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Fujiyama Power IPO
Fujiyama Power Systems Ltd
₹14,040 /65 sharesMinimum Investment
Fujiyama Power IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 13 Nov ‘25 - 17 Nov ‘25 | ₹14,040 | 65 | ₹216 - ₹228 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 828 Cr | RHP PDF | 18 Nov ‘25 | 20 Nov ‘25 |
About Fujiyama Power
Founded in
2017
MD/CEO
Mr Pawan Kumar Garg
Parent organisation
Fujiyama Power Systems Ltd
Strengths & Risks of Fujiyama Power
Strengths
Risks
Fujiyama Power Systems claims to have a diversified portfolio of over 522 solar products and solutions, including solar PCUs, inverters, panels, batteries, and EV chargers for e-rickshaws. This extensive range enables the company to serve varied customer needs and reduce dependence on any single product line. According to the CARE Report, it accounted for 9.6 percent of India’s installed rooftop solar capacity and held a 15.5 percent share of the solar battery market in FY25.
Fujiyama Power Systems claims to have a strong track record of technological development and product innovation, supported by over 29 years of experience, 65 R&D professionals, and 500 qualified engineers. The company is among the few in India to have developed online uninterruptible power supply (UPS) systems with single card design, combo UPS with automatic voltage regulation (AVR), and single card surface mount technology (SMT) inverters. It also patented its rapid maximum power point tracking (rMPPT) technology in 2024, which improves solar power efficiency under varying conditions, and developed hybrid inverters with battery storage and grid export capabilities.
The company claims to have a robust pan-India distribution and post-sale service network that strengthens its brand presence across the rooftop solar industry. As of June 30, 2025, the company had 725 distributors, 5,546 dealers, 1,100 exclusive “Shoppe” franchise outlets, and 602 service engineers providing nationwide technical support. This network enables consistent product availability, professional installation, and on-site service delivery.
Fujiyama Power Systems claims to have a large-scale, quality-focused manufacturing infrastructure designed to enhance efficiency and maintain high production standards. The company operates four facilities across India, in Greater Noida, Parwanoo, Bawal, and Dadri, with a combined installed capacity to produce solar panels, inverters, batteries, and electric vehicle chargers. The company also claims to follow total quality management (TQM), KAIZEN, and 5S methodologies to improve operational efficiency and reduce product rejection rates.
The company is ISO 9001:2015 certified for its quality management systems, ISO 14001:2015 certified for its environmental management systems, and ISO 45001:2018 certified for occupational health and safety.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 664.08 crore in FY23 to Rs 924.69 crore in FY24 and Rs 1,540.68 crore in FY25. PAT increased from Rs 24.37 crore in FY23 to Rs 45.30 crore in FY24 and Rs 156.33 crore in FY25.
Fujiyama Power Systems derives a major portion of its revenue from retail sales through its distributor, dealer, and franchise network. Retail sales accounted for Rs 558.95 crore (93.57 percent) of the company’s revenue for the period ended June 30, 2025; Rs 1,379.43 crore (89.53 percent) in FY25; Rs 722.81 crore (78.17 percent) in FY24; and Rs 580.08 crore (87.35 percent) in FY23. The company’s retail operations depend on the continued performance and cooperation of its 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, whose agreements are typically for a period of five years and renewed periodically. Any non-renewal, termination, or disruption of these arrangements, or a decline in the effectiveness of its channel partners, could adversely impact the company’s sales, cash flows, and overall financial condition.
The cost of imported materials from China accounted for Rs 131.47 crore (92.03 percent) of the company’s total cost of materials imported for the period ended June 30, 2025; Rs 288.42 crore (90.82 percent) in FY25; Rs 146.68 crore (82.11 percent) in FY24; and Rs 47.18 crore (55.51 percent) in FY23. The company’s operations are exposed to import-related risks, as the Government of India has imposed a 25 percent basic customs duty on solar cells and 40 percent on solar modules. Any further increase in import duties, restrictions on imports from China or other supplier countries, or adverse changes in trade policies could raise production costs, affect raw material availability, and negatively impact the company’s profitability and cash flows.
The profitability of Fujiyama Power Systems is sensitive to fluctuations in the prices of solar panels and related products. In FY24, global solar panel prices fell sharply to 18 US cents per watt, down by almost 95 percent over the past decade, primarily due to a supply glut in China. Domestic prices mirrored this trend, declining by 42 percent in FY24 and further dropping to 17.7 US cents per watt in FY25. This decline led to reduced selling prices for the company’s solar panels, putting pressure on its profit margins. Any further fall in solar panel prices driven by global oversupply or changing market conditions could adversely affect the company’s revenue, margins, and overall financial performance.
Fujiyama Power Systems’ manufacturing facilities are concentrated in northern India, with plants located in Parwanoo (Himachal Pradesh), Greater Noida (Uttar Pradesh), Bawal (Haryana), and Dadri (Uttar Pradesh). Furthermore, Uttar Pradesh alone accounted for Rs 235.77 crore (42.18 percent) of the company’s total retail sales for the period ended June 30, 2025; Rs 491.28 crore (35.61 percent) in FY25; Rs 236.67 crore (32.74 percent) in FY24; and Rs 189.92 crore (32.74 percent) in FY23. This concentration exposes the company to region-specific risks such as political unrest, natural disasters, infrastructure disruptions, or regulatory changes in these areas. Any adverse developments in these regions could disrupt manufacturing operations, delay shipments, and increase operational costs, thereby negatively impacting the company’s business and financial performance.
The top five suppliers accounted for Rs 154.95 crore (31.90 percent) of the company’s total purchases for the period ended June 30, 2025; Rs 377.74 crore (30.64 percent) in FY25; Rs 205.95 crore (28.91 percent) in FY24; and Rs 201.57 crore (39.63 percent) in FY23. Since the company does not have long-term supply contracts and procures materials on a purchase order basis, any disruption in supply, price volatility, or change in supplier relationships could affect the timely availability of inputs, increase production costs, and adversely impact the company’s business operations and profitability.
The company reported a negative cash flow from operating activities of Rs 4.55 crore for the period ended June 30, 2025. While the company has historically generated positive operating cash flows, short-term negative cash flow in the reported period indicates potential fluctuations in operational liquidity. Investors should remain alert to the reasons for such negative cash flows from operating activities, which could adversely affect the company’s ability to meet its working capital needs, manage its business effectively, and maintain financial stability.
Solar panels accounted for Rs 260.69 crore (43.64 percent) of the company’s revenue for the period ended June 30, 2025; Rs 661.87 crore (42.96 percent) in FY25; Rs 331.97 crore (35.90 percent) in FY24; and Rs 192.80 crore (29.03 percent) in FY23. The demand for this key product is influenced by factors beyond the company’s control, including fluctuations in global and domestic solar panel prices, changes in government policies, and overall market competition. Any decline in demand for solar panels or a reduction in selling prices could adversely affect the company’s revenue, profitability, and financial performance.
The company is involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of June 30, 2025, the company had trade receivables of Rs 82.47 crore, up from Rs 73.13 crore in FY25, Rs 64.68 crore in FY24, and Rs 28.54 crore in FY23. The company extends credit periods to certain customers. As of June 30, 2025, one customer had delayed payments amounting to Rs 6.65 crore. Inordinate delays or defaults in receivables collection could strain cash flows, affect working capital, and negatively impact the company’s financial condition.
Fujiyama Power Systems’ business is heavily dependent on the rooftop solar segment, which contributed a major portion of its revenue from operations. The rooftop solar market is generally perceived as riskier than utility-scale or ground-mounted projects due to space limitations, complex customer approvals, and higher servicing and installation costs. Additionally, regulatory uncertainty around net metering, subsidy delays, and fragmented demand make the segment more vulnerable to financial and operational risks. Any adverse policy changes, decline in customer adoption, or continuing perception of higher risk in rooftop solar could negatively affect the company’s growth prospects, cash flows, and overall financial performance.
Fujiyama Power Financials
*All values are in Rs. Cr
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Application Details of Fujiyama Power IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹216 - 228 | Upto ₹2 Lakh |
| High Networth Individual | ₹216 - 228 | ₹2 - 5 Lakh |
For Fujiyama Power IPO, eligible investors can apply as Regular.