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Home
InvestmentsIPOFujiyama Power Systems IPO

Fujiyama Power Systems IPO

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Open Date

13 Nov 2025

Close Date

17 Nov 2025

Min Investment

₹ 14,040

Max Investment

₹ 5,00,000

Lot Size

65

Issue Size

₹ 861.33 Cr

Price Range

₹ 216 - ₹ 228
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
13 Nov 2025
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IPO Offer Ends
17 Nov 2025
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Allotment Finalisation
18 Nov 2025
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Refund Initialisation
19 Nov 2025
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Non-Institutional Buyers (sHNI)
19 Nov 2025
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Listing of Shares
20 Nov 2025
IPO Subscription Details as on 8 Dec 2025, 06:04 AM
Qualified Instituational Buyers (QiB)
2.63 x
Retail
0.31 x
Employees
0.27 x
Non-Institutional Buyer (bHNI)
0.29 x
Non-Institutional Buyer (sHNI)
0.7 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. The company excels in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production. The company has built a brand recall and reputation in the industry through its brands 'UTL Solar', which has a legacy of 29 years, and 'Fujiyama Solar'. The company has developed four manufacturing facilities and R&D capabilities domestically, and with a consistent focus on technological development and product innovation.
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Founded In

2017

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CEO

Yogesh Dua

Financials of Fujiyama Power Systems IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue664.08924.691,540.68
Other Income1.242.519.42
Total Income
665.33927.201,550.09
Total Expenses
633.85864.601,336.97
Profit Before Tax31.4862.60213.12
Total Profit
24.3745.30156.34

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to establish a manufacturing facility in Ratlam, Madhya Pradesh to increase production capabilities by 2 GW for solar panels and solar inverters and 2 GWh for Lithium-ion batteries. The facility is expected to enhance the company's manufacturing capacity, provide flexibility to meet seasonal demands, and facilitate access to a diversified customer base both domestically and globally.180
The company proposes to utilize proceeds towards repayment/prepayment of certain outstanding borrowings availed from banks including accrued interest. This repayment will help reduce outstanding indebtedness and debt servicing costs, improve debt-to-equity ratio and enable utilization of internal accruals for further business growth and expansion.275
The company intends to deploy any balance proceeds towards general corporate purposes including strategic initiatives, funding growth opportunities, acquisitions, brand building, strengthening manufacturing capabilities, payment of raw materials, employee expenses, insurance, repairs and maintenance, and other purposes in ordinary course of business as approved by the Board.-
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  • Diversified portfolio of solar products and solutions: The company offers over 522 SKUs including solar PCUs, hybrid/off-grid/on-grid inverters, solar panels, lithium-ion and tubular batteries, providing comprehensive rooftop solar solutions and reducing dependency on single product categories.
  • Track record of technological development and product innovation: The company has 29+ years of experience with 65+ R&D professionals and 500+ qualified engineers, being first Indian company to develop SMT inverter with single card in 2000 and patented rMPPT technology in January 2024.
  • Robust distribution network and post-sale service capabilities: The company operates through 725 distributors, 5,546 dealers, 1,100 exclusive 'Shoppe' franchisees, and 602+ service engineers providing pan-India coverage with strong brand recognition including 'UTL Solar' with 29-year legacy.
  • Quality-centric and precision-driven large scale manufacturing infrastructure: The company operates four advanced manufacturing facilities with total installed capacity of 2,782 MW for solar products and 1,863 MWh for batteries as of June 2025, all certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
  • Experienced Promoters and Senior Management: The company is led by Promoters with 50+ years combined experience in solar industry, supported by 2,795 full-time employees with senior management having average tenure of 8 years in renewable energy sector.
  • Robust financial performance and growth: The company achieved Revenue from Operations CAGR of 52.32% from Fiscal 2023 to 2025, with EBITDA growing from ₹515.99 million to ₹2,489.91 million and PAT increasing from ₹243.66 million to ₹1,563.35 million.

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