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 ₹ 6,266 Cr.
- Current Price ₹ 204
- High / Low ₹ 231 / 171
- Stock P/E 32.4
- 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 11.7 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.
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 | |
| Free Cash Flow | -18 | -91 | -60 | 38 | -99 | |
| CFO/OP | -12% | -97% | 156% | 94% | 25% |
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 |
|
||
| Installed Capacity - Solar Batteries MWh |
|||
| Installed Capacity - Solar Panels MW |
|||
| Field Service Engineers Count |
|||
| Number of Dealers Count |
|||
| Number of Distributors Count |
|||
| Number of Shoppes Count |
|||
| Number of SKUs Count |
|||
| Total Channel Partners Count |
|||
Documents
Announcements
-
Closure of Trading Window
24 Mar - Trading window closed April 1, 2026 until 48 hours after audited results for quarter/year ended March 31, 2026.
-
Fujiyama Power Systems Limited Has informed Regarding Execution Of An Agreement For Incentive Disbursement.
20 Mar - UPLC approves ~Rs.8.21 Crore incentives for Phase-I Dadri plant under UP Electronic Manufacturing Policy.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
18 Mar - Plant visit and management meeting at Dadri and Noida on March 24, 2026 (physical, group).
-
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.
-
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.
Annual reports
No data available.
Concalls
-
Feb 2026Transcript PPT
-
Jan 2026TranscriptAI SummaryPPT
-
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’.