Fujiyama Power Systems Receives ₹10.36 Crore GST Demand Order from Delhi Authorities for FY 2021-22

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.

Component:	Amount (₹ Crores)
Alleged Tax Demand:	₹3.62
Interest:	₹1.95
Penalty:	₹4.79
Total Demand:	₹10.36

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.76%	-4.10%	+7.16%	+2.79%	+2.79%	+2.79%

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.