ABOUT THE COMPANY
FUJIYAMA POWER SYSTEMS is a rooftop solar and associated products manufacturing company that manufactures solar panels, inverters and batteries. Company’s presence is across the entire ecosystem- product development, manufacturing, distribution, installation, training, subsidy assistance, and after-sales service. It operates multiple manufacturing plants and has grown rapidly through its distribution network of 725 distributors, 5,546 dealers, 1,100 exclusive UTL Shoppes and 602 service engineers. The company came with its IPO in November 2025 to raise Rs 828 Crores and achieved a market capitalization of Rs 6,668 Crores.
The fresh issue of 600 Crores will be utilised for:
a) Establishing a new manufacturing facility
b) Repayment of Borrowings
c) General Corporate Purposes
Quick peer context:
| Company Name | Market Capitalization | Return On Capital Employed | Return On Equity |
| Waaree Renewable Technologies Ltd | ₹ 11,079.74 Crores | 82.31 % | 65.56 % |
| Genus Power | ₹ 9,826.34 Crores | 19.21 % | 17.49 % |
| Fujiyama Power Systems | ₹ 6,667.72 Crores | 38.81 % | 49.14 % |
FUJIYAMA POWER SYSTEMS market capitalization is close to its competitors that shows that the company is performing well and the investors have positive view towards the growth of the company.
ROCE and ROE of Fujiyama Power Systems are good but there still there is room for improvement when compared to Waaree Renewable Technologies Ltd. Company’s management should focus on expanding its profits to make good returns for the investors and bright future of the company.
Analysis of the Financial Statements
Revenue Growth Trend
The sales of the company have multiplied 5 times in the past five years while current year’s profits have shown 67% growth from the past year. This shows that the management is focused on cost reduction and successful is doing so. The management decision to utilize the fresh issue for establishing manufacturing facilities indicates that good growth could be seen in the sales of the company.
| March 2020 | March 2021 | March 2022 | March 2023 | March 2024 | March 2025 |
| 299 CRORES | 405 CRORES | 506 CRORES | 664 CRORES | 925 CRORES | 1,541 CRORES |
Profitability & Margin Analysis
Operating profits margin of the company has improved over time but still behind its competitors like Waaree Renewable Technologies Ltd has an OPM around 30%, indicating that the company management must reduce costs to increase the OPM or increase the revenue for better profits in the future.
| March 2020 | March 2021 | March 2022 | March 2023 | March 2024 | March 2025 |
| 9% | 9% | 9% | 8% | 11% | 13% |
Balance Sheet Strength
Total Assets of the company have shown a rapid expansion in the past 5 years, out of the total assets 24% of them are made up of plant and machinery and 38% are covered by inventory. Company asset allocation is good while its competitor Waaree Renewable Technologies Ltd has majority value of its total assets locked in the trade receivable and a debtor turnover ratio of 114 days while FUJIYAMA POWER SYSTEMS debtor’s turnover ratio is 17 days.
| March 2021 | March 2021 | March 2022 | March 2023 | March 2024 | March 2025 |
| 195 CRORES | 241 CRORES | 400 CRORES | 515 CRORES | 610 CRORES | 1,014 CRORES |
Debt Profile
Company’s borrowing has grown at a steady phase, being Rs 395 Crores as of March 2025 of which Rs 258 Crores are short term borrowings that are to be paid off within a year. It suggest that the company is not heavily burdened by debt and has financial flexibility.
The reserves and surplus have grown sharply, indicating that the company has potential to expand its production capacity in the future and scale up when needed.
| March 2020 | March 2021 | March 2022 | March 2023 | March 2024 | March 2025 |
| 11 CRORES | 31 CRORES | 167 CRORES | 179 CRORES | 215 CRORES | 369 CRORES |
Cash Flow Health
The Cash from Operating Activity has been positive for the past 3 years and is expected to remain positive in the future seeing the growing revenue. The cash conversion cycle of the company is 105 days which is due to high amount of inventory lying with the company.
Comparative Data with Key Competitors (Waaree Renewable Technologies Ltd, Genus Power)
| Parameter | Fujiyama Power Systems | Waaree Renewable Technologies Ltd | Genus Power |
| Sales Growth (5-Yr CAGR) | 39% | 40% | 45% |
| Operating Profit Margin | 16% (FY25) | 22% (FY25) | 19% (FY25) |
| Debt-to-Equity | 0.87x | 0.1x | 0.74x |
Disclaimer: The article is for informational purposes only and not investment advice.