Fujiyama Power Systems posts 87.5% revenue jump, commissions 2,000 MW Ratlam solar plant

Fujiyama Power Systems Ltd reported strong fourth-quarter results on Thursday, with revenue from operations surging 87.5 per cent year-on-year to ₹900.8 crore for Q4 FY26, while simultaneously announcing the commissioning of its 2,000 MW solar panel manufacturing facility at Ratlam, Madhya Pradesh.

The Delhi-based rooftop solar company’s EBITDA for the quarter jumped 116.9 per cent to ₹171.5 crore , with margins expanding to 19 per cent from 16.5 per cent a year ago. Profit after tax rose 107.5 per cent to ₹106.3 crore . For the full year FY26 — the company’s first as a listed entity following its November 2025 IPO — revenue reached ₹2,654.5 crore, up 72.3 per cent, while EBITDA nearly doubled to ₹490.3 crore.

The Ratlam facility, part of a greenfield expansion designed for 2,000 MW each of solar panels, inverters, and batteries, will initially run at around 1,000 MW under single-shift operations, with full capacity targeted by Q4 FY27. With this addition, Fujiyama’s total solar panel manufacturing capacity now stands at 3,568 MW.

However, the inverter and battery lines at Ratlam face delays. The company attributed the setbacks to integration of newer lithium-ion battery technology and geopolitical disruptions affecting supply chains. The inverter line is now expected to be commissioned in Q1 FY27, with battery manufacturing to follow in Q2 FY27.

On the distribution front, the company added over 80 distributors, 450 dealers, and 30 exclusive Shoppes in Q4, taking its total channel partner network past 8,900 across 23 States.

The stock was trading at ₹276 on the NSE on Friday afternoon, up 1.06 per cent on the day, giving the company a market capitalisation of approximately ₹8,470 crore. The scrip has returned 23.14 per cent year-to-date, against a 5.48 per cent decline in the Nifty Total Market index over the same period.

Published on May 15, 2026