---
title: "Fujiyama Power Systems Ltd (UTLSOLAR) — Share Price, Financials & Analysis"
symbol: "UTLSOLAR"
company: "Fujiyama Power Systems Ltd"
canonical: "https://tapetide.com/stocks/UTLSOLAR"
isin: "INE12UR01024"
nse_symbol: "UTLSOLAR"
bse_code: "544613"
sector: "Industrials"
industry: "Electrical Equipment"
market_cap_cr: 13411.61
generated_at: "2026-09-13T19:57:47.682Z"
---

# Fujiyama Power Systems Ltd (UTLSOLAR)

Canonical page: https://tapetide.com/stocks/UTLSOLAR

## Company

- **NSE Symbol:** UTLSOLAR
- **BSE Code:** 544613
- **ISIN:** INE12UR01024
- **Sector:** Industrials
- **Industry:** Electrical Equipment
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-11-20
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** utlsolarfujiyama.com

## About

Founded in 2017, Fujiyama Power Systems Limited manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems.[1]

## Latest Price

- **Price:** ₹447.8
- **Change:** +6.55 (+1.48%)
- **Open:** ₹439
- **Day High:** ₹450.15
- **Day Low:** ₹434.8
- **Previous Close:** ₹441.25
- **Volume:** 169862
- **As Of:** 2026-09-11T09:59:53+00:00

## Key Fundamentals

Observed at 2026-09-11T04:35:13.255718Z.

- **Market Cap:** ₹13411.61 Cr
- **Classification:** Microcap
- **P/E (reported):** 44.5
- **P/E (TTM):** 45.69
- **EPS (TTM):** ₹9.8
- **Book Value:** ₹24.53
- **Price to Book:** 17.98
- **Dividend Yield:** 0%
- **ROE:** 12.93%
- **ROCE:** 17.62%
- **Debt to Equity:** 0.41
- **Revenue (yearly):** ₹2654.51 Cr
- **Net Income:** ₹319.37 Cr
- **EBITDA:** ₹490.3 Cr
- **52-Week High:** ₹494.25
- **52-Week Low:** ₹172
- **RSI (14):** 54.5

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company has delivered good profit growth of 73.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.1%

### Weaknesses

- Stock is trading at 10.8 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -53.87% | -108.01% | — |
| ebitda margin growth | -34.83% | 83.02% | 83.02% | — |
| net income growth | -45.63% | — | 132% | 73% |
| revenue growth | 49.18% | 549.82% | 59% | 46% |
| roce | -42.38% | 48.44% | 48.44% | — |
| roe | -45.65% | 62.85% | 10.44% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 329 | 339 | 480 | 597 | 568 | 588 | 901 | 1346 |
| Expenses | 279 | 286 | 401 | 491 | 465 | 479 | 729 | 1091 |
| Operating Profit | 50 | 52 | 79 | 106 | 103 | 110 | 171 | 255 |
| OPM % | 15 | 15 | 16 | 18 | 18 | 19 | 19 | 19 |
| Other Income | 2 | 0 | 7 | 0 | 2 | 0 | 3 | -141 |
| Interest | 6 | 8 | 9 | 9 | 12 | 12 | 10 | 11 |
| Depreciation | 4 | 5 | 6 | 7 | 8 | 9 | 21 | 25 |
| Profit before tax | 42 | 40 | 72 | 90 | 85 | 89 | 144 | 78 |
| Tax % | 25 | 26 | 29 | 25 | 26 | 25 | 26 | 26 |
| Net Profit | 32 | 30 | 51 | 68 | 63 | 67 | 106 | 58 |
| EPS in Rs | 12.99 | 1.07 | 1.83 | 2.41 | 2.25 | 2.2 | 3.47 | 1.88 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 299 | 405 | 506 | 664 | 925 | 1541 | 2654 | 3403 |
| Expenses | 272 | 367 | 461 | 612 | 826 | 1292 | 2162 | 2764 |
| Operating Profit | 28 | 38 | 45 | 52 | 99 | 249 | 493 | 639 |
| OPM % | 9 | 9 | 9 | 8 | 11 | 16 | 19 | 19 |
| Other Income | 3 | 3 | 1 | 1 | 3 | 9 | 3 | -136 |
| Interest | 2 | 2 | 5 | 16 | 26 | 27 | 44 | 45 |
| Depreciation | 13 | 13 | 1 | 6 | 13 | 18 | 44 | 62 |
| Profit before tax | 15 | 26 | 40 | 31 | 63 | 213 | 408 | 396 |
| Tax % | 29 | 25 | 28 | 23 | 28 | 27 | 25 | — |
| Net Profit | 11 | 20 | 29 | 24 | 45 | 156 | 304 | 294 |
| EPS in Rs | 7.85 | 14.48 | 20.91 | 17.86 | 18.46 | 5.58 | 9.93 | 9.8 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 14 | 14 | 14 | 14 | 25 | 28 | 31 |
| Reserves | 11 | 31 | 167 | 179 | 215 | 369 | 1243 |
| Borrowings | 125 | 142 | 141 | 215 | 205 | 395 | 520 |
| Other Liabilities | 46 | 55 | 77 | 106 | 166 | 222 | 551 |
| Total Liabilities | 195 | 241 | 400 | 515 | 610 | 1014 | 2344 |
| Fixed Assets | 89 | 83 | 114 | 232 | 276 | 418 | 673 |
| CWIP | 0 | 0 | 0 | 8 | 0 | 0 | 201 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 106 | 158 | 286 | 274 | 334 | 596 | 1469 |
| Total Assets | 195 | 241 | 400 | 515 | 610 | 1014 | 2344 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | -10 | -58 | 78 | 85 | 18 | -3 |
| Cash from Investing Activity | — | -7 | -46 | -132 | -45 | -118 | -520 |
| Cash from Financing Activity | — | 16 | 104 | 54 | -37 | 104 | 654 |
| Net Cash Flow | — | -2 | 0 | 0 | 4 | 4 | 131 |
| Free Cash Flow | — | -18 | -91 | -60 | 38 | -99 | -515 |
| CFO/OP | — | -12 | -97 | 156 | 94 | 25 | 22 |

### Ratios

| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 44 | 41 | 28 | 16 | 26 | 17 | 19 |
| Inventory Days | 66 | 85 | 174 | 136 | 124 | 128 | 180 |
| Days Payable | 47 | 43 | 45 | 52 | 61 | 40 | 71 |
| Cash Conversion Cycle | 64 | 82 | 158 | 100 | 88 | 105 | 128 |
| Working Capital Days | 43 | 44 | 40 | 6 | 11 | 22 | 59 |
| ROCE % | — | 17 | 18 | 13 | 21 | 39 | 35 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- |
| Promoters | 99.83% | 86.77% | 86.77% | 86.63% |
| FIIs | 0% | 2.5% | 1.93% | 1.63% |
| DIIs | 0% | 4.72% | 5.6% | 5.98% |
| Government | 0% | 0% | 0% | 0% |
| Public | 0% | 4.98% | 4.7% | 4.7% |
| Others | 0.17% | 1.03% | 1.01% | 1.06% |
| No. of Shareholders | 103 | 97968 | 80691 | 60134 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 11 / 6 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 438.59 | Buy |
| EMA (10) | 440.75 | Buy |
| SMA (20) | 450.05 | Sell |
| EMA (20) | 436.5 | Buy |
| SMA (50) | 408.04 | Buy |
| EMA (50) | 407.41 | Buy |
| SMA (100) | 354.72 | Buy |
| EMA (100) | 362.99 | Buy |
| SMA (200) | 281.18 | Buy |
| EMA (200) | 282.11 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 56.64 | Neutral |
| MACD (12,26,9) | 8.85 | Sell |
| Stochastic (14,3,3) | 52.24 | Neutral |
| ADX (14) | 25.73 | Buy |
| Williams %R (14) | -40.22 | Neutral |
| ATR (14) | 20.13 | High Volatility |
| ROC (12) | 0.81 | Buy |
| Stoch RSI (14) | 54.26 | Neutral |
| UO (7,14,28) | 48.61 | Neutral |

## Analyst Ratings

| Recommendation | Analysts | Share |
| --- | --- | --- |
| Buy | 2 | 100% |
| Hold | 0 | 0% |
| Sell | 0 | 0% |

Based on 2 analyst ratings, observed at 2026-09-11T04:35:13.457247+00:00.

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-04 | [Announcement under Regulation 30 (LODR)-Acquisition](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=ba583d8c-2389-4ad2-873d-81986474aec3.pdf) |
| 2026-09-03 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=72c5c783-dc5a-43b3-9bdd-32a310eb0f8e.pdf) |
| 2026-09-02 | [Notice Of 09Th Annual General Meeting Of The Company](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e0521477-165e-42b9-8e5c-acf08950443e.pdf) |
| 2026-09-02 | [Reg. 34 (1) Annual Report.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7cece260-848a-4a41-b5e7-05e024cda3f5.pdf) |
| 2026-09-02 | [Business Responsibility and Sustainability Reporting (BRSR)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=180614cd-8c68-4407-8527-85cc7c02a43e.pdf) |
| 2026-09-02 | [Intimation Regarding Dispatch Of Physical Letter](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fb650d0b-e680-4409-a925-2ebbe0e06b61.pdf) |
| 2026-08-27 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=70278eac-0041-49db-8e1e-8a1829501ca7.pdf) |
| 2026-08-27 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7baeff06-ce50-4efa-8f43-19056ba61535.pdf) |
| 2026-08-24 | [Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8a93ceed-3712-49fa-a8c2-cf1f1e8d24a6.pdf) |
| 2026-08-24 | [Announcement under Regulation 30 (LODR)-Change in Management](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=56dc191d-5f5b-4687-a7a5-f40930c851e4.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-21 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=952fec64-fbed-49bc-b400-db159043511e.pdf) |
| 2026-05-22 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5eff852a-6377-4c5e-a2ba-1aa8b6c18955.pdf) |
| 2026-02-06 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1e211e1b-d037-4514-b1c1-53bf974588ab.pdf) |
| 2025-12-16 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=712d36c3-6067-4f39-b916-6d7189e53ac5.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-13 | [Financial Results For The Period Ended On June 30 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=458e3499-ada9-4fbe-9eef-9c59965c9198.pdf) |
| 2026-05-14 | [Financial Results For The Period Ended On March 31 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4694c439-0628-407f-95a4-440daa7c0cb2.pdf) |
| 2026-01-31 | [Unaudited Financial Results For The Quarter And Nine Months Ended December 31 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dc8cc286-e498-4488-bc71-2baf7c747444.pdf) |
| 2025-12-08 | [Board Meeting Outcome for Outcome Of Board Meeting Held On December 08 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9672be71-4c75-45ed-b953-e2f5bd632ad2.pdf) |
| 2025-12-08 | [Financial Result For The Quarter And Half Year Ended September 30 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=42f72e9d-dc47-4d3d-b538-c19e934fb5aa.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-08-13 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7093dfe0-8899-4408-8438-9ed6396c9923.pdf) |
| 2026-05-15 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=67a6d414-68ab-4d2d-8576-7256883a3f00.pdf) |
| 2026-02-25 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5d995cdd-a12e-4a5b-a82e-96570e001ce8.pdf) |
| 2026-01-31 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d0d5303e-ca21-4a1f-8f46-32021df871b8.pdf) |
| 2025-12-08 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4ccc3ef3-7734-476e-99e0-8ab06dd8f403.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9h - Board approved 31% acquisitions in ZEPL and ZCPL; stake rises to 50% each within 30 days. | [Announcement under Regulation 30 (LODR)-Acquisition 9h - Board approved 31% acquisitions in ZEPL and ZCPL; stake rises to 50% each within 30 days.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/c75ecba1-f837-48cf-b073-80c48422f357.pdf) |
| 9 Mar - Postal ballot: four resolutions passed on March 06, 2026 — ESOP amendment, share issuance/listing, higher borrowing limits, charge creation. | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 9 Mar - Postal ballot: four resolutions passed on March 06, 2026 — ESOP amendment, share issuance/listing, higher borrowing limits, charge creation.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/02415a7a-3c1b-4c3f-a80c-bdc2a297b7ed.pdf) |
| 9 Mar - Fujiyama Power Systems: four resolutions (ESOP, share issuance, borrowing limits, charges) passed March 6, 2026. | [Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot 9 Mar - Fujiyama Power Systems: four resolutions (ESOP, share issuance, borrowing limits, charges) passed March 6, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/59b476f7-7005-4b8a-9c25-658b6cab185c.pdf) |
| 8 Apr - Regulation 74(5) certificate for quarter ended March 31, 2026; shares remain fully dematerialised. | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018 8 Apr - Regulation 74(5) certificate for quarter ended March 31, 2026; shares remain fully dematerialised.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/940dd852-80bc-4dfb-8343-1b9facb28617.pdf) |
| 8 Apr - BIS conducted surprise visit at Greater Noida facility on March 24, 2026; samples taken and inventory seized. | [Announcement Under Regulation 30 Of SEBI (LODR) 2015 8 Apr - BIS conducted surprise visit at Greater Noida facility on March 24, 2026; samples taken and inventory seized.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f6507578-30c3-4e5f-9a8e-862deca9625f.pdf) |
| 7 May - Fire at Bawal, Haryana manufacturing facility on May 6, 2026; no injuries, damage under assessment, insured. | [Disruption Of Operations- Intimation Regarding A Fire Incident 7 May - Fire at Bawal, Haryana manufacturing facility on May 6, 2026; no injuries, damage under assessment, insured.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/0168d602-bbe4-489a-935a-a4e0264a9fce.pdf) |
| 3 Apr - BIS conducted search and seizure on Apr 3, 2026, seizing products worth ₹2.52 crore at Noida facility. | [Intimation Under Regulation 30 Of The SEBI (LODR) Regulations 2015. 3 Apr - BIS conducted search and seizure on Apr 3, 2026, seizing products worth ₹2.52 crore at Noida facility.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fa838876-9481-4b74-af09-ae29cb5dcb5d.pdf) |
| 29 Apr - BIS seized additional products worth INR 1.9 crore at Bawal facility on April 28, 2026. | [Announcement Under Regulation 30 29 Apr - BIS seized additional products worth INR 1.9 crore at Bawal facility on April 28, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9bf5bdf9-3282-4649-abe1-1c04635ed337.pdf) |
| 29 Apr - BIS seized additional products worth INR 1.9 crore at Bawal facility on April 28, 2026. | [Announcement Under Regulation 30 29 Apr - BIS seized additional products worth INR 1.9 crore at Bawal facility on April 28, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/9bf5bdf9-3282-4649-abe1-1c04635ed337.pdf) |
| 28 Apr - Fujiyama Power Systems says it is not a Large Corporate; borrowings were 179.8 crore, rating A. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 28 Apr - Fujiyama Power Systems says it is not a Large Corporate; borrowings were 179.8 crore, rating A.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/07bf8f5a-1434-4479-9d4b-8c68c7335380.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5eff852a-6377-4c5e-a2ba-1aa8b6c18955.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/5eff852a-6377-4c5e-a2ba-1aa8b6c18955.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/67a6d414-68ab-4d2d-8576-7256883a3f00.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/67a6d414-68ab-4d2d-8576-7256883a3f00.pdf) |
| Jan 2026 | [Concall - Jan 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d0d5303e-ca21-4a1f-8f46-32021df871b8.pdf) |
| Feb 2026 | [Concall - Feb 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1e211e1b-d037-4514-b1c1-53bf974588ab.pdf) |
| Dec 2025 | [Concall - Dec 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/712d36c3-6067-4f39-b916-6d7189e53ac5.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2025-12-10 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8ae6625a-9528-4541-ac64-d4ed77cd7f35.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:57:47.682Z.