NewsEarningsFujiyama Power Systems Files Q2 FY26 Earnings Call Transcript, Details Growth StrategyFujiyama Power Systems Files Q2 FY26 Earnings Call Transcript, Details Growth Strategy
Fujiyama Power Systems has filed its Q2 FY26 earnings call transcript with stock exchanges, revealing strong financial performance with 72.60% revenue growth and strategic capacity expansion plans. The company reported ₹5,679 million in revenue and ₹629 million in net profit, while progressing its 1GW solar cell facility and expanding its distribution network by 70 distributors during the quarter.
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Fujiyama Power Systems Limited has filed the transcript of its Q2 FY26 earnings conference call with stock exchanges under Regulation 30 of SEBI regulations, providing detailed insights into the company's financial performance and strategic direction following its recent IPO.
Strong Financial Performance
The solar power systems manufacturer reported impressive financial results for Q2 FY26, demonstrating robust growth across key metrics:
| Metric: | Q2 FY26 | Q2 FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Operations: | ₹5,679.07 million | ₹3,290.51 million | 72.60% |
| Net Profit: | ₹629.01 million | ₹318.68 million | 97.40% |
| EBITDA: | ₹1,030.00 million | - | - |
| EBITDA Margin: | 18.10% | 15.20% | +290 bps |
| PAT Margin: | 11.10% | 9.70% | +140 bps |
Half-Year Performance Overview
| Metric: | H1 FY26 | H1 FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Operations: | ₹11,652.56 million | ₹7,217.35 million | 61.50% |
| EBITDA: | ₹2,089.00 million | - | - |
| EBITDA Margin: | 17.90% | - | - |
| PAT: | ₹1,305.00 million | - | - |
| PAT Margin: | 11.20% | 10.40% | +80 bps |
Business Model and Market Position
Chairman and Joint Managing Director Pawan Kumar Garg emphasized the company's unique positioning as a power electronics and energy solutions provider rather than just a solar panel manufacturer. The company focuses on complete system solutions, with over 90% of revenue coming from B2C business in H1 FY26.
Key Business Highlights:
- Historically focused on off-grid and hybrid solutions rather than subsidy-driven installations
- Serves backup-driven market addressing unreliable grid issues
- Maintains over 500 SKUs across solar panels, inverters, and batteries
- Operates extensive distribution network with 7,500+ channel partners
Revenue Breakdown and Product Mix
The CFO provided detailed revenue bifurcation for H1 FY26:
| Product Category: | Revenue (₹ million) | Share (%) | Volume (MW/MWh) |
|---|---|---|---|
| Solar Panels: | ₹5,290 | 45% | 302 MW |
| Electronics: | ₹3,300 | 28% | 640 MW |
| Batteries: | ₹2,374 | 20% | 481 MWh |
| Other Services: | ₹681 | 6% | - |
Capacity Expansion Progress
The company is executing ambitious capacity expansion plans using IPO proceeds:
Dadri Facility:
- 1,000 MW solar cell line expected to be operational within one month
- Investment of approximately ₹350-400 crores
- Technology partners confident of full capacity by March-April 2026
Ratlam Facility (Madhya Pradesh):
- 2,000 MW each of solar panels, inverters, and batteries by March 2026
- Total capex of ₹272 crores for three product segments
- Facility setup progressing as per schedule
Channel Network Expansion
The company continues to strengthen its distribution network:
| Network Component: | Q2 FY26 Additions | Total Network |
|---|---|---|
| Distributors: | 70 | 7,500+ partners |
| Dealers: | 350 | (included above) |
| Shoppes: | 20 | (included above) |
| Service Engineers: | - | 600+ |
Market Strategy and Geographic Focus
The company is targeting expansion in specific regions including North-East, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Jharkhand. The strategy focuses on converting traditional inverter customers to solar solutions within the same budget while providing additional benefits.
Regulatory Compliance and Transparency
Company Secretary Mayuri Gupta filed the earnings call transcript with NSE and BSE on December 16, 2025, following the December 10 conference call. The transcript is available on the company's website under investor relations disclosures, demonstrating commitment to transparency and stakeholder communication.
Financial Health and Working Capital
Post-IPO, the company has strengthened its balance sheet significantly. Total equity increased from ₹3,968 million in March 2025 to ₹5,276 million in September 2025. The company utilized ₹2,750 million from IPO proceeds for debt repayment, improving the pro forma net debt-to-equity ratio to 0.35 from 1.26.
Working capital management remains stable with network working capital days at 70 days for H1 FY26, compared to 71 days in FY25.
Historical Stock Returns for Fujiyama Power Systems
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.12% | +4.58% | +6.23% | +6.71% | +6.71% | +6.71% |
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