Fujiyama Power Systems Ltd is launching its Initial Public Offering (IPO) on November 13, 2025, aiming to raise ₹828 crore through a combination of fresh issue and offer for sale. The IPO has generated significant buzz among investors given the company’s rapid growth in the solar power systems segment, robust distribution network, and strong financial performance in recent years. In this article, we take a deep dive into the Fujiyama Power Systems IPO Review, covering details like company background, competitive strengths, issue details, financials, objectives, peer comparison, P/E ratio analysis, reasons to invest, key risks, GMP trends, and final verdict on whether to subscribe or avoid.
About Fujiyama Power Systems Ltd
Established in 2017, Fujiyama Power Systems Ltd is a leading manufacturer and provider of rooftop solar systems in India. The company’s portfolio includes over 522 SKUs across solar inverters, lithium-ion and tubular batteries, solar panels, PWM chargers, and hybrid solar systems.
The company operates four state-of-the-art manufacturing facilities in Greater Noida (Uttar Pradesh), Parwanoo (Himachal Pradesh), Bawal (Haryana), and Dadri (Uttar Pradesh). Its operations are ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified.
Fujiyama has built a pan-India distribution network comprising over 725 distributors, 5,500+ dealers, and 1,100 exclusive “Shoppe” franchisees. With over 600 trained service engineers, the company provides after-sales support, enhancing customer satisfaction and brand trust.
The company also exports to international markets, including the USA, Bangladesh, and UAE, strengthening its global footprint.
Competitive Strengths
- Large-scale, quality-driven manufacturing:
Fujiyama’s infrastructure and automation capabilities ensure high production efficiency with consistent quality. - Extensive distribution and service network:
A robust and well-trained service network provides deep penetration into tier II and III cities and rural India. - Innovative product portfolio:
With 522+ SKUs, the company offers customized solar and power backup solutions across multiple customer segments. - Technological advancement:
Continuous R&D and product innovation help Fujiyama maintain a leadership position in the rooftop solar space. - Experienced promoters and professional management:
Led by promoters Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar, the team has decades of expertise in power and renewable energy systems.
Fujiyama Power Systems IPO Issue Details
| Particular | Details |
|---|---|
| IPO Open Date | November 13, 2025 |
| IPO Close Date | November 17, 2025 |
| Listing Date (Tentative) | November 20, 2025 |
| Issue Type | Book Built Issue |
| Face Value | ₹1 per share |
| Price Band | ₹216 – ₹228 per share |
| Lot Size | 65 shares |
| Total Issue Size | ₹828 crore (3.63 crore shares) |
| Fresh Issue | ₹600 crore (2.63 crore shares) |
| Offer for Sale | ₹228 crore (1 crore shares) |
| Lead Managers | Motilal Oswal Investment Advisors, SBI Capital Markets |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing | NSE, BSE |
Financial Performance of Fujiyama Power Systems
| Particulars (₹ in crore) | FY2023 | FY2024 | FY2025 | Q1 FY2026 |
|---|---|---|---|---|
| Total Income | 665.3 | 927.2 | 1,550.1 | 597.8 |
| EBITDA | 51.6 | 98.6 | 248.5 | 105.9 |
| PAT | 24.4 | 45.3 | 156.3 | 67.6 |
| Net Worth | 193.1 | 239.5 | 396.8 | 464.3 |
| ROE | – | 19.0% | 39.4% | – |
| ROCE | – | 20.5% | 41.0% | – |
| Debt/Equity | 1.09 | 0.84 | 0.87 | – |
The company’s revenue grew 67% YoY in FY25, while PAT increased by 245%, indicating strong operational leverage. Margins have also expanded significantly — EBITDA margin at 16.1% and PAT margin at 10.1%.
Objects of the IPO
The net proceeds from the fresh issue of ₹600 crore will be utilized for:
- Establishing a new manufacturing facility in Ratlam, Madhya Pradesh – ₹180 crore.
- Repayment or prepayment of certain borrowings – ₹275 crore.
- General corporate purposes – balance amount.
Fujiyama Power Systems IPO Valuation & Peer Comparison
| Company | EPS (Post Issue) | P/E (x) | Industry | Remarks |
|---|---|---|---|---|
| Fujiyama Power Systems Ltd | 8.82 | 25.8x | Solar Equipment | Mid-range valuation |
| Servotech Power Systems | 3.10 | 62.0x | Solar & EV Systems | High valuation |
| Waaree Energies (unlisted)** | 45.0 | 28.0x | Solar Modules | Comparable peer |
| Adani Energy Solutions | 8.2 | 22.5x | Power Infra | Large cap peer |
- Highest P/E: Servotech Power Systems (62x)
- Lowest P/E: Adani Energy Solutions (22.5x)
- Industry Average P/E: ~30x
At a post-issue P/E of 25.8x, Fujiyama’s valuation appears reasonable considering its strong growth momentum and profitability.
Reasons to Invest in Fujiyama Power Systems IPO
1. Rapidly growing solar energy market
India’s rooftop solar capacity is expected to grow at >25% CAGR through 2030. Fujiyama’s diversified presence positions it to benefit from this long-term green energy transition.
2. Strong financial growth and improving margins
PAT has grown from ₹24.4 crore in FY23 to ₹156 crore in FY25. Improving ROE (39%) and ROCE (41%) reflect efficient capital utilization.
3. Robust distribution and service network
Its widespread dealer base and 600+ service engineers ensure brand reach and post-sales reliability — a major competitive moat.
4. Diversified and innovative product mix
With 522+ SKUs, the company reduces dependency on a single product line and caters to multiple solar and energy storage requirements.
5. Reasonable valuation compared to peers
Given the growth potential and mid-range P/E valuation, the IPO pricing appears fair relative to competitors.
Risk Factors to Consider
1. Intense industry competition
The solar energy market faces competition from both domestic and global players, which could pressure pricing and margins.
2. Dependence on government policies and subsidies
Any reduction in renewable energy incentives could impact demand and profitability.
3. Working capital-intensive business
The company’s operations rely heavily on inventory management and dealer credit cycles, increasing liquidity risks.
4. Borrowing and leverage risk
While debt levels have been moderate, the company continues to utilize borrowings to fund expansion, which could affect future cash flows.
5. Geographic and operational risks
Manufacturing across multiple facilities increases logistical complexity, regulatory compliance needs, and potential operational disruptions.
Fujiyama Power Systems IPO – Grey Market Premium (GMP)
As of November 11, 2025, market reports indicate the Fujiyama Power Systems IPO GMP is around ₹50–55 per share, suggesting healthy investor interest and possible listing gains of 20–25% over the upper price band of ₹228.
(Note: GMP values are subject to change based on market sentiment before listing.)
How to Apply for Fujiyama Power Systems IPO
You can apply through:
- UPI-based Online Application: via Zerodha, Groww, Paytm Money, Angel One, or other SEBI-authorized brokers.
- ASBA (Applications Supported by Blocked Amount): via Net Banking through banks such as SBI, HDFC, ICICI, Axis, etc.
Conclusion – Should You Invest in Fujiyama Power Systems IPO?
Fujiyama Power Systems IPO combines strong growth, healthy profitability, and a reasonable valuation in the fast-expanding solar energy sector. With its robust distribution network, consistent innovation, and focus on clean energy, the company appears well-positioned for sustainable growth.
However, investors should also consider policy dependency, competition, and execution risks.
My View: Invest with a medium to long-term view.
FAQs on Fujiyama Power Systems IPO
1. What is the Fujiyama Power Systems IPO open and close date?
Opens on November 13, 2025, and closes on November 17, 2025.
2. What is the IPO price band?
The price band is ₹216 to ₹228 per share.
3. What is the lot size and minimum investment for retail investors?
The lot size is 65 shares, with a minimum investment of ₹14,820.
4. When will Fujiyama Power Systems IPO list?
Tentative listing date is November 20, 2025, on NSE and BSE.
5. What is the GMP of Fujiyama Power Systems IPO?
Current GMP is around ₹50–55 per share.
6. Who are the lead managers?
Motilal Oswal Investment Advisors and SBI Capital Markets.
7. Should I subscribe to this IPO?
Given the company’s growth potential, strong fundamentals, and fair valuation, investors can consider subscribing for long-term gains.
Disclaimer: This article is for educatinal purpose only and should not be considered as investment advice. Investment in equity markets, including IPOs, carries risk. Please read the Red Herring Prospectus and consult your financial advisor before investing. Past performance may not be indicative of future results.
- Fujiyama Power Systems IPO Review – Date, Price, GMP, Analysis | Should You Invest or Avoid? - November 12, 2025
- Tenneco Clean Air IPO Review, Date, Price, GMP, Analysis – Should You Invest or Avoid? - November 12, 2025
- Why Choosing the Right Payment Gateway Matters for Subscription Platforms? - November 12, 2025