Fujiyama Power Systems Limited has announced its audited annual financial results and limited reviewed quarterly financial results ended March 31, 2026. The company reported robust growth, with Q4 FY26 Revenue from Operations reaching Rs. 9,008 Mn, up 87.5% year-on-year, while full-year revenue for FY26 stood at Rs. 26,545 Mn, registering a 72.3% increase over the previous year. Additionally, the Board approved a proposal to establish a ~1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh. The audio recording of the earnings call held on May 15, 2026, is now available on the company's website.

Q4 FY26 and FY26 Financial Performance

The company's financial performance for Q4 FY26 and the full year FY26 demonstrated robust growth across revenue, EBITDA, and profitability metrics. The following table summarises the key financial figures:

The improvement in profitability reflects the benefits of higher operating scale, improved utilisation across manufacturing facilities, and the increasing contribution of backward-integrated operations. EBITDA for FY26 reached Rs. 4,903 Mn, up 97.3% year-on-year, with margins improving to 18.5% compared to 16.1% in the previous year.

TopCon Solar Cell Expansion: Board Approval and Key Details

The Board of Directors, at its meeting held on May 14, 2026, approved the proposal for enhancement of solar cell manufacturing capacity at the Ratlam Plant. The proposed ~1.2 GW TopCon solar cell facility forms a key part of the company's backward integration and technology upgradation strategy. The expansion is aimed at reducing cost volatility, ensuring timely availability of DCR-compliant solar cells, improving gross margins, and strengthening the company's competitive position in the B2C rooftop solar market. The implementation of ALMM List-II for Solar PV Cells with effect from June 1, 2026 is expected to accelerate domestic demand for DCR solar panels and domestically manufactured solar cells, thereby supporting the strategic rationale for the proposed expansion.

The key parameters of the approved expansion are outlined below:

Manufacturing Milestones and Broader Expansion

On the manufacturing front, Fujiyama Power Systems commissioned its 2,000 MW solar panel manufacturing capacity at Ratlam, Madhya Pradesh, further enhancing module manufacturing capabilities. The commissioning of power electronics and battery capacities at Ratlam saw some delays due to incorporation of the latest advancements in lithium-ion battery technology and certain geopolitical developments that impacted supply timelines. The Inverter manufacturing line is expected to be commissioned by Q1 FY27, with machinery already received at the facility, while battery machinery orders have been placed with commissioning expected in Q2 FY27.

Distribution Network and Business Highlights

Fujiyama Power Systems continued to strengthen its distribution network during Q4 FY26, adding over 80 distributors, 450 dealers, and 30 exclusive Shoppes, taking the total channel partner base to more than 8,900 as of March 2026. This expanding network, supported by a trained service and installation team, is designed to improve response timelines and enhance the overall customer experience. The company's business remains predominantly B2C, with strong presence in Tier-2 and Tier-3 markets.

Management Commentary

Commenting on the performance, Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, said: "Following the successful completion of our IPO, FY2026 marks our first full year financial reporting post becoming listed company and an important step forward in our growth journey. During the year, we continued to scale operations, strengthen integration across the rooftop solar value chain and expand our reach across key markets. The demand environment for residential rooftop solar and power-backup solutions remained supportive, driven by increasing adoption across Tier-2 and Tier-3 cities, favourable government policies and rising consumer preference. Our focus will remain on expanding capacity, strengthening backward integration, improving operating efficiencies and further expanding our distribution reach."

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.

Source: None/Company/INE12UR01024/2e3d2674fb1644b5.pdf