UTLSOLAR

Fujiyama Power Systems Limited

Rooftop solar solutions provider with solar panels and inverters

Industrials›Capital Goods›Electrical Equipment›Other Electrical Equipment

utlsolarfujiyama.com

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Key metrics

Price as of 2026-10-16

Stock price

₹394.90

Market cap

12,140 Cr

Stock P/E

41.2

P/B

9.50

ROE (FY26)

23.9%

ROCE (FY26)

26.0%

Operating margin (FY26)

16.8%

Debt / equity (FY26)

0.36

OCF / EBITDA (FY26)

-0.6%

OCF / EBITDA (3Y)

12.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Fujiyama Power Systems sells rooftop solar systems in India: solar panels, inverters and lithium-ion and tubular batteries, mostly as a combined package sold through dealers and distributors under the Fujiyama Solar and UTL Solar brands.

Company snapshot

8thBy market cap

Ranked among 32 companies in Other Electrical Equipment.

What we see

Positives

✓Interest coverage of 10.2x — earnings comfortably cover interest obligations.

Concerns

✗Only 12% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	568 Cr	588 Cr	901 Cr	1,346 Cr
Operating expenses (approx.)	465 Cr	479 Cr	729 Cr	1,091 Cr
EBITDA	103 Cr	110 Cr	171 Cr	255 Cr
OPM %	18.1%	18.7%	19.0%	18.9%
Other income	2 Cr	0.39 Cr	3 Cr	2 Cr
Interest	12 Cr	12 Cr	10 Cr	11 Cr
Depreciation	8 Cr	9 Cr	21 Cr	25 Cr
Profit before tax	85 Cr	89 Cr	144 Cr	78 Cr
Tax %	25.7%	24.7%	26.2%	25.6%
Net profit	63 Cr	67 Cr	106 Cr	58 Cr
EPS (₹)	₹2.25	₹2.37	₹3.58	₹1.88

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	664 Cr	925 Cr	1,541 Cr	2,655 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	612 Cr	826 Cr	1,292 Cr	2,164 Cr	Sign in free for the trailing twelve months
EBITDA	52 Cr	99 Cr	249 Cr	490 Cr	Sign in free for the trailing twelve months
OPM %	7.8%	10.7%	16.1%	18.5%	Sign in free for the trailing twelve months
Other income	1 Cr	3 Cr	9 Cr	6 Cr	Sign in free for the trailing twelve months
Interest	15 Cr	26 Cr	27 Cr	44 Cr	Sign in free for the trailing twelve months
Depreciation	6 Cr	13 Cr	18 Cr	44 Cr	Sign in free for the trailing twelve months
Profit before tax	31 Cr	63 Cr	213 Cr	408 Cr	Sign in free for the trailing twelve months
Tax %	22.6%	27.6%	26.6%	25.5%	Sign in free for the trailing twelve months
Net profit	24 Cr	45 Cr	156 Cr	304 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹0.87	₹1.62	₹5.59	₹10.24	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	0.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14 Cr	25 Cr	28 Cr	31 Cr
Reserves	179 Cr	215 Cr	369 Cr	1,243 Cr
Borrowings	211 Cr	200 Cr	346 Cr	461 Cr
Other liabilities	110 Cr	170 Cr	271 Cr	609 Cr
Total liabilities	515 Cr	610 Cr	1,014 Cr	2,344 Cr
Fixed assets (net)	162 Cr	207 Cr	286 Cr	535 Cr
CWIP	8 Cr	—	—	201 Cr
Investments	0.0020 Cr	0.0020 Cr	0.0060 Cr	0.0060 Cr
Inventories	187 Cr	232 Cr	383 Cr	910 Cr
Trade receivables	29 Cr	65 Cr	73 Cr	140 Cr
Cash & bank	0.11 Cr	4 Cr	8 Cr	139 Cr
Other assets	129 Cr	102 Cr	264 Cr	418 Cr
Total assets	515 Cr	610 Cr	1,014 Cr	2,344 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	78 Cr	85 Cr	18 Cr	-3 Cr
Cash from investing	-132 Cr	-45 Cr	-118 Cr	-505 Cr
Cash from financing	55 Cr	-37 Cr	104 Cr	639 Cr
Net cash flow	0.08 Cr	4 Cr	4 Cr	131 Cr
Free cash flow (OCF − Capex)	-60 Cr	38 Cr	-99 Cr	-516 Cr

Ratios

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