Fujiyama Power Systems Ltd IPO – Mainboard
About the Company (In Simple Language)
Fujiyama Power Systems Ltd is a Noida-based company that makes solar energy products—everything you need to set up rooftop solar power at home, business, or industry. Founded in 2017, the company makes solar panels, inverters (devices that convert solar power to usable electricity), batteries (both lead-acid and lithium-ion for energy storage), and provides complete rooftop solar installation services. They are one of the few Indian companies offering “end-to-end” solar solutions—meaning they design, manufacture, install, and service solar systems under one roof.
READ FULL DRHP HERE:|SEBI DRHP FYUJIYAMA POWER|
IPO Details Table
| Detail | Explanation | Data |
|---|---|---|
| IPO Opening Date | Buy shares from | 13 Nov 2025 |
| IPO Closing Date | Last date to apply | 17 Nov 2025 |
| Price Band | Price range for shares | ₹216 – ₹228 |
| Lot Size | Min. shares to buy | 65 shares (~₹14,820 at upper band) |
| Total Issue Size | Max money raised | ₹828 crore |
| Fresh Issue | New shares, money goes to company | ₹600 crore (2.63 crore shares) |
| Offer for Sale (OFS) | Old owners sell shares | ₹228 crore (1 crore shares) |
| Total Shares Offered | How many shares | 3.63 crore shares |
| Listing Date | Shares start trading | 20 Nov 2025 |
| Face Value | Company unit value | ₹1 per share |
| Registrar | Share allocation handler | KFin Technologies Limited CLICK HERE |
| Book Managers | IPO arrangers | Dam Capital, JM Financial, IIFL Securities, SBI Capital Markets |
What Will the IPO Money Be Used For?
| Purpose | Amount (₹ Cr) | Explanation |
|---|---|---|
| New factory in Ratlam, MP | 180 | Building integrated facility for inverters, panels, lithium batteries |
| Repay existing loans | 275 | Reduce company debt—stronger finances |
| Working capital & others | 145 | Money for daily operations, buy raw materials |
Total Fresh Issue: ₹600 crore going to company for growth
IPO Timeline
| Event | Date |
|---|---|
| Anchor Bidding | 12 Nov 2025 |
| IPO Opens | 13 Nov 2025 |
| IPO Closes | 17 Nov 2025 (5 PM) |
| Allotment Date | 18 Nov 2025 |
| Refunds Issued | 19 Nov 2025 |
| Shares to Demat | 19 Nov 2025 |
| Listing Date | 20 Nov 2025 |
Business Model & Revenue Structure :
How Fujiyama Makes Money:
- B2C Sales (Direct to Customers) – 93% of Revenue
- Sells through 3,500+ distributors, dealers, and 380+ franchisee “Shoppes”
- Customers: Homeowners, small businesses, farmers
- Products sold:
- Solar panels (40% of revenue)
- Power electronics - inverters, UPS, chargers (30% of revenue)
- Batteries - lead-acid and lithium-ion (20% of revenue)
- Complete rooftop systems (10%)
- B2B Sales (Business to Business) – 7% of Revenue
- Bulk orders from large companies, government projects
- Installation contracts for solar parks, commercial buildings
- Exports – 4-5% of Revenue
- Ships products to USA, Bangladesh, UAE
- Growing international presence
Key Financial Metrics
| Metric | FY23 | FY24 | FY25 | What It Means |
|---|---|---|---|---|
| Revenue | ₹664 Cr | ₹925 Cr | ₹1,541 Cr | Sales up 67% in FY25 |
| Profit After Tax | ₹24 Cr | ₹45 Cr | ₹156 Cr | Profits jumped 245% |
| EBITDA | ₹52 Cr | ₹99 Cr | ₹249 Cr | Operating profit up 152% |
| EBITDA Margin | 7.8% | 10.7% | 16.1% | Keeping more profit per sale |
| PAT Margin | 3.7% | 4.9% | 10.2% | Each ₹100 sales = ₹10 profit |
| ROE (Return on Equity) | — | — | 39.4% | Excellent shareholder returns |
| ROCE | — | — | 41.0% | Great capital efficiency |
| Debt-to-Equity | — | — | 0.87 | Moderate debt levels |
| Employee Cost | ~₹95 Cr (est) | ~₹128 Cr (est) | ~₹155 Cr (est) | About 10% of revenue |
| Net Worth | ₹193 Cr | ₹240 Cr | ₹397 Cr | Strong equity base |
Q1 FY26 Performance (Jun 2025):
- Revenue: ₹597 Cr (annualized ₹2,389 Cr)
- PAT: ₹68 Cr (growth continuing)
Cost of Acquisition – For Promoters
- Fujiyama was founded from scratch in 2017 by promoters
- Initial investment: Estimated ₹50-100 crore for setting up factories and brand
- Current post-IPO valuation: ₹6,986 crore market cap
- Promoter Gain: Approximately 70-140x returns on original investment in 8 years
OFS Component: Promoters selling ₹228 crore worth of shares (partial exit to book profits)
Industry Analysis – Solar Power in India
Massive Growth Opportunity:
| Metric | Current Status | Target/Growth |
|---|---|---|
| India’s Solar Target | 80 GW installed | 500 GW by 2030 |
| Rooftop Solar | 17 GW installed | 40 GW target by 2026 |
| Market Size | ₹50,000+ Cr industry | Growing 20-25% annually |
| Government Support | PM-KUSUM scheme, subsidies | 30% subsidy for residential solar |
Fujiyama’s Market Position:
- 15.5% market share in solar battery segment
- 9.6% of India’s rooftop solar uses Fujiyama inverters (1.64 GW supplied)
- Installed over 1 GW of solar capacity across India
- Among top 5 integrated solar solution providers
Growth Drivers & Strengths
Major Strengths:
- Explosive Growth
- Revenue grew 67% in FY25
- Profit grew 245% in FY25
- Momentum continuing in FY26
- Complete Product Range
- Only few companies make panels + inverters + batteries
- End-to-end solutions = competitive moat
- Technology innovation: First in India to develop single-card UPS, combo UPS
- Strong Distribution
- 3,500+ distributors nationwide
- 380+ franchise “Shoppes” for direct sales
- 602 qualified service engineers for after-sales
- High Profitability Ratios
- ROE of 39.4% (excellent)
- ROCE of 41% (very efficient)
- Improving margins every year
- Government Support
- PM-KUSUM, rooftop solar schemes
- 30% subsidy for residential installations
- India’s clean energy push benefits Fujiyama
- Low Employee Costs
- Only 10% of revenue goes to salaries
- Automated manufacturing
- Good for profit margins
- New Capacity Coming
- Ratlam factory will double capacity
- Will serve Western and Southern India better
- Vertically integrated: making everything in-house
Key Risks & Concerns
Major Risks:
| Risk | Why It Matters | Impact |
|---|---|---|
| Debt Burden | Debt-to-equity of 0.87 is moderate but increasing | Interest costs can hurt if sales slow |
| Government Subsidy Dependence | 60%+ customers rely on subsidies | Policy changes could reduce demand |
| Working Capital Intensive | Negative operating cash flow of ₹280 Cr | Needs constant funding for inventory |
| Competition | Faces Waaree, Premier Energies, Exicom, etc. | Price wars may compress margins |
| Chinese Competition | Cheap Chinese imports threat | Government protection needed |
| Execution Risk | Rapid expansion in 8 years | Quality control, operational challenges |
| Raw Material Costs | Silicon, lithium prices volatile | Can squeeze margins if prices spike |
| Seasonal Demand | Solar installations peak in certain months | Revenue lumpy, not steady |
Valuation – Is It Expensive?
| Metric | Fujiyama | Industry Avg | Comment |
|---|---|---|---|
| P/E Ratio (Post-IPO) | 25.84x | 35-40x | Cheaper than peers |
| P/E Ratio (Pre-IPO) | 40.85x | — | Premium before dilution |
| Price-to-Book | 16.09x | — | Premium valuation |
| Market Cap | ₹6,986 Cr | — | Mid-cap company |
| EPS (FY25) | ₹5.58 | — | Growing rapidly |
IPO FAQS
What is an IPO?
- An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time to raise money.
- Example: If a well-known pizza company wants to grow, it can list its shares on the stock exchange so anyone can buy a piece of the company.
How can you apply for an IPO (using Zerodha or Upstox)?
- Make sure you have a Demat account and your bank account is linked.
- Steps:
- Log in to your broker’s app (e.g., Zerodha Kite, Upstox).
- Go to the IPO section.
- Select the company’s IPO you want to apply for.
- Enter how many shares (or ‘lots’) you want and the price you wish to bid.
- Enter your UPI ID, submit your application, and approve the UPI payment request.
How are IPO shares allotted?
- If more people want shares than are available, the company uses a lottery system to decide who gets them.
- If you don’t get shares, your money is simply returned.
What is GMP (Grey Market Premium)?
- GMP shows the extra price people are willing to pay for IPO shares before they officially start trading.
- Example: If IPO price is ₹100 and GMP is ₹20, people are unofficially ready to pay ₹120. It hints at the IPO’s popularity but isn’t a guarantee.
Where to check upcoming IPOs (IPO calendar)?
- Visit popular finance sites like Chittorgarh, IPOWatch, or official exchange websites (NSE, BSE) and look for the “Upcoming IPO” section.
What are IPO listing gains?
- If the share’s price rises on the first trading day, you can make instant profit.
- Example: You buy at ₹150, and it opens at ₹200, you gain ₹50 per share.
How can you make profit from an IPO?
- Quick gains on listing day (if the stock price goes up).
- Long-term: If the company grows, the share price could increase further.
Which IPO is best to buy?
- There is no single best IPO. Check the company’s background, current demand, and GMP, but always research before investing.
- High GMP or popularity doesn’t guarantee profits.
Are IPOs safe?
- IPOs can be profitable but also risky; prices can go up or down sharply.
- Only invest if you are ready for potential losses.
How to check IPO allotment status?
- After the IPO process, check on exchanges (BSE/NSE websites) or the IPO registrar’s site (like K-Fintech, Bigshare,or mufg-intime) by entering your PAN or application number to see if you got shares.
Important Tips for Retail Investors Applying for an IPO
- Use Only Your Own PAN Card:
Avoid using the same PAN card for multiple IPO applications. For example, if you have already applied using your PAN for one IPO, don’t try to apply again with the same PAN under different accounts or through others. - Apply in the Right Category:
Ensure you select the correct investor category (such as Retail Individual Investor) when filling out your application. Applying under a wrong category can lead to rejection or disqualification. - Maintain Sufficient Bank Balance:
Before applying, ensure your bank account linked to the application has enough funds to cover the full bid amount. For instance, if the IPO application requires a payment of ₹15000, make sure your account holds at least that amount. - Use Your Own Bank Account:
Always apply through your own bank account. Using someone else’s account can cause your application to be rejected during the verification process. - Avoid Last-Minute Applications:
Don’t wait until the deadline day or moments before to apply. Last-minute submissions may face technical glitches or processing delays, reducing the chances of success.