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Revenue
₹981 Cr
verification pending
Revenue YoY
87.5%
reported change
EBITDA
₹171.5 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 stellar Q4 FY26 with revenue of ₹981 crore (+87.5% YoY) and EBITDA margin expanding to 19% (+250bps YoY), driven by strong volume growth (~70% in GW terms) and backward integration benefits. PAT margin improved to 11.8% as finance costs declined post-IPO debt repayment. The company added 80+ distributors and 450+ dealers, taking the total channel network to 8,900+. Management guided for 50% revenue growth in FY27, supported by the newly commissioned 2 GW Ratlam facility (peak revenue potential ₹5,000 crore) and planned 1.2 GW TOPCon cell line (₹350 crore capex). A fire at the lead-acid battery facility temporarily disrupted operations, but alternate third-party arrangements are in place with minimal margin impact. Key risks include BIS inspection on 10-15 SKUs (potential penalty up to seizure value) and execution delays in battery line commissioning.
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Guidance to track
- Management guided for 50% year-on-year revenue growth in FY27, supported by new capacity and distribution expansion.
- Management expects PAT margins to remain in the 11-13% range, with stable to improving trends.
- The 2 GW integrated Ratlam facility is expected to generate peak revenue of ₹5,000 crore when fully utilized by end of FY28.
- Planned 1.2 GW TOPCon solar cell manufacturing facility at Ratlam with total capex of ₹350 crore (excluding land).
Risks flagged
- BIS department has questioned compliance on 10-15 SKUs out of 500. Management has filed replies and expects no material penalty, but worst-case penalty could equal seizure value.
- A fire at the 1.3 GW lead-acid battery facility temporarily suspended operations. Alternate third-party arrangements are in place, but margin impact is possible.
- Battery manufacturing line commissioning delayed to Q2 FY27 due to technology upgrades and geopolitical supply chain issues.
- Net working capital days increased to 83 from 71, driven by higher raw material inventory to support expansion. Management expects normalization as new facilities ramp up.
Key quotes
- Our systems are largely adopted as reliable backup for households facing inconsistent grid supply rather than being driven by subsidies.
- We are expecting double channel partners in next three years sir.
- Margins will be sustained to improving sir.
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