Fujiyama Power Systems hit a record ₹431.25 on Friday, driven by a 125% surge in revenue. While operational profits grew, investors are weighing the company's strong Q1 performance against a significant one-time fire loss provision at its Bawal facility.
Fujiyama Power Systems, often known as UTL Solar, reached an all-time intraday high of ₹431.25 on Friday. This milestone marks a significant 153% rally from its low point of ₹170.65 recorded in March 2026. The stock movement follows the company's announcement of its performance for the June 2026 quarter, which highlighted both strong operational expansion and a significant one-time impact on the bottom line.
The company reported a robust financial performance on the operational front, with revenue from operations jumping 125.3% year-on-year to reach ₹1,345.7 crore. Operating efficiency also improved, as EBITDA climbed 140.6% to ₹254.8 crore, resulting in an EBITDA margin of 18.9%. This growth reflects the company’s push into rooftop solar solutions, supported by rising demand in Tier 2 and Tier 3 markets.
However, investors are carefully reviewing the net profit figures, which show a different picture due to an exceptional event. The company reported a net profit of ₹57.8 crore, which is a 14.5% decline compared to the same period last year. This dip was caused by a ₹107.4 crore provision made for losses following a fire at the company’s Bawal manufacturing facility. While the reported profit fell, the company's normalised profit, which excludes this one-time fire-related cost, surged by 144.5% to ₹165.2 crore, suggesting that the underlying business remains strong despite the incident.
Strategic expansion remains a key focus. During the quarter, the company commissioned a new 2,000 MW solar panel manufacturing facility and a 2,000 MW power electronics facility at Ratlam. The ability of the company to ramp up and utilize this new capacity will be a primary factor for its future revenue trajectory. The company is also benefiting from government policies like the Approved List of Models and Manufacturers (ALMM), which encourage the use of domestically produced solar components.
Regulatory monitoring is another factor for investors to note. The stock is currently placed under the ASM (Additional Surveillance Measure) Stage 1 framework. This is a monitoring mechanism used by exchanges to alert investors about high volatility or specific trading patterns, often requiring higher margin payments for traders.
Looking ahead, investors may track how quickly the company recovers the losses through insurance or operational improvements at the Bawal site. The next important developments to watch will be the utilization levels of the newly commissioned Ratlam facility and any updates regarding its regulatory surveillance status, which can influence trading volatility.