Fujiyama Power Systems Ltd. IPO

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Fujiyama Power Systems Limited is a leading Indian manufacturer and solution provider in the rooftop solar industry. The company offers a comprehensive range of solar energy products and services, including on-grid, off-grid, and hybrid solar systems, supported by strong in-house R&D, large-scale manufacturing, and a nationwide distribution network. Its brands ‘UTL Solar’ (with a legacy of 29 years) and ‘Fujiyama Solar’ are widely recognized in the renewable energy sector for innovation, reliability, and value.
Given its wide product range, R&D focus, robust brand equity, and pan-India reach, Fujiyama Power Systems is well-positioned to capture upcoming opportunities in India’s rapidly expanding rooftop solar sector.

Business Operations

Fujiyama Power Systems designs, develops, and manufactures solar inverters, panels, and batteries—both lead-acid and lithium-ion—forming a complete product ecosystem in the rooftop solar segment.
The company’s offerings include:

i) Solar PCUs and hybrid inverters
ii) On-grid, off-grid, and hybrid solar systems
iii) Lithium-ion and tubular batteries
iv) Solar panels and chargers
v) PWM and MPPT charge controllers
vi) EV chargers for three-wheelers

Its extensive portfolio of 522+ SKUs allows customers to access end-to-end solar solutions from a single source.

Manufacturing Capabilities

Fujiyama Power Systems operates four advanced manufacturing facilities across India with ISO-certified processes for quality, environment, and safety:

1. Greater Noida, Uttar Pradesh – Primary facility for solar panels, inverters, UPS, chargers, and lithium-ion batteries.
2. Parwanoo, Himachal Pradesh – Specializes in PCUs and UPS manufacturing.
3. Bawal, Haryana – Produces tubular batteries and solar panels.
4. Dadri, Uttar Pradesh – New facility operational since March 2025.

Distribution and Service Network

Fujiyama Power Systems has built one of India’s most extensive solar distribution networks comprising:

i) 725 distributors
ii) 5,546 dealers
iii) 1,100 exclusive UTL “Shoppe” franchisees
iv) 602 qualified service engineers

The “Shoppe” model allows franchisees to display, educate, and sell products directly to end customers, ensuring accessibility and consistent post-sale support.
In addition to its strong domestic base, the company exports to the USA, Bangladesh, and the UAE, contributing up to 4–5% of annual revenues.

Objects of the Fujiyama Power Systems Ltd. IPO:

The net proceeds of the Fresh Issue are proposed to be utilised in the following manner: 1. Part financing the manufacturing facility in Ratlam, Madhya Pradesh (₹180 cr) 2. Repayment/prepayment of all or a portion of outstanding borrowings (₹275 cr) 3. General corporate purposes.

Fujiyama Power Systems Ltd. IPO Details:

Open Date: Nov 13 2025
Close Date: Nov 17 2025
Face Value: ₹ 1 Per Equity Share
Issue Size: 600 Cr.
Listing At: NSE,BSE
Listing Date: Nov 20 2025

Promoters And Management:

1. Pawan Kumar Garg is the Chairman and Joint Managing Director of the company. A diploma holder in Industrial Electronics & Instrumentation from GIET, Hisar, he has over 28 years of experience in hardware and software design of solar equipment and R&D. He oversees operations, R&D, and finance, and is also a partner at Fujiyama Power Systems. Earlier, he co-founded UTL Electronics. 2. Yogesh Dua, Chief Executive Officer and Joint Managing Director, holds a diploma in Industrial Electronics & Instrumentation from GIET, Hisar, and a provisional LL.B. from Ch. Charan Singh University. With over 28 years of experience in power electronics and the solar industry, he leads marketing, sales, R&D, and day-to-day operations. He is a partner at Fujiyama Power Systems and previously held leadership roles at UTL Electronics, Idorit Technologies, and Eastman New Energy. 3. Sunil Kumar, Non-Executive Director, holds a B.Tech in Electrical Engineering from IIT Delhi and has over 23 years of experience in software development. He is the CEO of Sowiz Solutions and has previously worked with Google, Xilinx, and Mentor Graphics in senior engineering roles.

Financials of Fujiyama Power Systems Ltd. IPO:

To be updated Shortly

Comparison With Peers:

To be updated Shortly

Lead Manager of Fujiyama Power Systems Ltd. IPO:

  1. Motilal Oswal Investments Advisors Private Limited
  2. SBI Capital Markets Limited

Registrar of Fujiyama Power Systems Ltd. IPO:

  1. MUFG Intime India Private Limited

Discussion on Fujiyama Power Systems Ltd. IPO:

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