Fujiyama Power IPO: Know about business model, strengths and risks ahead of issue opening

The company 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.

Fujiyama Power Systems IPO details

Fujiyama Power IPO aims to raise ₹828 crore through its public issue, which is a 100% book-built and includes a fresh issue and offer-for-sale of over 3.6 crore shares.

The company has fixed the price band of the issue at ₹216 to ₹228 per share. The lot size, or the minimum bid quantity to apply for the issue, is 65 shares. This equates to a minimum investment amount of ₹14,820 per lot at the upper end of the price band for retail investors.

Fujiyama Power has appointed Motilal Oswal Investment Advisors as the book-running lead manager of the IPO, while MUFG Intime India Pvt.Ltd is the registrar for the issue.

Fujiyama Power Systems IPO timeline

Fujiyama Power IPO will remain open for bidding from November 13 to November 17, 2025. After the bidding is closed, the allotment of shares is expected to be finalised on November 18.

Successful bidders can expect the shares to be credited to their demat accounts by November 19, with others receiving refunds on the same day. Studds Fujiyama Power shares are scheduled to list on the BSE and NSE on November 20, 2025.

Financial snapshot

Fujiyama Power IPO objective

• Investment in manufacturing facility: The company will use ₹180 crore to part-finance the cost of establishing a manufacturing facility in Madhya Pradesh.
• Repayment of loans: The company intends to use ₹275 crore towards repayment of certain outstanding borrowings availed by the company.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes.

About the company

Fujiyama Power 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.

The company'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.

Strengths and opportunities

• 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.

Risks and Threats

• Dependence on Northern-India manufacturing base: All of Fujiyama’s four operational plants are at Parwanoo, Greater Noida, Bawal, and Dadri are located in Northern India, exposing the company to region-specific risks such as floods, power shortages, or political unrest. Any local disruption could materially impact production, logistics, and deliveries.
• Reliance on imports from China: A significant 92.03% of imported raw materials are sourced from China in Q1FY26, including solar cells and lithium-ion components. Imported materials constituted 29.08% of total purchases in Q1FY26, and changes in tariffs, such as the current 25% Basic Customs Duty on cells and 40% on modules, could inflate costs. Any geopolitical tension, policy restriction, or supply disruption from China could affect margins and project timelines.
• Regional concentration in retail sales: Uttar Pradesh alone contributed 42.18% of total retail sales in Q1FY26 and 35.61% in FY25, making Fujiyama’s growth highly sensitive to regional demand. The company’s top five states contributed 77.10% of total retail sales in Q1FY26. Any decline in demand, regulatory changes, or competition in these regions can impact the business operations and revenue.