FP
Fujiyama Power Systems
Book Building issueMainboardNSE₹828 Cr issue
-4.21%
Listing gain over issue price
Issue size
₹828 Cr
1 lot at cut-off
₹14,820
Lot size
65shares
Open
13 Nov 2025
Close
17 Nov 2025
Allotment
18 Nov 2025
Listing
20 Nov 2025
Listing performance
Issue price
₹228
Listed at
₹218.40
Listing-day close
₹208.44
Latest price
₹347.85
Listing gain
-4.21%
Return since listing
+52.57%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 20 Nov 2025 | ₹0.50 | +0.22% | ₹0 | ₹228.50 | ₹32.50 |
| 19 Nov 2025 | ₹0.50 | +0.22% | ₹0 | ₹228.50 | ₹32.50 |
| 18 Nov 2025 | ₹3 | +1.32% | ₹100 | ₹231 | ₹195 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 13 Nov 2025 – 17 Nov 2025
- Listing date
- 20 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹228 per share
- Lot size
- 65 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹828 Cr
- Market cap at offer price
- ₹6,986 Cr
- Promoter holding
- 99.67% → 87.88% pre-issue → post-issue
- ISIN
- INE12UR01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- 53A/6, Near NDPL Grid Office, Near Metro Station, Sat Guru Ram Singh Marg, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,08,28,947 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 65 shares per lot, in multiples, at ₹228
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 65 | ₹14,820 |
| Retail (max) | 13 | 845 | ₹1,92,660 |
| S-HNI (min) | 14 | 910 | ₹2,07,480 |
| S-HNI (max) | 67 | 4,355 | ₹9,92,940 |
| B-HNI (min) | 68 | 4,420 | ₹10,07,760 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,08,28,947
Anchor portion
₹247 Cr
at ₹228 per share
Valuation and performance
Valuation at offer price
₹228 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.58 | 8.82 |
| P/E (×) | 40.86 | 25.85 |
| Price to book (×) | 16.09 | — |
| Market cap | — | ₹6,986 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.40%
- ROCE
- 41.01%
- Debt / equity
- 0.87
- PAT margin
- 10.15%
- EBITDA margin
- 16.13%
- NAV per share
- ₹14.17
- Price to book
- 16.09
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Fujiyama Power Systems
Fujiyama Power Systems Limited is a well-rounded leader in the Indian rooftop solar industry, manufacturing and supplying a comprehensive range of solar products including solar panels, inverters and batteries. With focus on innovation and R&D, the Company has a history of developing innovative technologies, including its patented rMPPT technology and offers a wide product portfolio of over 500 SKUs under 'UTL Solar' and 'Fujiyama Solar' brands. The company currently operates three manufacturing facilities (Parwanoo, Greater Noida, and Bawal) with further capacity expansion plans. The Company has a robust distribution network across India with more than 480 distributors, 3,600 dealers and 1,000 exclusive 'Shoppe' franchisees. The Company generates revenue from solar power generation systems (solar panels), power backup solutions (batteries, UPS), and chargers.
Company Analysis
from DRHPFujiyama Power Systems Limited is a manufacturer and supplier of solar products including solar panels, inverters, and batteries for India's rooftop solar, power backup, and renewable energy sectors.
Fujiyama Power Systems Limited is a well-rounded leader in the Indian rooftop solar industry, manufacturing and supplying a comprehensive range of solar products including solar panels, inverters and batteries. With focus on innovation and R&D, the Company has a history of developing innovative technologies, including its patented rMPPT technology and offers a wide product portfolio of over 500 SKUs under 'UTL Solar' and 'Fujiyama Solar' brands. The company currently operates three manufacturing facilities (Parwanoo, Greater Noida, and Bawal) with further capacity expansion plans. The Company has a robust distribution network across India with more than 480 distributors, 3,600 dealers and 1,000 exclusive 'Shoppe' franchisees. The Company generates revenue from solar power generation systems (solar panels), power backup solutions (batteries, UPS), and chargers.
solar power generation systemspower backup solutionsrenewable energyenergy storage systems
Objects of the Issue
- Financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India ₹2,500.00 million p.28
- Repayment of certain outstanding borrowings availed by our Company ₹3,000.00 million p.28
- General Corporate Purposes p.28
- Not specified in this extract p.111
- Financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India ₹2,500.00 million p.117
- Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by our Company ₹3,000.00 million p.117
- General corporate purposes p.117
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value ₹ 1 each, aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹ 1 each, aggregating up to ₹ 7,000.00 million
- Offer for Sale
- Up to 20,000,000 Equity Shares of face value ₹ 1 each, aggregating up to ₹ [●] million by Promoter Selling Shareholders (Pawan Kumar Garg: 10,000,000 shares; Yogesh Dua: 10,000,000 shares)
- Price Band
- [●]
- Lot Size
- [●]
- Face Value
- ₹ 1 per Equity Share
Business Model
The Company manufactures and supplies solar products including solar panels, inverters, batteries, and UPS systems through three operating facilities. Revenue is generated through: (1) Direct sales to utilities and enterprises, (2) Retail sales through a network of distributors, dealers, and exclusive franchise outlets ('Shoppes'), and (3) Export sales of solar PV modules and EPC services to international customers. For the six months ended September 30, 2024, the Company generated revenue from solar panels (36.51%), batteries (24.61%), inverters/chargers/UPS (31.07%), and others (7.81%).
Business Segments
Solar power generation systems - solar photovoltaic modules for rooftop solar installations
Power backup solutions - tubular batteries and lithium-ion batteries for energy storage
Power conditioning units, solar inverters, uninterruptible power supply systems, and e-rickshaw chargers
Services and other operating income
Design and manufacture of solar photovoltaic panels with 27 years performance warranty
Manufacture of on-grid and off-grid solar inverters and hybrid inverters
Manufacture of batteries and uninterruptible power supply systems
Manufacturing and sale of solar photovoltaic modules
Manufacturing and sale of lithium-ion batteries for solar applications
Manufacturing and sale of solar inverters and UPS systems
Manufacturing and sale of chargers for electric rickshaws
Manufacturing and sale of uninterruptible power supply systems
Other products, services and other operating income
Manufactures and sells solar panels, solar inverters (on-grid, off-grid, hybrid), solar PCUs, solar management units, and lithium-ion and lead-acid batteries for rooftop solar installations
Manufactures online UPS systems and inverters for residential and commercial backup power applications
Manufactures E-rickshaw chargers, lithium-ion batteries for EVs, and hybrid charge controller units for DC loads such as telecom equipment
Manufactures and sells solar panels (monofacial, bifacial, glass-to-glass modules using multicrystalline, monocrystalline PERC, and TOPCon technology), hybrid solar inverters, off-grid inverters, on-grid inverters, online solar PCUs, solar management units, lithium-ion batteries, and tubular lead acid batteries.
Manufactures and sells Online UPS systems and inverters using double-conversion technology to provide uninterrupted power supply for critical loads in data centres, hospitals, commercial and industrial setups.
Manufactures hybrid charge controller units combining SMPS and solar charge controller functionality, specifically designed for telecom industry with power capacities from 120W to 16.5kW.
Manufactures EV chargers (298W-1080W for e-rickshaws) and marine/engine start chargers (240W-3kW) with intelligent battery profiling and charging capabilities.
Production and sale of solar panels, solar batteries, solar inverters, solar chargers, lithium-ion batteries and related products. Also includes sale of services and export incentives.
Includes solar panels, solar inverters (on-grid, off-grid and hybrid type), batteries (tubular lead acid and lithium-ion batteries) and solar management units
Includes UPS systems and inverters
Includes hybrid charge controller unit
Including chargers for three-wheelers (E-Rickshaws) and batteries
SWOT Analysis
Strengths
- • Comprehensive product portfolio in rooftop solar with 500+ SKUs and proprietary technology(p.27)
- • Established three manufacturing facilities with capacity expansion underway(p.27)
- • Extensive distribution network across India with 480+ distributors, 3,600 dealers and 1,000 exclusive franchisees(p.27)
- • Revenue growth trajectory from FY2022 to H1 FY2025(p.29)
- • Products enlisted in ALMM for government solar projects(p.45)
- • Established brand recognition with dual brand presence (UTL Solar and Fujiyama Solar)(p.49)
- • Significant capacity expansion and operational scale(p.50)
- • In-house R&D capability with dedicated technical team(p.51)
- • ISO certifications and government recognition for quality standards(p.62)
- • Diversified product portfolio across solar solutions(p.133)
- • Track record in technological development and innovation(p.133)
- • Robust distribution and post-sale service network(p.133)
- • Quality-centric large-scale manufacturing infrastructure(p.133)
- • Growing revenue and profitability(p.136)
- • Strong return on equity and capital employed(p.136)
- • Expanding channel partner network(p.136)
- • Diversified portfolio with widest variety of SKUs among competitors(p.228)
- • Strong market position with 9.2% share of Indian rooftop solar inverter capacity(p.228)
- • Proven track record of technological innovation spanning 28 years(p.230)
- • Extensive pan-India distribution network with 480+ distributors, 3,600+ dealers and 1,000+ exclusive Shoppes(p.232)
- • Strong revenue growth with CAGR of 35.07% from FY2022 to FY2024(p.234)
- • Advanced manufacturing infrastructure with ISO certifications and MNRE training designation(p.233)
- • Experienced promoters with 50+ combined years in solar industry(p.234)
- • Patented rapid MPPT technology for enhanced solar energy harvesting(p.231)
- • Early adopter strategy with innovative product development capabilities(p.238)
- • Hybrid solar systems with unique backup power advantage for underserved markets(p.238)
- • Extensive distribution network and franchise model(p.256)
- • AI-powered customer engagement and personalization platform(p.238)
- • Diversified product portfolio across solar, power backup, and EV charging(p.238)
- • Advanced manufacturing with international-standard equipment and quality certifications(p.248)
- • 28 years of operating history and brand recognition in solar energy(p.258)
- • Experienced management team with long tenure at company(p.297)
- • Senior management with relevant sector experience in solar power(p.297)
- • R&D capability with dedicated leadership(p.297)
- • Established 28-year operating history in solar energy segment with extensive product portfolio(p.373)
- • Widest variety of SKUs among industry peers with 500+ products across categories(p.372)
- • Pan-India distribution network of 480+ distributors, 3,600+ dealers and 1,000+ exclusive franchisees(p.371)
- • Strong financial performance with ROE of 23.84% (6M H1 FY2025) and ROCE of 26.47%(p.358)
- • Significant production capacity expansion from 1 MWh (Mar 2022) to 1,363 MWh (Sep 2024) for batteries(p.369)
- • Latest manufacturing technology including TOPCon bifacial and MonoPerc bifacial solar panels(p.372)
- • Improved leverage profile with debt-to-equity ratio declining to 0.48 (Sep 2024) from 1.09 (Mar 2023)(p.386)
- • EBITDA margin expansion to 16.16% in H1 FY2025 from 10.67% in FY2024(p.384)
Weaknesses
- • Negative cash flow from operations in FY2022(p.43)
- • High dependence on imported materials, particularly from China (90.88% of imports in H1 FY2025)(p.41)
- • Concentration of manufacturing facilities in North India exposing to regional disruption risks(p.35)
- • Dependence on external suppliers without formal long-term contracts(p.38)
- • Outstanding tax litigation with contingent liability of ₹12.65 million(p.31)
- • Outstanding criminal proceedings with 17 proceedings initiated by the company(p.31)
- • High geographic concentration of retail sales in Uttar Pradesh(p.49)
- • Significant working capital requirements and dependence on credit financing(p.51)
- • High employee attrition rate despite recent improvement(p.55)
- • Leasehold premises for key facilities with renewal uncertainties(p.66)
- • Intellectual property vulnerability and brand protection risks(p.49)
- • Reliance on third-party transportation providers(p.52)
- • High promotional and marketing expenses relative to peers(p.136)
- • Significant debt burden requiring repayment(p.125)
- • Concentrated shareholding with promoter-led control(p.103)
- • Limited export revenue contribution(p.136)
- • High reliance on imported raw materials limiting backward integration(p.191)
- • Limited domestic solar cell manufacturing capacity(p.191)
- • Relatively small scale compared to global competitors, particularly Chinese manufacturers(p.193)
- • Export revenue declining from 4.96% of revenue in FY2023 to 2.28% in H1 FY2025(p.227)
- • Low capacity utilization in lithium-ion battery production(p.250)
- • Heavy dependence on government subsidies for market demand(p.238)
- • Leasehold properties with short validity periods for key facilities(p.261)
- • Personal guarantees from promoters on substantial debt obligations(p.279)
- • Low export revenue as percentage of total sales(p.257)
- • Income tax demand pending in appeals for AY 2018-19(p.343)
- • Recent appointments of key financial personnel close to IPO date(p.296)
- • Significant concentration of promoter shareholding creating governance risk(p.300)
- • High debt-to-equity ratio indicating financial leverage(p.349)
- • Significant reliance on imported solar cells and lithium-ion cells from China(p.371)
- • High exposure to material cost volatility impacting margins(p.371)
- • Dependence on credit and consumer sentiment for business growth(p.373)
- • Inventory levels increased sharply with inventory turnover declining to 2.62x in H1 FY2025 from 4.49x in FY2024(p.355)
- • Trade receivables collection deteriorated with turnover ratio falling to 11.83x in H1 FY2025 from 19.84x in FY2024(p.355)
- • One contingent tax liability of ₹12.65 million pending before CIT (Appeals) for AY 2018-19(p.396)
Opportunities
- • Massive growth in India's installed renewable energy capacity from 82 GW (FY2024) to 365 GW by FY2032(p.27)
- • Significant rooftop solar market expansion expected to reach almost 100 GW(p.27)
- • Government subsidy schemes for residential solar adoption including PM Suryaghar targeting 10 million households(p.45)
- • Government initiatives for off-grid solar systems in tribal and rural areas via PM JANMAN(p.45)
- • Grid Connected Solar Rooftop Program targeting 10 million households requiring domestic solar modules(p.46)
- • Significant growth in battery demand driven by EV adoption and energy storage solutions(p.27)
- • Capacity expansion through Ratlam facility to double manufacturing capacity and tap West and South India markets(p.39)
- • Expansion into new geographic markets (South and West India)(p.50)
- • Favorable solar industry outlook and government support(p.68)
- • Introduction of government subsidies and incentives for solar sector(p.50)
- • Product portfolio enhancement and market penetration(p.50)
- • India's renewable energy targets and government support(p.160)
- • Rapid growth in rooftop solar and distributed solar market(p.168)
- • Rising per capita electricity consumption and power demand(p.158)
- • Growing e-rickshaw market with strong tailwinds(p.170)
- • Establishing new manufacturing facility in Ratlam(p.116)
- • Expanding B2B revenue channel(p.136)
- • Government incentives and subsidy schemes for EV adoption(p.170)
- • Rooftop solar market projected to grow at 42% CAGR from FY24 to FY30(p.228)
- • Solar energy share in India's energy mix expected to grow from 19% in FY24 to 40% by FY32(p.228)
- • Government initiatives like PM-Surya Ghar and PLI scheme driving solar adoption(p.236)
- • Expanding domestic distribution network in untapped states(p.237)
- • Global supply chain diversification away from China creating export opportunities(p.237)
- • Backward integration opportunity in solar panel manufacturing through DCR requirements(p.236)
- • Projected growth in electricity demand and peak capacity requirements(p.264)
- • Major government schemes driving rooftop solar adoption(p.265)
- • Significant manufacturing capacity expansion planned(p.254)
- • EV charging infrastructure development as a government priority(p.265)
- • Government support for domestic solar manufacturing through multiple schemes(p.268)
- • Expansion into African and European export markets(p.257)
- • Tribal and PVTG electrification programs creating off-grid solar demand(p.266)
- • Growing solar power manufacturing with expanding capacity(p.314)
- • Geographic revenue diversification with international sales(p.344)
- • Multi-facility operations enabling operational expansion(p.325)
- • PM Suryaghar scheme targeting 10 million households with ₹750 billion financial outlay(p.370)
- • PM JANMAN scheme for electrification of 100,000 unelectrified households in tribal areas(p.370)
- • Grid Connected Solar Rooftop Program targeting 10 million households(p.370)
- • Expansion into west and south India markets through planned Ratlam facility doubling capacity(p.370)
- • Government subsidies including 25% land subsidy and capital subsidies for manufacturing(p.370)
- • Backward integration opportunity in solar panel value chain through new DCR cell manufacturing(p.372)
- • Growing demand for solar products due to increasing domestic power consumption and government initiatives(p.372)
- • New product development including hybrid and on-grid solar systems eligible for government subsidies(p.370)
Threats
- • Sharp and sustained decline in global solar panel prices (95% over a decade, 42% in FY2024)(p.46)
- • Foreign exchange volatility affecting imports and exports(p.45)
- • Dependency on government subsidies which may be withdrawn or reduced(p.46)
- • Import restrictions and tariffs on materials from China and other countries(p.41)
- • Risks from supply chain disruptions including COVID-19 and freight cost volatility(p.38)
- • Operating risks from regional factors in North India impacting all three manufacturing facilities(p.36)
- • Demand volatility across solar and power backup product categories(p.37)
- • Intense competition from domestic and international manufacturers(p.51)
- • Inability to sustain historical growth rate(p.50)
- • Regulatory changes and stringent compliance requirements(p.70)
- • Volatile commodity prices and raw material costs(p.71)
- • Macroeconomic headwinds and global economic conditions(p.69)
- • Natural disasters and pandemic-related supply chain disruptions(p.69)
- • Technology obsolescence and product competition(p.51)
- • Intense competition in renewable and solar energy sectors(p.134)
- • Regulatory and policy changes affecting renewable energy incentives(p.168)
- • Project implementation risks and delays(p.123)
- • Dependence on imported components and supply chain vulnerabilities(p.170)
- • Commodity price volatility affecting input costs(p.119)
- • Global economic uncertainties affecting demand(p.157)
- • Intense competition from low-cost Chinese manufacturers(p.206)
- • Rapid technological obsolescence requiring continuous R&D investment(p.205)
- • Raw material price volatility and supply chain disruptions(p.206)
- • Regulatory and policy uncertainty affecting market stability(p.206)
- • Grid integration challenges limiting adoption in remote areas(p.206)
- • Emerging battery technologies potentially displacing lithium-ion(p.172)
- • Supply chain constraints for critical lithium-ion battery materials(p.172)
- • Intense competition from established players in solar and power backup sectors(p.258)
- • Regulatory compliance risk with complex solar module sourcing requirements(p.263)
- • Dependence on government subsidy policies which can change or be withdrawn(p.263)
- • Raw material price volatility and import duty exposure on key components(p.274)
- • Domestic content requirement compliance risk for government projects(p.263)
- • Lease renewal risk for manufacturing facilities with short validity periods(p.61)
- • Industry cyclicality and dependence on infrastructure investment cycles(p.264)
- • High foreign currency exposure to USD creating FX risk(p.347)
- • Significant exposure to floating rate borrowings impacting profitability with interest rate changes(p.348)
- • Customer concentration risk with unidentified major customers(p.344)
- • Contingent export obligation under EPCG scheme creating regulatory compliance burden(p.343)
- • Intense competition from established players with potentially greater resources(p.373)
- • Dependence on evolving regulatory and policy environment for renewable energy support(p.370)
- • Restrictive covenants in financing agreements limiting equity dilution to maximum 25% and requiring lender consent for material business decisions(p.368)
- • Exposure to foreign exchange and import duty volatility on solar cells and lithium-ion cells from China(p.371)
- • Risk of material cost inflation if unable to offset through product price increases(p.371)
- • Cyclicality and changes in consumer preferences affecting demand for solar and power backup solutions(p.373)
- • Risk of non-compliance with financial covenants triggering accelerated repayment or suspension of borrowing facilities(p.368)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pawan Kumar Garg | Promoter/Promoter Selling Shareholder | 38.68% | — |
| Yogesh Dua | Promoter/Promoter Selling Shareholder | 38.68% | — |
| Sunil Kumar | Promoter | 4.91% | — |
| Pawan Kumar Garg | Promoter | — | — |
| Yogesh Dua | Promoter | — | — |
| Pawan Kumar Garg | Promoter | 38.68% | [●] |
| Yogesh Dua | Promoter | 38.68% | [●] |
| Sunil Kumar | Promoter | 4.91% | [●] |
| Pawan Kumar Garg | Promoter | — | — |
| Yogesh Dua | Promoter | — | — |
| Pawan Kumar Garg | Promoter | — | — |
| Yogesh Dua | Promoter | — | — |
| Pawan Kumar Garg | Promoter/Chairman and Joint Managing Director | 38.68% | — |
| Yogesh Dua | Promoter/Chief Executive Officer and Joint Managing Director | 38.68% | — |
| Sunil Kumar | Promoter/Non-Executive Director | 4.91% | — |
| Pawan Kumar Garg | Promoter/Promoter Group | — | — |
| Yogesh Dua | Promoter/Promoter Group | — | — |
| Pawan Kumar Garg | Promoter Selling Shareholder | — | — |
| Yogesh Dua | Promoter Selling Shareholder | — | — |
Leadership
Pawan Kumar Garg · Chairman and Joint Managing Director
Yogesh Dua · Chief Executive Officer and Joint Managing Director
Rakesh Kumar · Company Secretary and Compliance Officer
Prashant Gupta · Chief Financial Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.