Fujiyama Power Systems IPO

Fujiyama Power Systems IPO

Power Generation/Distribution
open
₹14,040Min. investment
  1. Pre-apply
    11 Nov
  2. Bid start
    13 Nov
  3. Bid end
    17 Nov
  4. Allotment
    18 Nov
  5. Release of funds
    19 Nov
  6. Demat transfer
    19 Nov
  7. Listing
    20 Nov

About Fujiyama Power Systems Limited

SectorPower Generation/Distribution
Price range₹216 – ₹228
IPO type
Regular
Lot size65 shares
Issue size₹828Cr
Red Herring Prospectus
Read
Market Cap
₹6,986CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹1,540CrLower than sector avg
Growth rate3Y CAGR
52.32%Higher than sector avg

Fujiyama Power Systems Limited IPO Overview

Fujiyama Power Systems Limited IPO date

Fujiyama Power Systems Limited IPO will open for subscription on November 13, 2025, and the closing date for the IPO is November 17, 2025. After this, investors are expected to be updated about the allotment status on November 18, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on November 19, 2025. The shares will be listed on the NSE and the BSE on Thursday, November 20, 2025.

Fujiyama Power Systems Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹216 to ₹228 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹600 crore and an offer for sale of ₹228 crore. Fujiyama Power Systems Limited IPO listing price will be determined on November 20, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Fujiyama Power Systems Limited IPO lot size

Fujiyama Power Systems Limited IPO details have been declared. The minimum lot size for an application is 65 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹828 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,540Cr
This sector
₹7,783.3Cr
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3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
52.32%
This sector
0.01%
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹156.3Cr
This sector
₹1,281.2Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹6,986Cr
This sector
₹38,103.65Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
40.79
This sector
45.35
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.87
This sector
2.10
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Objectives

Repayment of loans
45.83%
Investment in manufacturing facility
30.00%
General corporate purposes
24.17%

Strength and Weakness

Diversified product portfolio

The company offers over 522 SKUs across solar panels, inverters, batteries, and EV chargers, positioning it as a one-stop solar solutions provider in India. The company holds a 15.5% market share in the Indian solar battery market and has supplied 1.64 GW of solar inverters, accounting for 9.6% of India’s rooftop solar capacity as of March 2025. This broad product mix and presence across off-grid, on-grid, and hybrid segments help mitigate category risks and ensure steady revenue visibility.

R&D strength and technology edge

With 65 R&D professionals, 500 engineers, and a 29-year innovation track record, Fujiyama has pioneered several industry-first technologies, such as single-card online UPS, rMPPT solar optimisation technology (patented in 2024), and integrated hybrid inverters. The company has its own in-house Battery Management System (BMS) and upgraded its production setup to manufacture the latest technology in solar panels.

Extensive distribution and service network

The company operates through 725 distributors, 5,546 dealers, and 1,100 exclusive “UTL Solar Shoppe” outlets, supported by 602 service engineers nationwide. It has built a pan-India presence operating through its brands “UTL Solar” and “Fujiyama Solar”. This network ensures strong market penetration and customer service capability.

Scalable manufacturing infrastructure

The company operates advanced manufacturing facilities across Greater Noida, Parwanoo, Bawal, and Dadri, with an installed capacity of 2,182 MW across solar products and 1,363 MWh of batteries as of FY25. The facilities are ISO 9001:2015, 14001:2015, and 45001:2015 certified, integrating automation and quality control systems like TQM, KAIZEN, and 5S. Ongoing capacity expansions include a 1 GW solar cell line at Dadri and a new integrated Ratlam facility, which are set to double capacity and enhance backward integration, improving cost efficiency and margins.

About Fujiyama Power Systems Limited

Fujiyama Power Systems is one of India’s leading integrated providers of solar energy solutions. It offers end-to-end rooftop solar systems and power backup products under its flagship brands “UTL Solar” and “Fujiyama Solar.”
With a legacy of 29 years, the company has evolved into a diversified clean energy manufacturer with a strong presence across the rooftop solar, energy storage, and EV charging segments. The company offers a comprehensive portfolio of more than 522 SKUs, which includes solar panels, off-grid, on-grid, and hybrid inverters, battery chargers, solar management units, lithium-ion and tubular batteries, and EV chargers.
The company is among the few Indian players providing complete solar energy solutions under one roof. UTL Solar has supplied 1.64 GW of solar inverters across India, equivalent to 9.6% of the cumulative rooftop solar capacity of 17 GW as of March 2025. It has a track record of being one of the few companies in India to develop online UPS with a single card, Combo UPS, along with automatic voltage regulation (“AVR”), high-frequency online UPS and single-card surface-mount technology (“SMT”) inverter in India. Additionally, it commands a 15.5% market share in the solar battery space. Since the last three financial years up to June 2025, the company has sold 1,727,114 solar panels, 662,393 solar inverters and 925,776 batteries, contributing to over 1 GW+ of off-grid, on-grid, and hybrid solar rooftop installations across India.
Fujiyama’s operational footprint is supported by four advanced manufacturing facilities located in Greater Noida, Bawal, Parwanoo, and Dadri. As of March 2025, the combined installed manufacturing capacity of these facilities is 1,363 MWh for batteries and 2,182 MW for solar panels, inverters, and UPS systems. The company employs inline testing with Automatic Testing Equipment (“ATE”) and also implements production and process methodologies such as Total Quality Management (“TQM”), KAIZEN, and 5S to improve operational efficiency.
As of June 2025, the company had 602 service engineers, 5,546 dealers, 725 distributors, and 1,100 exclusive UTL Solar "Shoppe" locations. The distributors and dealers are visited by the service engineers and are guided by a mobile application named ‘UTL MTL 2.5’. Additionally, the company was recognised as India’s most preferred smart city brand and India’s most preferred solar inverter brand by UBM India and Informa in 2019 and 2020, respectively.
The company has created several in-house technologies, such as the rMPPT (rapid maximum power point tracking) system which enables rapid and wide voltage tracking and efficient extraction of solar power. Additionally, it produces MonoPerc bifacial modules, TOPCon bifacial solar panels with a maximum power of 670 Wp and has developed its in-house Battery Management System (BMS) for lithium-ion batteries. India’s solar sector is set to become the dominant source of power by FY32. Its share is expected to increase from 22% in FY25 to 40%, with capacity increasing from 106 GW to 365 GW. Rooftop solar is anticipated to grow at a CAGR of 42% between FY25 and FY30. Rural regions like West Bengal (39 GW), Rajasthan (31 GW), Odisha (38 GW), and Uttar Pradesh (46 GW) are seeing an increase in demand for off-grid solar solutions. With Uttar Pradesh accounting for 42.18% of revenue as of June 2025, the company has a strong presence in these states and is well-positioned to meet the growing demand.
The company is focused on expanding its manufacturing base and strengthening back-end integration for solar panels. It is also expanding export sales and enhancing its retail and domestic distribution networks.
Now, Fujiyama Power Systems is launching its initial public offering (IPO), which consists of a fresh issue of ₹600 crore and an offer for sale of ₹228 crore. The total issue size of the IPO is ₹828 crore. Its shares will be listed on the NSE and BSE.

Latest News on IPO

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Fujiyama Power Systems IPO date: The ₹828 crore initial share sale is a fresh issuance of shares worth ₹600 crore and an offer for sale of shares aggregating to ₹228 crore by promoters Pawan Kumar Garg and Yogesh Dua.

2 min read

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Uttar Pradesh-based solar energy solutions provider Fujiyama Power Systems has filed draft papers with capital markets regulator SEBI to raise funds via initial public offering for expansion and debt reduction purposes. The IPO will be a mix of fresh issuance of equity shares worth Rs 700 crore, and an offer-for-sale of 2 crore equity shares by existing shareholders.
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Fujiyama Power Systems, a Noida-based rooftop solar company, has filed its draft red herring prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).Fujiyama Power Systems IPO is a mix of fresh share sale of up to ₹700 crore and an offer for sale of up to 20 million shares of face value of Re 1 each.

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Fujiyama Power Systems IPO ?

The issue size of the Fujiyama Power Systems IPO is 828 Cr.

What is 'pre-apply' for Fujiyama Power Systems IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Fujiyama Power Systems IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 13 Nov 2025, 10:00 AM