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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100YoY data unavailable — classification deferred
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
55NeutralSMA20 +15.9% / mo · MACD −
Technical chart
UTLSOLARdaily · 1Y · AUTO+144.6%Daily history is available from 2025-11-20; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 rising (~13.7% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 150% 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.
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 24/25 to the score.
- Balance sheet contributes 5/15 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -9.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 23rd percentile of the scored universe and 18th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter holding is 86.6%. Key concern: Operating cash flow is negative at ₹-11 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 18th pctile, median 68 · Micro: 14th pctile, median 73
20 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.60
- P/B
- —
- EV/EBITDA
- 24.96
- Market Cap
- 13189.00Cr
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
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.