{"id":15482,"date":"2025-11-20T15:43:56","date_gmt":"2025-11-20T10:13:56","guid":{"rendered":"https:\/\/www.torusdigital.com\/toruscope\/?p=15482"},"modified":"2025-11-20T15:43:56","modified_gmt":"2025-11-20T10:13:56","slug":"fujiyama-power-systems-ipo-makes-a-weak-debut","status":"publish","type":"post","link":"https:\/\/www.torusdigital.com\/toruscope\/news\/fujiyama-power-systems-ipo-makes-a-weak-debut\/","title":{"rendered":"Fujiyama Power Systems IPO: Shares Make Weak Market Debut, List at 4% Discount"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_section el_id=&#8221;blog-inner-layout&#8221;][vc_row overlay_dotted=&#8221;&#8221;][vc_column el_class=&#8221;blog_primary&#8221;][vc_row_inner][vc_column_inner][vc_column_text css=&#8221;&#8221;]<\/p>\n<p><a href=\"https:\/\/www.torusdigital.com\/stocks\/fujiyama-power-systems-ltd-share-price\">Fujiyama Power Systems<\/a>, a key player in India\u2019s rapidly expanding rooftop solar ecosystem, made a weak market debut on 20 November 2025. The company\u2019s shares opened at \u20b9218.40 on the BSE and \u20b9220 on the NSE, listing at a 4% discount to its issue price of \u20b9228 per share.<\/p>\n<p>This listing comes following the company\u2019s \u20b9828-crore initial public offering, which drew moderate overall demand during its subscription window.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_Structure_and_Subscription_Trends\"><\/span><strong>IPO Structure and Subscription Trends<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The IPO comprised:<\/p>\n<ul>\n<li><strong>Fresh issue:<\/strong> \u20b9600 crore<\/li>\n<li><strong>Offer for sale:<\/strong> \u20b9228 crore<\/li>\n<\/ul>\n<p>The issue was subscribed 2.21 times overall, reflecting a balanced\u2014though not aggressive\u2014response from the market.<\/p>\n<p><strong>Subscription Breakdown:<\/strong><\/p>\n<ul>\n<li><strong>QIBs:<\/strong>24\u00d7<\/li>\n<li><strong>Retail investors:<\/strong>05\u00d7<\/li>\n<li><strong>NIIs:<\/strong>92\u00d7<\/li>\n<\/ul>\n<p>A total of 1,44,965 applications were received, highlighting participation across investor categories, led primarily by institutional interest.<\/p>\n<p><a href=\"https:\/\/torusdigital.go.link\/hgQeE\" target=\"_blank\" rel=\"noopener\"><br \/>\n<img decoding=\"async\" class=\"responsive-img\" src=\"https:\/\/www.torusdigital.com\/toruscope\/wp-content\/uploads\/2025\/07\/Desktop-1.jpg\" alt=\"\" \/><br \/>\n<\/a><\/p>\n<style>\n  .responsive-img {<br \/>\n    display: block;<br \/>\n    margin-left: auto;<br \/>\n    margin-right: auto;<br \/>\n    width: 100%;<br \/>\n    max-width: 900px;<br \/>\n<\/style>\n<h2><span class=\"ez-toc-section\" id=\"Company_Overview\"><\/span><strong>Company Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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:<\/p>\n<ul>\n<li>Solar inverters<\/li>\n<li>Solar panels<\/li>\n<li>Lithium-ion and tubular batteries<\/li>\n<li>Power management units<\/li>\n<\/ul>\n<p>The company has established a strong national footprint, supported by:<\/p>\n<ul>\n<li>725 distributors<\/li>\n<li>5,546 dealers<\/li>\n<li>1,100 exclusive Solar Shoppe outlets<\/li>\n<\/ul>\n<p>With nearly 1,600 MW of inverters supplied, Fujiyama contributes around 10% of India\u2019s rooftop solar capacity and holds a 15.5% share in the domestic solar battery market.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Operational_Scale_and_Manufacturing_Strength\"><\/span><strong>Operational Scale and Manufacturing Strength<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As of June 2025, Fujiyama Power Systems operates four manufacturing plants located in:<\/p>\n<ul>\n<li>Greater Noida<\/li>\n<li>Parwanoo<\/li>\n<li>Bawal<\/li>\n<li>Dadri<\/li>\n<\/ul>\n<p>Together, these units provide:<\/p>\n<ul>\n<li>2,782 MW solar panel and inverter capacity<\/li>\n<li>1,863 MWh battery capacity<\/li>\n<\/ul>\n<p>This extensive infrastructure forms the backbone of the company\u2019s integrated solar solutions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Performance\"><\/span><strong>Financial Performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fujiyama delivered robust results in FY25:<\/p>\n<ul>\n<li><strong>Revenue:<\/strong> \u20b91,550.09 crore (\u2191 67%)<\/li>\n<li><strong>PAT:<\/strong> \u20b9156.34 crore (\u2191 245%)<\/li>\n<li><strong>EBITDA:<\/strong> \u20b9248.52 crore (more than doubled)<\/li>\n<\/ul>\n<p>Return ratios strengthened meaningfully:<\/p>\n<ul>\n<li><strong>ROE:<\/strong>4%<\/li>\n<li><strong>ROCE:<\/strong> 41%<\/li>\n<\/ul>\n<p>The balance sheet remains healthy with a debt-to-equity ratio of 0.87\u00d7, reflecting prudent capital management.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Use_of_IPO_Proceeds\"><\/span><strong>Use of IPO Proceeds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The funds raised through the fresh issue will be allocated to the following purposes:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_New_Integrated_Facility_in_Ratlam_Madhya_Pradesh\"><\/span><strong>1. New Integrated Facility in Ratlam, Madhya Pradesh<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Planned to double the company\u2019s capacity<\/li>\n<li>Addition of 2 GW each for solar panels and inverters<\/li>\n<li>Addition of 2 GWh lithium-ion battery capacity<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"2_Debt_Repayment\"><\/span><strong>2. Debt Repayment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>\u20b9275 crore allocated for reducing borrowings<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"3_General_Corporate_Purposes\"><\/span><strong>3. General Corporate Purposes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Funds reserved for strengthening operations and future expansion<\/li>\n<\/ul>\n<p>Management has stated that revenue from the Ratlam facility is expected to begin from FY27 onward.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Industry_Outlook_and_Expert_Views\"><\/span><strong>Industry Outlook and Expert Views<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>India\u2019s rooftop solar capacity is on track to approach 100 GW, supported by national initiatives such as:<\/p>\n<ul>\n<li>The National Solar Mission<\/li>\n<li>PM Surya Ghar Scheme<\/li>\n<\/ul>\n<p>Brokerages note that Fujiyama Power is well positioned in this expanding market thanks to:<\/p>\n<ul>\n<li>Strong manufacturing base<\/li>\n<li>Integrated solar solutions<\/li>\n<li>Trusted brand presence<\/li>\n<li>Technology-driven innovations, including proprietary rMPPT systems<\/li>\n<li>Advanced product lineup featuring TOPCon and MonoPerc bifacial panels<\/li>\n<\/ul>\n<p>SMIFS highlights the company\u2019s upcoming expansions at Ratlam and Dadri, along with consistent execution, as factors that support long-term growth potential.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_Snapshot\"><\/span><strong>Valuation Snapshot<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the upper end of the price band, Fujiyama Power was valued at:<\/p>\n<ul>\n<li><strong>P\/E:<\/strong> 41\u00d7 FY25 earnings<\/li>\n<li><strong>EV\/EBITDA:<\/strong>4\u00d7<\/li>\n<\/ul>\n<p>Analysts view these valuations as reasonable given the sector outlook and the company\u2019s growth trajectory. Comparable peers such as <a href=\"https:\/\/www.torusdigital.com\/stocks\/waaree-energies-ltd-share-price\">Waaree Energies<\/a> and <a href=\"https:\/\/www.torusdigital.com\/stocks\/premier-energies-ltd-share-price\">Premier Energies<\/a> trade at similar or even higher multiples.<\/p>\n<p><em><strong>People Also Read:<\/strong><\/em><\/p>\n<ul>\n<li class=\"post-title\"><em><a href=\"https:\/\/www.torusdigital.com\/toruscope\/news\/tenneco-clean-air-makes-a-strong-debut\/\">Tenneco Clean Air IPO Listing: Strong Market Debut with 27% Premium<\/a><\/em><\/li>\n<li class=\"post-title\"><em><a href=\"https:\/\/www.torusdigital.com\/toruscope\/news\/emmvee-photovoltaic-ipo-lists-flat\/\">Emmvee Photovoltaic IPO: Shares Make Muted Market Debut, List Flat At \u20b9217<\/a><\/em><\/li>\n<li class=\"post-title\"><em><a href=\"https:\/\/www.torusdigital.com\/toruscope\/news\/physicswallah-ipo-lists-33-percent-above-issue-price\/\">PhysicsWallah IPO: Shares List 33% above Issue Price, Stock Surges 13% after Debut<\/a><\/em><\/li>\n<li class=\"post-title\"><em><a href=\"https:\/\/www.torusdigital.com\/toruscope\/news\/pine-labs-ipo-shares-list-at-10-premium-surge-over-28-in-early-trade\/\">Pine Labs IPO: Shares List at 10% Premium, Surge Over 28% in Early Trade<\/a><\/em><\/li>\n<li class=\"post-title\"><em><a href=\"https:\/\/www.torusdigital.com\/toruscope\/news\/groww-ipo-lists-at-strong-14-percent-premium\/\">Groww IPO Listing: Shares Debut with 14% Premium, Trade Firm Post Listing<\/a><\/em><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fujiyama Power Systems\u2019 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\u2019s strong operational scale, diversified solar product suite, and strategic capacity expansion indicate long-term potential within India\u2019s accelerating clean-energy landscape.<\/p>\n<p>As the rooftop solar segment continues its rapid growth, Fujiyama\u2019s integrated solutions and proven track record could position it favourably in the years ahead.<\/p>\n<p>If you are exploring more investment opportunities, check out our dedicated page on <a href=\"https:\/\/www.torusdigital.com\/ipo\/upcoming-ipo\">upcoming IPO listings<\/a> to stay updated on the latest market offerings.<\/p>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;][\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_id=&#8221;share_rating&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6>Rate this article<\/h6>\n<!-- FeedbackWP Plugin --><div  class=\"rmp-widgets-container 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The company\u2019s shares opened at \u20b9218.40 on the BSE and \u20b9220 on the NSE, listing at a 4% discount to its issue price of \u20b9228 per share. This","protected":false},"author":1,"featured_media":14024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[5,169],"tags":[],"class_list":["post-15482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fujiyama Power Systems Lists at 4% Discount in \u20b9828 Crore IPO: A Look at the Debut and Fundamentals<\/title>\n<meta name=\"description\" content=\"Fujiyama Power Systems made a muted market debut, listing 4% below its IPO price. 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