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BIS inspection on 10-15 SKUs
View Risks →Fujiyama Power Systems Limited — Q4 FY26
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.
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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.
फुजियामा पावर सिस्टम्स ने चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹981 करोड़ रही, जो पिछले साल से 87.5% ज्यादा है। मुनाफा बढ़ाने की क्षमता (EBITDA मार्जिन) 19% हो गई, जो पिछले साल से 2.5% ज्यादा है। इसकी वजह है ज्यादा बिक्री और लागत में कमी। IPO के बाद कर्ज चुकाने से ब्याज खर्च घटा, जिससे शुद्ध मुनाफा (PAT) 11.8% हो गया। कंपनी ने 80 नए थोक विक्रेता और 450 नए खुदरा विक्रेता जोड़े, अब कुल 8,900 से ज्यादा हैं। अगले साल कमाई 50% बढ़ने का अनुमान है। नई रतलाम फैक्ट्री से ₹5,000 करोड़ तक की कमाई हो सकती है। बैटरी फैक्ट्री में आग लगी थी, लेकिन दूसरी व्यवस्था कर ली गई है। जोखिम: BIS जांच से जुर्माना हो सकता है और बैटरी लाइन शुरू करने में देरी।
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Channel Partners
8,900+
+80 distributors, +450 dealers QoQ
Total distribution network as of March 2026, expanded to deepen presence in tier 2/3 cities.
Solar Panel Capacity
1,639 MW
+600 MW YoY
Manufacturing capacity increased from 1,039 MW to 1,639 MW during FY26.
Lithium Battery Capacity
545 MWh
+500 MWh YoY
Capacity expanded from 45 MWh to 545 MWh, supporting integrated solutions.
Revenue Guidance FY27
50% growth
vs FY26 revenue of ₹2,654.5 crore
Management guided for 50% revenue growth in FY27, driven by new capacity and distribution expansion.
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Management guided for 50% year-on-year revenue growth in FY27, supported by new capacity and distribution expansion.
BIS department has questioned compliance on 10-15 SKUs out of 500.
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