New Delhi-based rooftop solar company Fujiyama Power Systems Limited, which sells under the UTL Solar brand, reported revenue from operations of ₹1,306.8 crore for the quarter ended 30 September 2026, up 130.1% from ₹567.9 crore a year earlier. Profit after tax (PAT) rose 111.2% to ₹132.9 crore. The company filed its results on 5 November 2026. It said its 3 GWh lithium-ion battery factory at Ratlam, Madhya Pradesh, is expected to be commissioned in the coming quarters.
Key Financials
According to the company’s press release, the Q2 FY27 figures were:
- Revenue from operations: ₹1,306.8 crore, up 130.1% year on year and down 2.9% from ₹1,345.7 crore in Q1 FY27
- Earnings before interest, tax, depreciation and amortisation (EBITDA): ₹222.9 crore, up 116.4% from ₹103 crore
- EBITDA margin: 17.1%, against 18.1%
- PAT: ₹132.9 crore, against ₹62.9 crore
- PAT margin: 10.2%, against 11.1%
For the first half of FY27, revenue rose 127.6% to ₹2,652.5 crore from ₹1,165.3 crore and EBITDA rose 128.7% to ₹477.7 crore. Normalised PAT for the half was ₹298.1 crore. That figure excludes an exceptional provision of ₹107.4 crore, net of tax, booked in Q1 FY27 for the fire loss at the company’s Bawal plant. Because of that provision, reported PAT in Q1 FY27 was ₹57.8 crore, so Q2 reported PAT was 129.9% higher on a sequential basis. On a normalised basis, however, Q2 PAT was 19.6% lower than Q1’s ₹165.2 crore, and Q2 EBITDA was 12.5% lower.
Manufacturing Expansion
The company commissioned its 2 GW power electronics plant at Ratlam during the quarter, taking total power electronics capacity to 4.1 GW. The plant makes solar inverters, uninterruptible power supply (UPS) systems and related products. Fujiyama said the 3 GWh lithium-ion battery line at the same site will strengthen its in-house energy storage supply for its solar and power backup products.
It is also building a 1.2 GW solar cell plant at Ratlam, at an investment of about ₹350 crore, due by Q1 FY28. That will add to 1 GW of cell capacity already commissioned and support sales in the domestic content requirement (DCR) segment. A 1 GWh tubular battery plant at Hathras, Uttar Pradesh, costing about ₹20 crore, is due by Q3 FY27. It replaces the 1.3 GWh capacity at Bawal, Haryana, that was damaged by fire in May 2026. The release does not give a capital cost for the lithium-ion line.
The Ratlam complex is being built in stages. The company commissioned a 2 GW solar panel manufacturing facility there in May 2026, followed by the power electronics line in August. The 3 GWh lithium-ion figure combines a 2 GWh expansion announced earlier and a further 1 GWh that the board approved in August 2026, according to that board filing.
Management Comment
Chairman and Joint Managing Director Pawan Kumar Garg said demand for residential rooftop solar and power backup remained favourable. He credited government initiatives, consumer awareness and wider adoption in Tier 2 and Tier 3 markets. Garg said margins eased mainly because the company adopted lower sales realisations to drive volumes and gain market share. He said the proposed expansion of the PM Surya Ghar scheme, which he called PM Surya Ghar 2.0, could support wider adoption of rooftop solar with integrated storage.
Policy Backdrop
The PM Surya Ghar Muft Bijli Yojana was launched in February 2024 to install rooftop solar panels in one crore homes. Speaking at the Bharat Renewable Energy Summit & Expo 2026 on 2 November 2026, Prime Minister Narendra Modi said over 65 lakh households had joined within 24 to 25 months. He also called for indigenous storage hardware and new battery storage capacity, and urged innovators to develop home solar charging for electric two-wheelers and cars.
About the Company
Fujiyama Power Systems sells solar panels, inverters, lithium and tubular batteries, chargers and power electronics. The company says it has 30 years of operating experience and runs three plants in Himachal Pradesh and Uttar Pradesh, plus an integrated solar power generating system site at Ratlam. Its business is mainly business-to-consumer. It had more than 10,200 channel partners on 30 September 2026 and added more than 100 dealers and 30 distributors during the quarter. The company says its presence in Tier-2 and Tier-3 markets, together with backward integration in key components, supports cost efficiency and supply-chain resilience.
The Company’s Recent Pipeline
- August 2026 (7 August): commissioned the 2 GW power electronics manufacturing facility at Ratlam.
- August 2026 (24 August): the board approved a 1 GWh increase in lithium battery capacity at Ratlam and a 1 GWh tubular battery plant at Hathras.
- September 2026: agreed to invest ₹5,00,57,469 in compulsorily convertible debentures (CCDs) of associate company Zayo Energy Private Limited.
- November 2026: reported Q2 FY27 results, with the earnings call scheduled for 10 November 2026.
Outlook
Commissioning of the 3 GWh lithium-ion line at Ratlam is the next milestone, followed by the Hathras tubular battery plant by Q3 FY27. The 1.2 GW cell line is due by Q1 FY28. Fujiyama said it will focus on ramping up capacity, expanding distribution and backward integration. Garg said the PM Surya Ghar initiative and its proposed expansion create opportunities across residential rooftop solar and energy storage, and that the company remains committed to long-term value for stakeholders.
Official Sources
- Fujiyama Power Systems Limited – Press Release on Q2 and H1 FY27 Results (NSE, 6 November 2026): https://nsearchives.nseindia.com/corporate/UTLSOLAR2024_06112026094300_NSE_BSE_Press_Release_Q2FY2026-27.pdf
- Fujiyama Power Systems Limited – Outcome of Board Meeting and Financial Results (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/UTLSOLAR2024_05112026185058_NSE_BSE_Outcome_Board_Meeting_05_11_2026_final.pdf
- Fujiyama Power Systems Limited – Commissioning of 2 GW Power Electronics Facility at Ratlam (NSE, 7 August 2026): https://nsearchives.nseindia.com/corporate/UTLSOLAR2024_07082026191859_NSE_BSE_PressRelease.pdf
- Fujiyama Power Systems Limited – Board Approval for Lithium and Tubular Battery Capacity (NSE, 24 August 2026): https://nsearchives.nseindia.com/corporate/UTLSOLAR2024_24082026195552_NSEOutcome_Board_MeetingReg_30.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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