One of India’s leading rooftop solar solution providers, Fujiyama Power Systems, announced impressive results for Q2 & H1 FY26. Supported by expanding retail presence, deep backward integration, and post-IPO capital infusion, the company delivered record revenue and profit growth.
Fujiyama Solar Q2 FY26 Results: Snapshot
| Particulars | Q2 FY25 | Q2 FY26 | Change (YoY) |
|---|---|---|---|
| Revenue from Operations | 329.1 | 567.9 | +72.6 |
| EBITDA | 50.1 | 103.0 | +105.7 |
| EBITDA Margin (%) | 15.2 | 18.1 | +290 bps |
| PAT | 31.9 | 62.9 | +97.4 |
| PAT Margin (%) | 9.7 | 11.1 | +140 bps |
| EPS (INR) | 1.14 | 2.25 | +97.4 |
Fujiyama Solar Q2 FY26 revenue jumped 72.6% YoY, while PAT nearly doubled. The EBITDA margin expansion to 18.1% highlights higher operating efficiency and successful cost optimisation.
Fujiyama Solar H1 FY26 Results: Snapshot
| Particulars | H1 FY25 | H1 FY26 | Change (YoY) |
|---|---|---|---|
| Revenue from Operations | 721.7 | 1,165.3 | +61.5 |
| EBITDA | 116.6 | 208.9 | +79.1 |
| EBITDA Margin (%) | 16.2 | 17.9 | +170 bps |
| PAT | 75.1 | 130.5 | +73.8 |
| PAT Margin (%) | 10.4 | 11.2 | +80 bps |
| EPS (INR) | 2.68 | 4.66 | +73.9 |
Fujiyama Solar H1 FY26 revenue rose 61.5% YoY, supported by strong demand from Tier-2 and Tier-3 residential markets. Both EBITDA and PAT margins improved, reflecting the benefits of scale and integration.
UTL Solar Q2 & H1 FY26: Operational & Strategic Highlights
| Parameter | H1FY25 | H1FY26 | Key Insights |
|---|---|---|---|
| B2C Revenue Share (%) | 90.3 | 91.7 | Retail penetration continues to deepen |
| Solar Panels’ Revenue (%) | 36.5 | 45.4 | Driven by off-grid and hybrid demand |
| Channel Partners | 6,800+ | 7,500+ | Network expanded with 70+ new distributors |
| Brand Ambassador | — | Surya Kumar Yadav (SKY) | Strengthening national brand visibility |
| IPO Proceeds | — | INR 8,280 cr raised | INR 2,750 cr allocated for debt repayment |
Expansion Roadmap
| Facility | Location | Current Capacity | Planned Expansion | Commissioning |
|---|---|---|---|---|
| Dadri (UP) | Solar Cell Manufacturing | — | 1 GW DCR Facility | Q3 FY26 |
| Ratlam (MP) | Integrated SPGS (Solar + Battery + Inverter) | — | 2 GW Capacity | Q4 FY26 |
| Existing Units (HP, HR, UP) | Solar Panels & Batteries | ~3.5 GW / 4 GWh | — | Ongoing |
Leadership Commentary
Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, said:
“Following our IPO, Fujiyama has entered a new phase of growth, supported by strong financial strength and a clear roadmap for expansion. Our nationwide distribution footprint, backward integration, and disciplined operations continue to drive profitability and long-term resilience.”
Verdict
Fujiyama Solar Q2 and H1 FY26 performance underscores strong execution, efficient capital utilization, and market leadership ambitions. With its 1 GW solar cell and 2 GW SPGS expansion projects scheduled for FY26, the company is ready to benefit from India’s fastest-growing rooftop solar adoption and aiding government initiatives such as the PM Surya Ghar: Muft Bijli Yojana.
Fujiyama’s increasing domestic content ratio and post-IPO balance sheet deleveraging position it as one of India’s most promising vertically integrated solar manufacturers.
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