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 ₹448, in a confirmed uptrend and 21 weeks into that stage. That is +43.8% against its own 200-day average. It sits at 90% of a 52-week range of ₹183 to ₹477. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 29 straight weeks.

Today the stock is in a confirmed uptrend — week 21 of stage 2, confirmed. At ₹448 it trades +43.8% versus its 200-day average and sits at 90% of its 52-week range (₹183–₹477).

Against the market, two honest reads. Cumulative: over the last 10 months the stock moved +114% while the NIFTY 500 moved −5% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 29 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.

Story check

Fujiyama Power Systems Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: EARLY_EXPANSION. Our fortnightly research layers last read it on 27 June 2026.

Our read, 17 May 2026. A vertically integrating rooftop solar assembler racing to lock in margin, distribution, and DCR-compliance moat before the market saturates.

What is proven. A vertically integrating rooftop solar assembler racing to lock in margin, distribution, and DCR-compliance moat before the market saturates.

What is not proven yet. Inverter line commissioned Q1 FY27 (not yet live), battery line Q2 FY27 — both slipped 6-12 months from March 2026 target; a third slip collapses the Rs 3,900 Cr FY27 guide as Q4 Rs 1,500 Cr requires full multi-line Ratlam capacity.

Layer 1 read, 27 June 2026 — KEEP. Real, early rooftop-solar earnings ramp — but cash lags the accounting, so P2 not P1. Fujiyama's revenue scaled Rs 329 Cr to Rs 901 Cr over seven quarters with OPM climbing 15% to 19% and FY26 PAT up 95% — a genuine early-cycle inflection (true_story EPS recovery 0.83 off a +563% trough). The brake is cash quality: self_funding reads ACCRUAL_HEAVY and working capital is bloating, so the cash has not yet caught the reported earnings, and two prior guidance commitments were MISSED. Strong story, unconfirmed cash conversion.

What would change Layer 1’s mind. Two consecutive quarters where OCF tracks reported PAT (OCF/PAT toward 1.0) and working-capital days stop expanding while revenue keeps growing — that confirms the ramp is self-funding and would promote it to P1; conversely, OPM rolling back below 15% or a third guidance miss would break the margin-moat leg.

Layer 2 read, 27 June 2026 — BENCH. Real solar inflection, but cash isn't following the profit and the whole industry is flooding capacity — watch, don't admit yet. Revenue 329->901 cr and OPM 15->19% are a genuine early inflection, but operating cash flow turned NEGATIVE (18 to -3 cr) while profit nearly doubled and working capital ballooned +353.8% — the Working Capital Growth Governor's exact failure mode. On top of that the rooftop-solar industry is in a SUPPLY_FLOOD (CWIP +547.79%, capex +30%) with institutions absent — the CAPACITY_RISK cell — so the supply glut the company races to outrun is already building. Equity-funding (D/E 0.99->0.41) keeps it off a debt spiral, so this benches rather than drops.

What would change Layer 2’s mind. Two consecutive quarters of POSITIVE operating cash flow with working-capital days normalising (receivables/inventory unwinding) AND evidence the industry capex flood is moderating (CWIP/gross-block growth decelerating) — that would convert the genuine margin J-curve into a cash-validated, supply-safe ADVANCE.

The test written in advance. Ratlam Inverter + Battery Timeline Miss (Third Consecutive Slip) — Ratlam Inverter + Battery Timeline Miss (Third Consecutive Slip) Q1 FY27 concall — does Ratlam inverter line go live? Is battery still tracking Q2 FY27? by the next result.

The test written in advance. Management Credibility — Pattern of Undisclosed Capacity Reversals — Management Credibility — Pattern of Undisclosed Capacity Reversals Does management proactively disclose any issues in Q1 FY27 concall, or wait for analyst questions to surface them? by the next result.

The test written in advance. BIS Compliance — Penalty + SKU Seizure Risk — BIS Compliance — Penalty + SKU Seizure Risk BIS regulatory decision on questioned SKUs — monitor any news on formal resolution by the next result.

Lever 3 · Management change — BUILDING. Revenue +72.3%, EBITDA +97.3% FY26 — textbook operating leverage as backward integration absorbed fixed costs across expanding capacity; Ratlam doubles the engine. What proves it keeps working: Operating Leverage Inflection (Capacity Ramp). It stops working if Q1 FY27 concall — does Ratlam inverter line go live? Is battery still tracking Q2 FY27?

Lever 7 · Consolidation — BUILDING. Government DCR mandate expanding from subsidy-only to all grid-connected rooftop solar by June 2026 — Fujiyama's 1 GW Dadri cell capacity captures 10-15% pricing premium that competitors cannot replicate. What proves it keeps working: DCR Mandate Expansion + ALMM-2 Compliance. It stops working if Q1 FY27 concall — does Ratlam inverter line go live? Is battery still tracking Q2 FY27?

Lever 6 · Order-book wins — BUILDING. Channel partner count 8,900+ (8,200 → 8,900 in one quarter); 50% of geographic service area still untapped; twin-brand strategy targeting doubling within 3 years. What proves it keeps working: Distribution Network Expansion (Twin-Brand). It stops working if Q1 FY27 concall — does Ratlam inverter line go live? Is battery still tracking Q2 FY27?

Lever 14 · A bigger market to sell into — BUILDING. 7 million untapped PM Surya Ghar household installations (~25 GW) and grid-unreliability-driven off-grid demand in Tier-2/3 geographies provide a structural multi-year runway. What proves it keeps working: TAM Expansion — PM Surya Ghar + Necessity-Driven Rooftop Solar. It stops working if Q1 FY27 concall — does Ratlam inverter line go live? Is battery still tracking Q2 FY27?

Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

Fujiyama Power Systems Ltd reported ₹1,346 Cr of revenue in the Jun 26 quarter, +125.5% year on year. That is the 4th 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 ₹3,403 Cr.

Why this happened. The DCR (Domestically Consumed Rate) mandate is a regulatory moat. Competitors selling imported cells cannot access the subsidized PM Surya Ghar market. Fujiyama's Dadri 1 GW Mono PERC BSF cell facility, commissioned in 6 months under budget, is the direct enabler. Management estimates capturing ~800 MW of DCR/subsidy market in FY27. The 10-15% pricing premium on DCR cells is guided as sustainable for 2-3 years given supply-demand gap. The additional TOPCon facility (1,200 MW, Rs 350 Cr capex) addresses ALMM-2, the next regulatory ratchet for grid-connected rooftop systems.

FY26 revenue came in at ₹2,655 Cr (+72.3% on the year), capping 6 years at 43.9% compound. The latest quarter (Jun 26) printed ₹1,346 Cr, +125.5% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +89.8% growth against the decade's 43.9% — the current year is running faster than its own long-run rate.

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 Jun 26 quarter, +1.0 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.

Why this happened. The IPO debt repayment unlocked PAT margin expansion even before operating leverage materialized. With the benefit fully realized in the run-rate, FY27 PAT margin improvement will need to come from operating leverage and mix rather than finance costs. New debt from Ratlam/TOPCon capex will partially offset this benefit going forward.

The latest quarter's operating margin is 19.0%, +1.0 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 +1.2 pp year on year while gross margin went −1.3 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.

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 ₹58.0 Cr of net profit in the Jun 26 quarter, −14.7% year on year. Full-year FY26 profit was ₹304 Cr. The 6-year compound rate is 73.9%. That is 4.3% of the quarter's revenue. The same quarter a year earlier earned ₹68.0 Cr.

Jun 26 profit was ₹58.0 Cr, −14.7% year on year. On the full year, FY26 printed ₹304 Cr (+94.9%), and the 6-year compound rate is 73.9%.

🚨 Why profit moved: revenue contributed +125.5% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +78.3% vs revenue +89.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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.

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.

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 +14.1 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: 26.1% − 12.0% = a +14.1 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.

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.

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.

Why this happened. The integration thesis is delivering. FY26 gross margin improvement was driven by three captive capacity expansions: solar panels 439 MW to 1,639 MW, power electronics 1,143 MW to 2,180 MW, batteries 1,363 MWh to 1,863 MWh. Q4 FY26 showed the strongest leverage: Rs 901 Cr revenue on Rs 171 Cr EBITDA (19% margin) — 19% vs 15.5% prior year. The Ratlam 2 GW facility adds the same scale again once fully ramped. At 50% utilization in FY27 (management guide) the revenue potential is Rs 2,500+ Cr from Ratlam alone at current ASPs. The finance cost tailwind from IPO debt repayment added another layer to PAT margin (11.5% vs 10.1%).

The register over the last two years — .

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.

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 32.9× P/E, near the bottom of its own range — cheaper only 34% of the time. Its long-run median P/E is 37.0×, measured across 0.3 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 32.9× is near the bottom of its own range — cheaper only 34% of the time, against a long-run median of 37.0× measured over 0.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

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

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.

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

4-Factor Sector Score

55.4/100 — rank 2 of 13 in Electric Equipment - General · 63% evidence confidence

Fujiyama Power Systems Ltd scores 55.4 out of 100 against the 13 companies it is compared with in Electric Equipment - General, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.8 + 13.6 + 10 + 10 = 55.4. 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.

Said versus delivered

What Fujiyama Power Systems Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Ratlam Battery Commissioning Timeline Shift · 14 August 2026. In the February 2026 call, management stated that all three Ratlam lines, including the 2 GW lithium-ion battery line, would contribute revenue in Q1 FY27. In the August 2026 call, management said the battery capacity was only on track for commissioning by Q2 FY27, representing a material timing change that was not explained.

Contradictory Battery Manufacturing Plans at Dadri · 2 February 2026. In the December 2025 call, management explicitly confirmed a target commissioning date of March 2026 for a battery line at the Dadri facility when directly questioned about it. However, in the February 2026 call, management completely reversed this position, stating there was never a plan for a battery line at Dadri and that only solar panels and cells were expected there. Earlier call (Dec 2025): “Anuj Upadhyay: And this battery in Dadri, this by when it will be commissioned, sir?... Management: Our target is March 2026, to have this commissioned... Yes, sir.” Later call (Feb 2026): “Management: Actually, the new line is coming to Ratlam, not Dadri. There is no plan for a battery line at Dadri. At Dadri, only the solar panel line and solar cell line were expected.”

🚨 Revenue Outlook · 10 December 2025. In the Dec 2025 call, the CFO's prepared remarks attributed the Q2 revenue dip to a GST rate change causing a 'temporary pause' as customers 'postponed purchases', implying a deferral. However, in the Q&A of the same call, another manager stated emphatically that such missed sales are permanently 'gone' and will not be fully recovered, presenting a more pessimistic outlook. Later call (Dec 2025): “The decline in revenue was largely due to the impact of the GST rate cut on solar equipment...This resulted in nearly a month of muted activity.” Later call (Dec 2025): “His belief is that the sale I missed today is gone, Sir...Definitely, some recovery will happen, but not as much as the loss incurred in that period. The sale that is missed is gone.”

Inventory Level Projections · 10 December 2025. During the Q&A in the Dec 2025 call, management guided that high inventory days (108) would stabilize back to the historical range of 90-98 days. Yet, later in the same discussion, another manager explained that backward integration projects, like the cell factory currently being commissioned, have historically caused inventory to 'increase slightly once' before reducing, suggesting a potential near-term inventory build-up that contradicts the guidance of a simple stabilization. Later call (Dec 2025): “in the coming quarters, we believe that this inventory cycle number should get stabilized...historically, it was around 90-98 days. So, we believe it will be somewhere around that.” Later call (Dec 2025): “Every time we went into backward integration, it increased slightly once because we had to stock both raw materials and finished goods.”

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions