Fujiyama Power Systems Ltd

NSE: UTLSOLAR BSE: 544613Energy

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]

₹263

52W: ₹171 — ₹313

PE 26.5 · Book ₹41.6 · +532% vs book

Market Cap₹8,073 Cr

Stock P/E26.5Price to Earnings

ROCE35%Return on Capital

ROE36.4%Return on Equity

Div. Yield0%Face Value ₹1

Strengths

+Company has delivered good profit growth of 72.8% CAGR over last 5 years
+Company has a good return on equity (ROE) track record: 3 Years ROE 36.9%

Weaknesses

−Though the company is reporting repeated profits, it is not paying out dividend

Shareholding Pattern

Promoters86.76%

FIIs1.93%

DIIs5.6%

Public5.7%

Category	Dec 2025	Mar 2026
Promoters	86.76%	86.76%
FIIs	2.5%	1.93%▼0.6
DIIs	4.72%	5.6%▲0.9
Public	6.01%	5.7%▼0.3

Financial Statements

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	329	339	480	597	568	588	901
Expenses	279	286	401	491	465	479	729
Operating Profit	50	52	79	106	103	110	171
OPM %	15%	15%	16%	18%	18%	19%	19%
Net Profit	32	30	51	68	63	67	106
EPS ₹	12.99	1.07	1.83	2.41	2.25	2.2	3.47

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,655Cr, up 72.3% YoY. OPM at 18%.

Debt Position

Borrowings at ₹520Cr. Debt-to-equity ratio: 0.42x. Healthy balance sheet.

Capex Cycle

CWIP at ₹201Cr (30% of fixed assets). Significant capex underway — growth runway building.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 35% (Mar 2026). Working capital days: 59.

Valuation

PE 26.5x with 35% ROCE. Price is 532% above book value of ₹41.6. Dividend yield: 0%.