Table of Content
- About Fujiyama Power Systems IPO
- Business Overview of Fujiyama Power Systems
- Fujiyama Power IPO Details
- Fujiyama Power Systems IPO Reservation: Who Can Apply?
- Fujiyama Power IPO Objectives – How Will the Funds Be Used?
- Promoter Shareholding of Fujiyama Power Systems IPO
- What is the financial performance of Fujiyama Power Systems IPO?
- What are the key performance metrics of Fujiyama Power Systems IPO?
- Strengths and Risks of Fujiyama Power Systems IPO?
- What are the potential risks of Fujiyama Power Systems?
About Fujiyama Power Systems IPO
Fujiyama Power Systems Limited is set to launch its IPO for public subscription on Thursday, November 13, 2025, and will close on Monday, November 17, 2025.
This ₹828 crore Fujiyama Power Systems IPO is issuing a fresh issue of about 2.63 crore shares to raise ₹600 crore. Simultaneously, the company will also issue offer-for-sale (OFS) of 1 crore shares.
The price range of Fujiyama Power Systems IPO is kept at ₹216 to ₹228 per equity share. It will list on both the BSE and NSE exchanges on November 20, 2025.
Business Overview of Fujiyama Power Systems
Founded in 2017, Fujiyama Power Systems Limited is a Noida-based manufacturer specializing in solar energy products, including solar panels, lead-acid and lithium-ion batteries, and complete rooftop solar solutions.
Its product portfolio also includes on-grid, off-grid, and hybrid inverters, UPS/PCUs, and chargers – supported by robust after-sales and technical services.
The company's service ecosystem is backed by over 600 qualified engineers and an extensive distribution network spanning 725 distributors, 5,546 dealers, and 1,100 "Shoppe" franchisees across India.
Manufacturing operations are spread across four major hubs in Greater Noida and Dadri (Uttar Pradesh), Parwanoo (Himachal Pradesh), and Bawal (Haryana). The company also plans to establish a new facility in Ratlam, Madhya Pradesh, using a portion of the IPO proceeds.
Fujiyama Power Systems markets its products under the brands "UTL Solar" and "Fujiyama Solar," and also exports to international markets such as the USA, UAE, and Bangladesh.
Fujiyama Power IPO Details
The following are the details of the upcoming IPO for Fujiyama Power Systems.
| Particulars | Details |
|---|---|
| IPO Size | Fresh issue of ₹828 crore |
| Offer Type | Fresh issue of ₹600 crore + Offer for Sale (OFS) of ₹228 crore |
| Total Number of Equity Shares | 3.63 crore shares (estimated) |
| Price Band | ₹216 – ₹228 per share |
| Issue Dates | Opens: November 13, 2025 Closes: November 17, 2025 |
| Minimum Bid Lot | 1 lot of 65 shares |
| Listing Date | November 20, 2025 |
| Face Value | ₹1 per share |
| Use of Proceeds |
|
| Pre-IPO Placement | - |
| Employee Reservation | Likely portion reserved (up to ₹5 lakhs for employees) with possible discount. |
| Lead Managers (BRLMs) | Motilal Oswal Investment Advisors Ltd. SBI Capital Markets Ltd. |
| Registrar | MUFG Intime India Pvt Ltd |
| Listing Exchanges | National Stock Exchange of India (NSE) & Bombay Stock Exchange (BSE) |
Fujiyama Power Systems IPO Reservation: Who Can Apply?
The equity shares offered in the Fujiyama Power Systems IPO provide reservation to the following investor categories:
| Investor Category | % Shares Offered | Bidding allowed? |
|---|---|---|
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | ₹10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Applying as:
| Yes |
Note: sNII refers to “Small Non-institutional Investors” and bNII refers to “Big Non-institutional Investors.” Likewise, RII is for retail institutional investors.
Fujiyama Power IPO Objectives – How Will the Funds Be Used?
With the Fujiyama Power Systems IPO proceeds, the company plans to use the funds for three major purposes:
| Objective | Amount (in millions) |
|---|---|
| Funding Ratlam's facility construction project | ₹2,500 |
| Repayment of liability (borrowings) | ₹3,000 |
| General corporate purposes | Not exceed 25% of the Gross Proceeds. |
Promoter Shareholding of Fujiyama Power Systems IPO
The entire promoter shareholding of FPSL is divided among three promoters: Pawan Kumar Garg, Yogesh Dua, Sunil Kumar, and the other Promoter group.
| Promotors | % (as per RHP) |
|---|---|
| Promoters Shareholding (Pre-IPO) | 98.49% |
| Promoter shareholding (as of date of allotment) | 86.4% |
(Note: Two Promoters, Pawan Kumar Garg and Yogesh Dua, are selling a portion of their shares in the Offer for Sale (OFS). The percentage post issue may vary within the price range decided.)
What is the financial performance of Fujiyama Power Systems IPO?
Here's the table explaining the financial performance of Fujiyama Power Systems from FY 2021-22 to September 2024.
| Period Ended | As of 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total Income | 597.79 | 1,550.09 | 927.20 | 665.33 |
| Profit After Tax | 67.59 | 156.34 | 45.30 | 24.37 |
| EBITDA | 105.89 | 248.52 | 98.64 | 51.60 |
| Net Worth (or Shareholder's Equity) | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves and Surplus | 436.33 | 368.81 | 215.00 | 70.55 |
| Total Borrowing | 432.83 | 346.22 | 200.19 | 211.14 |
What are the key performance metrics of Fujiyama Power Systems IPO?
Based on the annualized returns for FY 2024-25 and as of June 30, 2025, the following performance metrics can be considered for Fujiyama Power Systems.
| KPI | As of June 30, 2025 | Values (as of FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 14.56%* | 39.40% |
| Net Asset Value (NAV) | 14.17 | 16.58 |
| Price/Earnings (P/E) Ratio | - | Not available |
| Earnings Per Share (EPS) | 2.41 | 5.59 |
| Return on Capital Employed (ROCE) | 14.85%* | 41.01% |
| EBITDA Margin | 17.73% | 16.13% |
| PAT Margin | 11.31% | 10.15% |
| Debt to Equity Ratio | 0.93 | 0.87 |
Note: %* figure isn't annualized for the period ending June 30, 2025. The P/E ratio is not available as the company isn't listed yet.
Strengths and Risks of Fujiyama Power Systems IPO?
Every business or company has its own set of strengths and risks involved. Here's a brief Fujiyama Power IPO analysis to help you make informed decisions.
Strengths of Fujiyama Power Systems
- Diverse product range: Manufactures solar panels, lead-acid & lithium-ion batteries, and both on-grid/off-grid/hybrid inverters.
- Integrated services: Offers rooftop solar installation and after-sales support – providing end-to-end solar solutions.
- Favorable industry outlook: The solar and renewable energy sector in India is experiencing strong policy and demand tailwinds.
- Expanding manufacturing base: Existing setup with plans to enhance capacity and efficiency through IPO proceeds
- Growing market presence: They have a well-established brand in North India (especially in UP) and are gradually expanding nationwide.
- Scalability potential: The company aims to capture demand from both residential and commercial rooftop solar markets.
What are the potential risks of Fujiyama Power Systems?
While Fujiyama Power Systems shows promising growth in the renewable energy space, it also faces several potential risks that investors should consider before making decisions.
Potential Risks of Fujiyama Power Systems
- High import dependence: The company relies heavily on imported solar cells and lithium-ion components, mainly from China, which exposes it to import dependency and supply chain risks.
- Raw material price volatility: There could be fluctuations in input costs and raw material prices, impacting profit margins.
- Geographical concentration: A majority of the company’s revenue originates from Uttar Pradesh, indicating limited diversification across other Indian states.
- Supplier dependency: Fujiyama Power Systems depends on a few key vendors for critical parts. Any supply disruption could directly impact its manufacturing and operations.
- Policy-driven sector: As the business operates in the renewable energy space, changes in government policies or subsidies can significantly affect its performance.
- Execution risk: With rapid growth, the company faces execution risks related to manufacturing, quality control, supply chain management, and logistics. Any delay in capacity expansion could impact future outcomes.
- Intense competition: Established in 2017, the company competes with both domestic and international players in the solar energy and battery manufacturing sectors.
Disclaimer
All IPO details, including issue size, price band, and timelines, are sourced from the company’s Red Herring Prospectus (RHP) and publicly available data at the time of writing. This blog is meant only for awareness and educational purposes - it’s not investment advice. Please go through the RHP carefully available on the SEBI website. Henceforth, investors are requested to do their own research and due diligence before investing in any IPO. The author and platform do not guarantee the accuracy or completeness of the information and shall not be held responsible for any financial losses arising from investment decisions based on this content.
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