Fujiyama Power Systems IPO is the company’s first big public offering, where it’s raising about ₹828 crore from investors. The stock has been priced at INR 216-228 per share… You know what? Subscriptions for the IPO will open on November 13, 2025, and close on November 17, 2025.
This is a combination of a fresh issue (issue of new shares) worth Rs 600 crore and an offer for sale (OFS) by existing shareholders worth about Rs 228 crore.
Who Is Fujiyama Power Systems — What Do They Do?
Fujiyama Power Systems is not a normal “any other” company: it’s deeply rooted in the rooftop solar business. They manufacture and sell solar panels, inverters (on-grid, off-grid, and hybrid), and both lead-acid and lithium-ion batteries.
They operate under two well-known brands — UTL Solar and Fujiyama Solar — and have built quite an ecosystem in India. As of June 2025, they had four manufacturing facilities in India and a strong R&D presence. Their distribution strength is also impressive: 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” stores to reach customers across the country.
Why Are They Raising Money? What Will IPO Proceeds Be Used For?
The company plans to use the funds from the IPO in a few important ways:
- New Factory in Ratlam: A big chunk — around ₹180 crore — will be used to build a new integrated manufacturing plant in Ratlam, Madhya Pradesh. This will help them scale up production of panels, inverters, and batteries.
- Debt Repayment: ₹275 crore of the fresh issue money is earmarked to repay or prepay existing loans.
- General Corporate Purposes: The remaining money will be used for regular operational needs — things like working capital, expansion, and possibly marketing.
So essentially, the IPO isn’t just to raise capital — it’s to grow capacity and clean up the balance sheet.
How Is the Company Performing Financially?
Fujiyama Power Systems is showing some strong financial momentum. In its recent financials:
- In FY25, its revenue jumped to Rs 1,540.7 crore from Rs 664 crore in FY23.
- Its net profit increased from 24.3 billion in FY23 to 156.3 billion in FY25.
- For the quarter ended June 30, 2025, profit was 67.6 billion rupees on revenue of 597.3 billion rupees.
These numbers show that Fujiyama is not only selling more but also, also becoming more efficient and profitable.
What Are the Risks to Consider?
Every investment comes with risks, and Fujiyama Power Systems is no exception. Here are a few:
- Dependence on Chinese imports: a bunch of raw materials (such as solar cells) is imported from China, which can hurt profit margins if the supply chain is disrupted.
- Customer concentration: Most of their sales come from specific regions (for example, a large part from Uttar Pradesh), which makes them vulnerable if demand in those regions slows down.
- Debt burden: Even though some debts have, have been paid off, they still have significant borrowing that can be a risk if cash flow is not maintained or increased.
- Solar price pressure: Global prices for solar panels can fluctuate and put pressure on profitability.
What Are the Analyst Views — Is It Worth Considering?
Analysts seem cautiously optimistic: Some brokerages recommend subscribing to the IPO for the long term, citing Fujiyama’s strong position in the rooftop solar market and its growth potential.
The company is also backed by anchor investors: before the IPO opened, Fujiyama raised ₹247 crore from 15 anchor investors at a price of ₹228 per share.
However, there’s not much buzz in the grey market (i.e., unofficial premium), which shows that short-term investor enthusiasm is muted. Moreover, the IPO was only 9% subscribed on the first day.
Why This IPO Matters for the Clean-Energy Story
Fujiyama Power Systems is not just another business going public — it’s part of India’s broader clean-energy transformation. As more people and businesses adopt rooftop solar, companies that manufacture panels, inverters, and batteries are going to be very strategically important.
Think of a future where your rooftop is not just a roof but a mini power plant. Fujiyama’s business tries to enable exactly that. With India pushing harder on renewable energy, there’s a strong long-term tailwind. If they execute on their expansion plans, they could be very well-placed to ride the solar wave.
