The Indian Stock Market remains active as the clean-energy transition gathers pace. Within this backdrop, Fujiyama Power Systems Limited (FPSL) opens its book-built IPO on November 13, 2025, giving investors a way to participate in the expanding rooftop solar opportunity. Below is a structured look at the company, its IPO, and the outlook.
About Fujiyama Power Systems Ltd.
Founded in 2017, Fujiyama Power Systems manufactures and supplies end-to-end rooftop solar solutions—on-grid, off-grid, and hybrid. Its 522+ SKUs span solar inverters, panels, batteries, PWM chargers, SMUs, charge controllers, and UPS systems.
- Distribution & Service: 725+ distributors, 5,546 dealers, 1,100 exclusive “Shoppe” franchisees, and 602+ qualified service engineers.
- Manufacturing Footprint: Four facilities—Greater Noida (UP), Parwanoo (HP), Bawal (Haryana), and Dadri (UP)—with ISO 9001/14001/45001 certifications.
- Exports: USA, Bangladesh, UAE and other Asian markets.
- Promoters: Pawan Kumar Garg, Yogesh Dua, Sunil Kumar.
Fujiyama Power Systems IPO Details
| IPO Date | November 13, 2025, to November 17, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹216 to ₹228 per share |
| Lot Size | 65 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 3,63,15,789 shares (aggregating up to ₹828.00 Cr) |
| Fresh Issue | 2,63,15,789 shares (aggregating up to ₹600.00 Cr) |
| Offer for Sale | 1,00,00,000 shares of ₹1 (aggregating up to ₹228.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 28,00,95,145 shares |
| Share Holding Post Issue | 30,64,10,934 shares |
| Lead Manager | Motilal Oswal Investment Advisors Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | Thu, Nov 13, 2025 |
| IPO Close Date | Mon, Nov 17, 2025 |
| Tentative Allotment | Tue, Nov 18, 2025 |
| Initiation of Refunds | Wed, Nov 19, 2025 |
| Credit of Shares to Demat | Wed, Nov 19, 2025 |
| Tentative Listing Date | Thu, Nov 20, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Nov 17, 2025 |
IPO Reservation
- QIB: Not more than 50% of Net Issue
- Retail (RII): Not less than 35% of Net Issue
- NII: Not less than 15% of Net Issue
Application category rules:
- RII: Up to ₹2 Lakhs; Cut-off allowed
- sNII: ₹2–10 Lakhs; Cut-off not allowed
- bNII: >₹10 Lakhs up to NII portion; Cut-off not allowed
- Employee: Up to ₹5 Lakhs (discount may apply if specified); Cut-off allowed
Fujiyama Power Systems IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 65 | ₹14,820 |
| Retail (Max) | 13 | 845 | ₹1,92,660 |
| S-HNI (Min) | 14 | 910 | ₹2,07,480 |
| S-HNI (Max) | 67 | 4,355 | ₹9,92,940 |
| B-HNI (Min) | 68 | 4,420 | ₹10,07,760 |
Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 99.67% | 87.88% |
Fujiyama Power Systems Ltd. Financials
Market Capitalisation: ₹6,986.17 Cr
| KPI | Value |
| ROE | 39.40% |
| ROCE | 41.01% |
| Debt/Equity | 0.87 |
| RoNW | 39.40% |
| PAT Margin | 10.15% |
| EBITDA Margin | 16.13% |
| Price to Book | 16.09 |
EPS & P/E Ratio
| Pre-IPO | Post-IPO | |
| EPS | ₹5.58 | ₹8.82 |
| P/E | 40.85x | 25.84x |
Key Company Financials (Restated, ₹ Cr):
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total Income | 597.79 | 1,550.09 | 927.20 | 665.33 |
| Profit After Tax | 67.59 | 156.34 | 45.30 | 24.37 |
| EBITDA | 105.89 | 248.52 | 98.64 | 51.60 |
| Net Worth | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves & Surplus | 436.33 | 368.81 | 215.00 | 70.55 |
| Total Borrowing | 432.83 | 346.22 | 200.19 | 211.14 |
Objects of the Issue
| S.No. | Purpose | Amount (₹ Cr) |
| 1 | Part-financing the new manufacturing facility at Ratlam, Madhya Pradesh | 180.00 |
| 2 | Repayment/prepayment of certain borrowings | 275.00 |
| 3 | General corporate purposes | Balance |
Industry Outlook
- Rooftop solar adoption is accelerating on the back of falling system costs, supportive policies, and rising commercial & residential demand for reliable power and lower bills.
- Integrated product portfolios (inverters, panels, batteries, controllers) with strong after-sales service are gaining share, especially in Tier II/III and rural markets.
- Domestic manufacturing and PLI-driven supply chains continue to deepen, benefiting companies with scale, distribution, and service networks.
Fujiyama Power Systems IPO: Peer Comparison
Fujiyama Power Systems’ IPO can be compared with peers like Waaree Energies Ltd, Inox Wind Ltd, Suzlon Energy Ltd, KP Energy Ltd, and KPI Green Energy Ltd. Evaluating these companies helps investors understand Fujiyama Power Systems’ standing within India’s growing renewable energy and solar sector, enabling more informed investment decisions.
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Conclusion
Fujiyama Power Systems IPO brings a comprehensive rooftop solar offering, wide distribution reach, and robust growth momentum (notable uptick in FY25 revenue and PAT). IPO proceeds aimed at capacity expansion (Ratlam) and deleveraging may support scale and profitability.
As with any IPO, weigh considerations such as valuation, execution on new capacity, and working-capital intensity in a competitive market. Align participation with your risk appetite and investment horizon.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
