Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Oct - Fujiyama Power Systems Limited has informed regarding allotment of 4,11,587 equity shares under Employee Stock Option Scheme 2023.
Source: Bse
Fujiyama Power Systems Limited (UTLSOLAR)
Micro CapIndustrials stocks · Micro cap · NSE
Fujiyama Power Systems is an integrated solar energy solutions provider in India, offering power electronics, solar panels, and batteries. It focuses on residential B2C segments in Tier 2/3 cities, with a strong distribution network and expanding backward integration into solar cell manufacturing.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result13 Aug, 07:21 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage10/14 · 71%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 -5.8% / mo · MACD −
Stock trend: 44
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
UTLSOLARD candles · FIT view+22.3%Latest close ₹369.55 on 2026-10-19
Daily history is available from 2025-11-20; the requested 1Y window is partially covered.
Bar
-5.0%
RSI
35
MACD hist
-3.49
52W pos
61%
2026-10-19O ₹388.80H ₹389.25L ₹365.00C ₹369.55Vol 5.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
UTLSOLARNifty India ManufacturingNifty 500
- UTLSOLAR
- -1.9%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +3.7 pp
Chart stats
19 Oct 2026- From 52W high
- -25.2%
- 52W range position
- 61%
- ATR (14)
- 5.8%
- Volume vs 20D
- 2.17x
- Avg traded value
- ₹10.2 Cr
- 20D price channel
- ₹365 - ₹461
₹494.3
₹172 - ₹494.3
₹21.4
Latest completed session
20-session average
47.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+5.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,346 Cr | NDF | +49.4% |
| EBITDA | ₹255 Cr | +140.6% | +49.1% |
| Operating margin | 19.0% | +100 bps | +0 bps |
| PAT | ₹58 Cr | NDF | -45.3% |
| PAT margin | 4.3% | -708 bps | -745 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.20
- P/B
- —
- EV/EBITDA
- 21.53
- Market Cap
- 11357.00Cr
Profitability
- ROE
- —
- ROCE
- —
- ROA
- 126.14%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 46.00%
- EPS 5Y
- 73.00%
- Revenue 3Y
- 46.00%
- EPS 3Y
- 73.00%
Balance Sheet
- Debt/Equity
- 3.23
- Interest Coverage
- 11.14×
- Altman Z
- 10.89
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -11.00 Cr
- EPS TTM
- 9.93
Shareholding
- Promoter Hold
- 86.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 62%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,346+49.4% vs prev
Net Profit
₹ CrLatest: 58.0-45.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 35.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 25% off 52W high · 115% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
82
RS percentile
Stage 2 UptrendEstablished S2
1M return
-11.7%
3M return
-1.9%
6M return
+42.3%
1Y return
-
RS 1D
-3
RS 20D
-11
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is 8.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.6%.
50-DMA
price below
200-DMA
price above
S2 observed by
15 Jul 2026
S2 age
67 trading sessions
Sector
leading
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
226 observations
19 Oct 2026Value 192.85-5.45%
RS vs Nifty 500193
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth24/25
Quality0/20
Balance Sheet5/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 24/25 to the score.
- Balance sheet contributes 5/15 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
27.2
PB
—
EV/EBITDA
21.5
ROE
—
ROCE
—
FCF Yield
—
Debt/Equity
3.2
MoS
+5.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+5.3%
Previous: +5.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
30
30
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
39.3
Growth-justified Value
₹390.25
+5.3% MoS
PEG
0.37
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TDPOWERSYS
Micro
TD Power Systems Limited
IT Services / Digital
match 134
55
89.4
24.7%
-113%
FAIR VALUE
ZENTEC
Large
Zen Technologies Limited
IT Services / Digital
match 126
43
80.9
10.7%
-107%
WATCHLIST
OSWALPUMPS
Micro
Oswal Pumps Limited
IT Services / Digital
match 124
86
8.8
35.2%
+79%
DEEP VALUE
RATEGAIN
Micro
Rategain Travel Technologies Limited
IT Services / Digital
match 120
40
39.2
11.9%
-24%
WATCHLIST
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 116
35
20.8
13.8%
-34%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T07:52:53.365Z
Management commentary snapshot
FY26 revenue grew 72.3% YoY to Rs. 26,545 Mn, with EBITDA up 97.3% YoY to Rs. 4,903 Mn, driven by higher operating scale and backward integration. Q4FY26 saw revenue up 87.5% YoY and EBITDA up 116.9% YoY, indicating strong momentum.
The company delivered robust FY26 performance with significant revenue and profit growth, margin expansion, and improved debt metrics post-IPO. Strategic backward integration and capacity expansion are progressing, though some project commissioning delays and a recent facility fire warrant monitoring.
Growth engines
Residential Rooftop Solar Demand
Driven by increasing adoption in Tier-2/3 cities, favorable government policies like PM Surya Ghar, and rising consumer preference.
Backward Integration
Expanding into DCR-compliant solar cell manufacturing to capture domestic, subsidy-driven on-grid rooftop solar market.
Distribution Network Expansion
Added 80 distributors, 450 dealers, 30 exclusive Shoppes in Q4FY26, reaching over 8,900 channel partners.
Diversified Product Portfolio
Offers power electronics, solar panels, batteries, and charging solutions, addressing multiple energy use cases.
Capacity and execution
Solar Panel Manufacturing
Commissioned 2,000 MW capacity at Ratlam, enhancing module manufacturing capabilities.
MonoPERC DCR Solar Cell Facility
Commissioned 1 GW facility to capture domestic, subsidy-driven on-grid rooftop solar market.
TOPCon Solar Cell Facility
Setting up 1,200 MW facility at Ratlam, expected to complement existing capacities and support on-grid expansion.
Power Electronics Manufacturing
Inverter manufacturing line expected to be commissioned by Q1FY27, with machinery already received.
Tailwinds
Government Policy Support
PM Surya Ghar Yogna offers significant untapped opportunity (~25 GW) for residential solar adoption.
Domestic Manufacturing Push
Government considering extending ALMM framework to solar inverters, Li-ion batteries, and BMS to promote local production.
Rising Demand for Reliable Power
Outlook for residential solar solutions remains favorable due to increasing awareness and need for dependable power.
Headwinds
Project Commissioning Delays
Power electronics and battery capacities at Ratlam saw delays due to incorporating latest Li-ion technology and geopolitical developments.
Facility Fire Incident
Fire incident took place at Bawal Facility on 6th May 2026, impacting solar panels and tubular batteries capacity.
Import Dependence
Solar inverter, lithium batteries, and BMS markets in India continue to be import-dependent, primarily from China.
Risk radar
Execution Risk for New Capacities
Delays in commissioning power electronics and battery capacities highlight potential challenges in project execution.
Supply Chain Disruptions
Geopolitical developments impacted supply timelines during execution, indicating vulnerability to external factors.
Competition in Solar Market
Rapid expansion in solar sector could intensify competition, impacting margins and market share.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and the impact of strategic initiatives over a full year, especially post-IPO. QoQ comparison is important to track sequential momentum, utilization ramp-up from new capacities, and the impact of demand environment changes.
Sector KPIs management disclosed
Revenue from Operations
FY26: Rs. 26,545 Mn (+72.3% YoY); Q4FY26: Rs. 9,008 Mn (+87.5% YoY).
EBITDA
FY26: Rs. 4,903 Mn (+97.3% YoY); Q4FY26: Rs. 1,715 Mn (+116.9% YoY).
EBITDA Margin
FY26: 18.5% (vs 16.1% FY25); Q4FY26: 19.0% (vs 16.5% Q4FY25).
PAT
FY26: Rs. 3,041 Mn (+94.5% YoY); Q4FY26: Rs. 1,063 Mn (+107.5% YoY).
Management forward view
Focus on Capacity Expansion
Committed to expanding capacity and strengthening backward integration to meet evolving market requirements.
Improve Operating Efficiencies
Aim to improve operating efficiencies and further expand distribution reach.
Deliver High-Quality Solutions
Remain committed to delivering high-quality and dependable solar solutions.
Create Long-Term Value
Continue to create long-term value for all stakeholders.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Power Electronics Commissioning | Expected Q1FY27 | Timely commissioning and ramp-up of the inverter manufacturing line. |
| Battery Capacity Commissioning | Expected Q2FY27 | Timely commissioning and ramp-up of the battery manufacturing facility. |
| Impact of Bawal Fire | Fire incident on 6th May 2026 | Assessment of the financial and operational impact of the Bawal facility fire and recovery plans. |
| Net Working Capital Days | Receivables 44 days, Inventory 98 days, Payables 66 days in FY26 | Monitoring working capital efficiency, especially inventory levels given capacity expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
58Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 22nd percentile of the scored universe and 18th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
20 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Industrials: 18th pctile, median 68 · Micro: 14th pctile, median 73
Evidence depth
Financial-only
20 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
56
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 86.6%.
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸Debt/equity is 3.23.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Fujiyama Power Systems Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 SEBI (LODR) 14 Oct - BIS imposed ₹9 lakh penalty on company and two JMDs; seized ₹2.52 crore inventory expected released.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - Investor and analyst plant visit at Greater Noida and Dadri on September 26, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 4 Sep - Fujiyama will invest Rs 5.01 crore in ZEPL CCDs on September 4, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Fujiyama Power Systems Limited has informed about Copy of Newspaper Publication
Source: Bse
Annual report
Intimation Regarding Dispatch Of Physical Letter 2 Sep - Annual Report FY2025-26 and 9th AGM notice dispatched to members without registered email addresses.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Credit rating
Clarification With Respect To Corporate Announcement 21 Aug - Credit rating removed from watchlist and retained; company clarifies timely disclosure.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Fujiyama Power Systems Limited has informed about the copy of the Newspaper Publication.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Jul - Fujiyama Power Systems Limited has informed about Schedule of meet.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun - Fujiyama Power Systems Limited has informed about Schedule of meet
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.