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UTLSOLAR Shareholders Approve ESOP Scheme and Increased Borrowing Limits
Shareholders of Fujiyama Power Systems Limited (UTLSOLAR) have approved four key resolutions via postal ballot, including the ratification of the 2023 ESOP scheme and the issuance of shares thereunder. Crucially, investors also greenlit an increase in borrowing limits beyond the aggregate of paid-up share capital and free reserves under Section 180(1)(c). Additionally, the company received approval to create charges or mortgages on its properties to secure these future borrowings. All resolutions were passed with a significant majority, with total valid votes cast representing approximately 85.12% of the total shares held.
Key Highlights
Ratification of the amended Employee Stock Option Scheme 2023 passed with 96.36% of votes in favor.
Approval for borrowing limits exceeding paid-up capital and free reserves granted with a 97.09% majority.
Creation of charges and mortgages on company properties approved to facilitate future financing needs.
Promoter group participation was high at 93.18%, while public institutional voting showed some resistance on ESOP and borrowing resolutions (approx. 79.4% and 63.3% against respectively).
💼 Action for Investors
Investors should monitor the company's debt-to-equity ratio in upcoming quarters to see how the newly approved borrowing limits are utilized for expansion. While ESOPs are good for retention, be mindful of the potential minor equity dilution as options are exercised.
Fujiyama Power Commissions 1 GW Solar Cell Plant; Targets 3.6 GW Panel Capacity by FY26
Fujiyama Power Systems (UTLSOLAR) has announced the successful commissioning of its 1 GW Mono-PERC solar cell manufacturing plant in Dadri as of January 2026, funded via a Rs. 300 crore investment. The company is undergoing a massive capacity expansion across all verticals, aiming for 3,639 MW in solar panels and 3,743 MW in power electronics. With a 90% B2C revenue focus and a distribution network of 6,300+ dealers, the firm is strategically positioned to capture demand from the PM Surya Ghar Yojana. The upcoming Ratlam facility in Q4 FY26 will further bolster its manufacturing footprint to meet the projected 100 GW rooftop solar market by 2030.
Key Highlights
Commissioned 1 GW Mono-PERC DCR solar cell line at Dadri on January 21, 2026, with Rs. 300 Cr investment.
Expanding total solar panel capacity from 1,639 MW to 3,639 MW and Li-Ion batteries from 545 MWh to 2,545 MWh.
Power electronics capacity increasing by 2,000 MW to reach a total of 3,743 MW across multiple facilities.
Strong backward integration achieved in inverters, Li-ion BMS, and lead-acid batteries to improve margins and supply chain resilience.
Robust B2C presence with 90%+ revenue contribution and a service network covering 23 states with 850+ distributors.
💼 Action for Investors
Investors should track the operational ramp-up of the new 1 GW cell plant and the timely commissioning of the Ratlam facility in Q4 FY26. The company's focus on DCR-compliant products makes it a primary beneficiary of government residential solar subsidies.
UTLSOLAR Q3 FY26 Net Profit Surges 124% YoY to ₹673 Million
Fujiyama Power Systems (UTLSOLAR) reported a robust performance for the quarter ended December 31, 2025, with revenue from operations growing 74% YoY to ₹5,884.77 million. Net profit for the quarter more than doubled, reaching ₹673.14 million compared to ₹300.14 million in the previous year's corresponding quarter. For the nine-month period, the company recorded a profit of ₹1,978.02 million, already surpassing the full-year FY25 profit of ₹1,563.35 million. The company clarified that this filing is a re-submission due to a portal error, with no changes to the financial figures.
Key Highlights
Revenue from operations increased by 73.8% YoY to ₹5,884.77 million in Q3 FY26.
Net Profit grew by 124.3% YoY to ₹673.14 million for the quarter ended December 2025.
9M FY26 revenue reached ₹17,537.33 million, exceeding the total revenue for the entire previous fiscal year (FY25).
Earnings Per Share (EPS) rose significantly to ₹2.37 in Q3 FY26 from ₹1.07 in Q3 FY25.
The company successfully completed its IPO and listed on the NSE and BSE on November 20, 2025.
💼 Action for Investors
The company demonstrates strong growth momentum post-listing, with 9-month earnings already exceeding the previous full year's performance. Investors should maintain a positive outlook while monitoring the sustainability of margins in the competitive solar power systems market.
Fujiyama Power Q3 Revenue Jumps 73.8% to ₹5,885M; Commissions 1GW Solar Cell Plant
Fujiyama Power Systems reported a robust Q3 FY26 with revenue growing 73.8% YoY to ₹5,885 million and PAT increasing to ₹673 million. The company successfully commissioned its 1 GW solar cell manufacturing facility at Dadri with a ₹300 crore investment, significantly enhancing backward integration. EBITDA margins expanded to 18.7% from 15.5% due to increased in-house manufacturing and scale efficiencies. Management expects further growth from upcoming 2 GW capacity expansions at the Ratlam facility starting Q1 FY27.
Key Highlights
Q3 FY26 revenue grew 73.8% YoY to ₹5,885 million, while EBITDA more than doubled to ₹1,099 million.
Commissioned a 1 GW solar cell plant at Dadri in 6 months, enabling participation in government subsidy-based rooftop projects.
Total solar panel manufacturing capacity reached 1.6 GW, supported by a distribution network of over 8,200 partners.
9M FY26 PAT stood at ₹1,978 million, representing a 11.3% margin compared to 9.9% in the previous year.
Upcoming 2 GW expansions in modules, lithium-ion packs, and power electronics at Ratlam are slated for Q1 FY27.
💼 Action for Investors
Investors should monitor the ramp-up of the new Dadri cell plant and the commissioning of the Ratlam facility, as these backward integration steps are driving significant margin expansion. The company is well-positioned to benefit from the PM Surya Ghar Yojana and India's broader solar adoption targets.
Fujiyama Power Systems Seeks Approval for Borrowing Limits and ESOP Ratification
Fujiyama Power Systems Limited (UTLSOLAR) has issued a postal ballot notice to seek shareholder approval for four key resolutions. The company is looking to ratify its amended ESOP Scheme 2023 and authorize the issuance of equity shares upon the exercise of these options. Significantly, the company is also seeking approval to increase borrowing limits beyond its paid-up capital and free reserves, alongside the authority to create charges on its properties. The e-voting process for these resolutions will run from February 5, 2026, to March 6, 2026.
Key Highlights
Ratification of the amended Employee Stock Option Scheme 2023 (ESOP Scheme) post-IPO.
Proposed approval for borrowing limits exceeding the aggregate of paid-up share capital, free reserves, and securities premium.
Seeking authority to create charges, mortgages, and hypothecations on company properties to secure borrowings.
E-voting period scheduled from February 05, 2026, to March 06, 2026, with results expected by March 08, 2026.
The resolutions include both Special and Ordinary resolutions as per Companies Act 2013 requirements.
💼 Action for Investors
Investors should monitor the specific debt levels the company intends to take on, as increased borrowing limits often precede expansion or capital expenditure. The ESOP ratification is a standard procedure but will lead to gradual equity dilution.
UTLSOLAR Q3 FY26 Revenue Jumps 74% YoY; 1 GW Solar Cell Plant Commissioned
Fujiyama Power Systems (UTLSOLAR) delivered a robust performance in Q3 FY26, with revenue increasing 73.8% YoY to ₹5,885 million and PAT surging 124.3% to ₹673 million. The company successfully commissioned its 1 GW Mono-PERC solar cell manufacturing facility at Dadri in January 2026, which will support captive consumption and reduce import dependence. EBITDA margins improved significantly to 18.7% from 15.5% YoY, driven by operating leverage and backward integration. The company is also expanding its distribution network, now exceeding 8,200 channel partners.
Key Highlights
Q3 FY26 Revenue grew 73.8% YoY to ₹5,885 million; 9M FY26 Revenue reached ₹17,537 million.
EBITDA more than doubled in Q3 FY26 to ₹1,099 million with margins expanding to 18.7%.
Commissioned 1 GW solar cell plant at Dadri on Jan 21, 2026, with an investment of approximately ₹300 crore.
Distribution network reached 8,200+ partners with the addition of 60+ distributors and 400+ dealers in Q3.
Upcoming expansion in Greater Noida targets 2,000 MW Solar Panels and 2,000 MWh Li-ion batteries by Q4 FY26.
💼 Action for Investors
Investors should view the successful commissioning of the 1 GW cell plant as a major milestone for margin protection and supply chain control. The stock warrants a positive outlook given the strong growth trajectory and alignment with India's rooftop solar push.
UTLSOLAR Q3 FY26 PAT Jumps 124% YoY to ₹673 Mn; Revenue Up 74%
Fujiyama Power Systems (UTLSOLAR) reported stellar Q3 FY26 results with revenue growing 73.8% YoY to ₹5,885 million. Net profit (PAT) surged by 124.3% YoY to ₹673 million, driven by strong demand for rooftop solar solutions and improved operational efficiency. The company successfully commissioned a 1 GW solar cell manufacturing facility in Dadri, enhancing backward integration and supply chain control. With a massive 2 GW facility in Ratlam expected to be commissioned in Q4 FY26, the company is aggressively scaling its manufacturing capacity to meet rising residential solar demand.
Key Highlights
Q3 FY26 Revenue grew 73.8% YoY to ₹5,885 million; 9M FY26 Revenue reached ₹17,537 million.
Q3 PAT increased by 124.3% YoY to ₹673 million with a margin expansion to 11.4%.
EBITDA margins improved significantly to 18.7% from 15.5% YoY due to higher operating scale.
Commissioned a 1 GW solar cell manufacturing facility at Dadri, UP with an investment of ₹300 crore.
Distribution network expanded to 8,200+ channel partners, adding 400+ dealers and 20 exclusive Shoppes in Q3.
💼 Action for Investors
The stock remains a strong growth play in the renewable energy sector given its robust earnings trajectory and successful backward integration. Investors should monitor the timely commissioning of the 2 GW Ratlam facility in Q4 FY26 as a key catalyst for future volume growth.
UTLSOLAR Q3 FY26 PAT Surges 124% YoY to ₹673.14 Million; Revenue Up 74%
Fujiyama Power Systems (UTLSOLAR) reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 73.8% YoY to ₹5,884.77 million. Net profit for the quarter more than doubled to ₹673.14 million compared to ₹300.14 million in the same period last year. For the nine-month period, the company achieved a PAT of ₹1,978.02 million, nearly doubling from ₹1,051.04 million in 9M FY25. The board also approved a postal ballot for ESOP ratification and increasing limits for loans and mortgages.
Key Highlights
Revenue from operations increased by 73.8% YoY to ₹5,884.77 million in Q3 FY26.
Net Profit (PAT) surged by 124.3% YoY to ₹673.14 million for the quarter.
9M FY26 PAT stands at ₹1,978.02 million, representing an 88% growth over 9M FY25.
Basic EPS improved significantly to ₹2.37 in Q3 FY26 from ₹1.07 in Q3 FY25.
Board approved increasing limits for loans, advances, and creation of charges on properties.
💼 Action for Investors
The company shows robust growth post-listing, particularly in the solar power systems segment. Investors should monitor the utilization of increased loan limits and the impact of ESOP dilution on future EPS.
UTLSOLAR Commissions 1 GW Solar Cell Plant in Dadri with Rs 300 Cr Investment
Fujiyama Power Systems (UTLSOLAR) has successfully commissioned a 1 GW solar cell manufacturing plant at Dadri, Uttar Pradesh, with a total investment of Rs 300 crore. The facility utilizes Mono PERC technology and is designed for captive consumption to support the company's existing 1.6 GW solar panel manufacturing capacity. This strategic backward integration aims to reduce reliance on imported solar cells and improve cost control. The project was notably completed within a short timeframe of six months, positioning the company to better serve the domestic rooftop solar market.
Key Highlights
Commissioned 1 GW solar cell manufacturing plant at Dadri, UP, using Mono PERC technology.
Total investment of Rs 300 crore funded via a mix of internal accruals and debt.
Project completed in a record 6 months, significantly faster than typical industry timelines.
Entire 1 GW cell capacity dedicated to captive consumption for its 1.6 GW panel capacity.
Focus on DCR (Domestic Content Requirement) cells to leverage government-subsidized consumer demand.
💼 Action for Investors
Investors should monitor the operational ramp-up of this facility as it is expected to improve margins through backward integration. The company's reduced dependence on imports and focus on the domestic rooftop segment are strong long-term growth drivers.
Fujiyama Power Systems Receives GST Demand and Penalty Order of ₹10.36 Crores
Fujiyama Power Systems Limited (UTLSOLAR) has received a GST demand order for the financial year 2021-22 totaling ₹10.36 Crores. The demand consists of ₹3.62 Crores in tax, ₹1.95 Crores in interest, and a substantial penalty of ₹4.79 Crores. The company has stated that the demand is not maintainable on merits and intends to file an appeal before the appropriate appellate authority. While the management does not foresee a material impact on operations, the total demand represents a significant potential financial liability.
Key Highlights
Total demand of ₹10.36 Crores issued by the GST Officer, Delhi, for FY 2021-22.
Breakdown includes ₹3.62 Cr tax demand, ₹1.95 Cr interest, and ₹4.79 Cr penalty.
The order follows a Special Audit conducted under Section 73 of the CGST/DGST Act.
Company is directed to pay the amount on or before March 31, 2026.
Management intends to challenge the order through an appeal process.
💼 Action for Investors
Investors should monitor the progress of the company's appeal as the penalty amount is significant relative to the tax demand. Assess the company's ability to provision for this liability if the appeal does not favor the company.
UTLSOLAR: Revenue up 72.6% YoY to ₹5,679 Mn in Q2 FY26
Fujiyama Power Systems (UTLSOLAR) reported a strong Q2 FY26 with Revenue from Operations increasing by 72.6% year-on-year to ₹5,679 million. The PAT margin improved to 11.1% from 9.7% in Q2 FY25. For H1 FY26, Revenue from Operations grew 61.5% year-on-year to ₹11,653 million, with an EBITDA of ₹2,089 million and a margin of 17.9%. The company added 70+ distributors, 350+ dealers and 20+ exclusive Shoppes in Q2 FY26, expanding its distribution network.
Key Highlights
Q2 FY26 Revenue from Operations is ₹5,679 million, a 72.6% YoY increase
H1 FY26 Revenue from Operations is ₹11,653 million, up 61.5% YoY
H1 FY26 EBITDA is ₹2,089 million with a margin of 17.9%
B2C business contributed 91.7% to revenue in H1 FY26
Solar panels accounted for 45.4% of total revenue in H1 FY26
💼 Action for Investors
Investors should note the strong revenue growth and margin improvement. Monitor the company's progress on expanding capacity and increasing its market share in the DCR solar panel market.
UTLSOLAR Q2 FY26 PAT Jumps 97.4% YoY to ₹629 Mn; Revenue Up 72.6%
Fujiyama Power Systems (UTLSOLAR) reported robust Q2 FY26 results with revenue growing 72.6% YoY to ₹5,679 million. Profit After Tax (PAT) nearly doubled, rising 97.4% YoY to ₹629 million, driven by EBITDA margin expansion to 18.1%. The company is aggressively scaling its manufacturing with a 1 GW solar cell facility in Dadri and a 2 GW integrated facility in Ratlam slated for completion by Q4 FY26. Following its November 2025 IPO, the company's proforma net debt-to-equity ratio has significantly improved to 0.35x from 1.26x.
Key Highlights
Q2 FY26 Revenue grew 72.6% YoY to ₹5,679 Mn; H1 FY26 Revenue up 61.5% to ₹11,653 Mn
EBITDA for Q2 FY26 increased by 105.7% YoY to ₹1,030 Mn with margins expanding to 18.1%
PAT for H1 FY26 rose 73.8% YoY to ₹1,305 Mn with a strong ROE of 24.7%
B2C segment remains the primary driver, contributing 91.7% of total revenue in H1 FY26
Upcoming capacity expansions include a 1 GW solar cell facility in Q3 FY26 and a 2 GW Ratlam facility in Q4 FY26
💼 Action for Investors
Investors should monitor the execution and commissioning timelines of the Dadri and Ratlam facilities as they are critical for maintaining growth momentum. The sharp reduction in leverage post-IPO and strong B2C retail network position the company well in the expanding Indian rooftop solar market.
UTLSOLAR H1 FY26 Revenue jumps 61.5% to ₹11,653 Mn; Surya Kumar Yadav is Brand Ambassador
Fujiyama Power Systems (UTLSOLAR) reported strong H1 FY26 results with Revenue from Operations increasing by 61.5% to ₹11,653 Mn. EBITDA for H1 FY26 stood at ₹2,089 Mn with a margin of 17.9%. PAT for H1 FY26 increased by 73.8% to ₹1,305 Mn. The company has appointed Surya Kumar Yadav as its brand ambassador to enhance brand visibility and consumer confidence. Capacity expansion plans are on track with a 1 GW DCR solar cell facility planned for Q3 FY26.
Key Highlights
Revenue from Operations in H1 FY26 increased by 61.5% to ₹11,653 Mn.
Q2 FY26 Revenue from Operations at ₹5,679 Mn.
H1 FY26 EBITDA at ₹2,089 Mn with a margin of 17.9%.
B2C contribution increased to 91.7% in H1 FY26.
Total Debt as of 30 September 2025 is ₹6,740 Mn
💼 Action for Investors
The company's strong growth and expansion plans are positive indicators. Investors should monitor the progress of capacity expansions and the impact of the brand ambassador on sales.
UTLSOLAR Q2FY26 Earnings Conference Call on Dec 10, 2025 at 04:00 P.M. IST
Fujiyama Power Systems Limited (UTLSOLAR) is holding an earnings conference call on December 10, 2025, at 04:00 P.M. IST to discuss the unaudited financial results for the quarter and half-year ended September 30, 2025. Senior management, including Mr. Pawan Kumar Garg (Chairman & Joint MD), Mr. Yogesh Dua (Chief Executive Officer & Joint MD), and Mr. Sunil Kumar (Non-Executive Director), will represent the company. The conference call provides an opportunity for investors to gain insights into the company's financial performance. Investors can access the call via the provided dial-in numbers or through the provided link.
Key Highlights
Earnings Conference Call on December 10, 2025 at 04:00 P.M. IST
Discussing Unaudited Financial Results for Quarter and Half Year ended September 30, 2025
Primary Universal Number for Conference call: +91 22 6280 1245 / +91 22 7115 8146
International Toll-Free Numbers - USA: 18667462133, UK: 08081011573, Singapore: 8001012045, Hong Kong: 800964448
💼 Action for Investors
Investors should participate in the conference call to understand the company's performance and future outlook. Review the company's website for additional investor relations information at https://www.utlsolarfujryama.com/investor-relations/.