Fujiyama Power Systems Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Fujiyama Power Systems Ltd trades at ₹365, in a confirmed uptrend and 13 weeks into that stage. That is +42.0% against its own 200-day average. It sits at 91% of a 52-week range of ₹183 to ₹383. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹365 it trades +42.0% versus its 200-day average and sits at 91% of its 52-week range (₹183–₹383).

Against the market, two honest reads. Cumulative: over the last 8 months the stock moved +75% while the NIFTY 500 moved −3% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 21 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 75th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Fujiyama Power Systems Ltd trades at 38.7× P/E, at the pricey end of its own range (75th percentile). Its long-run median P/E is 36.7×, measured across 0.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 38.7× is at the pricey end of its own range (75th percentile), against a long-run median of 36.7× measured over 0.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Fujiyama Power Systems Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

58.5/100 — rank 2 of 14 in Electric Equipment - General · 56% evidence confidence

Fujiyama Power Systems Ltd scores 58.5 out of 100 against the 14 companies it is compared with in Electric Equipment - General, ranking 2. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 23.2 + 15.8 + 9.5 + 10 = 58.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Fujiyama Power Systems Ltd reported ₹901 Cr of revenue in the Mar 26 quarter, +87.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 6 years it has compounded at 43.9% a year. The last full year, FY26, came in at ₹2,655 Cr. The last four reported quarters add to ₹2,654 Cr.

Fujiyama Power Systems Ltd reported ₹901 Cr of revenue in the Mar 26 quarter, +87.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 6 years it has compounded at 43.9% a year. The last full year, FY26, came in at ₹2,655 Cr. The last four reported quarters add to ₹2,654 Cr.

FY26 revenue came in at ₹2,655 Cr (+72.3% on the year), capping 6 years at 43.9% compound. The latest quarter (Mar 26) printed ₹901 Cr, +87.7% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +77.9% growth against the decade's 43.9% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 19.0% this quarter (+3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Fujiyama Power Systems Ltd's operating margin is 19.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 8.0% to 18.0%. The current quarter is running above every full year in that window.

Fujiyama Power Systems Ltd's operating margin is 19.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 8.0% to 18.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 19.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 8.0%–18.0%, and FY26's 18.0% is the top of that band — a record year.

Why the margin moved: operating margin went +2.6 pp year on year while gross margin went +2.0 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +107.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Fujiyama Power Systems Ltd earned ₹106 Cr of net profit in the Mar 26 quarter, +107.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹304 Cr. The 6-year compound rate is 73.9%. That is 11.8% of the quarter's revenue. The same quarter a year earlier earned ₹51.0 Cr.

Fujiyama Power Systems Ltd earned ₹106 Cr of net profit in the Mar 26 quarter, +107.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹304 Cr. The 6-year compound rate is 73.9%. That is 11.8% of the quarter's revenue. The same quarter a year earlier earned ₹51.0 Cr.

Mar 26 profit was ₹106 Cr, +107.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹304 Cr (+94.9%), and the 6-year compound rate is 73.9%.

Why profit moved: revenue contributed +87.7% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +109.3% vs revenue +77.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 20% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 20% of Fujiyama Power Systems Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−3.0 Cr of operating cash against ₹304 Cr of profit. After ₹500 Cr of capital spending, ₹−503 Cr was left as free cash.

FY26: operating cash of ₹−3.0 Cr against reported profit of ₹304 Cr, leaving free cash of ₹−503 Cr after ₹500 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 20% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 20%: the cash cycle stretched 46 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 46 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 128-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Fujiyama Power Systems Ltd's cash conversion cycle runs 128 days in FY26, up from 82 days in FY21. Capital spending ran ₹709 Cr over the last 3 years. At FY26 sales of ₹2,655 Cr each day of that cycle holds about ₹7.3 Cr, so roughly ₹931 Cr sits inside the business at any moment.

FY26: debtors at 19 days, inventory at 180 days — roughly 5.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 128 days, looser than FY21's 82.

The full loop: cash goes out to suppliers and production on day 0; stock waits 180 days to sell; customers pay about 19 days after that; and suppliers themselves are paid at 71 days — netting out to the 128-day cycle.

In money terms: at FY26 sales of ₹2,655 Cr, each day of the cycle holds about ₹7.3 Cr — so the 128-day loop keeps roughly ₹931 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹709 Cr over the last 3 fiscal years against ₹75.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹201 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 35% and the ROIC − WACC spread is +11.2 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Fujiyama Power Systems Ltd earns a ROCE of 35% in FY26. That is up from a trough of 13% in FY23. Return on invested capital clears the cost of that capital by +11.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.5% net margin on 1.13× asset turns.

FY26 ROCE is 35%, recovered from a FY23 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 11.5% net margin × 1.13× asset turns × 1.84× balance-sheet leverage ≈ 23.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 23.2% − 12.0% = a +11.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.41.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Fujiyama Power Systems Ltd carries total debt of ₹520 Cr against shareholder equity of ₹1,273 Cr as of Mar 26, a debt-to-equity of 0.41. On the annual view that ratio went from 0.99 in FY25 to 0.41 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹520 Cr against shareholder equity of ₹1,273 Cr — a debt-to-equity of 0.41. On the annual view, debt-to-equity went from 0.99 (FY25) to 0.41 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Fujiyama Power Systems Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Fujiyama Power Systems Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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