Fujiyama Power Systems Limited

Fujiyama Power Systems Limited, incorporated in 2017, designs and manufactures equipment for India's rooftop solar market. Its catalogue runs to more than 500 stock keeping units and spans on-grid, off-grid and hybrid solar inverters, solar panels, tubular and lithium-ion batteries, UPS units, charge controllers and EV charging hardware. Because the company builds most of these categories in-house rather than sourcing them from other original equipment makers, it can supply a complete rooftop system from a single vendor, and it sells to residential, commercial and industrial buyers alike. The company sells through two brands, UTL Solar and Fujiyama Solar, and reaches customers through a distribution chain rather than direct sales. That chain covers roughly 725 distributors, about 5,500 dealers and around 1,100 exclusive franchised stores marketed as Shoppes, backed by several hundred trained service engineers. Production is concentrated in northern India across plants at Greater Noida in Uttar Pradesh, Parwanoo in Himachal Pradesh and Bawal in Haryana, with further capacity planned at Dadri and at Ratlam in Madhya Pradesh. The manufacturing systems carry ISO 9001, ISO 14001 and ISO 45001 certification, and the company also ships to overseas markets including the United States, Bangladesh and the UAE. Growth has tracked the expansion of rooftop and distributed solar generation in India, where subsidy programmes and rising grid tariffs have pushed households and small businesses toward on-site generation. Revenue rose from roughly 665 crore rupees in FY23 to about 1,550 crore rupees in FY25, and profit after tax grew over the same span from roughly 24 crore rupees to about 156 crore rupees. The company's position rests on the breadth of its product range, an established dealer footprint concentrated in the north of the country, and in-house research and development that lets it refresh inverter and battery designs without depending on third-party suppliers.

Ahead of the issue opening, the company placed 1,08,28,947 equity shares with anchor investors at 228 rupees per share, raising about 246.9 crore rupees from 15 institutions. Roughly 52 percent of that book went to two domestic mutual fund houses, Nippon India and Tata, bidding through six schemes between them. Other participants included BNP Paribas, ValueQuest Investment Advisors, Societe Generale, LC Pharos Multi Strategy Fund, Astorne Capital and Citigroup Global Markets Mauritius.