Fujiyama Power Systems Limited, a leading name in India’s rooftop solar and power-backup industry, is set to launch its IPO with a total issue size of ₹828 crore.
The IPO is a combination of a fresh issue of 2.63 crore shares (₹600 crore) and an Offer for Sale (OFS) of 1 crore shares (₹228 crore).
Fujiyama Power Systems IPO GMP Table: Expected Kostak & Sauda Rates
| Date | IPO Share Price | IPO GMP (₹) | Kostak Rate (₹) | Sauda Rate (₹) | Expected Gain (%) |
|---|---|---|---|---|---|
| 13 Nov 2025 | 228 | 0 | – | 0 | 0 |
| 14 Nov 2025 | 228 | 0 | – | 0 | 0 |
| 15 Nov 2025 | – | – | – | – | |
| 16 Nov 2025 | – | – | – | – | |
| 17 Nov 2025 | – | – | – | – |
Fujiyama Power Systems IPO Details
- Issue Size: ₹828 crore (Fresh Issue: ₹600 crore, OFS: ₹228 crore)
- Price Band: ₹216 to ₹228 per share
- Lot Size: 65 shares
- Minimum Investment: ₹14,820 (65 shares at upper price band)
- Subscription Dates: November 13-17, 2025
- Allotment Date: November 18, 2025
- Listing Date: November 20, 2025
- Lead Manager: Motilal Oswal Investment Advisors Ltd.
- Registrar: MUFG Intime India Pvt. Ltd.
Business Overview of Fujiyama Power Systems
Founded in 2017, Fujiyama Power Systems manufactures a wide range of solar and power-backup products, including solar inverters, panels, batteries, UPS systems, and solar management units.
The company boasts an extensive product portfolio of over 522 SKUs, catering to both residential and commercial customers.
Its distribution network includes 725 distributors, 5,546 dealers, and 1,100 exclusive franchisees, supported by over 600 qualified service engineers.
The company has four manufacturing facilities in Greater Noida, Parwanoo, Bawal, and Dadri, with certifications under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
Industry & Market Overview
The Indian solar market is projected to grow significantly, with rooftop solar installations expected to reach 100 GW by 2032.
Fujiyama Power Systems is well-positioned to capitalize on this growth, given its strong brand presence, extensive distribution network, and diversified product portfolio.
The company exports to countries such as the USA, Bangladesh, and the UAE, further expanding its market reach.
Financial Highlights of Fujiyama Power Systems
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr) | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total Income (₹ Cr) | 597.79 | 1,550.09 | 927.20 | 665.33 |
| Profit After Tax (₹ Cr) | 67.59 | 156.34 | 45.30 | 24.37 |
| EBITDA (₹ Cr) | 105.89 | 248.52 | 98.64 | 51.60 |
| Net Worth (₹ Cr) | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves and Surplus (₹ Cr) | 436.33 | 368.81 | 215.00 | 70.55 |
| Total Borrowing (₹ Cr) | 432.83 | 346.22 | 200.19 | 211.14 |
Key Performance Indicators (KPIs) of Fujiyama Power Systems
| KPI | Value |
|---|---|
| ROE | 39.40% |
| ROCE | 41.01% |
| Debt/Equity | 0.87 |
| RoNW | 39.40% |
| PAT Margin | 10.15% |
| EBITDA Margin | 16.13% |
| Price to Book Value | 16.09 |
| Market Capitalization | ₹6,986.17 Cr. |
| Pre-IPO EPS | 5.58 |
| Post-IPO EPS | 8.82 |
| Pre-IPO P/E | 40.85 |
| Post-IPO P/E | 25.84 |
Objects of the Fujiyama Power Systems IPO
- Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh.
- Repayment and/or prepayment of all or a portion of certain outstanding borrowings.
- General corporate purposes.
Competitive Strengths
- Extensive product portfolio and strong distribution network.
- Legacy of around three decades in the solar energy sector.
- Penetration in Tier II, III, and rural regions.
- 522+ SKUs, making it a preferred supplier of solar energy products.
Risk Factors in Fujiyama Power Systems IPO
- Price volatility in solar panel markets.
- Dependence on government subsidies.
- Forex exposure due to raw material imports.
- Customer credit risk.
- Legal proceedings totaling ~₹23 million, though not material vs. net worth.
Investment Outlook for Fujiyama Power Systems IPO
Fujiyama Power Systems’ IPO arrives amid robust sectoral tailwinds, government policy support, and green energy adoption by industries and homes. Its strong distribution reach, rising profitability, and brand-led strategy make this issue appealing for investors seeking growth within India’s clean-tech and solar boom.
