Fujiyama Power Systems Ltd showcased robust financial performance for the fourth quarter, reporting an 87.5% year-on-year increase in revenue to ₹900.8 crore for Q4 FY26. The Delhi-based rooftop solar company also announced the commissioning of its new 2,000 MW solar panel manufacturing facility in Ratlam, Madhya Pradesh.
The company’s EBITDA for the quarter soared by 116.9% to ₹171.5 crore, reflecting an increase in margins from 16.5% to 19% compared to the previous year. Profit after tax experienced a substantial rise of 107.5%, reaching ₹106.3 crore. For the full fiscal year FY26, marking the company’s first as a publicly listed entity following its IPO in November 2025, revenue totaled ₹2,654.5 crore, a 72.3% increase, while EBITDA nearly doubled to ₹490.3 crore.
The Ratlam facility is part of a greenfield expansion that aims for each of solar panels, inverters, and batteries to have a capacity of 2,000 MW. Initially, the facility will operate at approximately 1,000 MW under single-shift operations, with objectives set for full capacity by Q4 FY27. This development elevates Fujiyama’s total manufacturing capacity for solar panels to 3,568 MW.
However, the company faces delays in the commissioning of the inverter and battery production lines. These setbacks have been attributed to the integration of new lithium-ion battery technology and geopolitical disruptions impacting supply chains. The inverter line is anticipated to be operational by Q1 FY27, with battery manufacturing expected to commence in Q2 FY27.
On the distribution side, Fujiyama expanded its network by adding over 80 distributors, 450 dealers, and 30 exclusive Shoppes in Q4, bringing its total channel partner network to over 8,900 across 23 states.
On the National Stock Exchange (NSE), shares of Fujiyama were trading at ₹276 on Friday afternoon, reflecting a gain of 1.06% for the day and providing the company with a market capitalization of approximately ₹8,470 crore. The stock has yielded a return of 23.14% year-to-date, in contrast to a 5.48% decline in the Nifty Total Market index during the same timeframe.
Published on May 15, 2026.
