Fujiyama Power Systems IPO: Price, Dates, GMP, and In-Depth Review (Nov 2025)
Get all the details on the Fujiyama Power Systems IPO (Nov 13-17). Check the live GMP, price band (₹216-₹228), lot size, and our complete 'IPO Ji' analysis before you apply for this solar sector mainboard issue.
The Indian mainboard IPO market is buzzing again, and this time it's a big name from the booming solar industry. Fujiyama Power Systems Limited, a leading manufacturer of rooftop solar solutions, is all set to launch its ₹828 crore Initial Public Offering.
The company, known for its "UTL Solar" and "Fujiyama Solar" brands, is bringing a combination of a fresh issue and an Offer for Sale (OFS).
Here at IPO Ji, we've broken down all the critical details—from key dates and price bands to the company's financial health and the latest Grey Market Premium (GMP)—to help you make an informed decision.
Fujiyama Power Systems IPO: Key Details at a Glance
Here are the most important details of the IPO, all in one place:
Fujiyama Power Systems IPO Timeline (Tentative)
Mark your calendar! These are the dates every investor needs to know.
Lot Size and Investment Amount
Investors can bid for a minimum of 65 shares and in multiples of 65 thereafter. Here is the minimum investment required for each investor category:
Fujiyama Power Systems IPO GMP Today
A key indicator of market sentiment, the Grey Market Premium (GMP), helps estimate the potential listing price.
The GMP is highly volatile and can change rapidly based on market conditions and subscription numbers.
We at IPO Ji will be tracking the live GMP daily, so check back for updates.
Company Financials: A Look at the Numbers
This is where the company truly shines. Fujiyama Power Systems has demonstrated explosive growth in its recent financials.
For the fiscal year ending March 2025 (FY25), the company reported:
- Revenue: A 66.6% surge to ₹1,540.7 crore, up from ₹924.7 crore in the previous year.
- Net Profit (PAT): A remarkable 245.2% increase to ₹156.4 crore, compared to ₹45.3 crore in FY24.
These are exceptionally strong numbers, showcasing significant top-line and bottom-line growth.
Key Performance Indicators (KPIs):
- P/E (Post-Issue): 41.01 (based on annualized FY25 earnings)
- Return on Equity (ROE): 39.40%
- Return on Capital Employed (ROCE): 41.01%
- Debt/Equity: 0.87
What will the IPO money be used for? (Objectives of the Issue)
The company plans to use the ₹600 crore from the fresh issue for two main purposes:
- Capex (₹180 crore): To part-finance the setup of new manufacturing facilities in Ratlam, Madhya Pradesh, for solar inverters, panels, and lithium-ion batteries.
- Debt Repayment (₹275 crore): To repay or prepay a portion of its outstanding borrowings.
Using funds for expansion (Capex) is a positive sign for growth, and reducing debt will strengthen the balance sheet and lower interest costs.
About Fujiyama Power Systems Ltd.
Founded in 2017, Fujiyama Power Systems is a major player in the rooftop solar industry. It creates and sells a wide range of products (over 522 SKUs) including:
- Solar Inverters (on-grid, off-grid, hybrid)
- Solar Panels
- Solar Batteries (Lithium-ion, Tubular)
The company has an extensive distribution network with over 725 distributors and 5,546 dealers, giving it a strong pan-India presence.
Strengths vs. Risks
Here’s our breakdown of the good and the not-so-good for the Fujiyama Power Systems IPO.
Key Strengths:
- Exceptional Financial Growth: A 245% jump in net profit is impossible to ignore. It shows strong execution and high demand.
- Strong Market Position: The company has a vast, established distribution network and strong brand recognition under "UTL Solar" and "Fujiyama Solar."
- Booming Sector: The rooftop solar and renewable energy sector is a high-growth area with strong government support and a long runway for growth.
- High Promoter Holding: Post-IPO, the promoters will still hold 87.88% of the company, indicating very high confidence in the business's future.
Key Risks & Concerns:
- Fully Priced Valuation: With a P/E ratio of ~41, the IPO is priced in line with its listed peers like Waaree Energies (P/E 49.04) and Premier Energies (P/E 47.91). It doesn't appear to be leaving much on the table for listing gains and can be considered "fully valued."
- Offer for Sale (OFS) Component: Of the total issue, ₹228 crore is an OFS, which means this money will go to the selling promoters, not the company.
Fujiyama Power Systems IPO: FAQs
Q1: What is the Fujiyama Power Systems IPO?
A: It is a mainboard IPO of ₹828 crore from a leading rooftop solar solutions company. The company will be listed on both BSE and NSE.
Q2: When can I apply for the Fujiyama Power Systems IPO?
A: The IPO is open for subscription from November 13 to November 17, 2025.
Q3: How can I check my Fujiyama Power IPO allotment status?
A: You can check your allotment status on the IPO Ji Website/ App, registrar's website (MUFG Intime India) or on the BSE/NSE websites on Tuesday, November 18, 2025.
