Fujiyama Power Systems Limited, established in 2017, operates in the rooftop solar industry, manufacturing and supplying a wide range of renewable energy products. Its portfolio includes solar panels, inverters, batteries, and related energy management systems that cater to residential, commercial, and industrial segments. The company offers on-grid, off-grid, and hybrid solar solutions designed to address diverse energy requirements. With multiple ISO-certified manufacturing facilities across India, Fujiyama Power Systems has built a strong domestic presence supported by a large network of distributors, dealers, and franchise outlets. It also exports products to select international markets, enhancing its geographic reach. The company operates under the “UTL Solar” and “Fujiyama Solar” brands and focuses on continuous innovation, supported by its proprietary technologies. By offering a comprehensive range of solar products, it has positioned itself as a notable participant in India’s renewable energy ecosystem, catering to the rising demand for sustainable energy solutions.
Investors can apply for the Fujiyama Power Systems IPO through online and offline modes. To apply online, log in to your trading or banking application that supports IPO investments, select the IPO name, enter the desired quantity and price, and submit your bid using the UPI ID for payment confirmation. For offline applications, investors can fill out the ASBA form available through their bank, submit it along with the required details, and authorise the amount to be blocked in their account until allotment.
For more details, visit the Fujiyama Power Systems IPO page.
Fujiyama Power Systems IPO Details and Objectives
Details
| Information
|
IPO Date
| November 13, 2025 to November 17, 2025
|
Issue Size
| 3,63,15,789 shares
(aggregating up to ₹828.00 Cr)
|
Price Band
| ₹216 to ₹228 per share
|
Lot Size
| 65 shares
|
Listing At
| BSE NSE
|
Purpose of the IPO
Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India
Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the Company
General Corporate Purposes
Timeline of Fujiyama Power Systems IPO
Event
| Date
|
|---|
IPO Open Date
| Thu, Nov 13, 2025
|
IPO Close Date
| Mon, Nov 17, 2025
|
Tentative Allotment
| Tue, Nov 18, 2025
|
Initiation of Refunds
| Wed, Nov 19, 2025
|
Credit of Shares to Demat
| Wed, Nov 19, 2025
|
Tentative Listing Date
| Thu, Nov 20, 2025
|
Cut-off time for UPI mandate confirmation
| 5 PM on Mon, Nov 17, 2025
|
Pricing & Lot Size of Fujiyama Power Systems IPO
Price Band for the IPO
Minimum Lot Size and Application Details
Application
| Lots
| Shares
| Amount
|
Retail (Min)
| 1
| 65
| ₹14,820
|
Retail (Max)
| 13
| 845
| ₹1,92,660
|
S-HNI (Min)
| 14
| 910
| ₹2,07,480
|
S-HNI (Max)
| 67
| 4,355
| ₹9,92,940
|
B-HNI (Min)
| 68
| 4,420
| ₹10,07,760
|
Fujiyama Power Systems IPO Application Process
The Fujiyama Power Systems IPO application process can be completed online through your trading platform. Below is a step-by-step guide to applying for the IPO:
Step 1: Login to Your Trading Platform
Access your trading account using the broker's app or website.
Step 2: Navigate to the IPO Section
Go to the IPO section to view active IPO listings.
Step 3: Select the Open IPO and Click Apply
Locate Fujiyama Power Systems IPO in the list of available IPOs and click the ‘Apply’ button.
Step 4: Enter the Quantity of Shares You Wish to Apply For
Specify the number of shares (minimum lot size: 65 shares) within the price band of ₹216 to ₹228 per share.
Step 5: Provide Your UPI ID
Enter your UPI ID for payment authorization and ensure sufficient funds in your bank account.
Step 6: Confirm the Application
Review your application details and confirm the UPI mandate before 5 PM on the last application day.
Step 7: Complete the Process and Wait for Allotment
Submit the application and monitor the allotment status to check if shares have been allocated to you.
Financial Health and Performance
Key Financial Metrics
Total Assets: Grew from ₹514.56 crore in FY23 to ₹1,243.88 crore as of June 2025.
Total income: Reached ₹597.79 crore in FY25.
Profit After Tax (PAT): Stood at ₹67.59 crore for June 2025.
Net Worth: Recorded at ₹464.34 crore in FY25.
Reserves and Surplus: Recorded at ₹436.33 crore (June 2025), growing steadily over the years.
EBITDA: Stood at ₹105.89 crore in June 2025.
Recent Performance and Growth Prospects
The company has witnessed consistent expansion in its asset base over the past years, reflecting ongoing business growth and operational scaling.
Total income has shown steady progress, supported by increased sales and a diversified product portfolio.
Profit after tax has improved, indicating strengthened financial performance and better cost management practices.
The company’s net worth has seen gradual enhancement, underscoring stable capital structure and accumulated earnings.
Reserves and surplus have continued to rise, suggesting prudent financial management and reinvestment of profits into the business.
Earnings before interest, tax, depreciation, and amortisation reflect improved operational efficiency and better utilisation of production capacity.
Overall, the company’s financial indicators point towards consistent growth and a positive trajectory in its business operations.
Investment Risks and Opportunities
Potential Risks of Investing in the IPO
The company operates in a sector that is influenced by changes in government policies and regulatory frameworks related to renewable energy, which could affect business operations and growth plans.
Dependence on a limited number of manufacturing facilities and suppliers may pose operational challenges in case of production delays, supply chain disruptions, or raw material shortages.
Opportunities and Growth Potential
Increasing adoption of solar energy in residential, commercial, and industrial applications presents an expanding market for the company’s products and services.
Planned expansion, including the establishment of a new facility in Madhya Pradesh, may enhance manufacturing capacity and support long-term business scalability.
Key Performance Indicator (KPI)
KPI
| Values
|
ROE
| 39.40%
|
ROCE
| 41.01%
|
Debt/Equity
| 0.87
|
RoNW
| 39.40%
|
PAT Margin
| 10.15%
|
EBITDA Margin
| 16.13%
|
Price to Book Value
| 16.09
|
Market Capitalization
| ₹6,986.17 Cr.
|
Fujiyama Power Systems IPO Registrar & Lead Managers
Registrar
| Lead Manager(s)
|
|---|
MUFG Intime India Pvt.Ltd.
| Motilal Oswal Investment Advisors Ltd.
|
Company Address of Fujiyama Power Systems Ltd
Fujiyama Power Systems Ltd.
53A/6, Near NDPL Grid Office,
Near Metro Station
Sat Guru Ram Singh Marg
Delhi, New Delhi, 110015
Phone: +91 1141055305
Email: investor@utlsolarfujiyama.com
Website: https://www.utlsolarfujiyama.com/
Conclusion
The IPO of Fujiyama Power Systems Limited reflects the company’s efforts to strengthen its manufacturing base and support its operational requirements. Operating across multiple segments of the rooftop solar market, the company continues to focus on offering a broad range of solar energy products aimed at addressing diverse customer needs. Its expanding network of distributors and franchise outlets, along with exports to select international markets, adds to its business reach.
The proceeds from the IPO are proposed to be utilised towards funding the new manufacturing facility in Madhya Pradesh, repayment of certain borrowings, and general corporate purposes. These initiatives indicate the company’s ongoing efforts to enhance its production capabilities and maintain financial flexibility while continuing to operate within India’s growing renewable energy landscape.
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