Fujiyama power systems private limited

The renewable energy sector in India remains very attractive, especially for companies involved in rooftop solar, batteries, and inverters. Among them is Fujiyama Power Systems Limited, which sells under the brand “Fujiyama Power” and also under the umbrella UTL Solar/Fujiyama Solar. If you’re looking to make an investment in this space, knowing the ins and outs of the company’s business, financials, growth prospects, and risks is critical. In this blog, we will delve into the details of Fujiyama Power Systems and its journey as Fujiyama Power. Also, you can read about You Need to Know About Tenneco Clean Air India IPO 2025 Before Investing

Who is Fujiyama Power Systems?

Fujiyama Power Systems Limited is a renewable energy solutions company based in Delhi/Greater Noida, engaged in manufacturing and supplying products such as rooftop solar systems, inverters, batteries (lead-acid & lithium-ion), solar panels, UPS, and power-conditioning units. You can read about You Need to Know About Tenneco Clean Air India IPO 2025 Before Investing

The company’s brand, “Fujiyama Power” (and associated “Fujiyama Solar”/”UTL Solar”), aspires to serve the rooftop solar segment, including on-grid, off-grid, and hybrid solar systems, along with storage solutions.

The company has several manufacturing units, according to its website, including in Himachal Pradesh, Uttar Pradesh, and Haryana, with a strong distribution network across the country. You can read about PhysicsWallah IPO 2025: You Need to Know

Business Model & Key Metrics

Product portfolio & segmentation:

• The products manufactured by Fujiyama Power include solar panels, inverters-on-grid, off-grid, and hybrid-batteries, including lead acid and lithium-ion, power-conditioning units, and UPS systems.
• The company is strongly focusing on the rooftop solar market, residential and commercial, industrial, with a strong brand presence and network.
• Distribution reach: According to disclosures, the company has 725+ distributors, 5,500+ dealers, 1,100+ exclusive “Shoppe” franchisees, and 600+ service engineers across India.

Financial performance:

• Revenue from operations jumped from ₹924.69 crore in FY24 to ₹1,540.68 crore in FY25.
• PAT increased from ₹45.30 crore in FY24 to ₹156.34 crore in FY25, representing a growth of 245%.
• The company has recorded a 70.9% CAGR in revenues during the last five years, while also maintaining a strong ROE track record according to screening data.

Competitive positioning: Fujiyama Power

• The company benefits from being part of a high-growth segment: rooftop solar + storage + inverters.
• The widespread distribution network and strong branding under “Fujiyama Power” and “UTL Solar” give it reach and credibility. Groww upcoming IPO – And What Is the Valuation?
• Manufacturing presence in India also helps toward localisation and cost control-areas in which there is increasing interest within the Indian solar ecosystem.

IPO / Public Listing Details

According to recent filings, the company, Fujiyama Power Systems, has filed for an IPO.

Key IPO facts:

• The price band has been set at ₹216 to ₹228 per share.
• The issue opens for subscription from 13 November 2025 and closes on 17 November 2025.
• Lot size for retail investors: 65 shares.
• Issue size: ₹828 crore (fresh issue of ₹600 crore + offer for sale of ₹228 crore) as per one report.
• Tentative listing date: 20 November 2025.

Use of proceeds (for fresh issue component):

• The company proposes to utilize ₹180 crore of the fresh issue proceeds towards setting up a manufacturing facility at Ratlam, Madhya Pradesh.
• Part of the funds is also intended to repay/prepay outstanding borrowings and for general corporate purposes. Pine labs upcoming IPO

Growth Drivers & Strengths of Fujiyama Power

1. Macro-tailwinds: Strong rooftop solar and energy storage market growth is forecasted in India, driven by government targets, subsidy schemes, and a decline in the cost of solar modules and inverters. Fujiyama Power is well-positioned to benefit from all that. Emmvee Photovoltaic IPO
2. Diversified product portfolio: With value-added products such as solar panels, inverters, and batteries, among others, the dependency on any one product line decreases, while the ability to address multiple customer segments increases. Pine labs upcoming IPO
3. Strong distribution & service network: Nationwide footprint through distributors, dealers, and franchisees provides reach, faster rollout, and after-sales service competitive advantage in the fragmented market.
4. Manufacturing footprint & localisation: Plants in Himachal, UP, Haryana, etc., provide for manufacturing scale and localization, something very important given India’s drive for domestic manufacturing in renewables.
5. Profit growth & credible financials: Recent years show strong revenue and profit growth, building investor confidence in the Fujiyama Power story. Emmvee Photovoltaic IPO

Risks & What Investors Should Watch

With any investment, there’s always risk involved. Regarding Fujiyama Power:

1. Segment risk (rooftop solar): Rooftop solar is more fragmented, dependent on local installations and approvals, with greater service/ maintenance risk than the large ground-mounted solar farms. The heavy exposure to rooftop solar makes the company more vulnerable to such execution challenges.
2. Dependence on raw material/import: The company imports key components-cells, modules, and batteries-from countries like China. Import duty changes, supply‐chain disruption, and price volatility will affect profitability. Pine labs upcoming IPO
3. Valuation risk: Given the strong growth, valuation expectations would also be high. Post-listing performance could, therefore, be muted in case the company’s growth or margins were below expectations. Groww upcoming IPO – And What Is the Valuation?
4. Competition & technology risk: Competition is fierce in the solar + storage + inverter space, and new technologies could shake things up further, such as TOPCon, bifacial modules, and advanced batteries. Fujiyama Power has to be at the forefront of innovation and cost control.
5. Customer & geographical concentration risk: One part of its revenue comes from particular states or dealer networks; any slowdown in certain geographies or segments could impact performance. Example: heavy reliance on the Uttar Pradesh retail channel.

How Investors Can Approach Fujiyama Power.

The following are some factors to consider if you are thinking of subscribing to the Fujiyama Power Systems IPO or investing in the company:

• Get your DEMAT account and ASBA/UPI registration in place.
• Go through the RHP and note down allocation, lot size, issue type (fresh + OFS), and utilization of proceeds. Groww upcoming IPO – And What Is the Valuation?
• Decide on your investment horizon: Is this a short-term listing gain play or a long-term growth investment? Given the nature of the business, long-term may make more sense.
• Key things to watch post-listing: revenue growth, especially in rooftop solar and batteries; improvement in margins; reduction in dependence on imported costs; manufacturing scale-up; and geographic diversification. Pine labs upcoming IPO
• Understand the risks: competitive pressure, raw-material cost increases, execution delays, and dependence on rooftop installation volumes.
• Valuation comparison: Assess the price band against earnings and peers in the renewable/solar/inverter sector. For example, implied P/E and growth expectations matter. Emmvee Photovoltaic IPO

Conclusion:

The “Fujiyama Power” story through Fujiyama Power Systems Limited presents an exciting growth opportunity in the renewable energy space in India. On the back of strong recent financial performance, a wide product range, extensive distribution, and manufacturing footprint, the company is strongly positioned to ride the solar + storage wave in India. However, investors should balance optimism with awareness of execution, valuation, and sector risks. If one is convinced about the company’s strategy, believes in the growth of India’s rooftop solar + storage, and has a medium-to-long-term investment horizon, Fujiyama Power Systems could be an interesting candidate. But always in investing, do your own due diligence, understand the business, and align it with your risk appetite.