Fujiyama Power IPO: ₹828 Cr Clean Energy Offering — Key Dates, Financials & Investor Insights!
Fujiyama Power IPO: In a strong move aligned with India’s clean-energy push, Fujiyama Power Systems Limited is set to launch its initial public offering (IPO) from 13 November 2025 to 17 November 2025. The Fujiyama Power IPO aims to raise approximately ₹828 crore via a mix of fresh issue and offer-for-sale (OFS), at a price band of ₹216 to ₹228 per share.
With a robust growth trajectory in the rooftop solar and storage space, this IPO is grabbing investor attention.
What Does Fujiyama Power Do?
Founded in Noida, Fujiyama Power Systems Ltd designs and manufactures solar panels, batteries, inverters, and power storage systems under popular brands like UTL Solar and Fujiyama Solar.
It serves residential, commercial, and industrial clients, offering complete solar energy solutions — from design and installation to power backup systems.
The company’s strong distribution network of over 5,000 dealers and 700+ distributors has been key to its growth.
What Are the Fujiyama Power IPO Details?
| Particulars | Details |
|---|---|
| IPO Open Date | 13 November 2025 |
| IPO Close Date | 17 November 2025 |
| Price Band | ₹216 – ₹228 per share |
| Lot Size | 65 shares per lot |
| Minimum Investment (Retail) | ₹14,820 |
| Issue Size | ₹828 crore (₹600 crore Fresh + ₹228 crore OFS) |
| Face Value | ₹10 per share |
| Listing on | NSE, BSE |
| IPO Type | Book Built Issue |
Fujiyama Power IPO DRHP-Click Here
What Are the Objectives of the Fujiyama Power IPO?
The funds raised will be utilized for:
- Setting up a new manufacturing facility in Ratlam, Madhya Pradesh.
- Repayment and prepayment of borrowings to strengthen the balance sheet.
- General corporate purposes, including working capital and marketing initiatives.
Who Are the Promoters of Fujiyama Power?
| Promoter Name | Position | Pre-IPO Shareholding |
|---|---|---|
| Pawan Kumar Garg | Chairman & Joint Managing Director | 38.68% |
| Yogesh Dua | CEO & Joint Managing Director | 38.68% |
| Sunil Kumar | Director | 4.91% |
Promoter & Shareholding Pattern
- Promoters – 82.27%
- Public (Pre-IPO) – 17.73%
- Public (Post-IPO) – 30%
How Has Fujiyama Power Performed Financially?
The company’s financials reflect impressive growth over the last three fiscal years.
| Year | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| FY23 | 664.08 | 24.37 | 51.60 | 0.87 |
| FY24 | 924.69 | 45.30 | 98.64 | 1.62 |
| FY25 | 1,540.68 | 156.34 | 248.52 | 5.59 |
Key Financial Ratios (FY25)
| Ratio | Value | Comment |
|---|---|---|
| PAT Margin | 10.15% | Strong improvement YoY |
| EBITDA Margin | 16.13% | Shows operational efficiency |
| Debt-to-Equity Ratio | 0.87x | Moderate leverage |
| ROCE | 41.01% | Healthy return on capital employed |
How Does Fujiyama Power Compare to Its Peers?
| Company | EBITDA Margin | PAT Margin | Debt-Equity Ratio | P/E Ratio |
|---|---|---|---|---|
| Fujiyama Power | 16.13% | 10.15% | 0.87x | ~28x |
| Waaree Energies | 19% | 13.35% | 0.26x | ~35x |
| Premier Energies | 27% | 14.37% | 0.47x | ~38x |
Takeaway: Fujiyama Power’s valuation seems reasonable given its growth and profitability, though its leverage is higher than peers.
What Are Fujiyama Power’s Key Strengths?
- Rapid revenue growth and rising profit margins.
- Integrated manufacturing capabilities for solar and energy storage.
- Expanding distribution network across India.
- Strong alignment with India’s renewable energy mission.
- Proven leadership with decades of experience in power electronics.
What Are the Risks & Weaknesses?
- High dependence on imported solar cells and modules.
- Significant sales concentration in North India, especially Uttar Pradesh.
- Profitability linked to government subsidies and solar tariffs.
- Competitive pressure from larger players in solar manufacturing.
Expert Take & Investor Outlook
Fujiyama Power IPO represents a blend of growth opportunity and sectoral risk. The company has demonstrated strong performance, but sustaining margins in a competitive, policy-sensitive sector will be key.
For long-term investors bullish on renewable energy, the IPO could be worth considering after assessing valuation and risk appetite.
Conclusion
Fujiyama Power IPO comes at a time when India’s clean energy transition is accelerating. With strong revenue growth, improving margins, and a scalable business model, the issue looks fundamentally sound. However, investors must factor in policy risks and valuation multiples before applying.
Prudent investors can consider it a “Subscribe with Caution” candidate, ideal for medium to long-term holding.
Fujiyama Power IPO Frequently Asked Questions (FAQs)
1. When does the Fujiyama Power IPO open and close?
The IPO opens on 13 November 2025 and closes on 17 November 2025.
2. What is the Fujiyama Power IPO price band?
The price band is set between ₹216 to ₹228 per share.
3. What is the minimum investment for retail investors?
Retail investors need to apply for a minimum of 65 shares (₹14,820).
4. What is the total issue size?
The IPO aims to raise around ₹828 crore.
5. How will the funds be used?
Proceeds will be used for plant expansion, loan repayment, and general corporate purposes.
6. Who are the promoters?
The promoters are Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar.
7. How has the company’s financial performance been?
Revenue grew from ₹664 crore in FY23 to ₹1,540 crore in FY25, with profits up sixfold.
8. Which companies are Fujiyama’s peers?
Peers include Waaree Energies and Premier Energies.
9. What are the major risks for the company?
Dependence on imports, regional exposure, and regulatory risks are key challenges.
10. Should you invest?
The IPO appears attractive for long-term investors in the clean energy segment, subject to valuation comfort.
Click Here to know more market & IPO related news and updates.
Disclaimer: The views and investment insights provided here are based on publicly available information and do not constitute financial advice. Readers are advised to conduct their own research or consult certified financial experts before making investment decisions.
