The Fujiyama IPO marks another milestone in India’s rapidly growing rooftop solar industry. Fujiyama Power Systems Ltd, a well-established name in the solar power and battery systems segment, is coming to the capital markets with its maiden public issue.
Known for its diverse range of solar panels, hybrid inverters, lithium-ion batteries, and UPS systems, Fujiyama operates three advanced manufacturing facilities in India, including a state-of-the-art manufacturing facility in Ratlam, Madhya Pradesh.
With a focus on innovation, production efficiency, and customer satisfaction, the company’s IPO aims to strengthen its balance sheet, expand manufacturing capacity, and repay outstanding borrowings availed for its ongoing solar projects.
Fujiyama Power Systems IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | Thu, Nov 13, 2025 |
| IPO Close Date | Mon, Nov 17, 2025 |
| Allotment Finalization | Tue, Nov 18, 2025 |
| Refunds Initiation | Wed, Nov 19, 2025 |
| Credit of Shares to Demat | Wed, Nov 19, 2025 |
| Tentative Listing Date | Thu, Nov 20, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Nov 17, 2025 |
The Fujiyama Power Systems IPO opens in mid-November 2025 and will list on both the BSE and NSE. The allotment and refund process will be handled through the book-building route under SEBI guidelines.
Fujiyama Power Systems IPO Details
| Particulars | Details |
|---|---|
| IPO Date | November 13, 2025 to November 17, 2025 |
| Listing Date | [To be announced] |
| Face Value | ₹1 per share |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Fresh Issue | [•] shares (aggregating up to ₹600.00 Cr) |
| Offer for Sale | 1,00,00,000 shares of ₹1 (aggregating up to ₹[•] Cr) |
| Listing At | BSE, NSE |
| Lead Managers | SBI Capital Markets Ltd, Motilal Oswal Investment Advisors |
| Shareholding Pre Issue | 28,00,95,145 shares |
The power systems IPO details indicate that the company plans to raise around ₹600 crore through a combination of a fresh issue and an offer for sale by existing shareholders. The price band will be announced shortly before the opening date.
Funds from the fresh issue will primarily go toward establishing the manufacturing facility in Ratlam, repaying certain outstanding borrowings, and investing in advanced technologies for solar production.
Fujiyama Power Systems Ltd: Company Overview
Fujiyama Power Systems Ltd is a pioneer in solar power solutions, battery technology, and UPS systems in India. Established with the vision of delivering sustainable energy to both urban and rural markets, the company operates in multiple segments including on-grid, off-grid, and hybrid solar systems.
Over the years, Fujiyama has built a strong reputation for manufacturing capabilities, a robust distribution network, and post-sale service capabilities across the country. Its wide product portfolio caters to residential users, commercial establishments, and institutional clients.
The company’s diversified portfolio includes:
- Solar panels and modules
- Lithium-ion and tubular batteries
- Solar inverters, PCUs, and charge controllers
- Offline and high-frequency online UPS systems
- Battery chargers and hybrid inverters
With its technological development expertise, Fujiyama is positioned among India’s leading solar solutions providers with a growing presence in the rooftop solar segment.
Manufacturing Facilities and Solar Product Portfolio
Fujiyama’s manufacturing facilities form the backbone of its operations, supporting large-scale production of solar components and energy storage systems. The company operates three manufacturing facilities, strategically located to serve its extensive distribution network.
One of its key strengths is the manufacturing facility in Ratlam, Madhya Pradesh, India, which focuses on producing solar panels, inverters, and lithium-ion batteries using advanced automation and precision assembly technology.
Key Product Lines
Solar Panels and Modules
- Fujiyama designs mono PERC and bifacial solar panels for residential, commercial, and industrial applications. These panels are known for high efficiency, durability, and adaptability to India’s weather conditions.
Inverters and Solar PCUs
- The company manufactures hybrid inverters, on-grid, and off-grid systems that integrate seamlessly with rooftop installations. Fujiyama’s single-card SMT inverters and solar PCUs ensure improved reliability and performance.
Batteries and Energy Storage
- Fujiyama’s range of lithium-ion batteries and tubular batteries provides efficient storage for solar installations and backup systems. The company also offers integrated solar management units for smart power control.
UPS Systems and Battery Chargers
- Under its high-frequency online UPS systems, Fujiyama caters to offices, hospitals, and industries requiring uninterrupted power supply.
The company’s advanced manufacturing facilities emphasize operational efficiency, production accuracy, and customer satisfaction. Each unit follows strict quality standards and is equipped with modern testing infrastructure.
Financial Information
| Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | ₹1,243.88 Cr | ₹1,013.96 Cr | ₹609.64 Cr | ₹514.56 Cr |
| Total Income | ₹597.79 Cr | ₹1,550.09 Cr | ₹927.20 Cr | ₹665.33 Cr |
| Profit After Tax | ₹67.59 Cr | ₹156.34 Cr | ₹45.30 Cr | ₹24.37 Cr |
| EBITDA | ₹105.89 Cr | ₹248.52 Cr | ₹98.64 Cr | ₹51.60 Cr |
| Net Worth | ₹464.34 Cr | ₹396.82 Cr | ₹239.54 Cr | ₹193.08 Cr |
| Reserves and Surplus | ₹436.33 Cr | ₹368.81 Cr | ₹215.00 Cr | ₹70.55 Cr |
| Total Borrowing | ₹432.83 Cr | ₹346.22 Cr | ₹200.19 Cr | ₹211.14 Cr |
Financial Overview:
Between FY24 and FY25, Fujiyama’s revenue increased by 67%, and profit after tax rose by 245%, showcasing strong demand in the domestic and international solar segments.
The company’s EBITDA margin also improved sharply due to better operating efficiency and the scaling of its production units. With a growing net worth and prudent debt management, Fujiyama Power Systems appears well-positioned to capitalize on India’s transition toward renewable energy.
Offer for Sale and Company Plans
The offer for sale component of the IPO allows existing shareholders to partially divest their stakes, while the fresh issue proceeds will be used to strengthen Fujiyama’s capital structure and expand operations.
Objectives of the IPO
Establishing the new manufacturing facility in Ratlam, Madhya Pradesh for advanced solar modules and battery assembly.
Repayment or prepayment of certain outstanding borrowings and accrued interest thereon availed from financial institutions.
Investment in R&D and technological development capabilities to enhance innovation and sustainability.
Funding working capital requirements for expanding product lines such as solar PCUs, inverters, and battery chargers.
General corporate purposes, including brand marketing, logistics, and expanding post-sale service infrastructure.
The IPO proceeds are expected to support the company’s long-term strategy of being a pure-play integrated solar PV manufacturer with a diversified product portfolio and strong brand recognition.
Lead Managers and Allotment Details
| Particulars | Details |
|---|---|
| Lead Managers | SBI Capital Markets Ltd, Motilal Oswal Investment Advisors |
| Registrar | KFin Technologies Ltd |
| Issue Type | Book-building IPO |
| Allotment Finalization | Tue, Nov 18, 2025 |
The lead managers—SBI Capital Markets Ltd and Motilal Oswal Investment Advisors—bring vast expertise in managing renewable and power systems IPOs. Their role involves ensuring smooth book building, compliance, and allotment execution.
Investors can check their allotment details and application status on the KFin Technologies IPO portal using their PAN, application ID, or demat account credentials. Refunds will be processed through ASBA-linked bank accounts post-allotment.
Fujiyama Power Systems Limited: Market Position and Growth Outlook
Fujiyama Power Systems Limited is part of a fast-growing rooftop solar and renewable energy ecosystem in India. With the government’s continued push toward solar adoption, the company benefits from favorable market demand and policy support.
Fujiyama has also built strong relationships with distribution partners and institutional clients, supported by an extensive distribution network that covers both Tier-I and Tier-II cities.
The company’s operational efficiency, technological development, and focus on post-sale service capabilities have made it a trusted name in solar solutions. Additionally, collaborations with Aditya Birla Renewables, Clean Max Enviro Energy, and KPI Green Energy have strengthened its B2B presence.
With manufacturing capabilities expanding rapidly, the company plans to introduce new hybrid inverters and solar management units optimized for residential and commercial use.
Financial Information and Market Risks
Fujiyama’s financial trajectory shows strong revenue growth and improving profitability. However, as with all companies in the solar and battery manufacturing space, it faces risks related to market fluctuations, raw material prices, and competition from global suppliers.
Despite these risks, the company’s emphasis on advanced manufacturing facilities, technological development, and customer-centric product design provides a competitive edge.
Its focus on diverse solar products, robust supply chains, and operational efficiency is expected to drive consistent performance post-listing.
Conclusion
The Fujiyama Power Systems IPO provides investors with exposure to India’s renewable energy and solar manufacturing boom. Backed by advanced manufacturing capabilities, technological innovation, and robust financial performance, the company is positioned as one of India’s fastest-growing solar product manufacturers.
With a strong management team, expanding capacity in Ratlam, Madhya Pradesh, and established partnerships in the solar value chain, Fujiyama Power Systems aims to play a major role in powering India’s clean-energy future.
For investors seeking opportunities in sustainable growth sectors, the Fujiyama IPO offers an attractive entry into the rapidly evolving solar and energy storage industry.
