DCR mandate implementation delay
Government mandate for compulsory DCR cells in subsidy rooftop solar may be delayed beyond June 2026, affecting demand for new cell capacity.
UTLSOLAR / Q3-FY26 / risks
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Fujiyama Power Systems · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Raw material price volatility
Rising silver and aluminium prices could pressure margins if not fully passed through; management expects pass-through but with lag.
Technology obsolescence risk for mono PERC cell line
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.
Debt level increase
Total debt stood at ₹470 crore, which may increase with further capex for Ratlam facility, impacting leverage.