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UTLSOLAR - Fujiyama Power

📊 NSE: UTLSOLAR 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

UTLSOLAR Shareholders Approve ESOP Scheme and Increased Borrowing Limits

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 09 Mar 2026, 07:00 PM

Shareholders of Fujiyama Power Systems Limited (UTLSOLAR) have approved four key resolutions via postal ballot, including the ratification of the 2023 ESOP scheme and the issuance of shares thereunder. Crucially, investors also greenlit an increase in borrowing limits beyond the aggregate of paid-up share capital and free reserves under Section 180(1)(c). Additionally, the company received approval to create charges or mortgages on its properties to secure these future borrowings. All resolutions were passed with a significant majority, with total valid votes cast representing approximately 85.12% of the total shares held.

Ratification of the amended Employee Stock Option Scheme 2023 passed with 96.36% of votes in favor.
Approval for borrowing limits exceeding paid-up capital and free reserves granted with a 97.09% majority.
Creation of charges and mortgages on company properties approved to facilitate future financing needs.
Promoter group participation was high at 93.18%, while public institutional voting showed some resistance on ESOP and borrowing resolutions (approx. 79.4% and 63.3% against respectively).

💡 Investors should monitor the company's debt-to-equity ratio in upcoming quarters to see how the newly approved borrowing limits are utilized for expansion. While ESOPs are good for retention, be mindful of the potential minor equity dilution as options are exercised.

Fujiyama Power Commissions 1 GW Solar Cell Plant; Targets 3.6 GW Panel Capacity by FY26

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 25 Feb 2026, 04:30 PM

Fujiyama Power Systems (UTLSOLAR) has announced the successful commissioning of its 1 GW Mono-PERC solar cell manufacturing plant in Dadri as of January 2026, funded via a Rs. 300 crore investment. The company is undergoing a massive capacity expansion across all verticals, aiming for 3,639 MW in solar panels and 3,743 MW in power electronics. With a 90% B2C revenue focus and a distribution network of 6,300+ dealers, the firm is strategically positioned to capture demand from the PM Surya Ghar Yojana. The upcoming Ratlam facility in Q4 FY26 will further bolster its manufacturing footprint to meet the projected 100 GW rooftop solar market by 2030.

Commissioned 1 GW Mono-PERC DCR solar cell line at Dadri on January 21, 2026, with Rs. 300 Cr investment.
Expanding total solar panel capacity from 1,639 MW to 3,639 MW and Li-Ion batteries from 545 MWh to 2,545 MWh.
Power electronics capacity increasing by 2,000 MW to reach a total of 3,743 MW across multiple facilities.
Strong backward integration achieved in inverters, Li-ion BMS, and lead-acid batteries to improve margins and supply chain resilience.
Robust B2C presence with 90%+ revenue contribution and a service network covering 23 states with 850+ distributors.

💡 Investors should track the operational ramp-up of the new 1 GW cell plant and the timely commissioning of the Ratlam facility in Q4 FY26. The company's focus on DCR-compliant products makes it a primary beneficiary of government residential solar subsidies.

Fujiyama Power Systems (UTLSOLAR) to Host Non-Deal Roadshow on February 26, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 21 Feb 2026, 11:41 AM

Fujiyama Power Systems Limited (UTLSOLAR) has announced a Non-Deal Roadshow for analysts and institutional investors scheduled for February 26, 2026. The event will be held physically in Mumbai and is being hosted by Churchgate Partners. The interaction is expected to include both one-on-one and group meetings. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Non-Deal Roadshow scheduled for Thursday, February 26, 2026, in Mumbai.
Interaction format includes both 1x1 and group meetings with institutional investors.
Event hosted by Churchgate Partners as per SEBI Listing Regulations.
Management confirms no unpublished price sensitive information will be disclosed during the meet.

💡 Investors should monitor for any investor presentations or meeting transcripts released after the event to gain insights into management's growth outlook. Increased institutional engagement is generally a positive sign for stock visibility.

UTLSOLAR Q3 FY26 Net Profit Surges 124% YoY to ₹673 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 06:28 PM

Fujiyama Power Systems (UTLSOLAR) reported a robust performance for the quarter ended December 31, 2025, with revenue from operations growing 74% YoY to ₹5,884.77 million. Net profit for the quarter more than doubled, reaching ₹673.14 million compared to ₹300.14 million in the previous year's corresponding quarter. For the nine-month period, the company recorded a profit of ₹1,978.02 million, already surpassing the full-year FY25 profit of ₹1,563.35 million. The company clarified that this filing is a re-submission due to a portal error, with no changes to the financial figures.

Revenue from operations increased by 73.8% YoY to ₹5,884.77 million in Q3 FY26.
Net Profit grew by 124.3% YoY to ₹673.14 million for the quarter ended December 2025.
9M FY26 revenue reached ₹17,537.33 million, exceeding the total revenue for the entire previous fiscal year (FY25).
Earnings Per Share (EPS) rose significantly to ₹2.37 in Q3 FY26 from ₹1.07 in Q3 FY25.
The company successfully completed its IPO and listed on the NSE and BSE on November 20, 2025.

💡 The company demonstrates strong growth momentum post-listing, with 9-month earnings already exceeding the previous full year's performance. Investors should maintain a positive outlook while monitoring the sustainability of margins in the competitive solar power systems market.

Fujiyama Power Systems Schedules Plant Visit and Investor Meet for Feb 12, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 09 Feb 2026, 06:10 PM

Fujiyama Power Systems Limited (UTLSOLAR) has announced a plant visit for institutional investors at its Greater Noida facility on February 12, 2026. The event will include a management interaction with representatives from PinPointX Capital and Envision Capital. The company has stated that no unpublished price-sensitive information (UPSI) will be shared during the session. This move reflects the company's efforts to engage with the investment community and showcase its manufacturing capabilities.

Scheduled plant visit and management meet on Thursday, February 12, 2026.
The interaction will take place physically at the company's Greater Noida facility.
Two institutional participants identified: PinPointX Capital and Envision Capital.
Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should monitor for any subsequent analyst reports or updates that may provide insights into the company's operational efficiency and production capacity at the Greater Noida plant.

Fujiyama Power Q3 Revenue Jumps 73.8% to ₹5,885M; Commissions 1GW Solar Cell Plant

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 07:00 PM

Fujiyama Power Systems reported a robust Q3 FY26 with revenue growing 73.8% YoY to ₹5,885 million and PAT increasing to ₹673 million. The company successfully commissioned its 1 GW solar cell manufacturing facility at Dadri with a ₹300 crore investment, significantly enhancing backward integration. EBITDA margins expanded to 18.7% from 15.5% due to increased in-house manufacturing and scale efficiencies. Management expects further growth from upcoming 2 GW capacity expansions at the Ratlam facility starting Q1 FY27.

Q3 FY26 revenue grew 73.8% YoY to ₹5,885 million, while EBITDA more than doubled to ₹1,099 million.
Commissioned a 1 GW solar cell plant at Dadri in 6 months, enabling participation in government subsidy-based rooftop projects.
Total solar panel manufacturing capacity reached 1.6 GW, supported by a distribution network of over 8,200 partners.
9M FY26 PAT stood at ₹1,978 million, representing a 11.3% margin compared to 9.9% in the previous year.
Upcoming 2 GW expansions in modules, lithium-ion packs, and power electronics at Ratlam are slated for Q1 FY27.

💡 Investors should monitor the ramp-up of the new Dadri cell plant and the commissioning of the Ratlam facility, as these backward integration steps are driving significant margin expansion. The company is well-positioned to benefit from the PM Surya Ghar Yojana and India's broader solar adoption targets.

Fujiyama Power Systems Seeks Approval for Borrowing Limits and ESOP Ratification

🔵 WATCH ⭐ 6/10

REGULATORY 📅 04 Feb 2026, 06:18 PM

Fujiyama Power Systems Limited (UTLSOLAR) has issued a postal ballot notice to seek shareholder approval for four key resolutions. The company is looking to ratify its amended ESOP Scheme 2023 and authorize the issuance of equity shares upon the exercise of these options. Significantly, the company is also seeking approval to increase borrowing limits beyond its paid-up capital and free reserves, alongside the authority to create charges on its properties. The e-voting process for these resolutions will run from February 5, 2026, to March 6, 2026.

Ratification of the amended Employee Stock Option Scheme 2023 (ESOP Scheme) post-IPO.
Proposed approval for borrowing limits exceeding the aggregate of paid-up share capital, free reserves, and securities premium.
Seeking authority to create charges, mortgages, and hypothecations on company properties to secure borrowings.
E-voting period scheduled from February 05, 2026, to March 06, 2026, with results expected by March 08, 2026.
The resolutions include both Special and Ordinary resolutions as per Companies Act 2013 requirements.

💡 Investors should monitor the specific debt levels the company intends to take on, as increased borrowing limits often precede expansion or capital expenditure. The ESOP ratification is a standard procedure but will lead to gradual equity dilution.

Fujiyama Power Systems (UTLSOLAR) Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 07:49 PM

Fujiyama Power Systems Limited (UTLSOLAR) has informed the stock exchanges that the audio recording of its earnings conference call for the quarter and nine months ended December 31, 2025, is now available. The call was held on February 02, 2026, to discuss the company's unaudited financial performance. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording on the company's official website to gain insights into management's commentary on recent operational results.

Earnings conference call for Q3 and 9M FY26 concluded on February 02, 2026.
Audio recording of the session is now publicly accessible on the company's website.
The filing complies with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The discussion focused on unaudited financial results for the period ending December 31, 2025.

💡 Investors should listen to the recording to understand management's outlook on the solar power sector and specific financial performance metrics. No immediate trading action is required based on this routine compliance filing.

UTLSOLAR Q3 FY26 Revenue Jumps 74% YoY; 1 GW Solar Cell Plant Commissioned

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 08:13 PM

Fujiyama Power Systems (UTLSOLAR) delivered a robust performance in Q3 FY26, with revenue increasing 73.8% YoY to ₹5,885 million and PAT surging 124.3% to ₹673 million. The company successfully commissioned its 1 GW Mono-PERC solar cell manufacturing facility at Dadri in January 2026, which will support captive consumption and reduce import dependence. EBITDA margins improved significantly to 18.7% from 15.5% YoY, driven by operating leverage and backward integration. The company is also expanding its distribution network, now exceeding 8,200 channel partners.

Q3 FY26 Revenue grew 73.8% YoY to ₹5,885 million; 9M FY26 Revenue reached ₹17,537 million.
EBITDA more than doubled in Q3 FY26 to ₹1,099 million with margins expanding to 18.7%.
Commissioned 1 GW solar cell plant at Dadri on Jan 21, 2026, with an investment of approximately ₹300 crore.
Distribution network reached 8,200+ partners with the addition of 60+ distributors and 400+ dealers in Q3.
Upcoming expansion in Greater Noida targets 2,000 MW Solar Panels and 2,000 MWh Li-ion batteries by Q4 FY26.

💡 Investors should view the successful commissioning of the 1 GW cell plant as a major milestone for margin protection and supply chain control. The stock warrants a positive outlook given the strong growth trajectory and alignment with India's rooftop solar push.

UTLSOLAR Q3 FY26 PAT Jumps 124% YoY to ₹673 Mn; Revenue Up 74%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 08:07 PM

Fujiyama Power Systems (UTLSOLAR) reported stellar Q3 FY26 results with revenue growing 73.8% YoY to ₹5,885 million. Net profit (PAT) surged by 124.3% YoY to ₹673 million, driven by strong demand for rooftop solar solutions and improved operational efficiency. The company successfully commissioned a 1 GW solar cell manufacturing facility in Dadri, enhancing backward integration and supply chain control. With a massive 2 GW facility in Ratlam expected to be commissioned in Q4 FY26, the company is aggressively scaling its manufacturing capacity to meet rising residential solar demand.

Q3 FY26 Revenue grew 73.8% YoY to ₹5,885 million; 9M FY26 Revenue reached ₹17,537 million.
Q3 PAT increased by 124.3% YoY to ₹673 million with a margin expansion to 11.4%.
EBITDA margins improved significantly to 18.7% from 15.5% YoY due to higher operating scale.
Commissioned a 1 GW solar cell manufacturing facility at Dadri, UP with an investment of ₹300 crore.
Distribution network expanded to 8,200+ channel partners, adding 400+ dealers and 20 exclusive Shoppes in Q3.

💡 The stock remains a strong growth play in the renewable energy sector given its robust earnings trajectory and successful backward integration. Investors should monitor the timely commissioning of the 2 GW Ratlam facility in Q4 FY26 as a key catalyst for future volume growth.

UTLSOLAR Q3 FY26 PAT Surges 124% YoY to ₹673.14 Million; Revenue Up 74%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 07:33 PM

Fujiyama Power Systems (UTLSOLAR) reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 73.8% YoY to ₹5,884.77 million. Net profit for the quarter more than doubled to ₹673.14 million compared to ₹300.14 million in the same period last year. For the nine-month period, the company achieved a PAT of ₹1,978.02 million, nearly doubling from ₹1,051.04 million in 9M FY25. The board also approved a postal ballot for ESOP ratification and increasing limits for loans and mortgages.

Revenue from operations increased by 73.8% YoY to ₹5,884.77 million in Q3 FY26.
Net Profit (PAT) surged by 124.3% YoY to ₹673.14 million for the quarter.
9M FY26 PAT stands at ₹1,978.02 million, representing an 88% growth over 9M FY25.
Basic EPS improved significantly to ₹2.37 in Q3 FY26 from ₹1.07 in Q3 FY25.
Board approved increasing limits for loans, advances, and creation of charges on properties.

💡 The company shows robust growth post-listing, particularly in the solar power systems segment. Investors should monitor the utilization of increased loan limits and the impact of ESOP dilution on future EPS.

Fujiyama Power Systems (UTLSOLAR) Schedules Q3FY26 Earnings Call for February 2, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 29 Jan 2026, 11:43 AM

Fujiyama Power Systems Limited has issued a revised intimation for its earnings conference call scheduled for February 2, 2026, at 4:00 PM IST. The call is intended to discuss the company's unaudited financial results for the quarter and nine months ended December 31, 2025. The update specifically provides a functional conference call link, replacing the previous communication from January 28. Key management personnel, including the Chairman, CEO, and CFO, will be present to address investor queries.

Earnings conference call scheduled for February 2, 2026, at 04:00 PM IST.
Discussion will focus on unaudited financial results for Q3 and 9M ended December 31, 2025.
Top management including Chairman Pawan Kumar Garg and CEO Yogesh Dua will represent the company.
Revised notice provides an updated and functional Diamond Pass registration link for participants.
The call is coordinated by Motilal Oswal Financial Services.

💡 Investors should register for the call to gain insights into the company's Q3 performance and future growth strategy in the solar power segment. Pay close attention to management commentary regarding margin trends and order book execution.

Fujiyama Power Systems (UTLSOLAR) Schedules Q3FY26 Earnings Call for February 2, 2026

🔵 WATCH ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 04:53 PM

Fujiyama Power Systems Limited (UTLSOLAR) has announced a conference call scheduled for February 2, 2026, at 4:00 PM IST. The management team, including the Chairman, CEO, and CFO, will discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. This call, hosted by Motilal Oswal Financial Services, provides a platform for institutional investors and analysts to gain insights into the company's recent performance and future outlook. The announcement follows the mandatory disclosure requirements under SEBI Listing Regulations.

Earnings conference call scheduled for February 2, 2026, at 04:00 PM IST.
Focus on unaudited financial results for Q3 and the nine-month period ended December 31, 2025.
Top management participation including Chairman Pawan Kumar Garg and CEO Yogesh Dua.
Call hosted by Motilal Oswal Financial Services with international dial-in options for HK, Singapore, UK, and USA.
Pre-registration available via Diamond Pass link for seamless access.

💡 Investors should attend or review the transcript of the call to understand management's guidance on the solar power segment and operational efficiency. Focus on updates regarding the company's order book and margin sustainability in the current fiscal year.

UTLSOLAR Commissions 1 GW Solar Cell Plant in Dadri with Rs 300 Cr Investment

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 21 Jan 2026, 10:31 PM

Fujiyama Power Systems (UTLSOLAR) has successfully commissioned a 1 GW solar cell manufacturing plant at Dadri, Uttar Pradesh, with a total investment of Rs 300 crore. The facility utilizes Mono PERC technology and is designed for captive consumption to support the company's existing 1.6 GW solar panel manufacturing capacity. This strategic backward integration aims to reduce reliance on imported solar cells and improve cost control. The project was notably completed within a short timeframe of six months, positioning the company to better serve the domestic rooftop solar market.

Commissioned 1 GW solar cell manufacturing plant at Dadri, UP, using Mono PERC technology.
Total investment of Rs 300 crore funded via a mix of internal accruals and debt.
Project completed in a record 6 months, significantly faster than typical industry timelines.
Entire 1 GW cell capacity dedicated to captive consumption for its 1.6 GW panel capacity.
Focus on DCR (Domestic Content Requirement) cells to leverage government-subsidized consumer demand.

💡 Investors should monitor the operational ramp-up of this facility as it is expected to improve margins through backward integration. The company's reduced dependence on imports and focus on the domestic rooftop segment are strong long-term growth drivers.

Fujiyama Power Systems Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 06:16 PM

Fujiyama Power Systems Limited (UTLSOLAR) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The company and its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, confirmed that the entire shareholding of the company is already in dematerialized form. No requests for rematerialization were received during the quarter. This is a standard administrative filing required by Indian stock exchanges to verify the status of electronic shareholdings.

Compliance certificate submitted for the quarter ended December 31, 2025
100% of the company's shares are confirmed to be in dematerialized form
Zero rematerialization requests were received by the RTA during the quarter
RTA identified as MUFG Intime India Private Limited (formerly Link Intime India)

💡 This is a routine regulatory filing with no impact on company fundamentals or stock valuation. Investors should continue to monitor the company's upcoming quarterly financial performance for material updates.

View All UTLSOLAR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In H1 FY26, total revenue reached INR 1,165.3 Cr, growing 61.5% YoY. Segmental contributions were: Solar Panels at INR 529 Cr (45% of revenue), Electronics at INR 330 Cr (28.3% of revenue), and Batteries at INR 237.4 Cr (20.4% of revenue).

Geographic Revenue Split

The company maintains a pan-India presence with a specific focus on Tier-2 and Tier-3 cities, though specific percentage splits by region are not disclosed in available documents.

Profitability Margins

Net profit margins (PAT) improved from 10.4% in H1 FY25 to 11.2% in H1 FY26. Reported PAT for FY25 was INR 156.34 Cr, a 245% increase from INR 45.30 Cr in FY24.

EBITDA Margin

EBITDA margin for H1 FY26 stood at 17.9%, up from 16.2% in H1 FY25, representing a 170 bps improvement driven by backward integration and economies of scale.

Capital Expenditure

The company undertook capex of INR 158 Cr in FY25 to expand panel and battery capacity. It is currently executing an INR 180 Cr capex for a solar cell manufacturing line and expects regular maintenance capex of INR 20-25 Cr per fiscal.

Credit Rating & Borrowing

Crisil assigned a BB+/Stable rating historically; however, recent metrics show a healthy profile with interest coverage at 9.32 times in FY25 and projected to reach 11.5 times in FY26.

⚙️ Operational Drivers

Raw Materials

Key raw materials include solar cells (for panel assembly), lead and chemicals (for batteries), and electronic components (for inverters/UPS). Material costs accounted for 75.4% of revenue in H1 FY26 (INR 878.6 Cr).

Import Sources

The company currently relies on imports for solar cells, though it is setting up an in-house cell manufacturing facility to reduce this dependency by December 2025.

Key Suppliers

Specific supplier names are not disclosed, but the company maintains long-term relationships with suppliers for battery and electronic components.

Capacity Expansion

Solar panel capacity expanded from 439 MW to 1,039 MW (1.03 GW) in FY25. Battery capacity increased from 1,363 MWh to 1,863 MWh. A new 2 GW facility is planned in Ratlam.

Raw Material Costs

Material margins improved by 1% in H1 FY26 due to backward integration. Total cost of materials consumed was INR 878.6 Cr in H1 FY26 compared to INR 537.2 Cr in H1 FY25, a 63.5% increase.

Manufacturing Efficiency

Employee benefit expenses as a percentage of revenue reduced by 0.3% in H1 FY26 due to labor efficiencies and better fixed-cost absorption from higher volumes.

Logistics & Distribution

Distribution is handled through a vast network of 3,600+ dealers, focusing on Tier-2 and Tier-3 markets where off-grid demand is high.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be driven by doubling manufacturing capacities, operationalizing the in-house solar cell line by Dec 2025 to improve margins, and expanding the distribution network in regions with high power deficits.

Products & Services

Solar panels, solar and non-solar batteries, UPS systems, inverters, and battery chargers sold under the UTL Solar brand.

Brand Portfolio

UTL Solar, Fujiyama.

New Products/Services

The company is launching in-house manufactured solar cells by late 2025, which is expected to significantly enhance material margins and reduce import reliance.

Market Expansion

Focusing on deepening penetration in Tier-2 and Tier-3 cities and leveraging the PM Surya Ghar Muft Bijli Yojana for rooftop solar adoption.

Market Share & Ranking

The company is a significant player in the off-grid rooftop solar market in Tier-2/3 cities, though specific market share percentage is not disclosed.

Strategic Alliances

The company recently signed Surya Kumar Yadav as a brand ambassador to increase brand equity and market reach.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated 'one-stop' solar solutions. India's renewable energy transition is accelerating, with rooftop solar adoption rising in smaller cities due to power instability.

Competitive Landscape

Faces competition from established players like Shivalik Industries and other large-scale UPS/Inverter manufacturers.

Competitive Moat

Moat is built on a massive distribution network (480+ distributors) and backward integration, which allows for better cost control and serviceability compared to pure-play assemblers.

Macro Economic Sensitivity

Highly sensitive to government solar subsidies and fiscal policies like the PM Surya Ghar Muft Bijli Yojana, which drive residential adoption.

Consumer Behavior

Shift toward off-grid and hybrid solar systems in rural and semi-urban areas to counter frequent power cuts.

Geopolitical Risks

Trade barriers or supply chain disruptions in the global solar cell market (primarily China) could impact input costs until in-house manufacturing is operational.