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/INE12UR01024/73310a46860c4f53.pdf

Fujiyama Power Systems Limited has informed stock exchanges about a search and seizure operation conducted by the Bureau of Indian Standards (BIS) at its Bawal facility in Haryana on April 28, 2026. This development follows an earlier inspection at the company's Noida facility that was disclosed on April 03, 2026.

Details of the BIS Operation

The regulatory action took place at the company's manufacturing facility located at Plot No. 5 & 14, IMT Bawal, Sector 6, Industrial Estate, Phase-1, Rewari, Haryana. During the inspection, BIS officials seized additional products similar to those confiscated earlier from the Noida facility.

Alleged Violations and Legal Framework

BIS has alleged that the company is not in compliance with BIS standard marks for certain products, which constitutes a violation of Section 28 of the BIS Act, 2016. The seized products are worth ₹1.9 crores, representing the monetary value of the confiscated inventory.

The company has acknowledged the observations made by BIS and stated it is taking appropriate steps in consultation with legal advisors for the release of the seized products. Fujiyama Power Systems has also submitted a formal response to BIS regarding the earlier Noida facility inspection and is awaiting further proceedings, including the next hearing.

Company's Response and Operational Impact

Fujiyama Power Systems has emphasized its full cooperation with the regulatory authorities throughout the inspection process. The company provided all requisite information, documents, and clarifications as requested by BIS officials during the operation.

Regarding operational impact, the company has stated that the BIS action has not materially affected its operations, and business activities at the Bawal facility continue as usual. The management maintains that there is no apparent basis to believe that the products in question violate the BIS regulatory framework.

Regulatory Compliance and Corporate Governance

The company has reiterated its commitment to maintaining the highest standards of corporate governance, compliance, and operational integrity across all its facilities. Fujiyama Power Systems continues to extend full cooperation to authorities and has indicated it will furnish any additional information that may be required during the ongoing proceedings.

The disclosure was made under Regulation 30 of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material regulatory developments affecting the company.