For investors, it can be quite challenging to decide if the Fujiyama Power Systems IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Fujiyama Power Systems IPO. This will help you analyze the strengths, risks, and financial details of the Fujiyama Power Systems IPO, making your investment decision better.
About Company
Founded in 2017, Fujiyama Power Systems Limited is a prominent manufacturer of products and a solution provider in the rooftop solar industry, offering on-grid, off-grid, and hybrid solar systems. The company had expertise in making high-quality solar panels, solar inverters, and both lead-acid and lithium-ion batteries. Their brands, UTL Solar (which has been around for 29 years) and Fujiiyama Solar, have earned them a good name in the solar power industry.
Moreover, the company also exports its products to various countries, including the USA and several Asian countries, including Bangladesh and the UAE. Among many, Fujiyama Power is one of the few companies to develop single-card Online UPS, Combo UPS with automatic voltage regulation (AVR), high-frequency Online UPS, and single-card SMT inverters. It consists of over 602+ qualified service engineers, especially trained to provide customized solar systems as per the customer’s needs. The company has a large distribution network that includes over 725 distributors, 5,546 dealers, and 1,100 exclusive partners.
Strengths
- One of the leading companies to offer a wide range of solar products and solutions, making it a strong leader in the rooftop solar industry.
- The company offers a strong history of developing new technologies and innovative products.
- Strong distribution network and good after-sales service have built the brand reputation.
- The firm consists of a skilled senior management, a dedicated team of employees, and an experienced promoter with 50 years of experience in the solar industry.
Weaknesses
- The company mainly imports its raw materials from China and brings most of its equipment and machines from other countries. Any issues that occur in import duties on these materials or equipment can adversely impact the business and cash flow.
- A drop in the prices of the products can badly affect the business, cash flow, and earnings.
- The firm earns a large part of its revenue from Uttar Pradesh, and is working on expanding its sales into new markets. Meaning any drop in demand in UP happened, or was not able to expand into new areas, can adversely affect the business and finances.
- If clients are not satisfied with their products or any defects in the products can damage their reputation and lead to a drop in sales.
Fujiyama Power Systems IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Capital Market | May Apply |
| Canara Bank Securities Ltd | Apply |
| SMIFS Limited | Apply |
| Swastika Investmart Ltd | Neutral |
Fujiyama Power Systems IPO Details
| IPO Open Date: | November 13, 2025 |
| IPO Close Date: | November 17, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹216 to ₹228 Per Share |
| Issue Size: | ₹828 Crores |
| Fresh Issue | ₹600 Crores |
| Offer-for-Sale | Up to 1,00,00,000 equity shares |
| Registrar | MUFG Intime India Pvt. Ltd. |
| IPO Lead Managers | Motilal Oswal Investment Advisors Ltd. SBI Capital Markets Ltd. |
| Basis of Allotment | November 18, 2025 |
| IPO Listing Date: | November 20, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Total Income | ₹597.79 crores | ₹1,550.09 crores | ₹927.20 crores |
| EBITDA | ₹105.89 crores | ₹248.52 crores | ₹98.64 crores |
| Profit after Tax (PAT) | ₹67.59 crores | ₹156.34 crores | ₹45.30 crores |
| Net Worth | ₹464.34 Crores | ₹396.82 Crores | ₹239.54 Crores |
| Reserve and Surplus | ₹436.33 Crores | ₹368.81 Crores | ₹215.00 Crores |
| Total Borrowings | ₹432.83 Crores | ₹346.22 Crores | ₹200.19 Crores |
Peer Comparison with the Company
| Name of the Company | Face Value (₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| Fujiyama Power Systems | 1 | 5.59 | 5.56 | 39.40 | [●] | 14.17 |
| Listed Peers | ||||||
| Waaree Energies | 10 | 68.24 | 67.96 | 20.09 | 49.04 | 334.00 |
| Premier Energies | 1 | 21.35 | 21.35 | 33.2 | 47.91 | 62.61 |
| Exicom Tele Systems | 10 | (9.11) | (9.11) | (17.93) | NM | 50.80 |
| Insolation Energy | 1 | 5.95 | 5.95 | 20.46 | 31.68 | 28.00 |
Key Performance Indicator
| KPI | Values |
| ROE | 39.40% |
| ROCE | 41.01% |
| RoNW | 39.40% |
| EBITDA Margin | 16.13% |
| Price to Book Value | 16.09 |
| Market Capitalization | ₹6,986.17 Cr. |
Promoters & Track Records, if any
- Pawan Kumar Garg, born on December 10, 1975, is the Chairman and Joint Managing Director of the Company. He holds 108,351,570 of Equity Shares, representing 38.68% of pre-Offer shareholding in the company.
- Yogesh Dua, born on November 17, 1974, is the Chief Executive Officer and Joint Managing Director of the Company. He holds 108,351,575 of Equity Shares, representing 38.68% of pre-Offer shareholding in the company.
- Sunil Kumar was born on October 7, 1978, and is the Non-Executive Director of the Company. He holds 13,750,000 of Equity Shares, representing 4.91% of pre-Offer shareholding in the company.
Industry Peer Group P/E ratio
The solar industry peer group has a P/E ratio that ranges from the Lowest 31.68 to the highest 49.04, with an average of 42.87.
Expansion
- The proceeds raised from the fresh issue will be used towards the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India(the“Project”).
- A portion of the funds will be utilized towards repayment/prepayment of certain borrowings taken by the company.
- Lastly, the remaining funds will be used for the general corporate purposes.
Fujiyama Power Systems IPO – Should You Apply or Not?
Fujiyama Power Systems features a strong presence in the rooftop solar industry, a diversified product portfolio, constant focus on quality and innovation, an experienced management team, and a growing demand for solar energy, supporting its future growth potential. However, dependence on imports from China, geographic concentration, and price pressure are certain risks to keep in mind.
As of November 11th, the GMP of Fujiyama Power Systems is ₹0. Short-term investors may apply for the IPO for listing gains after evaluating Grey Market Premium (GMP) trends and strong brand recall. Whereas Long-term investors must analyze the risks, limited geographic concentration, and market sentiment before investing their money in it.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
