focus on continuously developing more efficient products and using innovative marketing tools and sales strategies, such as actionable influence.
Risks · as stated in the DRHP
- The company's manufacturing facilities are subject to various operational risks. Any disruption in operations or shutdown of the company existing manufacturing facilities or future manufacturing facilities or any other operational problems caused by unforeseen events may reduce sales and adversely affect its business, and results of operations and financial condition.
- Geographical concentration of its manufacturing facilities in northern India exposes it to region specific risks that could adversely affect the company business, financial condition, results of operations, and cash flows.
- The company's ability to grow the company retails sales depends on the success of its relationship with the company distributors, dealers and franchisees and an inability to maintain or further expand its retail network, could negatively affect the company business, cash flows and results of operations.
- The company's import a significant part of its raw material supply from China and the company import equipment and machinery from other foreign countries and the same is subject to certain risks. Restrictions on or import duties relating to materials and equipment imported for its manufacturing operations as well as restrictions on or import duties levied on the company products in its export markets may adversely affect its business prospects, financial performance and cash flows.
- Decline in the price of its products may have an adverse impact on the company business, results of operations and cash flows.
- The company's market capitalization to total Revenue from Operations, the company market capitalization to tangible asset and the company enterprise value to EBITDA ratio, may not be indicative of the trading price of its Equity Shares upon listing on the Stock Exchanges subsequent to the Offer and, as a result, you may lose a significant part or all of your investment.