Fujiyama Power Systems IPO

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.