Fujiyama Power Systems Limited (popularly known as UTL Solar) is a leading manufacturer of rooftop solar and power backup solutions in India. The company offers a complete range of on-grid, off-grid, and hybrid solar systems designed for households, commercial establishments, and industrial applications.
The company has developed an extensive product portfolio of 500+ SKUs, which includes:
- Solar PCUs & Hybrid Inverters
- On-grid & Off-grid Inverters
- Solar Panels (40 Wp to 670 Wp)
- Lithium-ion & Tubular Batteries
- Online/Offline UPS Systems
- Solar Charge Controllers & Management Units
- PWM & other Smart Chargers
Fujiyama operates a strong nationwide distribution and service network with 725+ distributors, 5,546+ dealers, 1,100+ exclusive UTL Shoppe outlets, and 600+ trained service engineers. This enables the company to effectively serve customers across urban, semi-urban, and rural markets, while ensuring seamless installation, training, and reliable after-sales support.
The company has four manufacturing facilities located in Greater Noida (UP), Parwanoo (HP), Bawal (Haryana), and Dadri (UP). These units produce a wide range of solar inverters, panels, batteries, UPS systems, and EV chargers, using advanced, automated production lines to ensure quality and efficiency.
All Fujiyama manufacturing systems are certified under ISO 9001:2015 for Quality Management, ISO 14001:2015 for Environmental Management, and ISO 45001:2018 for Occupational Health & Safety, ensuring standardized production, quality assurance, and safe operational practices.
The company also has a global presence, exporting its solar and power backup products to the USA, Bangladesh, the UAE, and several other Asian and international markets, reflecting strong overseas demand and brand acceptance.
Fujiyama Power Systems IPO – Details
| IPO Opening Date | 13 November 2025 |
| IPO Closing Date | 17 November 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 3,63,15,789 Shares Worth ₹828.00 Crore Fresh Issue: 2,63,15,789 Shares Worth ₹600.00 Crore Offer For Sale: 1,00,00,000 Shares Worth ₹228.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹216 – ₹228 per share |
| Market Lot | 65 Shares |
| Min Order | 65 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Fujiyama Power Systems IPO – Date Schedule
| IPO Open Date | 13 November 2025 |
| IPO Close Date | 17 November 2025 |
| Basis of Allotment | 18 November 2025 |
| Initiation of Refund | 19 November 2025 |
| Credit of Shares to Demat Account | 19 November 2025 |
| IPO Listing Date | 20 November 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 17, 2025 |
Fujiyama Power Systems IPO – Lots Size & Price
| 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 |
Competitive Strength
- Quality-centric and precision-driven large-scale manufacturing infrastructure driving production efficiency.
- Robust distribution network, and post-sale service capabilities driving strong brand recognition.
- Track record of technological development and product innovation.
- Diverse solar products establish the company as a leader in the rooftop solar industry.
- Experienced Promoters and Senior Management and a committed employee base.
Company Promoters
- Pawan Kumar Garg
- Yogesh Dua
- Sunil Kumar
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹665.33 Cr | ₹633.85 Cr | ₹24.37 Cr | ₹211.14 Cr |
| 31 March 2024 | ₹927.20 Cr | ₹864.60 Cr | ₹45.30 Cr | ₹200.19 Cr |
| 31 March 2025 | ₹1,550.09 Cr | ₹1,336.97 Cr | ₹156.34 Cr | ₹346.22 Cr |
| 30 June 2025 | ₹597.79 Cr | ₹507.85 Cr | ₹67.59 Cr | ₹432.83 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 39.40% |
| ROCE | 41.01% |
| Debt/Equity | 0.87 |
| RoNW | 39.40% |
| PAT Margin | 10.15% |
| EBITDA Margin | 16.13% |
| Price to Book Value | 16.09 |
| Market Capitalization | ₹6,986.17 Cr. |
| Pre IPO | Post IPO | |
| EPS (₹) | 5.58 | 8.82 |
| P/E (x) | 40.85 | 25.84 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India. | ₹180.00 |
| Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the Company. | ₹275.00 |
| General corporate purposes. |
Fujiyama Power Systems IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Waaree Energies | 49.04 |
| 2 | 1 | Premier Energies | 47.91 |
| 3 | 10 | Exicom Tele Systems | – |
| 4 | 1 | Insolation Energy | 31.68 |
✅Strengths
- Wide product portfolio covering solar panels, inverters, batteries, UPS systems, and EV chargers.
- Strong nationwide distribution network with dealers, distributors, and franchise outlets.
- Four manufacturing facilities enabling large-scale and diversified production.
- In-house R&D with patented and innovative solar technologies.
- ISO-certified production systems ensuring quality and safety.
- International presence through exports to the USA, UAE, Bangladesh, and other markets.
⚠️Risks
- Faces strong competition from other solar and power solution brands.
- Business depends on government solar policies and subsidy availability.
- Profit margins may be affected by fluctuations in raw material prices.
- Working capital requirements are high due to inventory and dealer credit cycles.
- Rapid technology changes may require continuous product upgrades.
- Majority of revenue comes from the Indian market, making growth dependent on domestic conditions.
Fujiyama Power Systems IPO Promoter Holding
| Pre Issue Share Holding | 99.67% |
| Post Issue Share Holding | 87.84% |
Fujiyama Power Systems IPO Prospectus
- Fujiyama Power Systems IPO DRHP
- Fujiyama Power Systems IPO RHP
Company Contact Information
| Fujiyama Power Systems Ltd. 53A/6, Near NDPL Grid Office, Near Metro Station Sat Guru Ram Singh Marg Delhi, New Delhi, 110015 Phone: +91 1141055305 Email: investor@utlsolarfujiyama.com Website: https://www.utlsolarfujiyama.com/ |
Fujiyama Power Systems IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: fujiyamapower.ipo@in.mpms.mufg.com Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Fujiyama Power Systems IPO Lead Manager(s)
| 1. SBI Capital Markets Limited 2. Motilal Oswal Investment Advisors Limited |
Fujiyama Power Systems IPO FAQs
| What is Fujiyama Power Systems IPO? Fujiyama Power Systems IPO is a main-board IPO. The issue is priced at ₹216 to ₹228 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Fujiyama Power Systems IPO open? The IPO is to open on 13 November 2025 for QIB, NII, and Retail Investors. |
| What is Fujiyama Power Systems IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Fujiyama Power Systems IPO Size? Fujiyama Power Systems IPO size is ₹828.00 Crore. |
| What is the Fujiyama Power Systems IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 65 Shares with ₹14,820, while the maximum bid is 845 Shares with ₹1,92,660. |
| What is the Fujiyama Power Systems IPO Allotment Date? Fujiyama Power Systems IPO allotment date is 18 November 2025. |
| What is the Fujiyama Power Systems IPO Listing Date? Fujiyama Power Systems IPO listing date is 20 November 2025. The IPO is to be listed on BSE and NSE. |
