FUJIYAMA POWER SYSTEMS L UTLSOLAR NSETECH

Technology · Solar · India

https://www.utlsolarfujiyama.com

Fujiyama Power Systems Limited manufactures and sells roof-top solar products and solutions under the UTL Solar and Fujiyama Solar brands in India and internationally. It offers solar power generation systems, such as solar panels, hybrid solar inverter, off and on- grid inverter, online solar power conditioning units, solar management unit, and lithium-ion and tubular lead acid batteries; power backup solutions comprising online uninterruptible power supplies and inverters; power supply solutions, including hybrid charge controller units; and electronic vehicle, marine, and engine start chargers. The company was founded in 1996 and is based in Greater Noida, India.

Market & Price

Market Cap

₹9,819.32 Cr

Current Price

₹319.95

High / Low (52W)

₹319.95 / ₹174.83

Beta

Valuation

Stock P/E

31.34

Industry PE

25.13

Forward P/E

14.41

PEG Ratio

Book Value

₹18.87

Price to Book

16.95

P/S

3.70

EV/EBITDA

20.11

Dividend Yield

Profitability & Returns

ROCE

29.63%

ROE

36.42%

ROA

16.61%

Profit Margin

11.46%

Op Margin

16.75%

EPS (Latest Qtr)

₹3.57

EPS (TTM)

₹10.21

Balance Sheet & Liquidity

Debt/Equity

0.41

Quick Ratio

0.39

Current Ratio

1.72

Debt

₹519.56 Cr

Total Assets

₹2,343.56 Cr

Current Assets

₹1,409.40 Cr

Working Capital

₹590.28 Cr

Ownership

Promoter Holding

87.91%

Chg in Prom Hold

FII / Inst Holding

2.98%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹9,860.98 Cr

Total Revenue (TTM)

₹2,654.51 Cr

EBITDA

₹490.30 Cr

Free Cash Flow

₹-609.96 Cr

Operating Cash Flow

₹-2.89 Cr

Shares Outstanding

₹30.69 Cr

Gross Margin

30.60%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

58.81%

Profit 5Y

131.97%

Revenue (YoY)

87.50%

Earnings (YoY)

96.20%

PROS

Strong return on equity of 36.4%.
Healthy ROCE of 29.6%.
Compounding revenue at 58.8% over 5 years.
Profit CAGR of 132.0% over 5 years.

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

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Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Technology).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	UTLSOLAR FUJIYAMA POWER SYSTEMS L NSETECH	319.95	31.34	₹9,819.32 Cr	-	29.63%	36.42%	58.81%	131.97%
2	TCS Tata Consultancy Services Limited NIFTY50NSEAITECH	2,258.90	16.61	₹8.17 L Cr	5.49%	54.93%	48.40%	5.80%	5.30%
3	INFY Infosys Limited NIFTY50NSEAITECH	1,160.90	15.01	₹4.70 L Cr	4.31%	41.66%	31.44%	3.44%	3.58%
4	HCLTECH HCL Technologies Limited NIFTY50NSEAITECH	1,183.80	19.31	₹3.20 L Cr	8.11%	27.21%	23.36%	8.65%	3.87%
5	WIPRO Wipro Limited NIFTY50NSEAITECH	204.25	16.26	₹2.14 L Cr	8.32%	18.42%	15.49%	4.05%	2.44%
6	TECHM Tech Mahindra Limited NIFTY50NSEAITECH	1,483.90	27.40	₹1.31 L Cr	3.44%	20.60%	16.61%	2.16%	-0.14%
7	LTM LTM Limited NSETECH	4,061.60	24.04	₹1.20 L Cr	1.85%	25.39%	21.29%	8.43%	4.41%
8	LGEINDIA LG ELECTRONICS INDIA LTD NIFTY_MIDNSETECH	1,523.90	61.35	₹1.03 L Cr	-	27.64%	24.72%	0.98%	-
9	WAAREEENER WAAREE ENERGIES LIMITED NIFTY_MIDNSETECH	3,140.80	27.70	₹90,345.53 Cr	0.13%	24.21%	31.57%	71.63%	191.18%

Quarterly Results

Figures in INR.

Metric	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	338.60 Cr	480.35 Cr	596.24 Cr	588.48 Cr	900.77 Cr
Cost of Revenue	241.08 Cr	342.21 Cr	438.74 Cr	402.52 Cr	623.77 Cr
Gross Profit	97.51 Cr	138.13 Cr	157.50 Cr	185.95 Cr	277.00 Cr
Operating Expenses	49.69 Cr	64.63 Cr	56.48 Cr	84.76 Cr	126.14 Cr
Operating Income	47.82 Cr	73.50 Cr	101.02 Cr	101.19 Cr	150.86 Cr
EBITDA	52.55 Cr	86.39 Cr	104.88 Cr	110.32 Cr	174.29 Cr
Interest Expense	7.68 Cr	9.09 Cr	7.93 Cr	12.22 Cr	9.58 Cr
Pretax Income	40.36 Cr	71.77 Cr	89.93 Cr	89.36 Cr	144.12 Cr
Tax Provision	10.35 Cr	20.53 Cr	22.35 Cr	22.05 Cr	37.79 Cr
Net Income	30.01 Cr	51.24 Cr	67.53 Cr	67.31 Cr	106.32 Cr
Diluted EPS	0.98	1.67	2.20	2.36	3.57

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	662.73 Cr	923.25 Cr	1,540.68 Cr	2,654.51 Cr
Cost of Revenue	-	517.83 Cr	717.50 Cr	1,095.20 Cr	1,842.26 Cr
Gross Profit	-	144.89 Cr	205.74 Cr	445.48 Cr	812.24 Cr
Operating Expenses	-	98.34 Cr	119.59 Cr	214.94 Cr	366.14 Cr
Operating Income	-	46.55 Cr	86.16 Cr	230.53 Cr	446.11 Cr
EBITDA	-	49.41 Cr	95.83 Cr	257.94 Cr	495.82 Cr
Interest Expense	-	12.00 Cr	20.42 Cr	26.82 Cr	43.60 Cr
Pretax Income	-	31.48 Cr	62.60 Cr	213.12 Cr	408.03 Cr
Tax Provision	-	7.11 Cr	17.30 Cr	56.79 Cr	103.90 Cr
Net Income	-	24.37 Cr	45.30 Cr	156.34 Cr	304.12 Cr
Diluted EPS	0.93	0.80	1.48	5.10	-

Compounded Sales Growth

5 Years:	58.81%
1 Year:	87.50%

Compounded Profit Growth

5 Years:	131.97%
1 Year:	96.20%

Stock Price Performance

1 Year:	+53.50%
6 Months:	+47.10%
3 Months:	+57.57%
1 Month:	+6.59%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	514.56 Cr	609.64 Cr	1,013.96 Cr	2,343.56 Cr
Current Assets	-	267.00 Cr	328.97 Cr	567.12 Cr	1,409.40 Cr
Cash & Equivalents	-	11.30 L	4.22 Cr	8.23 Cr	139.46 Cr
Inventory	-	187.20 Cr	232.15 Cr	382.60 Cr	909.82 Cr
Receivables	-	28.54 Cr	64.68 Cr	73.13 Cr	140.32 Cr
Total Liabilities	-	321.48 Cr	370.10 Cr	617.13 Cr	1,070.20 Cr
Current Liabilities	-	242.96 Cr	287.02 Cr	451.87 Cr	819.13 Cr
Long Term Debt	-	66.71 Cr	63.21 Cr	88.46 Cr	136.07 Cr
Total Debt	-	215.32 Cr	204.57 Cr	394.78 Cr	519.56 Cr
Total Equity	-	193.08 Cr	239.54 Cr	396.82 Cr	1,273.36 Cr
Shares Outstanding	-	30.64 Cr	30.64 Cr	30.64 Cr	30.64 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	77.88 Cr	85.46 Cr	18.14 Cr	-2.89 Cr
Investing Cash Flow	-	-132.31 Cr	-44.59 Cr	-118.12 Cr	-519.70 Cr
Financing Cash Flow	-	54.50 Cr	-36.76 Cr	104.00 Cr	653.82 Cr
Capital Expenditure	-	-137.64 Cr	-48.40 Cr	-119.07 Cr	-513.20 Cr
Free Cash Flow	-	-59.76 Cr	37.06 Cr	-100.94 Cr	-516.09 Cr
Net Change in Cash	-	7.90 L	4.10 Cr	4.01 Cr	131.23 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	21.9%	22.3%	28.9%	30.6%
Operating Margin %	-	7.0%	9.3%	15.0%	16.8%
Net Margin %	-	3.7%	4.9%	10.1%	11.5%
ROE %	-	12.6%	18.9%	39.4%	23.9%
ROCE %	-	17.1%	26.7%	41.0%	29.3%

Shareholding Pattern

Insiders

87.91%

Institutions

2.98%

Public Float

24.66%

Analyst View

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UTLSOLAR · Technology