revenue growth
50 pct
FY 2027
official guidance
FUJIYAMA POWER SYSTEMS LIMITED
Last · NSE₹417.30-12.45 (-2.90%)close · yahoo · 28h ago
Limited price history since listing (2025-11-20 → 2026-09-07).
Market cap₹128.1B306.9M sh
P/E · TTM43.6fwd 16.4 · eps 9.58
Beta—vs S&P 500
Div yield—annual · TTM
52w range
₹172.00₹494.25
Volume247.1Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Excellent growth and capacity ramp, but execution and competitive risks remain insufficiently quantified for a clean buy.
Hold: Fujiyama delivered strong FY26 execution, with revenue up 72.3% to Rs.
26,545 million, EBITDA up 97.3% to Rs. 4,903 million and margin expanding to 18.5%; Q4 revenue rose 87.5% to Rs. 9,008 million. Management targets 50% FY27 revenue growth and 11%-13% PAT margins, but the call did not sufficiently resolve inventory intensity, the Bawal fire, BIS disputes or whether the distribution advantage can withstand rising competition.
Themes
- Fy26 Results
- Rooftop Solar
- Ratlam Capacity
- Topcon Cells
- Distribution Network
- Bawal Fire
Near term
Ratlam’s integrated facility is expected to ramp to roughly 50% utilization in FY27 and about 80% by Q4 FY28; management expects peak revenue of approximately Rs. 5,000 crore from the facility.
The Bawal lead-acid battery plant remains suspended after the fire; third-party production should preserve supply but management acknowledged a marginal margin impact.
Working-capital normalization is a key monitor: net working-capital days rose to 83 from 71, with inventory around Rs. 900 crore, including more than Rs. 500 crore of raw materials.
The 1.2 GW TOPCon cell line has an indicated Rs. 350 crore capex, but equipment orders were only being placed after quotations and board approval at the time of the call.
FY27 earnings will test whether 50% growth can be achieved without sacrificing the FY26 EBITDA margin of 18.5% or the guided 11%-13% PAT margin.
Longer term
The company is expanding from a Tier 2/3 off-grid and hybrid niche into on-grid rooftop solar, supported by a 2 GW Ratlam integrated facility and planned 1.2 GW TOPCon cell capacity.
Backward integration into cells, panels, power electronics and lithium batteries could support supply availability and margins, but management explicitly intends to pass some DCR-related margin benefits to distributors and customers to accelerate acquisition.
The claimed moat is primarily the 8,900-plus channel-partner network and service relationships; management provided no quantified retention, regional profitability or market-share progression beyond a historical inverter share of over 10%.
Competitive intensity is a material long-term risk as larger and newer players add rooftop capacity; management argued the market is large and product mix is diversified, but did not provide evidence that proprietary hybrid products or distribution will protect pricing.
Lithium-battery and inverter commissioning delays push important integration milestones into FY27, increasing dependence on outsourced capacity during the ramp.
Red flags
Management did not quantify the financial or insurance recovery impact of the Bawal fire, the restoration timeline, or the exact third-party manufacturing economics.
Inventory rose sharply and management gave no detailed product split for roughly Rs. 400 crore of work-in-progress and finished goods; the explanation that inventory will normalize after ramp-up remains unproven.
BIS has questioned 10-15 SKUs, mainly in inverters and batteries. Management expects no material impact and said maximum penalty could equal seizure value, but the legal outcome remains pending.
Analysts repeatedly pressed for competitive differentiation, market share, volume detail and long-term margins. Management largely responded with market-size arguments and broad assurances rather than quantified evidence.
The 50% FY27 revenue-growth guidance was not accompanied by a detailed quarterly or product-level bridge, while management acknowledged seasonality and gave only a broad 11%-13% PAT-margin range.
Capacity additions are substantial relative to the current business, and the call did not establish customer commitments or a sufficiently detailed utilization path beyond management targets.
Forward outlook
eps diluted
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FY 2027
management framework
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer IR
Transcript of Earning Call Q4
FUJIYAMA POWER SYSTEMS LIMITED
- Issuer IR
Transcript of Earning Call Q3
FUJIYAMA POWER SYSTEMS LIMITED
- Issuer IR
Transcript of Earning Call Q2
FUJIYAMA POWER SYSTEMS LIMITED
- Issuer IR
Transcript of Earning Call Q3
FUJIYAMA POWER SYSTEMS LIMITED
- Issuer IR
Transcript of Earning Call Q2
FUJIYAMA POWER SYSTEMS LIMITED
Documents
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