Fujiyama Power Systems LimitedEnergyUTLSOLAR
Q1 FY27 earnings callFujiyama Power Systems Limited
The company is rapidly scaling manufacturing and distribution to capitalize on robust rooftop solar demand, particularly from the PM Surya Ghar scheme, while expanding backward integration to improve control over the supply chain.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | Rs. 13,457 million | 125.3% | |
| EBITDA | Rs. 2,548 million | 140.6% | |
| EBITDA Margin | 18.9% | 1.2 p.p. | |
| Reported PAT | INR 578 million | — | |
| Normalized PAT (ex-Bawal fire) | Rs. 1,652 million | 144.5% | |
| Normalized PAT Margin | 12.3% | 1.0 p.p. |
TL;DR
- Revenue grew 125.3% YoY to Rs. 13,457 million, with EBITDA up 140.6% and margin expanding to 18.9%.
- Significantly expanded distribution, adding over 80 distributors, 1,000+ dealers, and 30 exclusive Shoppes, taking total channel partners to over 10,100.
- Commissioned a 2-gigawatt solar panel facility, taking total panel capacity to 3.5 GW, and a 2-gigawatt power electronics facility.
- A fire at the Bawal facility resulted in a provisional exceptional loss of Rs. 1,436 million, which is fully insured and expected to be recovered.
- Increased stake to 50% in Zayo Energy and Zayo Cable as part of backward integration strategy.
- Upgraded full-year revenue growth guidance from 50% to 70%.
Said on the call
“We would like to revise our guidance for the full year to 70% considering the robust demand which is there and the capacities that we are ready with in Ratlam.”
From the Q&A
| Topic | What management said |
|---|---|
| Full-Year Guidance | Upgraded revenue growth guidance for the full year from 50% to 70% due to robust demand and new capacities in Ratlam. |
| Margin Outlook | Reiterated guidance of margins from 'sustainable to improve,' despite backward integration benefits, as part of gains may be passed to customers to drive volumes. |
| Fire Incident and Insurance | The Bawal fire resulted in a loss of Rs. 1,436 million; assets are fully insured, the claim process is advanced, and full recovery is expected by the end of the financial year. |
| Capacity Utilization | DCR cell plant is operating at over 80% utilization; other panel plants (excluding new Ratlam facility) are at 70-80% utilization; the new Ratlam power electronics facility will start at 40-50% utilization. |
| Industry Opportunity | Management cites a potential of 90-100 GW of rooftop solar by 2030; currently about 30 GW is installed, with the PM Surya Ghar scheme being a major driver. |
| Backward Integration via Zayo | The primary objective is to secure raw material supply, not immediate margin improvement; total capex for these plants is estimated at Rs. 180-200 crores. |
| Business Focus and Differentiation | 90% of revenue is from B2C; growth is focused on residential rooftop. Differentiator is being a solution provider with a strong service network, not just a supplier. |
Guidance
- Full-year revenue growth guidance revised up to 70% (from 50%).
- Margin guidance maintained as 'sustainable to improve' from the 18.9% reported.
- Expect to settle the insurance claim for the Bawal fire by the end of the financial year.
- Target to grow the total channel partner network (including Shoppe, dealer, distributor) to over 15,000 by the end of FY28.
- Cumulative gross block (including CWIP) expected to reach about Rs. 1,300 crores by year-end.
Source
Summary written from the transcript filed by Fujiyama Power Systems Limited for the call held on 14 Aug 2026; published 21 Aug 2026, 16:59 IST.