Before investing, it’s crucial to understand the company behind the numbers. In this detailed analysis, we take a closer look at one of India’s fastest-growing renewable-energy manufacturers, Fujiyama Power Systems (UTL Solar), as it gears up for its INR 828 crore initial public offering (IPO). This review goes beyond the IPO itself — it explores how Fujiyama’s business model creates value across the solar-energy chain, how the company converts scale into profitability, and how its ambitious capacity expansion could drive India’s rooftop-solar revolution.
By the end of Fujiyama Power IPO review, you’ll have a clear picture of how the company evolved from a small inverter workshop into a diversified solar-energy manufacturer, where it stands in India’s rapidly expanding solar ecosystem, and how the IPO proceeds are structured to fuel its next phase of growth.
Fujiyama Power IPO Review: Company Overview
Fujiyama’s journey began in 1996 under the proprietorship of UTL Electronics (India). In 2008, promoters Pawan Kumar Garg and Yogesh Dua established a partnership firm, Fujiyama Power Systems, which later transferred its business to the incorporated company in 2018. Today, the company manufactures a complete solar ecosystem — solar panels, lithium-ion and tubular batteries, inverters, chargers, and UPS systems — with a presence across 23 states and 3 Union Territories in India and export linkages to six countries.
Operational Scale (as of 30 June 2025)
| Metric | Value (INR Cr.) | Growth Trend |
| Revenue from Operations | 597.3 | +48 % YoY (FY 25 vs FY 24) |
| EBITDA Margin (%) | 17.7 | Up 700 bps since FY 23 |
| PAT Margin (%) | 11.3 | Highest in company history |
| ROE/ROCE (%) | 39.4/41.0 | Significant efficiency jump |
| Debt-to-Equity | 0.87 × | Down from 1.09 × in FY 23 |
| Channel Partners | 7,371 (Dealers + Distributors + Shoppe) | +95 % in two years |
| SKUs | 522 products | +15 % vs FY 23 |
From manufacturing 91 MWh of battery capacity in FY 23 to 1,363 MWh by FY 25, and solar panel capacity rising from 662 MW to 2,182 MW, the company has demonstrated operational agility unmatched in the mid-scale solar segment.
UTL Solar IPO Review: Industry Context
India’s renewable-energy agenda is undergoing an unprecedented acceleration. The rooftop solar market alone is projected to expand at a 42% CAGR from FY 25 to FY 30, reaching almost 100 GW of capacity.
Government initiatives such as PM Surya Ghar: Muft Bijli Yojana and the Grid Connected Rooftop Program are catalyzing adoption through subsidies and domestic-content requirements (DCR). This is where Fujiyama’s integrated model—encompassing panel, inverter, and battery manufacturing—positions it perfectly to capture subsidy-eligible demand.
India’s solar-power contribution is expected to rise from 22% of the national mix in FY 25 to 40% by FY 32, with total installed capacity increasing from 106 GW to 365 GW.
Fujiyama Power aligns strategically with these trends by:
- Offering affordable, high-efficiency rooftop systems,
- Backward-integrating into solar-cell manufacturing to meet DCR mandates, and
- Building a nationwide retail and service network to reach Tier-2 and Tier-3 markets where energy demand is growing fastest.
UTL Solar IPO Details & Utilisation of Funds — Fueling the Next Growth Chapter
The upcoming public issue is designed not merely to raise capital but to catalyze Fujiyama’s next-generation manufacturing scale-up.
IPO Snapshot
- IPO Dates: 13 – 17 November 2025
- Issue Price: INR 216 – 228 per share
- IPO Size: INR 816 – 828 crore
- Fresh Issue: INR 600 crore
- OFS: 1,00,00,000 shares (INR 216 – 228 crore)
- Lot Size: 65 shares (INR 14,820)
- Retail Allocation: 35%
- Listing: NSE, BSE
- Listing Date: 20 November 2025
Use of Proceeds
| Allocation | Amount (INR Cr.) | Objective |
|---|---|---|
| Establish an integrated project at Ratlam (M.P.) | 180 | Add 2 GW solar panel + 2 GW inverter + 2 GWh battery capacity |
| Repayment/prepayment of borrowings | 275 | Strengthen the balance sheet & reduce the finance cost |
| General corporate purposes | ≈ 25 % of net proceeds | Working capital & strategic investments |
The Ratlam integrated project, expected to be completed by FY 26, will more than double the company’s current production capacity—pushing total potential output to 3.6 GW of panels, 3.7 GW of inverters, and 2.5 GWh of batteries.
Fujiyama Power IPO Analysis: Business Model
Fujiyama Power operates through an integrated solar energy and power electronics model, designed to capture value at every stage — from solar generation to power storage and distribution. The company’s operations are organized into four key verticals:
| Segment | Core Products | FY25 Share of Revenue | Core Customer Type |
|---|---|---|---|
| Solar Power Generation Systems | Solar panels, inverters, batteries | ~62 % | Retail & Institutional |
| Power Backup Solutions | Online UPS, hybrid UPS, home inverters | ~21 % | Residential & SME |
| Power Supply Solutions | Charge controllers, telecom power units | ~10 % | Telecom & Industrial |
| Chargers (EV & Marine) | E-rickshaw & marine chargers | ~7 % | Mobility & Marine Clients |
Each vertical complements the other — creating cross-segment sales opportunities and enabling Fujiyama Power to serve the full solar lifecycle: generate → convert → store → supply.
🔹 Integrated Manufacturing-to-Market Model
Unlike many peers dependent on OEM imports, Fujiyama Power’s model is fully integrated:
- Manufacturing: In-house production of solar modules, inverters, and both lithium-ion and tubular batteries.
- Distribution: 725 distributors, 5,546 dealers, and 1,100 exclusive UTL/Fujiyama Shoppes.
- Branding & After-Sales: 602 engineers + UTL MTL 2.5 service app ensure long-term customer stickiness.
🔹 Multi-Brand Strategy for Market Penetration
Fujiyama Power has two flagship brands targeting different customer segments:
- UTL Solar → Institutional, industrial, and government clients (B2B)
- Fujiyama Solar → Residential and retail rooftop segment (B2C)
This dual-brand approach allows the company to balance high-volume, mid-margin retail sales with lower-volume, high-value institutional contracts.
🔹 Technological Innovation as a Revenue Multiplier
The company’s R&D initiatives — such as rMPPT technology, single-card inverter design, and in-house battery management systems (BMS) — enable higher energy conversion efficiency and lower maintenance costs.
This translates directly into customer trust and product premiumization. Fujiyama Power’s TOPCon-based solar panels and high-frequency hybrid inverters position it in the mid-premium efficiency segment (20–22% panel efficiency), attracting a tech-conscious customer base.
UTL Solar IPO Analysis: Revenue Streams
Over the last three fiscal years, Fujiyama Power’s revenue profile has evolved from inverter-centric to solar-system-led, driven by India’s rooftop solar surge.
📊 Key Financial Metrics
| Particulars | FY 2023 | FY 2024 | FY 2025 | Commentary |
| Revenue from Operations | 664.08 | 924.69 | 1,540.68 | 132% growth in 2 years |
| Net Profit | 24.37 | 45.30 | 156.34 | 6.2× growth since FY23 |
| Net Margin (%) | 3.76 | 4.90 | 10.15 | Continuous margin expansion |
| EBITDA Margin (%) | 7.77 | 10.67 | 16.13 | Strong cost absorption |
| ROCE (%) | 16.81 | 26.60 | 41.01 | Efficiency-led returns |
| Debt/Equity | 1.09 | 0.84 | 0.87 | Low leverage, strong cash flow |
The margin expansion from 3.8% to 10.1% in just two years reflects not just revenue growth but operational mastery — optimized utilization, better procurement cycles, and a product shift toward higher-value categories like lithium-ion batteries and premium panels.
🔸 Product Mix Evolution
In FY23, solar inverters and UPS systems contributed ~55% of revenue. By FY25, solar panels and batteries became the growth engines, collectively forming over 62% of sales. This shift signifies a move up the value chain — from standalone components to complete solar energy systems, which command higher margins and create cross-selling potential.
| Product Category | FY23 Share | FY25 Share | Growth Commentary |
|---|---|---|---|
| Solar Panels & Modules | 21% | 36% | Driven by domestic rooftop demand and DCR push |
| Inverters (Hybrid, On/Off Grid, PCU) | 34% | 26% | Still steady, but margin stable |
| Batteries (Li-ion & Tubular) | 17% | 26% | Strong adoption post FY24 |
| UPS & Power Systems | 22% | 9% | Declining share due to solar substitution |
| EV & Marine Chargers | 6% | 3% | Niche, but high-margin and growing export demand |
🔸 Channel Mix – Retail is the Growth Powerhouse
Fujiyama Power’s strength lies in its B2C-driven sales, which account for ~90% of revenue. Retail demand, especially in Tier-2 and Tier-3 cities, is sustained by rising awareness and government subsidies.
| Channel | FY25 Contribution | Characteristics |
|---|---|---|
| Retail (B2C) | 89% | Dealer-driven; recurring; cash-cycle optimized |
| Projects (B2B) | 11% | High-value, slower billing; used for government & telecom clients |
This retail-first model ensures shorter receivable cycles (typically <45 days) and higher working-capital turnover — a key reason for the company’s strong cash flow generation.
🔸 Export Revenue — The Next Growth Vector
Exports contributed INR 37.7 crore (2.45%) in FY25, with shipments to the USA, UAE, Bangladesh, and select African markets. While the percentage is modest, exports deliver above-average EBITDA margins (~20%), due to:
- Premium pricing for Li-ion batteries and inverters abroad,
- Lower competition from unorganized players, and
- Currency-linked realization benefits.
Fujiyama Power plans to leverage its Bawal and Dadri facilities for export supply once Ratlam becomes operational — potentially doubling export contribution to 5–6% of total revenue by FY27.
UTL Solar IPO Review: Manufacturing & Capacity Economics
Installed Capacity Snapshot (FY25)
| Facility | Key Products | Installed Capacity | Utilization |
|---|---|---|---|
| Parwanoo (Himachal Pradesh) | Solar PCU & UPS | 64,896 units | 62% |
| Greater Noida (U.P.) | E-Rickshaw chargers, Panels, Inverters, Li-ion batteries | 820,684 solar panels / 484,380 inverters / 9,360 Li-ion | 70–91% |
| Bawal (Haryana) | Tubular batteries | 549,120 units | 84% |
| Dadri (U.P.) | Solar panels | 250,075 units | 95% |
| Total (FY25) | — | 1,039 MW (panels) + 1,743 MW (inverters) + 545 MWh (batteries) | 85–90% avg. |
Nationwide Network (as of June 30, 2025)
| Channel | Count | Role |
|---|---|---|
| Distributors | 725 | Regional order aggregation |
| Dealers | 5,546 | Local retail partners |
| Exclusive Shoppes (Franchises) | 1,100 | Brand-owned experience centers |
| Sales Force | 255 employees + 1,989 contract staff | Direct retail & project sales |
This network reaches 23 states and 3 UTs, enabling Fujiyama Power to deliver products even in rural and semi-urban zones where demand for off-grid and hybrid systems is strongest.
UTL Solar IPO Analysis: Expansion & Modernisation Plans
Fujiyama Power’s growth trajectory is guided by capacity-led and technology-driven expansion. The company has already upgraded its Greater Noida unit by adding new solar inverters and lithium-ion lines, increasing battery capacity by 500 MWh and inverter capacity by 600 MW.
🔹 Key Expansion Projects
| Facility | Product | Added / Planned Capacity | Status | Expected Completion |
|---|---|---|---|---|
| Ratlam (Madhya Pradesh) | Panels + Inverters + Li-ion Batteries | +2 GW + 2 GW + 2 GWh | Under construction (funded by IPO proceeds) | FY 2026 |
| Dadri (U.P.) | Solar Panels + Solar Cells (backward integration) | +600 MW + 1 GW | Equipment installation in progress | Nov–Dec 2025 |
| Greater Noida | Battery & Inverter Automation | +1.1 GW equivalent | Completed | FY 2025 |
| Bawal (Haryana) | Tubular Lead-acid Batteries | Maintenance & automation upgrades | Ongoing | Continuous |
Post-completion, Fujiyama Power will command a total installed capacity exceeding 3.6 GW in solar panels, 3.7 GW in inverters, and 2.5 GWh in lithium-ion storage, placing it among the top 3 integrated solar manufacturers in India by FY 26.
🔹 Strategic Intent Behind Expansion
- Backward Integration: The 1 GW solar-cell line at Dadri reduces import dependence and qualifies products for government DCR programs.
- Geographic Reach: Ratlam’s location in central India ensures logistical proximity to Western and Southern solar markets.
- Technology Upgrade: TOPCon and rMPPT-enabled modules will enhance energy efficiency and brand positioning.
- Subsidy Leverage: The company plans to apply under the Renewable Energy Equipment Manufacturing Policy 2025 to access capital subsidies — improving project IRRs.
Conclusion
The Fujiyama Power IPO review reveals a company driven by efficiency, vertical integration, and expansion discipline. With utilization above 85%, rising margins, and strategic capacity growth in Ratlam and Dadri, Fujiyama Power is positioned for strong scalability. This IPO marks its transformation into a high-performance solar manufacturing leader, aligning perfectly with India’s renewable energy growth story.
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