Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India (₹ 180 Cr.)
Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the Company (₹ 275 Cr.)
Offer for Sale of 1,00,00,000 Equity Shares. The company will not receive any proceeds from the Offer for sale.
Our View
Incorporated in 2017, Fujiyama Power Systems operates in the Indian rooftop solar industry, manufacturing and supplying a comprehensive range of solar products including solar panels, inverters and batteries. It exports products and solutions to the USA, and a few countries in Asia, including Bangladesh and the UAE.
With the global demand for batteries expected to grow significantly, Indian solar manufacturing market flourishing and the company’s solar panels meeting international standards, the company plans to opportunistically expand exports to existing and new geographies.
However, risks to consider are Geographical concentration of manufacturing facilities in northern India, import of raw material and equipment and machinery from other foreign countries, Sales concentration from top 5 states (77% as of Q1FY26), dependence on a limited number of third party suppliers of materials and components for manufacturing the products, export sales are subject to risks and uncertainties of various international markets, negative cash flow from operating activities in Q1FY26 may adversely affect the ability to operate the business and financial condition.
On the financial front from FY23- FY25, the company’s topline grew at CAGR 52.32% from FY23-FY25 and PAT grew at CAGR 153%. Its EBITDA margin and PAT Margin stood at 17.73% and 11.31% in Q1FY26. Debt to Equity ratio improved from 1.09x in FY23 to 0.93x in Q1FY26.
The issue is priced at a P/BV of 13.75 based on its NAV of Rs. 16.58 as at Q1FY26 and if we attribute FY26 earnings, the P/E stands at ~24x. As per RHP industry average P/E is around 43x. Based on FY25 earnings, P/E stands at 41x. Thus, the issue seems fully priced.
Well informed investors seeking opportunities in India’s renewable energy and solar manufacturing thriving, may subscribe to the issue for Medium to Long Term Horizon.
KEY RISKS
Geographical concentration of manufacturing facilities
Dependency on imported raw materials and machinery
Revenue concentration from top states/customers
Negative operating cash flow in recent quarter may affect liquidity
Intense competition in solar manufacturing
Frequently Asked Questions (FAQs)
When does the IPO open and close?
Issue Opening Date - November 13, 2025. Issue Closing Date - November 17, 2025.
What is the price band and lot size?
Price Band: ₹216 to ₹228 per Equity Share. Lot Size: 65 Shares & in multiples thereafter. Minimum Application Amount: ₹14,820 (65 Shares).
What is Sushil Finance’s recommendation?
Our View: Subscribe for Medium to Long Term Horizon.
Will the company receive fresh proceeds?
This is an Offer for Sale of 1,00,00,000 Equity Shares - the company will not receive proceeds from the Offer for Sale.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
June 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
5,977.86 |
15,500.92 |
9,271.98 |
6,653.27 |
| Total Expenditure |
5,078.52 |
13,369.69 |
8,645.96 |
6,338.51 |
| EBITDA |
1,058.93 |
2,485.23 |
986.37 |
515.99 |
| Profit before Tax |
899.34 |
2,131.23 |
626.02 |
314.76 |
| Profit after Tax |
675.87 |
1,563.35 |
453.03 |
243.66 |
| E.P.S. (Diluted) |
2.40* |
5.56 |
1.61 |
0.87 |
| P/E (x) (Diluted) |
- |
41 |
- |
- |
| RONW (%) |
14.56* |
39.40 |
18.91 |
12.62 |
* Not Annualised
PRICE CHART (@ ₹ 228) (Retail Category)
| LOT SIZE |
| Amount |
| 65 |
14,820 |
| 130 |
29,640 |
| 195 |
44,460 |
| 260 |
59,280 |
| 325 |
74,100 |
| 390 |
88,920 |
| 455 |
103,740 |
| 520 |
118,560 |
| 585 |
133,380 |
| 650 |
148,200 |
| 715 |
163,020 |
| 780 |
177,840 |
| 845 |
192,660 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
910 |
207,480 |
| Big HNI |
4,420 |
1,007,760 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
18/11/2025 |
| Initiation of refunds/unblocking ASBA Fund |
19/11/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
19/11/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
20/11/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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