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Revenue
₹588.5 Cr
verification pending
Revenue YoY
73.8%
reported change
EBITDA
₹110 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Fujiyama Power Systems delivered a strong Q3 FY26 with revenue of ₹588.5 crore (+73.8% YoY) and EBITDA margin expanding to 18.7% (+320 bps YoY). PAT margin improved to 11.4% from 8.9% last year. Growth was driven by distribution network expansion (8,200+ channel partners) and backward integration, including the commissioning of a 1 GW solar cell plant at Dadri (₹300 crore capex). Management guided for 1 GW each of solar panel, inverter, and battery sales in FY27, with Ratlam facility doubling capacity. Risks include potential DCR mandate delays and raw material price volatility, though management expects cost pass-through. The company's focus on domestic manufacturing and subsidy-driven rooftop solar positions it well for India's 300 GW solar target by 2030.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for minimum 1 GW sales of solar panels, inverters, and batteries in FY27, with potential to exceed.
- New Ratlam lines (2 GW module, 2 GW inverter, 2 GW battery) will start contributing to revenue from Q1 FY27.
- The new 1 GW solar cell plant at Dadri is expected to ramp up to 80% utilization by end of Q4 FY26.
- Management expects at least 50% utilization of Ratlam capacity in FY27 and full utilization by FY28.
Risks flagged
- Government mandate for compulsory DCR cells in subsidy rooftop solar may be delayed beyond June 2026, affecting demand for new cell capacity.
- Rising silver and aluminium prices could pressure margins if not fully passed through; management expects pass-through but with lag.
- The new 1 GW mono PERC cell line may face competition from TOPCon technology; management believes it is viable for 3 years but conversion may require additional capex.
- Total debt stood at ₹470 crore, which may increase with further capex for Ratlam facility, impacting leverage.
Key quotes
- We will do minimum 1 G each solar panel, inverter and battery.
- We saved the cost in the line and because when we gave the order of line at 6 months before then we could negotiate better because this was like going technology for China.
- Any increase in or decrease in price will be passed to customer.
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