Fujiyama Power Systems Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹216 – ₹228
Lot Size
65
Minimum Bid Quantity
65
Minimum Investment
₹14820
Issue Size
₹828Cr
Opens
2025-11-13
Closes
2025-11-17
Listing
20-11-2025
Subscription Status
Qualified Institutional Buyers
5.15 x
Non-Institutional Investor
0.81 x
Retail Individual Investor
0.79 x
Employees
1.39 x
Total
2.02 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE12UR01024
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Fujiyama Power Systems is a manufacturer and solutions provider in the rooftop solar industry, engaged in producing on-grid, off-grid, and hybrid solar systems. The company manufactures solar panels, inverters, and batteries, including both lead-acid and lithium-ion types, and also develops products such as solar power conditioning units (PCUs), pulse width modulation (PWM) chargers, charge controllers, and online and offline uninterruptible power supply (UPS) systems. In addition, it produces chargers and batteries for electric three-wheelers. The company operates four manufacturing facilities located in Greater Noida and Dadri (Uttar Pradesh), Parwanoo (Himachal Pradesh), and Bawal (Haryana). Fujiyama Power Systems also has an in-house research and development (R&D) facility in Delhi focused on inverter and solar technology innovation. The company distributes its products through a pan-India network of distributors, dealers, and UTL Solar “Shoppe” franchisees and exports to markets including the USA, Bangladesh, and the United Arab Emirates (UAE). Use of proceeds: The IPO consists of both a fresh issue and an offer for sale (OFS). Net proceeds from the OFS will go to the respective selling shareholders, while the net proceeds from the fresh issue will be utilised for the following purposes: Part-financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India—Rs 180 crore. Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company—Rs 275 crore. General corporate purposes.
Pros
- • Fujiyama Power Systems claims to have a diversified portfolio of over 522 solar products and solutions, including solar PCUs, inverters, panels, batteries, and EV chargers for e-rickshaws. This extensive range enables the company to serve varied customer needs and reduce dependence on any single product line. According to the CARE Report, it accounted for 9.6 percent of India’s installed rooftop solar capacity and held a 15.5 percent share of the solar battery market in FY25.
- • Fujiyama Power Systems claims to have a strong track record of technological development and product innovation, supported by over 29 years of experience, 65 R&D professionals, and 500 qualified engineers. The company is among the few in India to have developed online uninterruptible power supply (UPS) systems with single card design, combo UPS with automatic voltage regulation (AVR), and single card surface mount technology (SMT) inverters. It also patented its rapid maximum power point tracking (rMPPT) technology in 2024, which improves solar power efficiency under varying conditions, and developed hybrid inverters with battery storage and grid export capabilities.
- • The company claims to have a robust pan-India distribution and post-sale service network that strengthens its brand presence across the rooftop solar industry. As of June 30, 2025, the company had 725 distributors, 5,546 dealers, 1,100 exclusive “Shoppe” franchise outlets, and 602 service engineers providing nationwide technical support. This network enables consistent product availability, professional installation, and on-site service delivery.
Cons
- • Fujiyama Power Systems derives a major portion of its revenue from retail sales through its distributor, dealer, and franchise network. Retail sales accounted for Rs 558.95 crore (93.57 percent) of the company’s revenue for the period ended June 30, 2025; Rs 1,379.43 crore (89.53 percent) in FY25; Rs 722.81 crore (78.17 percent) in FY24; and Rs 580.08 crore (87.35 percent) in FY23. The company’s retail operations depend on the continued performance and cooperation of its 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, whose agreements are typically for a period of five years and renewed periodically. Any non-renewal, termination, or disruption of these arrangements, or a decline in the effectiveness of its channel partners, could adversely impact the company’s sales, cash flows, and overall financial condition.
- • The cost of imported materials accounted for Rs 142.85 crore (29.08 percent) of the company’s total purchases for the period ended June 30, 2025; Rs 317.57 crore (25.76 percent) in FY25; Rs 178.64 crore (25.08 percent) in FY24; and Rs 84.99 crore (16.71 percent) in FY23. Furthermore, among these, China alone accounted for Rs 131.47 crore (92.03 percent) of the company’s total cost of materials imported for the period ended June 30, 2025; Rs 288.42 crore (90.82 percent) in FY25; Rs 146.68 crore (82.11 percent) in FY24; and Rs 47.18 crore (55.51 percent) in FY23. The company’s operations are exposed to import-related risks, as the Government of India has imposed a 25 percent basic customs duty on solar cells and 40 percent on solar modules. Any further increase in import duties, restrictions on imports from China or other supplier countries, or adverse changes in trade policies could raise production costs, affect raw material availability, and negatively impact the company’s profitability and cash flows.
- • The profitability of Fujiyama Power Systems is sensitive to fluctuations in the prices of solar panels and related products. In FY24, global solar panel prices fell sharply to 18 US cents per watt, down by almost 95 percent over the past decade, primarily due to a supply glut in China. Domestic prices mirrored this trend, declining by 42 percent in FY24 and further dropping to 17.7 US cents per watt in FY25. This decline led to reduced selling prices for the company’s solar panels, putting pressure on its profit margins. Any further fall in solar panel prices driven by global oversupply or changing market conditions could adversely affect the company’s revenue, margins, and overall financial performance.
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