Fujiyama Power Systems Limited announced the commissioning of its 1 GW solar cell manufacturing plant at Dadri, Uttar Pradesh on January 21, 2026. The facility represents a significant milestone in the company's backward integration strategy, with a total investment of Rs. 300.00 crores funded through a combination of internal accruals and debt.

Plant Inauguration and Strategic Significance

The Dadri solar cell plant was inaugurated by Mr. Santosh Kumar Sarangi, Secretary of the Ministry of New and Renewable Energy (MNRE), and Mr. Rajesh Kulhari, Joint Secretary of MNRE. The facility has been strategically aligned with Fujiyama's existing manufacturing footprint at the same location.

Manufacturing Integration and Competitive Advantages

The newly commissioned facility strengthens Fujiyama's manufacturing integration across the solar value chain. The company currently operates with a total 1.60 GW of solar panel manufacturing capacity, of which 1.20 GW is located at Dadri. The entire 1 GW solar cell capacity will be utilized for captive consumption, supporting the company's solar panel operations.

By establishing in-house solar cell manufacturing, Fujiyama is achieving several strategic objectives:

• Strengthening supply-chain security
• Reducing dependence on imported solar cells
• Improving cost control across operations
• Enhancing competitive advantage in solar cell to rooftop solar consumer strategy
• Enabling access to government subsidy-based consumer demand through DCR compliance

Project Execution Excellence

The manufacturing facility demonstrates exceptional project execution capabilities. The project was completed within six months, significantly faster than timelines typically seen for similar projects in the industry. Additionally, the execution achieved cost savings from the originally budgeted amount.

Leadership Commentary

Chairman and Joint Managing Director Pawan Kumar Garg commented on the commissioning: "The commissioning of our solar cell manufacturing facility at Dadri represents a significant step in strengthening Fujiyama's manufacturing integration. By bringing solar cell production in-house, we are improving visibility and control across the value chain, reducing reliance on imported cells and improving supply reliability for our solar panel operations."

He further emphasized the strategic benefits: "As our business is primarily focused on the domestic market with negligible export exposure, this integrated facility also insulates us from global trade uncertainties and tariff-related disruptions. This facility supports our objective of building Indian manufacturing capabilities and positions Fujiyama to profitably capitalize on end-to-end solar solutions as it continues to scale across India."

Manufacturing Footprint Overview

Fujiyama operates manufacturing facilities across multiple locations in India, with the Dadri facility now housing both solar panel and solar cell manufacturing capabilities. The company's comprehensive manufacturing portfolio spans solar panels, inverters, lithium and tubular batteries, chargers, and power-electronics systems across over 500 SKUs.

The commissioning of the 1 GW solar cell manufacturing plant at Dadri reinforces Fujiyama's position as a leading provider of rooftop solar solutions in India, with enhanced manufacturing integration supporting the company's growth strategy in the domestic solar market.

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Fujiyama Power Systems Limited has received a GST demand order totaling ₹10.36 crores from Delhi GST authorities for FY 2021-22. The company disclosed this development under Regulation 30 of SEBI LODR Regulations on January 09, 2026.

GST Demand Order Details

The demand order was issued by the office of Assistant Commissioner/GST Officer, Ward 52, Zone 3, Delhi, following a special audit conducted for FY 2021-22. The order was received on December 31, 2025, pursuant to the conclusion of audit proceedings under Section 73 of the CGST/DGST Act & Rules, 2017.

The GST authorities have directed the company to pay the entire amount on or before March 31, 2026.

Company's Response and Assessment

Based on its preliminary assessment, Fujiyama Power Systems considers the demand raised as not maintainable on merits. The company is currently evaluating the matter and plans to take appropriate action within the prescribed timelines.

The company has stated that it intends to file an appeal before the appropriate appellate authority within the stipulated time period. Management does not foresee any material impact on the company's financial position, operations, or business activities from this matter.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of SEBI LODR Regulations. The company cited that due to the voluminous nature of the information, it completed the material assessment before making the disclosure.

The communication was signed by Mayuri Gupta, Company Secretary and Compliance Officer, and submitted to both NSE and BSE for their records.