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DCR mandate implementation delay
View Risks →Fujiyama Power Systems Limited — Q3 FY26
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).
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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.
फुजियामा पावर सिस्टम्स ने वित्त वर्ष 2025-26 की तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹588.5 करोड़ रही, जो पिछले साल से 73.8% ज्यादा है। कंपनी का मुनाफा बढ़ा है - हर ₹100 की बिक्री पर अब ₹11.40 का शुद्ध लाभ हो रहा है, जबकि पिछले साल ₹8.90 था। यह वृद्धि 8,200 से ज्यादा डीलरों के नेटवर्क और दादरी में नए सोलर सेल प्लांट (₹300 करोड़ की लागत) से हुई है। कंपनी अगले साल 1 गीगावॉट सोलर पैनल, इन्वर्टर और बैटरी बेचने का लक्ष्य रखती है। जोखिमों में सरकारी नियमों में देरी और कच्चे माल के दाम बढ़ना शामिल है, लेकिन कंपनी लागत ग्राहकों पर डाल सकती है। भारत के 2030 तक 300 गीगावॉट सोलर लक्ष्य में यह कंपनी अहम भूमिका निभा सकती है।
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Read Transcript →Quarter Snapshot
Solar panel sales (9M FY26)
460 MW
+80.4% YoY
9-month solar panel sales reached 460 MW vs 255 MW in same period last year.
Inverter sales (9M FY26)
900 MW
+54.5% YoY
Inverter/charger/UPS sales grew to 900 MW from 582 MW in 9M FY25.
Channel partners
8,200+
+60 distributors, +400 dealers, +20 SOPs in Q3
Distribution network expanded significantly during the quarter.
Solar cell plant ramp-up
40% utilization
Target 80% by Q4 FY26 end
New 1 GW cell plant at Dadri currently at 40% utilization, targeting 80% by March 2026.
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Guidance and risk preview
Management guided for minimum 1 GW sales of solar panels, inverters, and batteries in FY27, with potential to exceed.
Government mandate for compulsory DCR cells in subsidy rooftop solar may be delayed beyond June 2026, affecting demand for new cell capacity.
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