Fujiyama Power Systems Limited announced its financial results for the quarter and year ended March 31, 2026, reporting a significant rise in profitability driven by robust operational performance and backward integration initiatives. For the full year FY26, the company recorded a 94.5% increase in profit after tax (PAT) to ₹3,041 million, compared to ₹1,563 million in the previous year.

Financial Performance for FY26

Revenue from operations for FY26 stood at ₹26,545 million, representing a growth of 72.3% year-on-year from ₹15,407 million in FY25. EBITDA for the year increased by 97.3% to ₹4,903 million, with margins improving to 18.5% from 16.1% in the prior year. The company attributed the margin expansion to better material margins supported by backward integration and operating leverage benefits.

Quarterly Results for Q4 FY26

For the fourth quarter of FY26, revenue from operations reached ₹9,008 million, reflecting a year-on-year growth of 87.5% compared to ₹4,803 million in Q4 FY25. EBITDA for the quarter more than doubled to ₹1,715 million, with margins improving to 19% from 16.5% in the corresponding period of the previous year. Profit after tax for the quarter stood at ₹1,063 million, with PAT margins increasing to 11.8% from 10.7% in Q4 FY25.

On a sequential basis, revenue increased by 53.1%, while EBITDA and PAT grew by 56% and 58%, respectively. The company noted that material margins remained broadly stable sequentially, and the improvement in PAT margins was supported by lower finance costs following debt repayment using IPO proceeds.

Operational Updates and Capacity Expansion

During the year, the company commissioned a 2,000 megawatt solar panel manufacturing facility at Ratlam. Additionally, solar panel manufacturing capacity increased from 1,039 megawatt to 1,639 megawatt, power electronics capacity expanded from 1,143 megawatt to 2,180 megawatt, and lithium battery manufacturing capacity rose from 45 megawatt hours to 545 megawatt hours.

Looking ahead, Fujiyama Power Systems is setting up a 1,200 megawatt TOPCon solar cell manufacturing facility at Ratlam to strengthen its backward integration strategy and address the on-grid solar rooftop market. The management stated that the inverter manufacturing line is expected to be commissioned in the first quarter of 2027, while battery machinery commissioning is anticipated in the second quarter of 2027.

Distribution Network and Guidance

The company expanded its distribution network significantly during the quarter, adding over 80 distributors, more than 450 dealers, and 30 exclusive Shoppe outlets. The total channel partner network crossed 8,900 as of March 2026. For the upcoming financial year, the management has provided revenue guidance of 50% growth and expects PAT margins to be in the range of 11% to 13%.

Regarding the fire incident at the Bawal manufacturing facility, the company confirmed that operations are temporarily suspended but alternate third-party manufacturing arrangements have been activated to ensure business continuity. The facility had a lead-acid battery manufacturing capacity of 1.3 gigawatt, and the company maintains comprehensive insurance coverage for the affected assets.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE12UR01024/967d105846874f9a.pdf

Fujiyama Power Systems Limited has announced the commissioning of its 2,000 MW solar panel manufacturing facility at Ratlam, Madhya Pradesh. This greenfield expansion marks a significant milestone in the company's strategy to strengthen its integrated solar manufacturing capabilities. With this development, Fujiyama's total solar panel manufacturing capacity has increased to 3,568 MW. The facility is part of a larger project planned with a manufacturing capacity of 2,000 MW each for solar panels, batteries, and inverters.

Operational Status and Expansion Timeline

The Ratlam plant will initially operate at an annualised capacity of approximately 1,000 MW under a single-shift operation. The company plans a gradual ramp-up through double-shift operations to achieve full capacity utilisation by Q4FY27. While the solar panel line is now commissioned, the timelines for power electronics and battery manufacturing capacities experienced delays due to the incorporation of the latest advancements in lithium-ion battery technology and geopolitical supply chain impacts.

With these factors addressed, the inverter manufacturing line is expected to be commissioned in the first quarter of FY27, as requisite machinery has already been received. Machinery orders for the battery manufacturing line have been placed, with commissioning expected in the second quarter of FY27.

Capacity Overview

The table below summarises the manufacturing initiatives and their current status:

Fujiyama's total product capacity across all facilities is presented below:

Strategic Impact

Commenting on the commissioning, Pawan Kumar Garg, Chairman and Joint Managing Director, said: "The commissioning of our solar panel manufacturing facility at Ratlam marks an important milestone in Fujiyama's growth journey and manufacturing expansion strategy. This greenfield project strengthens our ability to serve the rapidly growing domestic rooftop solar market with higher manufacturing scale, improved operational efficiencies and greater control across the value chain."

The Ratlam expansion strengthens Fujiyama's manufacturing footprint and supports the company's long-term strategy of increasing backward integration, improving supply-chain efficiencies, and expanding manufacturing scale.

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