Fujiyama Power Systems Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹11,220 Cr
- P/E
- 26.84
- ROE
- 36.63%
- PEG
- 0.21
- Price to sales
- 3.31
- Debt to equity
- 0.41
- 52W high / low
- ₹484 / ₹175
- Sales growth (5Y)
- 45.65%
- EBITDA margin
- 18.78%
- Net profit margin
- 11.52%
- Promoter holding
- 86.63%
- Sales (last year)
- ₹3,403 Cr
Founded in 2017, Fujiyama Power Systems Limited manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems.[1]
Guidance scorecard · Q1 FY27 call
What Fujiyama Power Systems Ltd's management guided
and where it ranks in Electrical Equipment
RevenueQ4 FY26 call
40%+- Revenue grew by 72.3% in FY26, reaching Rs. 26,545 million, with a strong volume growth of about 70%.
- Sales volume (integrated solar power generating system units) crossed 1 gigawatt in FY25-26.
- Channel partners expected to double over the next three years, expanding geographical reach.
- New facilities in Ratlam (2 GW capacity) and Dadri (1.2 GW cell line) to support scaling; Ratlam facility revenue potential ~Rs. 5,000 crores when fully operational.
- Focus on Tier 2 and Tier 3 cities with growing demand nationwide, including Odisha, Andhra Pradesh, Assam.
- Backward integration and capacity expansion (solar panel, inverters, batteries) poised to fuel growth.
2 more points from Fujiyama Power Systems Ltd's call on revenue
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MarginsQ4 FY26 call
Up 0–2%See what Fujiyama Power Systems Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Fujiyama Power Systems is investing in a new 1.2 gigawatt TOPCon cell line with a capital expenditure of approximately Rs. 350 crore.
- The equipment quotations for this cell line have been obtained, and the order is about to be placed following board approval.
- This new TOPCon line is planned to meet upcoming ALMM 2 regulatory requirements and continue the rooftop solar business.
- The Ratlam facility has been recently ramped up with a 2 gigawatt integrated capacity (solar panels, inverters, lithium-ion batteries), expected to generate peak revenue of around Rs. 5,000 crore when fully utilized by Q4 FY28.
2 more points from Fujiyama Power Systems Ltd's call on capex
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FundraisingQ4 FY26 call
None plannedSee what Fujiyama Power Systems Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- The company expects 50% revenue growth, with seasonality affecting quarterly performance.
- They have doubled channel partners and plan to double again in the next three years.
- Sales of rooftop solar power generating systems (SPGS) exceeded 1 gigawatt in FY2025-26.
- Capacity expansions include 2 GW integrated facility in Ratlam and additional lines in Dadri and Noida.
- Inventory increased to support expanding operations and new locations.
2 more points from Fujiyama Power Systems Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Electrical Equipment companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹72,673 Cr | 18.1 | |
| 2 | 40%+ | Up 2%+ | ₹21,700 Cr | 158.1 | |
| 3 | 40%+ | Up 2%+ | ₹491 Cr | 12.2 | |
| 4 | 40%+ | Up 0–2% | ₹12,434 Cr | 48.4 | |
| 5 | 40%+ | Up 0–2% | ₹2,042 Cr | 35.4 | |
| 6 | 40%+ | Up 0–2% | ₹529 Cr | 7.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment rankingFujiyama Power Systems Ltd announcements
All announcements →- Fundraise / allotmentNotableFujiyama Power Systems plans QIP up to Rs. 1,200 Crore; allots 4,11,587 ESOP shares
Financials of Fujiyama Power Systems Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Fujiyama Power Systems Ltd
Shareholding breakup across reporting periods.
| Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|
| Promoters + | 86.76% | 86.76% | 86.63% | 86.63% |
| FIIs + | 2.50% | 1.93% | 1.63% | 1.14% |
| DIIs + | 4.72% | 5.60% | 5.98% | 5.38% |
| Public + | 6.01% | 5.70% | 5.76% | 6.87% |
| No. of Shareholders | 97,968 | 80,691 | 60,134 | 77,355 |
Financials of Fujiyama Power Systems Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 329 | 339 | 480 | 597 | 568 | 588 | 901 | 1,346 |
| Expenses + | 279 | 286 | 401 | 491 | 465 | 479 | 729 | 1,091 |
| Operating Profit | 50 | 52 | 79 | 106 | 103 | 110 | 171 | 255 |
| OPM % | 15% | 15% | 16% | 18% | 18% | 19% | 19% | 19% |
| Other Income + | 2 | 0 | 7 | 0 | 2 | 0 | 3 | -141 |
| Interest | 6 | 8 | 9 | 9 | 12 | 12 | 10 | 11 |
| Depreciation | 4 | 5 | 6 | 7 | 8 | 9 | 21 | 25 |
| Profit before tax | 42 | 40 | 72 | 90 | 85 | 89 | 144 | 78 |
| Tax % | 25% | 26% | 29% | 25% | 26% | 25% | 26% | 26% |
| Net Profit + | 32 | 30 | 51 | 68 | 63 | 67 | 106 | 58 |
| EPS in Rs | 1.14 | 1.07 | 1.83 | 2.41 | 2.25 | 2.20 | 3.47 | 1.88 |
Financials of Fujiyama Power Systems Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 299 | 405 | 506 | 664 | 925 | 1,541 | 2,654 | 3,403 |
| Expenses + | 272 | 367 | 461 | 612 | 826 | 1,292 | 2,162 | 2,764 |
| Operating Profit | 28 | 38 | 45 | 52 | 99 | 249 | 493 | 639 |
| OPM % | 9% | 9% | 9% | 8% | 11% | 16% | 19% | 19% |
| Other Income + | 3 | 3 | 1 | 1 | 3 | 9 | 3 | -136 |
| Interest | 2 | 2 | 5 | 16 | 26 | 27 | 44 | 45 |
| Depreciation | 13 | 13 | 1 | 6 | 13 | 18 | 44 | 62 |
| Profit before tax | 15 | 26 | 40 | 31 | 63 | 213 | 408 | 396 |
| Tax % | 29% | 25% | 28% | 23% | 28% | 27% | 25% | |
| Net Profit + | 11 | 20 | 29 | 24 | 45 | 156 | 304 | 294 |
| EPS in Rs | 0.69 | 1.27 | 1.83 | 1.57 | 1.62 | 5.58 | 9.93 | 9.80 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Fujiyama Power Systems Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 25 | 28 | 31 |
| Reserves | 11 | 31 | 167 | 179 | 215 | 369 | 1,243 |
| Borrowings + | 125 | 142 | 141 | 215 | 205 | 395 | 520 |
| Other Liabilities + | 46 | 55 | 77 | 106 | 166 | 222 | 551 |
| Total Liabilities | 195 | 241 | 400 | 515 | 610 | 1,014 | 2,344 |
| Fixed Assets + | 89 | 83 | 114 | 232 | 276 | 418 | 673 |
| CWIP | 0 | 0 | 0 | 8 | 0 | 0 | 201 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 106 | 158 | 286 | 274 | 334 | 596 | 1,469 |
| Total Assets | 195 | 241 | 400 | 515 | 610 | 1,014 | 2,344 |
Financials of Fujiyama Power Systems Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -10 | -58 | 78 | 85 | 18 | -3 | |
| Cash from Investing Activity + | -7 | -46 | -132 | -45 | -118 | -520 | |
| Cash from Financing Activity + | 16 | 104 | 54 | -37 | 104 | 654 | |
| Net Cash Flow | -2 | -0 | 0 | 4 | 4 | 131 | |
| Free Cash Flow | -18 | -91 | -60 | 38 | -99 | -515 | |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -12% | -97% | 156% | 94% | 25% | 22% |
Financials of Fujiyama Power Systems Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 44 | 41 | 28 | 16 | 26 | 17 | 19 |
| Inventory Days | 66 | 85 | 174 | 136 | 124 | 128 | 180 |
| Days Payable | 47 | 43 | 45 | 52 | 61 | 40 | 71 |
| Cash Conversion Cycle | 64 | 82 | 158 | 100 | 88 | 105 | 128 |
| Working Capital Days | 43 | 44 | 40 | 6 | 11 | 22 | 59 |
| ROCE % | 17% | 18% | 13% | 21% | 39% | 35% |
Guidance history
How Fujiyama Power Systems Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 40%+ | Up 0–2% | Planned | None planned | — |
| Q3 FY26 call → | 40%+ | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Fujiyama Power Systems Ltd's management said in earlier quarters
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