Fujiyama Power Systems Ltd.

•

₹ 477.4-0.02%

2026-08-21

utlsolarfujiyama.comBSE: 544613NSE: UTLSOLAR

Market Cap₹ 14,863 Cr.

Current Price₹ 478

High / Low₹ 490 / 172

Stock P/E0.0

Book Value₹ 43

Price to Book11.01

Dividend Yield0.00 %

ROCE40.6 %

ROE49.3 %

Face Value₹ 1

Add ratio to table

ABOUT

KEY POINTS

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 36.2%
Company has a healthy return on capital (ROCE) of 24.9%
Operating margins have improved to 16.2% from 9.1%
Company comfortably covers its interest (8.9x coverage)
Company converts assets efficiently - asset turnover of 1.9x

CONS

Equity base is being diluted - shares outstanding up 105.2%
Total debt has risen sharply - up 72.9% year on year

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Capital GoodsElectricalsElectronics - Components

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SYRMA	1491.90	78.15	28768.38	0.10	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3811.00	73.90	25546.91	0.00	56.43	-24.37	946.02	40.47	14.67	15.60
3.	AVALON	2240.85	112.06	14971.51	0.00	34.87	145.31	484.41	49.83	14.12	11.96
4.	UTLSOLAR	481.20	0.00	14863.25	0.00	577.94	—	13456.93	—	40.63	18.94
5.	VIKRAMSOLR	170.80	17.34	6189.01	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
6.	CYIENTDLM	714.80	69.11	5674.32	0.00	16.29	118.21	373.80	34.25	10.41	9.93
7.	SAATVIKGL	399.70	20.48	5080.39	0.00	53.63	-54.01	5110.10	458.04	55.18	6.62
8.	CENTUM	3372.45	100.33	4978.42	0.15	10.55	135.70	204.15	-22.53	26.02	11.54
9.	WEBELSOLAR	82.79	11.86	3594.44	0.30	777.90	1511.56	3726.00	2053.88	59.38	33.70
10.	KERNEX	1870.00	16.48	3142.28	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
11.	MODINSULAT	439.60	22.01	2072.45	0.00	29.60	94.43	188.30	33.19	10.53	16.89
12.	INA	93.05	10.25	2051.30	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74

Detailed Comparison with:

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	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—
Other Income	2	0	7	0	2	0	3	2
Interest	6	8	9	9	12	12	10	11
Depreciation	4	5	6	7	8	9	21	25
	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	1	2	24	2	2	4	0
Equity Capital	25	28	28	28	28	31	31	31
Reserves	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	25	28	28	28	28	31	31	31
Reserves	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Sep 2024

: 329
: 279
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 6
Depreciation: 4
: 42
Tax %: 24.54%
Net Profit: 32
: 1
Equity Capital: 25
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 25
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 339
: 286
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 8
Depreciation: 5
: 40
Tax %: 25.64%
Net Profit: 30
: 1
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 480
: 401
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 9
Depreciation: 6
: 72
Tax %: 28.61%
Net Profit: 51
: 2
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 597
: 508
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 9
Depreciation: 7
: 90
Tax %: 24.85%
Net Profit: 68
: 24
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 568
: 465
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 12
Depreciation: 8
: 85
Tax %: 25.67%
Net Profit: 63
: 2
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 28
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 588
: 479
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 12
Depreciation: 9
: 89
Tax %: 24.68%
Net Profit: 67
: 2
Equity Capital: 31
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 31
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 901
: 729
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 10
Depreciation: 21
: 144
Tax %: 26.22%
Net Profit: 106
: 4
Equity Capital: 31
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 31
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,346
: 1,127
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 11
Depreciation: 25
: 78
Tax %: 25.58%
Net Profit: 58
: 0
Equity Capital: 31
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 31
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	507	664	925	1,541	3,403
	462	612	826	1,292	2,800
Operating Profit	46	53	101	258	—
OPM %	9	8	11	17	—
Other Income	1	1	3	9	7
Interest	5	16	26	27	45
Depreciation	1	6	13	18	62
	40	31	63	213	396
Tax %	28	23	28	27	26
Net Profit	29	24	45	156	294
EPS	12	10	18	6	—
Dividend Payout %	0	0	0	0	—
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	2	2	2	6	—
Minority Interest	0	0	0	0	0
Share of Associates	0	0	0	0	0
Adjusted EPS	2	2	2	6	—

Mar 2022

: 507
: 462
Operating Profit: 46
OPM %: 9
Other Income: 1
Interest: 5
Depreciation: 1
: 40
Tax %: 28
Net Profit: 29
EPS: 12
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2023

: 664
: 612
Operating Profit: 53
OPM %: 8
Other Income: 1
Interest: 16
Depreciation: 6
: 31
Tax %: 23
Net Profit: 24
EPS: 10
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2024

: 925
: 826
Operating Profit: 101
OPM %: 11
Other Income: 3
Interest: 26
Depreciation: 13
: 63
Tax %: 28
Net Profit: 45
EPS: 18
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2025

: 1,541
: 1,292
Operating Profit: 258
OPM %: 17
Other Income: 9
Interest: 27
Depreciation: 18
: 213
Tax %: 27
Net Profit: 156
EPS: 6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

TTM

: 3,403
: 2,800
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 45
Depreciation: 62
: 396
Tax %: 26
Net Profit: 294
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 45%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 76%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 36%
Last Year:: 49%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-
	14	14	25	28
	59	71	214	367
	127	144	115	228
Trade Payables	46	71	115	120
	155	215	142	270
Total Liabilities	399	515	610	1,014
ASSETS	-	-	-	-
	114	230	276	418
Capital Work in Progress	0	8	0	0
	178	187	232	383
	0	0	65	73
Cash & Bank	20	14	15	21
	87	76	22	119
Total Assets	399	515	610	1,014
Total Debt	141	211	200	346
Net Working Capital	76	24	42	115
Contingent Liabilities	15	1	1	1
Book Value per Share	52.88	61.69	97.15	14.12
Face Value	10.00	10.00	10.00	1.00
Total Debt	141	211	200	346
Net Working Capital	76	24	42	115
Contingent Liabilities	15	1	1	1
Book Value per Share	52.88	61.69	97.15	14.12
Face Value	10.00	10.00	10.00	1.00

Mar 2022

: 14
: 59
: 127
Trade Payables: 46
: 155
Total Liabilities: 399
: 114
Capital Work in Progress: 0
: 178
: 0
Cash & Bank: 20
: 87
Total Assets: 399
Total Debt: 141
Net Working Capital: 76
Contingent Liabilities: 15
Book Value per Share: 52.88
Face Value: 10.00
Total Debt: 141
Net Working Capital: 76
Contingent Liabilities: 15
Book Value per Share: 52.88
Face Value: 10.00

Mar 2023

: 14
: 71
: 144
Trade Payables: 71
: 215
Total Liabilities: 515
: 230
Capital Work in Progress: 8
: 187
: 0
Cash & Bank: 14
: 76
Total Assets: 515
Total Debt: 211
Net Working Capital: 24
Contingent Liabilities: 1
Book Value per Share: 61.69
Face Value: 10.00
Total Debt: 211
Net Working Capital: 24
Contingent Liabilities: 1
Book Value per Share: 61.69
Face Value: 10.00

Mar 2024

: 25
: 214
: 115
Trade Payables: 115
: 142
Total Liabilities: 610
: 276
Capital Work in Progress: 0
: 232
: 65
Cash & Bank: 15
: 22
Total Assets: 610
Total Debt: 200
Net Working Capital: 42
Contingent Liabilities: 1
Book Value per Share: 97.15
Face Value: 10.00
Total Debt: 200
Net Working Capital: 42
Contingent Liabilities: 1
Book Value per Share: 97.15
Face Value: 10.00

Mar 2025

: 28
: 367
: 228
Trade Payables: 120
: 270
Total Liabilities: 1,014
: 418
Capital Work in Progress: 0
: 383
: 73
Cash & Bank: 21
: 119
Total Assets: 1,014
Total Debt: 346
Net Working Capital: 115
Contingent Liabilities: 1
Book Value per Share: 14.12
Face Value: 1.00
Total Debt: 346
Net Working Capital: 115
Contingent Liabilities: 1
Book Value per Share: 14.12
Face Value: 1.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-58	78	85	18
Cash from Investing	-46	-132	-45	-118
Cash from Financing	104	55	-37	104
	-0	0	4	4
Free Cash Flow	-58	-51	35	-142
OCF / Net Profit	-2.05	3.20	1.89	0.12
Cumulative 5-Year FCF	0	0	0	0
OCF / Net Profit	-2.05	3.20	1.89	0.12
Cumulative 5-Year FCF	0	0	0	0

Mar 2022

: -58
Cash from Investing: -46
Cash from Financing: 104
: -0
Free Cash Flow: -58
OCF / Net Profit: -2.05
Cumulative 5-Year FCF: 0
OCF / Net Profit: -2.05
Cumulative 5-Year FCF: 0

Mar 2023

: 78
Cash from Investing: -132
Cash from Financing: 55
: 0
Free Cash Flow: -51
OCF / Net Profit: 3.20
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.20
Cumulative 5-Year FCF: 0

Mar 2024

: 85
Cash from Investing: -45
Cash from Financing: -37
: 4
Free Cash Flow: 35
OCF / Net Profit: 1.89
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.89
Cumulative 5-Year FCF: 0

Mar 2025

: 18
Cash from Investing: -118
Cash from Financing: 104
: 4
Free Cash Flow: -142
OCF / Net Profit: 0.12
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.12
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-
EPS (₹)	20.91	17.85	18.46	5.58
Book Value (₹)	52.88	61.69	97.15	14.12
Dividend per Share (₹)	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.92	1.95	2.08	6.22
PROFITABILITY	-	-	-	-
Operating Margin %	9.11%	8.01%	10.69%	16.15%
Net Margin %	5.63%	3.67%	4.90%	10.15%
ROE %	39.55%	31.16%	28.09%	49.33%
ROCE %	13.90%	13.01%	20.99%	40.63%
	7.15%	5.33%	8.06%	19.26%
EFFICIENCY	-	-	-	-
Debtor Days	28	19	18	16
Inventory Days	128	100	83	73
Payable Days	45	43	50	39
	112	76	52	50
FINANCIAL HEALTH	-	-	-	-
Debt to Equity (x)	0.78x	1.09x	0.84x	0.88x
Interest Coverage (x)	8.52x	2.99x	3.41x	8.85x
	1.38x	1.10x	1.15x	1.25x
GROWTH	-	-	-	-
Revenue Growth %	0.00%	31.02%	39.24%	66.62%
Operating Profit Growth %	0.00%	15.22%	90.54%	154.73%
Net Profit Growth %	0.00%	-14.63%	85.93%	245.09%
	0.00%	0.00%	3.42%	-69.77%
VALUATION	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	2.07x	1.37x

Mar 2022

EPS (₹): 20.91
Book Value (₹): 52.88
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.92
Operating Margin %: 9.11%
Net Margin %: 5.63%
ROE %: 39.55%
ROCE %: 13.90%
: 7.15%
Debtor Days: 28
Inventory Days: 128
Payable Days: 45
: 112
Debt to Equity (x): 0.78x
Interest Coverage (x): 8.52x
: 1.38x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 17.85
Book Value (₹): 61.69
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.95
Operating Margin %: 8.01%
Net Margin %: 3.67%
ROE %: 31.16%
ROCE %: 13.01%
: 5.33%
Debtor Days: 19
Inventory Days: 100
Payable Days: 43
: 76
Debt to Equity (x): 1.09x
Interest Coverage (x): 2.99x
: 1.10x
Revenue Growth %: 31.02%
Operating Profit Growth %: 15.22%
Net Profit Growth %: -14.63%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 18.46
Book Value (₹): 97.15
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.08
Operating Margin %: 10.69%
Net Margin %: 4.90%
ROE %: 28.09%
ROCE %: 20.99%
: 8.06%
Debtor Days: 18
Inventory Days: 83
Payable Days: 50
: 52
Debt to Equity (x): 0.84x
Interest Coverage (x): 3.41x
: 1.15x
Revenue Growth %: 39.24%
Operating Profit Growth %: 90.54%
Net Profit Growth %: 85.93%
: 3.42%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 2.07x

Mar 2025

EPS (₹): 5.58
Book Value (₹): 14.12
Dividend per Share (₹): 0.00
Cash EPS (₹): 6.22
Operating Margin %: 16.15%
Net Margin %: 10.15%
ROE %: 49.33%
ROCE %: 40.63%
: 19.26%
Debtor Days: 16
Inventory Days: 73
Payable Days: 39
: 50
Debt to Equity (x): 0.88x
Interest Coverage (x): 8.85x
: 1.25x
Revenue Growth %: 66.62%
Operating Profit Growth %: 154.73%
Net Profit Growth %: 245.09%
: -69.77%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 1.37x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Nov 2025

: 86.77
: 2.87
: 4.29
Government: 0.00
: 6.07

Dec 2025

: 86.77
: 2.50
: 4.72
Government: 0.00
: 6.01

Mar 2026

: 86.77
: 1.93
: 5.60
Government: 0.00
: 5.70

Jun 2026

: 86.63
: 1.63
: 5.98
Government: 0.00
: 5.76

Documents

Announcements

Credit Rating- Revision
2026-08-18 - Fujiyama Power Systems Limited has informed the Exchange about Credit Rating- Revision
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-14 - Fujiyama Power Systems Limited has informed the Exchange about Link of Recording

Annual Reports

Nothing filed yet.

Credit Ratings

Credit Rating- Revision
2026-08-18 - Fujiyama Power Systems Limited has informed the Exchange about Credit Rating- Revision

Concalls

Aug 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC