Fujiyama Power Systems, a key player in India’s rapidly expanding rooftop solar ecosystem, made a weak market debut on 20 November 2025. The company’s shares opened at ₹218.40 on the BSE and ₹220 on the NSE, listing at a 4% discount to its issue price of ₹228 per share.
This listing comes following the company’s ₹828-crore initial public offering, which drew moderate overall demand during its subscription window.
IPO Structure and Subscription Trends
The IPO comprised:
- Fresh issue: ₹600 crore
- Offer for sale: ₹228 crore
The issue was subscribed 2.21 times overall, reflecting a balanced—though not aggressive—response from the market.
Subscription Breakdown:
- QIBs:24×
- Retail investors:05×
- NIIs:92×
A total of 1,44,965 applications were received, highlighting participation across investor categories, led primarily by institutional interest.
Company Overview
Fujiyama Power Systems manufactures and supplies a comprehensive range of products for the rooftop solar market. Its portfolio covers on-grid, off-grid, and hybrid solutions, including:
- Solar inverters
- Solar panels
- Lithium-ion and tubular batteries
- Power management units
The company has established a strong national footprint, supported by:
- 725 distributors
- 5,546 dealers
- 1,100 exclusive Solar Shoppe outlets
With nearly 1,600 MW of inverters supplied, Fujiyama contributes around 10% of India’s rooftop solar capacity and holds a 15.5% share in the domestic solar battery market.
Operational Scale and Manufacturing Strength
As of June 2025, Fujiyama Power Systems operates four manufacturing plants located in:
- Greater Noida
- Parwanoo
- Bawal
- Dadri
Together, these units provide:
- 2,782 MW solar panel and inverter capacity
- 1,863 MWh battery capacity
This extensive infrastructure forms the backbone of the company’s integrated solar solutions.
Financial Performance
Fujiyama delivered robust results in FY25:
- Revenue: ₹1,550.09 crore (↑ 67%)
- PAT: ₹156.34 crore (↑ 245%)
- EBITDA: ₹248.52 crore (more than doubled)
Return ratios strengthened meaningfully:
- ROE:4%
- ROCE: 41%
The balance sheet remains healthy with a debt-to-equity ratio of 0.87×, reflecting prudent capital management.
Use of IPO Proceeds
The funds raised through the fresh issue will be allocated to the following purposes:
1. New Integrated Facility in Ratlam, Madhya Pradesh
- Planned to double the company’s capacity
- Addition of 2 GW each for solar panels and inverters
- Addition of 2 GWh lithium-ion battery capacity
2. Debt Repayment
- ₹275 crore allocated for reducing borrowings
3. General Corporate Purposes
- Funds reserved for strengthening operations and future expansion
Management has stated that revenue from the Ratlam facility is expected to begin from FY27 onward.
Industry Outlook and Expert Views
India’s rooftop solar capacity is on track to approach 100 GW, supported by national initiatives such as:
- The National Solar Mission
- PM Surya Ghar Scheme
Brokerages note that Fujiyama Power is well positioned in this expanding market thanks to:
- Strong manufacturing base
- Integrated solar solutions
- Trusted brand presence
- Technology-driven innovations, including proprietary rMPPT systems
- Advanced product lineup featuring TOPCon and MonoPerc bifacial panels
SMIFS highlights the company’s upcoming expansions at Ratlam and Dadri, along with consistent execution, as factors that support long-term growth potential.
Valuation Snapshot
At the upper end of the price band, Fujiyama Power was valued at:
- P/E: 41× FY25 earnings
- EV/EBITDA:4×
Analysts view these valuations as reasonable given the sector outlook and the company’s growth trajectory. Comparable peers such as Waaree Energies and Premier Energies trade at similar or even higher multiples.
People Also Read:
- Tenneco Clean Air IPO Listing: Strong Market Debut with 27% Premium
- Emmvee Photovoltaic IPO: Shares Make Muted Market Debut, List Flat At ₹217
- PhysicsWallah IPO: Shares List 33% above Issue Price, Stock Surges 13% after Debut
- Pine Labs IPO: Shares List at 10% Premium, Surge Over 28% in Early Trade
- Groww IPO Listing: Shares Debut with 14% Premium, Trade Firm Post Listing
Conclusion
Fujiyama Power Systems’ debut at a 4% discount marks a muted entry into the public markets, despite robust financials and an expanding presence in the renewable energy ecosystem. The company’s strong operational scale, diversified solar product suite, and strategic capacity expansion indicate long-term potential within India’s accelerating clean-energy landscape.
As the rooftop solar segment continues its rapid growth, Fujiyama’s integrated solutions and proven track record could position it favourably in the years ahead.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
