Fujiyama Power Systems Ltd.

•

utlsolarfujiyama.comBSE: 544613NSE: UTLSOLAR

Market Cap₹ 13,709 Cr.

Current Price

High / Low₹ 494 / 172

Stock P/E46.6

Book Value₹ 43

Price to Book4.73

Dividend Yield0.00 %

ROCE36.5 %

ROE36.5 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

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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

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	SYRMA	1588.65	83.22	30634.01	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3500.00	67.87	23462.13	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2265.95	113.44	15155.19	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	446.70	46.58	13709.30	0.00	577.94	—	13456.93	—	36.46	18.94
5.	CYIENTDLM	904.15	87.42	7177.45	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	166.80	16.94	6044.07	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	396.30	20.30	5037.17	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	75.79	10.86	3290.52	0.33	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1734.35	15.28	2914.34	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	MODINSULAT	449.50	22.51	2119.12	0.00	29.60	94.43	188.30	33.19	10.53	16.89
11.	INA	93.04	10.24	2051.08	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
12.	IKIO	224.45	37.30	1734.57	0.00	11.05	364.51	169.29	40.91	10.02	12.97

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Nov 2025	Dec 2025	Mar 2026	Jun 2026
	86.77	86.77	86.77	86.63
	2.87	2.50	1.93	1.63
	4.29	4.72	5.60	5.98
Government	0.00	0.00	0.00	0.00
	6.07	6.01	5.70	5.76

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Acquisition

2026-09-04 - Fujiyama Power Systems Limited has informed the Exchange about Acquisition

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Fujiyama Power Systems Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02

Updates

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

Shareholders meeting

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Fujiyama Power Systems Limited has informed the Exchange about Schedule of meet

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Fujiyama Power Systems Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Capacity addition

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

Capacity addition

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

Change in Director(s)

2026-08-24 - Fujiyama Power Systems Limited has informed the Exchange regarding Change in Director(s) of the company.

News

Recent coverage and analyst commentary for UTLSOLAR

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Fujiyama Power Systems Ltd.

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Free 5nance Account

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

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

103

110

171

219

OPM %

15.22%

15.46%

16.46%

14.98%

18.14%

18.68%

19.03%

16.27%

146

Interest

Depreciation

Profit before Tax

144

Tax %

24.54%

25.64%

28.61%

24.85%

25.67%

24.68%

26.22%

25.58%

Net Profit

106

1.14

1.07

1.83

241.00

2.25

2.37

3.58

1.88

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

249

490

603

OPM %

8.86%

7.82%

10.69%

16.15%

18.48%

17.73%

151

Interest

Depreciation

Profit before Tax

213

408

396

Tax %

27.83%

22.59%

27.63%

26.65%

25.46%

25.63%

Net Profit

156

304

294

EPS

11.63

9.93

18.46

5.58

9.93

—

Dividend Payout %

0.00%

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

214

367

1,241

141

215

182

367

489

Trade Payables

115

120

360

140

144

131

222

Total Liabilities

399

515

610

1,014

2,344

114

230

276

418

673

Capital Work in Progress

201

178

187

232

383

910

140

Cash & Bank

161

119

258

Total Assets

399

515

610

1,014

2,344

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-44

-3

Cash from Investing

-46

-132

-45

-118

-520

Cash from Financing

104

-37

104

654

-0

131

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Nov 2025

Dec 2025

Mar 2026

Jun 2026

86.77

86.63

2.87

2.50

1.93

1.63

4.29

4.72

5.60

5.98

Government

0.00

6.07

6.01

5.70

5.76

Fujiyama Power Systems Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Fujiyama Power Systems Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI