UTLSOLAR
Micro CapFujiyama Power Systems Limited
Power
Fujiyama Power Systems is an integrated solar energy solutions provider in India, focusing on the B2C segment. It offers power electronics, panels, and batteries for residential use in Tier 2/3 cities. The company is strategically expanding backward integration into DCR-compliant solar cell manufacturing.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +88% YoY · PAT +108% YoY · margin expansion · +53% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹901 Cr | +87.7% | +53.2% |
| EBITDA | ₹171 Cr | +116.5% | +55.5% |
| Operating margin | 19.0% | +300 bps | +0 bps |
| PAT | ₹106 Cr | +107.8% | +58.2% |
| PAT margin | 11.8% | +113 bps | +37 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Fujiyama Power Systems reported strong Q4 and FY26 results. FY26 revenue grew 72.3% YoY to Rs. 26,545 Mn, and EBITDA rose 97.3% YoY to Rs. 4,903 Mn, with margins improving to 18.5%. Net debt/equity significantly reduced to 0.25x post-IPO, reflecting improved financial health.
The company delivered robust financial performance, driven by operational scale and strategic backward integration. Balance sheet strength improved post-IPO, supporting ongoing capacity additions. Management's B2C focus and policy tailwinds in residential solar are key, though project delays warrant monitoring.
Residential Rooftop Solar Demand
PM Surya Ghar Yogna offers ~25 GW opportunity from 7M+ untapped installations.
Backward Integration
Expanding DCR-compliant solar cell manufacturing to capture domestic, subsidy-driven demand.
Expanding Distribution Network
8,900+ channel partners across 23 states enhance market access in Tier 2/3 cities.
Diversified Product Portfolio
Offers power electronics, solar panels, batteries, and charging solutions for various energy needs.
Solar Panel Manufacturing
2,000 MW capacity commissioned at Ratlam in Q1FY27.
TOPCon Solar Cell Manufacturing
1,200 MW facility being set up at Ratlam.
Power Electronics Manufacturing
Inverter line expected commissioned by Q1FY27 at Ratlam.
Lithium-Ion Battery Manufacturing
Machinery orders placed, commissioning expected by Q2FY27 at Ratlam.
Favorable Government Policies
PM Surya Ghar Yogna and potential ALMM extension promote domestic manufacturing.
Increasing Residential Solar Adoption
Driven by rising awareness and demand for reliable power in Tier 2/3 cities.
Energy Security & Data Sovereignty
Government initiatives align with national goals, benefiting compliant domestic manufacturers.
Project Execution Delays
Delays in commissioning power electronics and battery capacities due to technology integration and geopolitical developments.
Supply Chain Vulnerability
Current import dependence for solar inverters, lithium batteries, and BMS components, primarily from China.
Facility Incident
A fire incident occurred at the Bawal Facility on May 6, 2026, impacting 71 MW solar panel capacity.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4 (sequential momentum) and FY (annual performance) figures. YoY comparison is crucial for assessing annual growth and profitability trends, while QoQ (Q4 vs Q3) provides insight into recent operational momentum and utilization improvements.
Revenue from Operations
FY26: Rs. 26,545 Mn (+72.3% YoY).
EBITDA Margin
FY26: 18.5% (vs 16.1% in FY25).
Net Debt/Equity
FY26: 0.25x (vs 0.85x in FY25).
ROCE
FY26: 39.4% (vs 29.3% in FY25).
Post-IPO Growth Journey
FY26 marks the first full year of financial reporting post-IPO, an important step in the growth journey.
Focus on Backward Integration
Strengthening integration across the rooftop solar value chain and expanding capabilities.
Commitment to Stakeholders
Committed to delivering high-quality, dependable solar solutions and creating long-term value.
Outlook for Residential Solar
Favorable outlook supported by policy continuity, increasing awareness, and demand for reliable power.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Inverter Manufacturing Line Commissioning | Machinery received. | Commissioning by Q1FY27. |
| Battery Manufacturing Line Commissioning | Machinery orders placed. | Commissioning by Q2FY27. |
| Net Debt/Equity | 0.25x. | Continued prudent capital management and debt reduction. |
| Channel Partner Expansion | 8,900+ partners. | Continued expansion of distribution network and market reach. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +42.6% / mo
Technical chart
UTLSOLARweekly · 5Y+50.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 60. Wait for confirmation.
- SMA20 rising (~29.9% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 83% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 34.2%.
- Quality contributes 18/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 27th percentile of the scored universe and 24th percentile within Power. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 86.8%. Key concern: Operating cash flow is negative at ₹-11 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 24th pctile, median 67 · Micro: 14th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 86.8%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸Debt/equity is 3.23.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 486.00
- P/B
- —
- EV/EBITDA
- 191.14
- Market Cap
- 9606.00Cr
Profitability
- ROE
- 58.00%
- ROCE
- 16.60%
- ROA
- 8.30%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 35.45%
- EPS 5Y
- 81.82%
- Revenue 3Y
- 35.45%
- EPS 3Y
- 81.82%
Balance Sheet
- Debt/Equity
- 3.23
- Interest Coverage
- 19.00×
- Altman Z
- 8.44
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -11.00 Cr
- EPS TTM
- 14.48
Shareholding
- Promoter Hold
- 86.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.