Fujiyama Power Systems Limited has announced the commissioning of a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh. The project entails an estimated investment of Rs. 350 crore, funded through a mix of debt and internal accruals. Commercial operations for this new capacity are expected to commence from Q1 of FY2028.

Facility and Investment Overview

Key details of the newly commissioned facility are outlined below:

Strategic Expansion and Backward Integration

The commissioning of the TopCon facility marks a significant step in the company's backward integration and technology upgradation strategy. Currently, Fujiyama Power Systems operates a 1 GW Mono PERC solar cell manufacturing facility at its Dadri plant in Uttar Pradesh. The addition of the Ratlam facility will substantially strengthen the company's integrated manufacturing capabilities across the solar value chain. The expansion aims to reduce cost volatility, ensure timely availability of DCR-compliant solar cells, and improve gross margins.

Market Drivers

The implementation of the ALMM-II list for Solar PV Cells, effective from June 1, 2026, is expected to accelerate domestic demand for DCR solar panels and domestically manufactured solar cells. This regulatory change supports the strategic rationale for the new facility. The new TopCon capacity is designed to support the company's competitive position in the on-grid rooftop solar market, particularly under schemes like the Pradhan Mantri Surya Ghar Muft Bijli Yojana.

Manufacturing and Distribution Network

Fujiyama Power Systems continues to expand its distribution network, which includes over 950 distributors, 1,150 exclusive Shoppes, and 6,800 dealers as of the latest update. The company's business remains predominantly B2C, with a strong presence in Tier-2 and Tier-3 markets. The Ratlam plant expansion adds to the company's existing manufacturing footprint, which includes a 2,000 MW solar panel capacity at the same location.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE12UR01024/a981c089603f46a9.pdf

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