# Fujiyama Power Systems share price today (Fujiyama Power Systems Ltd, NSE: UTLSOLAR)

> Fujiyama Power Systems share price today: ₹393.65 at the NSE close on 4 November 2026, up 88.5% in a year. Fujiyama Power Systems (NSE: UTLSOLAR) is worth ₹12,104 crore, trades at a P/E of 28.9 and has closed between ₹174.83 and ₹483.95 over the past 52 weeks. > Fujiyama Power Systems Ltd's results are improving, while its P/E is near the low end of its own history over 11 months, higher than only 7% of past readings. UTLSOLAR · Electric Equipment - General · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/fujiyama-power-systems-ltd

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## Key numbers

- Price: ₹393.65 (+88.5% in a year)
- P/E: 28.9× (lower than 93% of the last 11 months)
- Revenue (Jun 2026): ₹1,346 Cr (+125.5% on a year ago)
- Profit (Jun 2026): ₹58.0 Cr (−14.7% on a year ago)
- Operating margin: 19.0% (+1.0 points on a year ago)
- ROCE: 35%, FY26
- ROIC: 26.1%, against a 12.0% cost of capital: +14.1 points
- Profit that came in as cash: 20%, last 3 years

The main question: profits are rising, but only 20% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Fujiyama Power Systems share price today? Fujiyama Power Systems Ltd's share price was ₹393.65 at the close on 4 November 2026. It has been rising for 28 weeks. That is 17.3% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹175 and ₹484, and at that close it sat 71% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 38 weeks in a row. Over the last 1 year the share price moved +88% while the NIFTY 500 moved −9%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Fujiyama Power Systems this quarter? Three changes stood out: profit fell in the June 2026 quarter, foreign funds (FIIs) cut their stake for 3 quarters in a row and revenue up on a year earlier for 4 quarters in a row (every quarter we can compare). 1. Profit fell in the June 2026 quarter Profit was ₹58 crore, -14.7% on a year earlier (₹68 crore), after 3 quarters of growth. Why: Profit fell because the company took a loss from the Bawal fire. That loss pulled down reported profit even though the fire was a one-time event. Next results: check if the Bawal insurance money comes in and if the company finds another lead-acid battery plant. From the earnings call on 14 Aug 2026. 2. Foreign funds (FIIs) cut their stake for 3 quarters in a row From 2.5% to 1.1% of the company by the September 2026 quarter. 3. Revenue up on a year earlier for 4 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹1,346 crore, +125.5% on a year earlier. Why: Revenue jumped because the company added more distributors and dealers, new Ratlam lines began producing, and it sold more complete home solar packages with panels, inverters and batteries. From the earnings call on 14 Aug 2026. ## What are Fujiyama Power Systems' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Fujiyama Power Systems reported revenue of ₹1,346 crore, up 125.5% from ₹597 crore a year earlier, and a profit of ₹58.0 crore, down 14.7% from ₹68.0 crore. ### Fujiyama Power Systems results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,346 crore | ₹597 crore | +125.5% |
| Profit | ₹58.0 crore | ₹68.0 crore | −14.7% |
| Earnings per share | ₹1.88 | ₹2.41 | −22.0% |
| Operating margin | 19.0% | 18.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Fujiyama Power Systems' management discussed these results on a call held on 14 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Fujiyama Power Systems share price history? Fujiyama Power Systems closed at ₹393.65 on 4 November 2026, up 88.5% from ₹208.84 a year earlier (21 November 2025). Its highest weekly close since November 2025 was ₹477.40 on 21 August 2026. ### Fujiyama Power Systems share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹365.20 | +7.8% |
| 1 month ago · 1 Oct 2026 | ₹401.65 | −2.0% |
| 6 months ago · 8 May 2026 | ₹272.05 | +44.7% |
| 1 year ago · 21 Nov 2025 | ₹208.84 | +88.5% |
| Earliest weekly close in our records · 21 Nov 2025 | ₹208.84 | +88.5% |
| Highest weekly close since November 2025 · 21 Aug 2026 | ₹477.40 | −17.5% |
| Lowest weekly close since November 2025 · 6 Mar 2026 | ₹182.93 | +115.2% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (58 weekly closes from 21 November 2025 to 4 November 2026.)

## What is the latest news on Fujiyama Power Systems? 4 Nov 2026: Fujiyama Power Systems closed at ₹393.65, up 7.8% on the week and down 2.0% on the month. 14 Aug 2026: Fujiyama Power Systems held its results call for April to June 2026. Management guided: FY27 revenue growth upgraded to 70% from 50%; FY28 channel base planned above 15,000. ### Earlier

- Results for April to June 2026: Revenue up 125.5% and profit down 14.7% on a year earlier. - 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. ### Our read of the business

Latest quarter: Record quarter + Ratlam delays revealed for the first time. (Our read after the latest results, written 17 May 2026.)

## What dividend does Fujiyama Power Systems pay? Fujiyama Power Systems has paid no dividend on the NSE since its first NSE close in our records (21 November 2025), the start of the period we checked. No. Fujiyama Power Systems Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Fujiyama Power Systems management say on the latest results call? On the call for April to June 2026, held on 14 August 2026, Fujiyama Power Systems' management guided: FY27 revenue growth upgraded to 70% from 50%; FY28 channel base planned above 15,000. > “Therefore, we would like to revise our guidance for the full year to 70%, considering the robust demand and the capacities that we have ready at Ratlam.”
> Pawan Kumar Garg, on the call for April to June 2026

### What management guided

- Operating margin sustainable to improving, with the current quarterly level to continue. - Ratlam 2 GW lithium-ion battery capacity on track for July to September 2026 commissioning. - TOPCon line readiness in approximately 8-9 months; building complete and machinery orders placed. - FY27-end gross block close to ₹1,300 crore excluding Zayo; no equity dilution, ₹200 crore debt, ₹100 crore IPO proceeds and ₹200 crore internal funds. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/58683/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 14 August 2026.)

## What is the future of Fujiyama Power Systems? What is changing in the business? What is changing at Fujiyama Power Systems, from the latest results and calls: operating leverage inflection (capacity ramp), dcr mandate expansion + almm-2 compliance and distribution network expansion (twin-brand). - DCR Mandate Expansion + ALMM-2 Compliance. 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. ⚠ estimate
- Distribution Network Expansion (Twin-Brand). Channel partner count 8,900+ (8,200 → 8,900 in one quarter); 50% of geographic service area still untapped; twin-brand strategy aiming for doubling within 3 years. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What could change the Fujiyama Power Systems story? What are the risks? Inverter line commissioned April to June 2026 (not yet live), battery line July to September 2026, both slipped 6-12 months from March 2026 goal; a third slip collapses the ₹3,900 crore FY27 guide as Q4 ₹1,500 crore requires full multi-line Ratlam capacity. ### The main risks

- Ratlam Inverter + Battery Timeline Miss (Third Consecutive Slip): Inverter line commissioned April to June 2026 (not yet live), battery line July to September 2026, both slipped 6-12 months from March 2026 goal; a third slip collapses the ₹3,900 crore FY27 guide as Q4 ₹1,500 crore requires full multi-line Ratlam capacity. ✓ fact
- BIS Compliance, Penalty + SKU Seizure Risk: Bureau of Indian Standards inspections affecting 10-15 of 500 SKUs; seizures and potential penalties ongoing; management asserts maximum penalty = seizure value and PM Surya Ghar participation unaffected. ⚠ estimate
- Bawal Fire, Lead-Acid Battery Capacity Suspension: Fire at Bawal lead-acid battery facility (1.3 GW capacity), operations suspended; third-party sourcing activated; comprehensive insurance in place; management confident no material P&L impact. ✓ fact
- Working Capital Buildup, 83 working capital Days vs Normalized 70-75: Working capital days jumped from 71 to 83 days driven by ₹500 crore raw material pre-stocking for new facility ramps; normalization depends on timely production ramp of queued inventory. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What to watch in Fujiyama Power Systems' next results? When Fujiyama Power Systems reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: FY27 revenue pace against the raised full-year guide - check whether subsequent quarters support the revised trajectory. - What to check (from the call)
- FY27 revenue pace against the raised full-year guide - check whether subsequent quarters support the revised trajectory. - Operating margin retention after customer pass-through and raw-material variability - check whether the sustainable-to-improving stance lasts. - Ratlam battery commissioning and TOPCon readiness - check COD, ramp-up and utilization after equipment orders. - Bawal insurance settlement and production continuity - check recovery recognition and alternative lead-acid capacity progress. ## Which stock lists is Fujiyama Power Systems on? Fujiyama Power Systems is on one of our India lists: Power & green energy stocks. [Power & green energy stocks Group on the list: Solar and wind equipment makers](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Fujiyama Power Systems profitable? Fujiyama Power Systems Ltd earned ₹58.0 Cr of net profit in the Jun 2026 quarter, −14.7% on the same quarter a year earlier. Full-year FY26 profit was ₹304 Cr. Over 6 years profit has grown 73.9% a year on average. That is 4.3% of the quarter's revenue. The same quarter a year earlier earned ₹68.0 Cr. For the full year, FY26 profit was ₹304 Cr (+94.9% on the year before). Why profit moved: revenue changed +125.5% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +78.3% and revenue +89.8%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Fujiyama Power Systems make, and is it growing? Fujiyama Power Systems Ltd reported ₹1,346 Cr of revenue in the Jun 2026 quarter, +125.5% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 6 years it has grown 43.9% a year on average. The last full year, FY26, came in at ₹2,654 Cr. Why this happened. The DCR (Domestically Consumed Rate) mandate is a regulatory moat. 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. The last four reported quarters add to ₹3,403 Cr. FY26 revenue was ₹2,654 Cr, +72.2% on the year before. Recent pace: the last four quarters grew +89.8% on average, against 43.9% a year over the longer run, so this year is growing faster than its own long-run rate. ## How much of every ₹100 of sales does Fujiyama Power Systems keep? Fujiyama Power Systems Ltd's operating margin was 19.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 7 years it has been between 8.0% and 19.0%. The latest quarter is within that range. 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. Why the margin moved: operating margin changed +1.2 percentage points on the year while gross margin changed −1.3 points. So the gain came mostly from the gross margin, which means input costs and prices charged. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. ## Is Fujiyama Power Systems' profit turning into cash? Over the last 3 years, 20% of Fujiyama Power Systems Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹3.0 Cr of cash, against ₹304 Cr of profit. After ₹500 Cr of spending on assets, free cash was −₹503 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 20% of profit came in as cash: the cash cycle got 46 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 46 days longer. The next section looks at where the cash is stuck. ## Where does Fujiyama Power Systems' cash go? Fujiyama Power Systems Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 128 days in FY26, up from 82 days in FY21. It spent ₹709 Cr on assets over the last 3 years. Customers take 19 days to pay, and stock sits for 180 days on average. At FY26 sales of ₹2,654 Cr, each day of that cycle ties up about ₹7.3 Cr, so roughly ₹931 Cr is tied up in the business at any time. FY26: customers took 19 days to pay and stock sat for 180 days, about 5.9 months of sales sitting as stock, for a full cycle of 128 days, longer than FY21's 82. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 180 days. Customers pay about 19 days after that. Suppliers are paid at 71 days. Together that makes the 128-day cycle. Spending on assets: ₹709 Cr over the last 3 years, against ₹75.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹201 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is Fujiyama Power Systems' P/E ratio, and how does it compare with its own history? Fujiyama Power Systems Ltd's P/E is 28.9×, near the low end of its own history: it has been lower only 7% of the time. Its usual P/E (the middle reading) is 38.1×, over 11 months of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹9.80. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +78.0% while the price moved +88.5%. The price did better than earnings, which pushed the multiple up within its own range. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Fujiyama Power Systems business getting better or worse? Fujiyama Power Systems Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## What is the Fujiyama Power Systems story, and has it been checked? Fujiyama Power Systems Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: EARLY EXPANSION. 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 goal; a third slip collapses the Rs 3,900 Cr FY27 guide as Q4 Rs 1,500 Cr requires full multi-line Ratlam capacity. The test written in advance. Ratlam Inverter + Battery Timeline Miss (Third Consecutive Slip). Measured by: 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. Measured by: 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. Measured by: 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 aiming for 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 serve: 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 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Fujiyama Power Systems management deliver what it promised? What Fujiyama Power Systems Ltd's management promised, against what actually happened: 4 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 goal 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. ## How much does Fujiyama Power Systems earn on its capital? Fujiyama Power Systems Ltd earned a ROCE of 35% in FY26. That is up from a low of 13% in FY23. Its return on capital used (ROIC) is 14.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 11.5% net margin and 1.13× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 11.5% net margin × 1.13× asset turnover × 1.84× leverage (assets divided by equity) ≈ 23.9% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 26.1% − 12.0% = +14.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 26.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 27.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Fujiyama Power Systems have too much debt? Fujiyama Power Systems Ltd has total debt of ₹520 Cr against shareholder equity of ₹1,273 Cr as of Jun 2026, so its debt is 0.41× its equity. Year by year, that ratio went from 0.99 in FY25 to 0.41 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Fujiyama Power Systems shareholding pattern? No group of Fujiyama Power Systems Ltd's owners changed its stake by a full percentage point over the last 4 quarters. This uses the four owner groups that companies report every quarter; nothing is guessed 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%). ## How far is Fujiyama Power Systems from balance-sheet trouble? For Fujiyama Power Systems Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Fujiyama Power Systems rank in its industry? 66.9 out of 100, rank 2 of 14 in Electric Equipment - General, with 69% of the evidence available. Fujiyama Power Systems Ltd scores 66.9 out of 100 against the 14 companies it is compared with in Electric Equipment - General, ranking 2. There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. The three scored parts add up to the total exactly: 27.4 + 20.3 + 19.2 = 66.9 (no relative-strength reading this week; its 20 points are shared across the other three). This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Fujiyama Power Systems compared with? Fujiyama Power Systems ranks 2 of 14 Electric Equipment - General companies on the 4-Factor Sector Score, with 66.9 out of 100. 1. [Emmvee Photovoltaic Power Ltd](https://www.sectoralpha.in/stocks/emmvee-photovoltaic-power-ltd) EMMVEE · quiet · Most evidence points up · 73% evidence 73.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.8/43.75 · Revenue 60.2% · Profit 93.7% · Operating margin change 0 points · 100% evidence Capital efficiency 25.9/31.25 · ROCE 44.6% · Operating margin 35% · 100% evidence Valuation 20.3/25 · P/E 11.2× · PEG 0.68 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 26.8 + 25.9 + 20.3 = 73 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 2. Fujiyama Power Systems Ltd this page UTLSOLAR · losing its lead · Most evidence points up · 69% evidence 66.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.4/43.75 · Revenue 95% · Profit 62.4% · Operating margin change 1 points · 88% evidence Capital efficiency 20.3/31.25 · ROCE 35.1% · Operating margin 19% · 100% evidence Valuation 19.2/25 · P/E 26.8× · PEG 0.56 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.4 + 20.3 + 19.2 = 66.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 3. [Hindusthan Insulators & Industries Ltd](https://www.sectoralpha.in/stocks/hindusthan-insulators-industries-ltd) leader · Evidence leans up · 72% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.9/35 · Revenue 72% · Profit 100% · Operating margin change 34 points · 71% evidence Capital efficiency 8.2/25 · ROCE 10.6% · Operating margin 44% · 95% evidence Valuation 10.8/20 · P/E 12.7× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 97.4% · Lead over NIFTY 500 144% · 1 year 432.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.9 + 8.2 + 10.8 + 20 = 63.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Yash Highvoltage Ltd](https://www.sectoralpha.in/stocks/yash-highvoltage-ltd) leader · Too little evidence to rank firmly · 56% evidence 62.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue n/a · Profit n/a · Operating margin change 7 points · 26% evidence Capital efficiency 16.1/25 · ROCE 28.6% · Operating margin 28% · 95% evidence Valuation 8.7/20 · P/E 58.7× · PEG n/a · 15% evidence Relative strength 18.1/20 · Lead over its industry 38.3% · Lead over NIFTY 500 79.6% · 1 year 137.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 19.4 + 16.1 + 8.7 + 18.1 = 62.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Parth Electricals & Engineering Ltd](https://www.sectoralpha.in/stocks/parth-electricals-engineering-ltd) PARTH · leader · Too little evidence to rank firmly · 52% evidence 47.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.1/35 · Revenue n/a · Profit n/a · Operating margin change -1 points · 27% evidence Capital efficiency 10.4/25 · ROCE 21% · Operating margin 11% · 100% evidence Valuation 9.4/20 · P/E 38.2× · PEG n/a · 15% evidence Relative strength 12.3/20 · Lead over its industry 3.6% · Lead over NIFTY 500 36.3% · 1 year 76.6% · 70% evidence · 12 of 12 weeks ahead Exact sum: 15.1 + 10.4 + 9.4 + 12.3 = 47.2 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [ABB India Ltd](https://www.sectoralpha.in/stocks/abb-india-ltd) ABB · losing its lead · Evidence leans down · 71% evidence 45.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.8/35 · Revenue 10.2% · Profit 66.5% · Operating margin change -1 points · 62% evidence Capital efficiency 14.2/25 · ROCE 29.9% · Operating margin 13% · 76% evidence Valuation 9.2/20 · P/E 88.2× · PEG n/a · 50% evidence Relative strength 4.6/20 · Lead over its industry -24.8% · Lead over NIFTY 500 4.8% · 1 year 22.9% · 100% evidence · 5 of 12 weeks ahead Exact sum: 17.8 + 14.2 + 9.2 + 4.6 = 45.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Vidya Wires Ltd](https://www.sectoralpha.in/stocks/vidya-wires-ltd) VIDYAWIRES · quiet · Too little evidence to rank firmly · 59% evidence 44.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.8/43.75 · Revenue 31.6% · Profit 40.9% · Operating margin change -0.5 points · 88% evidence Capital efficiency 11.9/31.25 · ROCE 20.6% · Operating margin 4% · 100% evidence Valuation 12.7/25 · P/E 27.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 19.8 + 11.9 + 12.7 = 44.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Saatvik Green Energy Ltd](https://www.sectoralpha.in/stocks/saatvik-green-energy-ltd) SAATVIKGL · quiet · Evidence leans down · 83% evidence 40.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.3/35 · Revenue 46.5% · Profit -21.9% · Operating margin change -12.7 points · 88% evidence Capital efficiency 12.7/25 · ROCE 33% · Operating margin 6.6% · 100% evidence Valuation 15.0/20 · P/E 17.6× · PEG 0.84 · 65% evidence Relative strength 3.5/20 · Lead over its industry -39.8% · Lead over NIFTY 500 -13.8% · 1 year -34.5% · 70% evidence · 0 of 12 weeks ahead Exact sum: 9.3 + 12.7 + 15 + 3.5 = 40.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Indosolar Ltd](https://www.sectoralpha.in/stocks/indosolar-ltd) WAAREEINDO · basing · Evidence leans down · 68% evidence 36.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 0.8/35 · Revenue -26.8% · Profit -41.4% · Operating margin change -25.4 points · 100% evidence Capital efficiency 16.3/25 · ROCE 124% · Operating margin 9.5% · 100% evidence Valuation 11.5/20 · P/E 6.4× · PEG n/a · 15% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -47.2% · 1 year -68.6% · 25% evidence · 0 of 12 weeks ahead Exact sum: 0.8 + 16.3 + 11.5 + 7.5 = 36.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Vivid Electromech Ltd](https://www.sectoralpha.in/stocks/vivid-electromech-ltd) VIVIDEL · losing its lead · Too little evidence to rank firmly · 43% evidence 59.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.6/43.75 · Revenue n/a · Profit n/a · Operating margin change 1 points · 45% evidence Capital efficiency 21.7/31.25 · ROCE 58.9% · Operating margin 20% · 95% evidence Valuation 12.3/25 · P/E 28.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 25.6 + 21.7 + 12.3 = 59.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [Cospower Engineering Ltd](https://www.sectoralpha.in/stocks/cospower-engineering-ltd) Too little evidence to rank firmly · 28% evidence 55.8 out of 100 Growth Capital Valuation Relative
12. [GP Eco Solutions India Ltd](https://www.sectoralpha.in/stocks/gp-eco-solutions-india-ltd) GPECO · quiet · Too little evidence to rank firmly · 32% evidence 55.3 out of 100 Growth Capital Valuation Relative
13. [Indo SMC Ltd](https://www.sectoralpha.in/stocks/indo-smc-ltd) losing its lead · Too little evidence to rank firmly · 28% evidence 50.5 out of 100 Growth Capital Valuation Relative
14. [Saakshi Medtech & Panels Ltd](https://www.sectoralpha.in/stocks/saakshi-medtech-panels-ltd) SAAKSHI · breaking out · Too little evidence to rank firmly · 39% evidence 50.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Electric Equipment - General](https://www.sectoralpha.in/sectors/electric-equipment-general), all 14 compared on one page. ## Which companies are close to Fujiyama Power Systems in size? Fujiyama Power Systems is the 3rd largest of 14 Electric Equipment - General companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: ABB India and Emmvee Photovoltaic Power. Just below it: Saatvik Green Energy, Yash Highvoltage, Vidya Wires and Hindusthan Insulators & Industries. ### Electric Equipment - General companies close in size

1. [ABB India Ltd](https://www.sectoralpha.in/stocks/abb-india-ltd) ₹1,35,897 crore
2. [Emmvee Photovoltaic Power Ltd](https://www.sectoralpha.in/stocks/emmvee-photovoltaic-power-ltd) ₹15,855 crore
3. Fujiyama Power Systems Ltd ₹11,223 crore
4. [Saatvik Green Energy Ltd](https://www.sectoralpha.in/stocks/saatvik-green-energy-ltd) ₹4,365 crore
5. [Yash Highvoltage Ltd](https://www.sectoralpha.in/stocks/yash-highvoltage-ltd) ₹3,612 crore
6. [Vidya Wires Ltd](https://www.sectoralpha.in/stocks/vidya-wires-ltd) ₹1,729 crore
7. [Hindusthan Insulators & Industries Ltd](https://www.sectoralpha.in/stocks/hindusthan-insulators-industries-ltd) ₹1,626 crore

[All 14 Electric Equipment - General companies, largest first](https://www.sectoralpha.in/sectors/electric-equipment-general#all-companies)

### Companies close in size in other industries

1. [Bikaji Foods International Ltd](https://www.sectoralpha.in/stocks/bikaji-foods-international-ltd) ₹11,317 crore · FMCG - Snacks
2. [Karnataka Bank Ltd](https://www.sectoralpha.in/stocks/karnataka-bank-ltd) ₹11,284 crore · Banks - Private
3. Fujiyama Power Systems Ltd ₹11,223 crore
4. [Aditya Birla Real Estate Ltd](https://www.sectoralpha.in/stocks/aditya-birla-real-estate-ltd) ₹11,213 crore · Realty - National
5. [Home First Finance Company India Ltd](https://www.sectoralpha.in/stocks/home-first-finance-company-india-ltd) ₹11,210 crore · Finance - Housing

## What else do people ask about Fujiyama Power Systems? ### What is Fujiyama Power Systems's share price today? Fujiyama Power Systems Ltd's share price is ₹393.65, +88.5% over the past year. The whole company is worth ₹12,104 Cr on the market. In the last 52 weeks it traded between ₹175 to ₹484; today it is 71% of the way up from the low, 17.3% above its 200-day average (as of 4 November 2026). ### What were Fujiyama Power Systems's latest quarterly results? Fujiyama Power Systems Ltd reported revenue of ₹1,346 Cr and net profit of ₹58.0 Cr for the Jun 2026 quarter. Revenue rose 125.5% and profit fell 14.7% compared with a year earlier. Earnings per share were ₹1.88. The operating margin was 19.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Fujiyama Power Systems's market cap? Fujiyama Power Systems Ltd's market capitalisation is ₹12,104 Cr at a share price of ₹393.65. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Fujiyama Power Systems performing? Fujiyama Power Systems Ltd's share price has been rising for 28 weeks. In its latest quarter, revenue rose 125.5% and profit fell 14.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 38 weeks running (as of 4 November 2026). ### Will Fujiyama Power Systems's share price go up? This page does not forecast Fujiyama Power Systems Ltd's share price. What it shows instead: the share price is ₹393.65, and it has been rising for 28 weeks. Its P/E of 28.9× is higher than 7% of its own last 1 years (as of 4 November 2026). ### Who owns Fujiyama Power Systems? Promoters own 86.6% of Fujiyama Power Systems Ltd, foreign institutions 1.1%, domestic institutions 5.4% and the public 6.9% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 4 November 2026). ### Does Fujiyama Power Systems have too much debt? Fujiyama Power Systems Ltd has a moderate amount of debt: its debt is 0.41× its equity, and its operating profit is 11 times its interest bill. FY26 borrowings were ₹520 Cr against equity of ₹1,274 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Fujiyama Power Systems in its business cycle? Fujiyama Power Systems Ltd's FY26 operating margin was 19.0%, against a 7-year range of 8.0% to 19.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 19.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Fujiyama Power Systems story? The main question: profits are rising, but only 20% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Fujiyama Power Systems a stock worth studying right now? What the numbers show: Fujiyama Power Systems Ltd's results are improving, while its P/E is near the low end of its own history over 11 months, higher than only 7% of past readings. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Fujiyama Power Systems share price forecast for 2026? What management itself guided: FY27 revenue growth upgraded to 70% from 50%; FY28 channel base planned above 15,000. What is changing at Fujiyama Power Systems, from the latest results and calls: operating leverage inflection (capacity ramp), dcr mandate expansion + almm-2 compliance and distribution network expansion (twin-brand). What would change the story: Inverter line commissioned April to June 2026 (not yet live), battery line July to September 2026, both slipped 6-12 months from March 2026 goal; a third slip collapses the ₹3,900 crore FY27 guide as Q4 ₹1,500 crore requires full multi-line Ratlam capacity. ## Lists

- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

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