UTL Solar Expands Manufacturing Capacity to 3,568 MW with 2 GW Ratlam Facility Commissioning

Fujiyama Power Systems Limited, operating under the UTL Solar brand, has increased its total solar module manufacturing capacity to 3,568 MW (3.57 GW). This growth was finalized through the commissioning of a new 2,000 MW (2 GW) production line at its facility in Ratlam, Madhya Pradesh. This development represents a significant scale-up from the company’s previous operational capacity of 1.5 GW.

Ratlam Facility Operations and Ramp-up Schedule

The Ratlam facility is part of a larger greenfield expansion strategy focused on integrated manufacturing. The production schedule for the new panel line is structured in phases:

• Initial Phase: The facility will begin with an annualized capacity of 1,000 MW under single-shift operations.
• Phased Ramp-up: Production will be gradually increased to reach total facility capacity.
• Full Utilization Target: The company aims to achieve full capacity utilization of 2,000 MW by the fourth quarter of FY27 by transitioning to double-shift operations.

Following this commissioning, the total installed solar module manufacturing capacity for Fujiyama Power Systems stands at exactly 3,568 MW.

Technical Specifications and Technology Shift

UTL Solar is transitioning its manufacturing focus to N-Type TOPCon (Tunnel Oxide Passivated Contact) technology to address the requirement for higher energy yield and better thermal performance in high-temperature environments. Technical data for the company’s 525W and above modules, including bifacial variants, include:

• Technology Type: N-Type TOPCon.
• Module Efficiency: 22.13%.
• Temperature Coefficient (Pmax): -0.32%/°C.
• Performance Warranty: 27 years.
• Design Features: Incorporation of 16BB (busbar) technology and half-cut cells to reduce power loss and enhance physical durability.

Regulatory Alignment and ALMM Compliance

The company maintains alignment with the standards set by the Ministry of New and Renewable Energy (MNRE), specifically regarding the Approved List of Models and Manufacturers (ALMM). While UTL Solar’s modules are already listed under ALMM List-I, the company is proactively addressing the mandate for ALMM List-II (cells), which becomes mandatory for projects commissioned from June 1, 2026.

This regulatory compliance allows the company to participate in government-backed initiatives, including:

• PM Surya Ghar Muft Bijli Yojana: Providing Domestic Content Requirement (DCR) compliant modules for residential rooftop subsidies.
• PM KUSUM Yojana: Supplying domestically manufactured components for solar-powered irrigation and rural energy decentralized generation.

Backward Integration and Future Cell Manufacturing

To meet DCR standards and manage supply chain visibility, Fujiyama Power Systems has approved an investment of ₹350 crore for a 1.2 GW high-efficiency TOPCon solar cell manufacturing facility at the same Ratlam site.

The strategic objectives for this backward integration include:

• Margin Expansion: Internal cell manufacturing is projected to add 5–8% to EBITDA margins compared to module-only assembly.
• Price Stability: The facility is intended to insulate the company from global wafer price volatility.
• Market Positioning: Local cell production ensures compliance with the June 1, 2026, ALMM cell mandate, securing the company’s eligibility for premium DCR project tiers.

Commercial operations for the 1.2 GW TOPCon cell facility are projected to commence by the end of FY 2027-28.

Corporate and Financial Context

The expansion follows a period of growth reported for the quarter ending March 2026. The following data points summarize the company’s performance for the Q4FY26 period: