Fujiyama Power Systems Ltd
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]
- Market Cap ₹ 5,610 Cr.
- Current Price ₹ 183
- High / Low ₹ 231 / 171
- Stock P/E 29.0
- Book Value ₹ 17.2
- Dividend Yield 0.00 %
- ROCE 38.9 %
- ROE 49.1 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 70.9% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.3%
Cons
- Stock is trading at 10.6 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Part of BSE IPO
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 299 | 405 | 506 | 664 | 925 | 1,541 | |
| 272 | 367 | 461 | 612 | 826 | 1,292 | |
| Operating Profit | 28 | 38 | 45 | 52 | 99 | 249 |
| OPM % | 9% | 9% | 9% | 8% | 11% | 16% |
| 3 | 3 | 1 | 1 | 3 | 9 | |
| Interest | 2 | 2 | 5 | 16 | 26 | 27 |
| Depreciation | 13 | 13 | 1 | 6 | 13 | 18 |
| Profit before tax | 15 | 26 | 40 | 31 | 63 | 213 |
| Tax % | 29% | 25% | 28% | 23% | 28% | 27% |
| 11 | 20 | 29 | 24 | 45 | 156 | |
| EPS in Rs | 7.85 | 14.48 | 20.91 | 17.86 | 18.46 | 5.58 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 39% |
| 3 Years: | 45% |
| TTM: | 67% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 71% |
| 3 Years: | 76% |
| TTM: | 245% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 31% |
| Last Year: | 49% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 25 | 28 | 28 |
| Reserves | 11 | 31 | 167 | 179 | 215 | 369 | 500 |
| 125 | 142 | 141 | 215 | 205 | 395 | 730 | |
| 46 | 55 | 77 | 106 | 166 | 222 | 332 | |
| Total Liabilities | 195 | 241 | 400 | 515 | 610 | 1,014 | 1,590 |
| 89 | 83 | 114 | 232 | 276 | 418 | 463 | |
| CWIP | 0 | 0 | 0 | 8 | 0 | 0 | 187 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 106 | 158 | 286 | 274 | 334 | 596 | 940 | |
| Total Assets | 195 | 241 | 400 | 515 | 610 | 1,014 | 1,590 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -10 | -58 | 78 | 85 | 18 | ||
| -7 | -46 | -132 | -45 | -118 | ||
| 16 | 104 | 54 | -37 | 104 | ||
| Net Cash Flow | -2 | -0 | 0 | 4 | 4 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 44 | 41 | 28 | 16 | 26 | 17 |
| Inventory Days | 66 | 85 | 174 | 136 | 124 | 128 |
| Days Payable | 47 | 43 | 45 | 52 | 61 | 40 |
| Cash Conversion Cycle | 64 | 82 | 158 | 100 | 88 | 105 |
| Working Capital Days | 43 | 44 | 40 | 6 | 11 | 22 |
| ROCE % | 17% | 18% | 13% | 21% | 39% |
Insights
In beta| Mar 2023 | Mar 2024 | Dec 2025 | |
|---|---|---|---|
| Installed Capacity - Power Electronics MW |
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| Installed Capacity - Solar Batteries MWh |
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| Installed Capacity - Solar Panels MW |
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| Field Service Engineers Count |
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| Number of Dealers Count |
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| Number of Distributors Count |
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| Number of Shoppes Count |
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| Number of SKUs Count |
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| Total Channel Partners Count |
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Documents
Announcements
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Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
9 Mar - Fujiyama Power Systems: four resolutions (ESOP, share issuance, borrowing limits, charges) passed March 6, 2026.
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Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
9 Mar - Postal ballot: four resolutions passed on March 06, 2026 — ESOP amendment, share issuance/listing, higher borrowing limits, charge creation.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Mar
- Announcement under Regulation 30 (LODR)-Investor Presentation 25 Feb
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
21 Feb - Non-deal roadshow Feb 26, 2026 in Mumbai (Churchgate Partners), physical 1x1/group.
Annual reports
No data available.
Concalls
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Feb 2026Transcript PPT
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Jan 2026TranscriptAI SummaryPPT
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Dec 2025Transcript PPT REC
Business Profile[1]
The company is a roof-top solar products manufacturer and solutions provider, operating in on-grid, off-grid, and hybrid solar categories. It manufactures solar panels, solar inverters (on-grid, off-grid, hybrid), lead-acid & lithium-ion batteries, and is backed by strong in-house R&D with 65 engineers. It has over 29 years of legacy under the brands ‘UTL Solar’ and ‘Fujiyama Solar’.