Fujiyama Power Systems Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 38.0%
- Company has a healthy return on capital (ROCE) of 32.7%
- Operating margins have improved to 18.5% from 8.0%
- Company comfortably covers its interest (10.3x coverage)
- Attractively priced for its growth - PEG of 0.4
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.20x)
- Working capital days have increased from 27 to 81 days
- Equity base is being diluted - shares outstanding up 124.5%
- Total debt has risen sharply - up 33.3% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SYRMA | 1588.65 | 83.22 | 30634.01 | 0.09 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| KAYNES | 3500.00 | 67.87 | 23462.13 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 13.38 | 15.60 |
| AVALON | 2265.95 | 113.44 | 15155.19 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 20.34 | 11.96 |
| UTLSOLAR | 446.70 | 46.58 | 13709.30 | 0.00 | 577.94 | — | 13456.93 | — | 36.46 | 18.94 |
| CYIENTDLM | 904.15 | 87.42 | 7177.45 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| VIKRAMSOLR | 166.80 | 16.94 | 6044.07 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| SAATVIKGL | 396.30 | 20.30 | 5037.17 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| WEBELSOLAR | 75.79 | 10.86 | 3290.52 | 0.33 | 77.79 | — | 372.60 | 115.39 | 63.74 | 33.70 |
| KERNEX | 1734.35 | 15.28 | 2914.34 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| MODINSULAT | 449.50 | 22.51 | 2119.12 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| INA | 93.04 | 10.24 | 2051.08 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
| IKIO | 224.45 | 37.30 | 1734.57 | 0.00 | 11.05 | 364.51 | 169.29 | 40.91 | 10.02 | 12.97 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| 329 | 339 | 480 | 597 | 568 | 588 | 901 | 1,346 | |
| 279 | 286 | 401 | 508 | 465 | 479 | 729 | 1,127 | |
| Operating Profit | 50 | 52 | 79 | 89 | 103 | 110 | 171 | 219 |
| OPM % | 15.22% | 15.46% | 16.46% | 14.98% | 18.14% | 18.68% | 19.03% | 16.27% |
| 2 | 0 | 7 | 0 | 2 | 0 | 3 | 146 | |
| Interest | 6 | 8 | 9 | 9 | 12 | 12 | 10 | 11 |
| Depreciation | 4 | 5 | 6 | 7 | 8 | 9 | 21 | 25 |
| Profit before Tax | 42 | 40 | 72 | 90 | 85 | 89 | 144 | 78 |
| Tax % | 24.54% | 25.64% | 28.61% | 24.85% | 25.67% | 24.68% | 26.22% | 25.58% |
| Net Profit | 32 | 30 | 51 | 68 | 63 | 67 | 106 | 58 |
| 1.14 | 1.07 | 1.83 | 241.00 | 2.25 | 2.37 | 3.58 | 1.88 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| 507 | 664 | 925 | 1,541 | 2,655 | 3,403 | |
| 462 | 612 | 826 | 1,292 | 2,164 | 2,800 | |
| Operating Profit | 45 | 52 | 99 | 249 | 490 | 603 |
| OPM % | 8.86% | 7.82% | 10.69% | 16.15% | 18.48% | 17.73% |
| 1 | 1 | 3 | 9 | 6 | 151 | |
| Interest | 5 | 16 | 26 | 27 | 44 | 45 |
| Depreciation | 1 | 6 | 13 | 18 | 44 | 62 |
| Profit before Tax | 40 | 31 | 63 | 213 | 408 | 396 |
| Tax % | 27.83% | 22.59% | 27.63% | 26.65% | 25.46% | 25.63% |
| Net Profit | 29 | 24 | 45 | 156 | 304 | 294 |
| EPS | 11.63 | 9.93 | 18.46 | 5.58 | 9.93 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 59%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 132%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 37%
- 3 Years:
- 38%
- Last Year:
- 36%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 14 | 14 | 25 | 28 | 31 | |
| 59 | 71 | 214 | 367 | 1,241 | |
| 141 | 215 | 182 | 367 | 489 | |
| Trade Payables | 46 | 71 | 115 | 120 | 360 |
| 140 | 144 | 74 | 131 | 222 | |
| Total Liabilities | 399 | 515 | 610 | 1,014 | 2,344 |
| 114 | 230 | 276 | 418 | 673 | |
| Capital Work in Progress | 0 | 8 | 0 | 0 | 201 |
| 178 | 187 | 232 | 383 | 910 | |
| 0 | 0 | 65 | 73 | 140 | |
| Cash & Bank | 20 | 14 | 15 | 21 | 161 |
| 87 | 76 | 22 | 119 | 258 | |
| Total Assets | 399 | 515 | 610 | 1,014 | 2,344 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -44 | 81 | 85 | 18 | -3 | |
| Cash from Investing | -46 | -132 | -45 | -118 | -520 |
| Cash from Financing | 104 | 55 | -37 | 104 | 654 |
| -0 | 0 | 4 | 4 | 131 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Fujiyama Power Systems Limited has informed the Exchange about Acquisition
2026-09-03 - Fujiyama Power Systems Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - Fujiyama Power Systems Limited has informed the Exchange regarding the intimation of the weblink of the Annual Report for the financial year 2025-26
2026-09-02 - Fujiyama Power Systems Limited has informed the Exchange regarding Notice of 09th Annual General Meeting to be held on September 25, 2026
2026-08-27 - Fujiyama Power Systems Limited has informed the Exchange about Schedule of meet
2026-08-27 - Fujiyama Power Systems Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-24 - Fujiyama Power Systems Limited has informed the Exchange about establishment of 1 GWh Tubular Batteries manufacturing facility at Hathras, Uttar Pradesh
2026-08-24 - Fujiyama Power Systems Limited has informed the Exchange about enhancement of Lithium Batteries manufacturing capacities by 1 GWh at the Ratlam Plant, Madhya Pradesh
2026-08-24 - Fujiyama Power Systems Limited has informed the Exchange regarding Change in Director(s) of the company.
News
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