Fujiyama Power Systems is an India-based power electronics manufacturer that provides PCUs, solar panels, UPS systems, inverters, batteries, and E-mobility chargers. With in-house SMT facilities and ongoing expansion through its new Ratlam facility, the Company is scaling its capacity. The Company is addressing a fast-growing residential and commercial solar market. Healthy B2C penetration, growing distribution and increasing scale have driven strong financial growth. In step with India’s clean-energy journey, Fujiyama is positioned to consolidate its presence in the homegrown solar industry. The IPO comprises a fresh issue and an offer for sale.
Offer details of the IPO
Price Band: INR 216 to INR 228 per Equity Share
Book Running Lead Managers
Indian Power Sector – Overview of Structure and Growth
The power sector in India is a vitally important part of the country’s economic infrastructure and serves to support manufacturing and overall industrial development. Powered by increasing urbanisation, industrialisation, electrification plans, and the government’s vision for a clean energy transition, India is among the largest and fastest-growing energy markets in the world. Four main verticals define the industry.
Table: Key Segments
| Segment | Description |
| Thermal Power | ~70% of India’s power is Coal-based generation. It is in decline both due to environmental concerns and as a result of policy, but it still supplies critical baseload capacity. |
| Renewable Energy (RE) | Includes solar, wind, hydro, biomass and small hydro. Solar is emerging as the fastest growing segment, on the back of declining technology costs, policy push (PLI scheme) and National Solar Mission. RE capacity increased from 92 GW in FY2020 to more than 190GW by FY2025. |
| Hydro & Nuclear Power | Delivers an affordable, low-carbon, and reliable baseload. Hydro is about 10% of generation (nuclear at ~3%), and there is wholesale expansion planned under “Make in India.” |
| Transmission & Distribution (T&D) | Carries power from generation to households through high-voltage wires and DISCOMs. Some of the issues include high and rising losses, bottlenecks and DISCOM financial distress, although RDSS reforms have also improved efficiency. |
Source: RHP
The sector is undergoing a structural transformation from fossil-fuel dependency to a diversified, decentralised, and digitised grid, with increasing integration of storage, smart grids, and green hydrogen as emerging enablers.
Table: Industry Growth Rates (Past and Future) with Commentary
| Segment | Past CAGR (CY2020–CY2024) | Future CAGR (CY2025–CY2030) | Comment |
| Thermal Power | 1.8% | 0.5% | There is limited new capacity beyond replacement and efficiency upgrades as growth slows due to environmental regulations, coal supply constraints, and weaker economics compared with renewables. |
| Renewable Energy | 16.2% | 14.5% | Fastest-growing market supported by 500 GW non-fossil energy targets, declining solar PV rates (<₹2.5/kWh) and robust private-sector interest; solar emerges as the frontrunner while wind and hybrid projects set pace. |
| Hydro Power | 2.1% | 1.9% | Steady, but limited by land clearances and geography, the focus has moved to pumped storage for the stability of the grid. |
| Nuclear Power | 0.9% | 4.2% | Slow historic growth because of long gestation, but policy-driven growth post-2027 is leading to acceleration, with plans for indigenous reactors and partnerships with global players. |
| Transmission | 5.7% | 7.1% | Growth led by grid modernisation, inter-regional connectivity (Green Energy Corridors), and RE integration; RDSS and PM-KUSUM to aid infrastructure upgradation. |
| Distribution | 3.4% | 6.8% | Historically low growth because of DISCOM losses, but RDSS reforms boost efficiency, lower AT&C losses and pave the way for digital metering; growth is now demand- and policy-driven.
|
Source: RHP
Fujiyama Power Systems Limited – Overview
Fujiyama Power Systems is an Indian power electronics company, founded in December 2017 by promoters Pawan Kumar Garg and Yogesh Dua. Its key business is manufacturing solar PCUs, inverters and UPS products. It is increasing its capacity through a new ₹1,800-million unit in Ratlam, Madhya Pradesh.
Vertical integration and low-cost manufacturing in a fast-growing sector are its key competitive advantages. The new Ratlam facility further expands its presence. Brand visibility in new geographies is expanding, with disciplined execution and ongoing capacity expansion helping the Company build inroads into India’s high-growth solar and power-electronics domain.
Strengths
Weaknesses
Financial Profile
Strong Revenue Growth: The revenue of Fujiyama Power Systems rose substantially from ₹5,068.38 mn in FY 2022 to ₹15,406.77 mn in FY 2025 (+44.86% CAGR). Q1 FY 2026 operating revenue was ₹5,973.49 mn (+38.5% YoY). Growth is due to increased production capacity, market penetration and distribution ramp-up.
Table: Key Drivers of Revenue Growth
| Key Revenue Drivers | Description |
| Solar Panels Dominance | Solar panels have contributed almost 100% of revenue in FY22–FY25, a concentrated yet fast-scaling core business propelled by capacity expansion and market-share gains. |
| Healthy B2C Channel Mix | B2C sales accounted for ~95% of FY25 revenue, driven by DTC marketing and retail expansion, while B2B revenues remained relatively smaller. |
| Modest (but Strategic) Export Push | Exports were only 2.45% of FY25 sales (4.96% in FY23), led by the U.S., with shipments to 10 countries, providing early-stage diversification and access to higher-margin geographies. |
| Product Portfolio Widens | Launch of new products—solar batteries, UPS/inverters, e-rickshaw chargers, and online UPS—provides a platform for long-term diversification, though contributions remain insignificant for now. |
Source: RHP
Better Profitability: Fujiyama reported a strong improvement in profitability; EBITDA came at ₹2,485.23 mn in FY25 from ₹442.78 mn in FY22, and the increase in margin stood at 16.13% vs 7.77%. PAT margins also jumped from 3.67% to 10.15%. ROCE and ROE were at 41.01% and 39.40% in FY25, showing strong capital efficiency. Q1 FY26 saw a margin blip on temporary costs with ROCE at 14.85% and ROE at 14.56%.
Table: Peers Comparison
| Name of Company | Revenue from Operation (₹ in mn) | Closing price as of Oct 10, 2025 | P/E | EPS (Basic) (₹) | EPS (Diluted) (₹) | NAV per share (₹) |
| Fujiyama | 15,406.77 | 228.00 | 41.01* | 5.59 | 5.56 | 14.17 |
| Waaree Energies | 1,44,445.00 | 3,332.65 | 49.04 | 68.24 | 67.96 | 334.00 |
| Premier Energies | 65,187.45 | 1,022.80 | 47.91 | 21.35 | 21.35 | 62.61 |
| Exicom Tele Systems | 8,676.06 | 144.50 | NM | (9.11) | (9.11) | 50.80 |
| Insolation Energy | 13,337.60 | 188.50 | 31.68 | 5.95 | 5.95 | 28.00 |
Source: RHP; * – based on upper end of price band
Table: KPI Comparison
| Company | Particulars (units) | FY23 | FY24 | FY25 | CAGR |
| Fujiyama Power Systems Limited
· |
Revenue from Operations (₹ in millions) | 6,640.83 | 9,246.88 | 15,406.77 | 52% |
| EBITDA (₹ in millions) | 515.99 | 986.37 | 2,485.23 | 119% | |
| PAT (₹ in millions) | 243.66 | 453.03 | 1,563.35 | 153% | |
| Export Revenue as % of Revenue from Operations (%) | 4.96% | 4.19% | 2.45% | – | |
| EBITDA Margin (%) | 7.77% | 10.67% | 16.13% | – | |
| PAT Margin (%) | 3.67% | 4.90% | 10.15% | – | |
| ROE (%) | 12.62% | 18.91% | 39.40% | – | |
| ROCE (%) | 16.81% | 26.60% | 41.01% | – | |
| Debt/Equity Ratio (Times) | 1.09 | 0.84 | 0.87 | – | |
| Waaree Energies Limited
· |
Revenue from Operations (₹ in millions) | 67,508.73 | 113,976.09 | 144,445.00 | 46% |
| EBITDA (₹ in millions) | 8,140.63 | 19,157.65 | 27,176.20 | 83% | |
| PAT (₹ in millions) | 5,002.77 | 12,743.77 | 19,281.30 | 96% | |
| Export Revenue as % of Revenue from Operations (%) | 68.38% | 57.64% | 16.64% | – | |
| EBITDA Margin (%) | 12.06% | 16.81% | 18.81% | – | |
| PAT Margin (%) | 7.41% | 11.18% | 13.35% | – | |
| ROE (%) | 27.21% | 31.18% | 20.34% | – | |
| ROCE (%) | 26.09% | 27.82% | 21.12% | – | |
| Debt/Equity Ratio (Times) | 0.15 | 0.08 | 0.10 | – | |
| Insolation Energy Limited
· |
Revenue from Operations (₹ in millions) | 2,793.65 | 7,371.74 | 13,337.60 | 119% |
| EBITDA (₹ in millions) | 184.17 | 800.31 | 1,608.62 | 196% | |
| PAT (₹ in millions) | 106.82 | 554.73 | 1,261.99 | 244% | |
| Export Revenue as % of Revenue from Operations (%) | NA | 0.00% | 0.00% | – | |
| EBITDA Margin (%) | 6.59% | 10.86% | 12.06% | – | |
| PAT Margin (%) | 3.82% | 7.53% | 9.46% | – | |
| ROE (%) | 20.20% | 51.20% | 20.47% | – | |
| ROCE (%) | 18.10% | 51.57% | 23.69% | – | |
| Debt/Equity Ratio (Times) | 1.28 | 0.89 | 0.18 | – | |
| Exicom Tele-Systems Limited
· |
Revenue from Operations (₹ in millions) | 7,079.31 | 10,195.98 | 8,676.06 | 11% |
| EBITDA (₹ in millions) | 523.10 | 1,120.85 | -373.65 | – | |
| PAT (₹ in millions) | 326.74 | 639.16 | -1,100.32 | – | |
| Export Revenue as % of Revenue from Operations (%) | 32.79% | 19.88% | 18.24% | – | |
| EBITDA Margin (%) | 7.39% | 10.99% | (4.31)% | – | |
| PAT Margin (%) | 4.62% | 6.27% | (12.68)% | – | |
| ROE (%) | 14.08% | 8.86% | (17.93)% | – | |
| ROCE (%) | 10.67% | 12.44% | (8.37)% | – | |
| Debt/Equity Ratio (Times) | 0.51 | 0.04 | 0.74 | – | |
| Premier Energies Limited
· |
Revenue from Operations (₹ in millions) | 14,285.34 | 31,437.93 | 65,187.45 | 114% |
| EBITDA (₹ in millions) | 794.22 | 4,791.23 | 17,815.91 | 374% | |
| PAT (₹ in millions) | -133.36 | 2,313.60 | 9,371.32 | – | |
| Export Revenue as % of Revenue from Operations (%) | 0.52% | 13.99% | 4.15% | – | |
| EBITDA Margin (%) | 5.56% | 15.24% | 27.33% | – | |
| PAT Margin (%) | (0.93)% | 7.36% | 14.38% | – | |
| ROE (%) | (3.24)% | 35.77% | 33.21% | – | |
| ROCE (%) | 2.44% | 22.96% | 31.64% | – | |
| Debt/Equity Ratio (Times) | 1.86 | 2.15 | 0.67 | – |
Source: RHP
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