Fujiyama Power Systems reported a strong maiden fiscal year post-listing, with revenue climbing 72.3% and PAT hitting Rs 3,041.3 million. Despite rapid growth and capacity expansion, the firm faces scrutiny from BIS inspections and a significant facility fire in Bawal.
Fujiyama Power Systems FY26 PAT Up 94.5%
Revenue reached Rs 26,545.1 million, while Profit After Tax hit Rs 3,041.3 million.
Reader Takeaway: Strong operational growth and backward integration drive earnings, tempered by insurance claims for fire damage and BIS regulatory inspections.
What just happened
Fujiyama Power Systems Limited concluded its first fiscal year as a listed entity with a 72.3% surge in revenue to Rs 26,545.1 million. The company's EBITDA margins expanded to 18.5%, while net profit rose to Rs 3,041.3 million. The board has opted not to declare a dividend, choosing instead to reinvest capital into manufacturing expansion.
Why this matters
The company is aggressively scaling its solar cell and battery infrastructure. The commissioning of a 1 GW solar facility at Dadri and upcoming 2 GW capacity at Ratlam highlight a push for scale. The acquisition of a 50% total stake in Zayo Energy and Zayo Cables suggests a strategic move toward tighter supply chain control.
Risks to watch
Investors should monitor the fallout from the May 2026 fire at the Bawal plant, which resulted in a Rs 1,436 million asset hit. Additionally, BIS inspections in March and April 2026 resulted in the seizure of goods worth Rs 43.5 million; the company is currently defending its compliance status with the regulator.
Capital Allocation
The recent IPO raised Rs 6,000 million. Nearly half (Rs 2,750 million) was directed toward debt reduction, while Rs 1,800 million was earmarked for the Ratlam integrated plant to fuel future capacity.
What to track next
Watch for updates on the insurance claim for the Bawal facility and the resolution of the ongoing BIS inspection dispute, as well as the expected Q2 FY27 commissioning of the 3 GWh lithium-ion battery facility.