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Fujiyama Power Systems Ltd (UTLSOLAR) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

BSE: 544613 NSE: UTLSOLAR | Electronics - Components | Small Cap

Fujiyama Power Syste Share Price

258.70 2.45 (0.96%)
As on 17-Apr'26 16:59

Fujiyama Power Systems Ltd (UTLSOLAR)

BSE: 544613 NSE: UTLSOLAR
Key Metrics
Market Cap
₹7,927 Cr.
P/E Ratio
50.70
Price to Book (P/B)
6.63
Price to Sales (P/S)
5.14
EV/EBITDA
33.23
Return on Capital Employed (ROCE)
40.63%
Current Price
₹258.7
Return on Equity (ROE)
49.33%
Return on Assets (ROA)
19.26%
Operating Profit Margin
16.2%
Net Profit Margin
10.15%
Gross Profit Margin
15%
Book Value per Share
₹39
Sales Growth (YoY)
66.62%
Sales Growth (3 Years)
44.86%
Operating Profit Growth (1 Year)
151.67%
Operating Profit Growth (3 Years)
76.98%
Net Profit Growth (1 Year)
245.12%
52-Week Low / High
₹171 / 262
Net Profit Growth (3 Years)
76.27%
Dividend Yield
0.00%
Promoter Holding
86.77%
Pledged shares (%)
of Promoter's holding (%)
0.00%

Check Before You Invest

Q.1 Revenue growth of Fujiyama Power Systems Ltd?
Fujiyama Power Systems Ltd revenue growth is 66.6% for FY-2025 , which is above its 5 year CAGR of 0% , indicating faster growth.
Q.1 Promoter shareholding and pledge status of Fujiyama Power Systems Ltd?
Promoters hold 86.77% of the Fujiyama Power Systems Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Revenue growth of Fujiyama Power Systems Ltd vs industry peers?
Fujiyama Power Systems Ltd revenue CAGR is 0.00% , compared to the industry median CAGR of 3.89% , indicating stable growth and maintaining its market share.
Q.1 Which industry/sub-sector does Fujiyama Power Systems Ltd belong to?
Fujiyama Power Systems Ltd belongs to the Capital Goods & Industrial Consumables sector, operating specifically within the Electronics - Components segment.
Q.1 Stock return of Fujiyama Power Systems Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

DeciZen - make an informed investing decision on Fujiyama Power Syste

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Fujiyama Power Systems stock performance

Key Ratios
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Is Fujiyama Power Systems Ltd an attractive stock to invest in?


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10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Fujiyama Power Systems Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 13.9%13%21%40.6%-
Value Creation
Index
0.00.00.62.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5076649251,5411,541
Sales YoY Gr.-31%39.2%66.6%-
Adj EPS 1.81.51.65.55.1
YoY Gr.--15.4%2%249%-
BVPS (₹) 4.65.48.514.139
Adj Net
Profit
28.323.943.9153156
Cash Flow from Ops. -58.577.985.518.1-
Debt/CF from Ops. -2.42.72.319.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA44.9%66.6%
Adj EPS NANA44.4%249%
BVPSNANA44.9%65.7%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
15.612.820.348.219.2
Op. Profit
Mgn %
8.97.810.716.217.3
Net Profit
Mgn %
5.63.64.81010.1
Debt to
Equity
0.81.10.80.9-
Working Cap
Days
014411410636
Cash Conv.
Cycle
08660564

Recent Performance Summary

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Latest Financials

Standalone Consolidated
TTM EPS (₹) 5.1 -
TTM Sales (₹ Cr.) 1,541 -
BVPS (₹) 39 -
Reserves (₹ Cr.) 1,164 -
P/BV 6.63 -
PE 50.70 -
From the Market
52 Week Low / High (₹) 170.55 / 262.30
All Time Low / High (₹) 170.55 / 261.00
Market Cap (₹ Cr.) 7,927
Equity (₹ Cr.) 30.6
Face Value (₹) 1
Industry PE 54.9

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Fujiyama Power Syste - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

data not found
No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales5076649251,541
Operating Expenses + 4626128261,292
Manufacturing Costs9173350
Material Costs3745026861,095
Employee Cost 33445170
Other Costs 46505777
Operating Profit 455299249
Operating Profit Margin (%) 8.9%7.8%10.7%16.2%
Other Income + 1139
Exceptional Items 0000
Interest 5162627
Depreciation 161318
Profit Before Tax 403163213
Tax 1171757
Profit After Tax 292445156
PAT Margin (%) 5.6%3.7%4.9%10.2%
Adjusted EPS (₹)1.81.61.65.6
Dividend Payout Ratio (%)0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 181193238395
Share Capital 1231232528
Reserves 5971214367
Debt +137198178316
Long Term Debt15676388
Short Term Debt122131115228
Minority Interest0000
Trade Payables4671115120
Others Liabilities 365278182
Total Liabilities 3995156101,014

Fixed Assets

Net Fixed Assets +114230276418
Gross Block116236295455
Accumulated Depreciation161937
CWIP 0800
Investments 0000
Inventories178187232383
Trade Receivables39296573
Cash Equivalents 20141521
Others Assets 474722119
Total Assets 3995156101,014

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -58788518
PBT 403163213
Adjustment 6214647
Changes in Working Capital -8928-15-199
Tax Paid -15-3-7-44
Cash Flow From Investing Activity + -46-132-45-118
Capex -32-138-48-117
Net Investments -1453-2
Others 1101
Cash Flow From Financing Activity + 10455-37104
Net Proceeds from Shares 0000
Net Proceeds from Borrowing 052-325
Interest Paid -5-15-25-26
Dividend Paid 0000
Others 10917-8104
Net Cash Flow -0044

Finance Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)39.5531.1628.0949.33
ROCE (%)13.913.0120.9940.63
Asset Turnover Ratio1.271.451.651.9
PAT to CFO Conversion(x)-23.251.890.12
Working Capital Days
Receivable Days28191816
Inventory Days1281008373
Payable Days45435039

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Fujiyama Power Systems Ltd FAQs

The current trading price of Fujiyama Power Syste on 17-Apr-2026 16:59 is ₹258.7.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Apr-2026 the market cap of Fujiyama Power Syste stood at ₹7,926.9 Cr

The latest P/E ratio of Fujiyama Power Syste as of 16-Apr-2026 is 50.70.

The latest P/B ratio of Fujiyama Power Syste as of 16-Apr-2026 is 6.63.

The 52-week high of Fujiyama Power Syste is ₹262.3 and the 52-week low is ₹170.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Fujiyama Power Syste is ₹1,541 ( Cr.) .

About Fujiyama Power Systems Ltd

Fujiyama Power Systems was incorporated as ‘Fujiyama Power Systems Private Limited’ as a private limited company on November 29, 2017 under the Companies Act, 2013, pursuant to a certificate of incorporation dated December 12, 2017, issued by the Registrar of Companies, Central Registration Centre. The company was subsequently converted from a private limited company to a public limited company pursuant to a special resolution passed by its Shareholders on October 10, 2024, and the name of the company was changed to ‘Fujiyama Power Systems Limited’. A fresh certificate of incorporation dated November 20, 2024 was issued by the Registrar of Companies, Central Processing Centre, pursuant to the change of name of the company on conversion to a public limited company. 

It is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. It strives to excel in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production. Additionally, it supports robust R&D capabilities in inverter technology and provides a wide variety of solar SKUs, distinguishing the company as a well-rounded leader in the industry. It has built a brand recall and reputation in the industry through its brands 'UTL Solar', and 'Fujiyama Solar'. 

It has developed few manufacturing facilities and R&D capabilities domestically, and with a consistent focus on technological development and product innovation, it has a track record of being one of the few companies in India to develop Online UPS with single card, Combo UPS along with automatic voltage regulation (AVR), high frequency online UPS and single card surface mount technology (SMT) inverter in India. The company began manufacturing solar power conditioning units (PCU) in 2012 whereas online solar PCUs in 2014. It is the first Indian company to develop an SMT based inverter with single card in the year 2000. 

It has designed and developed hundreds of SKUs which includes a full range of solar inverters, solar panels and batteries, with a goal of limiting the need of its customers to look to other OEMs. It services its customers through an extensive pan-India distribution network of over hundreds of distributors, thousands of dealers and thousands of exclusive ‘Shoppe’ franchisees, who are trained by it in understanding the customer’s need and in planning, evaluating and supplying customized solar systems and solutions. It also has a dedicated team of over hundreds of qualified service engineers providing maintenance service and technical support to its customers.

Business area of the company

The company is primarily engaged in the design, supply, and installation of rooftop solar systems. It supplies a comprehensive range of solar products including solar panels, inverters and batteries. With a focus on innovation and R&D, the company has a history of developing various technologies, including its patented rMPPT technology and offers a wide product portfolio of over hundreds of SKUs under ‘UTL Solar’ and ‘Fujiyama Solar’ brands.

Products categories of the company

  • Solar Power Generation Systems
  • Power backup solution
  • Power supply solution
  • Chargers
  • Solar panel
  • Solar battery
  • Solar UPS/ inverter/converter
  • Other products including services and other operating income
  • E-Rickshaw charger
  • Online UPS

Awards and recognitions

  • 2019: Awarded U.P. Invest’ award in 2nd Ground Breaking Ceremony by Uttar Pradesh Government 
  • 2019: Awarded One of the 25 fastest growing electronic manufacturing company certificate by the CEO Magazine. 
  • 2019: Awarded ‘Largest Company in off-grid inverter’ in Sigma Summit by Enxpo Infomedia Conference & exhibit on Solar Applications & Innovation. 
  • 2019: Awarded ‘India’s Most Preferred Smart City Brands’ by UBM India 
  • 2020: Awarded ‘India’s Most Preferred Solar Energy Brands’ by Informa Market 
  • 2023: Awarded ISO 9001:2015 accreditation for Quality Management Systems for manufacturer of UPS, Invertors, SMU, of commercial, industrial and solar range inverters, e-rikshaw charger, battery, solar panel and power backup systems 
  • 2023: Awarded ISO 9001:2015 accreditation for Quality Management Systems for manufacturing of lead-acid batteries, solar panels and trading of solar inverter and charger
  • 2023: Awarded ISO 14001:2015 accreditation for Environment Management Systems for manufacturer of UPS, Invertors, SMU, of commercial, industrial and solar range inverters, e-rikshaw charger, battery, solar panel and power backup systems 
  • 2023: Awarded ISO 14001:2015 accreditation for Environment Management Systems for manufacturing of lead-acid batteries, solar panels and trading of solar inverters and charger
  • 2023: Awarded ISO 45001:2018 accreditation for Occupation Health and Safety Management Systems for manufacturer of lead-acid batteries, solar panels and trading of solar inverter and charger. 
  • 2023: Awarded ISO 45001:2018 accreditation for Occupation Health and Safety Management Systems for manufacturing of lead-acid batteries, solar panels and trading of solar inverters and charger 
  • 2024: Awarded ‘Certificate of Conformity’ from European Certification and Inspection Limited.
  • 2025: Awarded ‘Renewable Energy Excellence Award Solar Battery Manufacturing’ by Indian Chamber of Commerce 
  • 2025: Awarded ‘Most Trusted Brand of India’ in the category of ‘Rooftop Solar’ by Marksmen Daily 
  • 2025: Awarded ‘Brand of the Decade’ in the category of ‘Solar Energy Solutions’ by BARC Asia

History and milestones

  • 1996: Its Promoter, Pawan Kumar Garg, established a sole proprietorship under the trade name ‘UTL Electronics.’ 
  • 2008: Its Promoters, Pawan Kumar Garg and Yogesh Dua formed a partnership firm named ‘Fujiyama Power Systems.’ 
  • 2010: Fujiyama Power Systems became one of the few Indian entities to make high frequency online UPS and inverters. 
  • 2012: Fujiyama Power Systems began manufacturing solar PCU. 
  • 2014: Fujiyama Power Systems began manufacturing online solar PCUs. 
  • 2016: Fujiyama Power Systems was allotted order for phase 1 of Bharat Net, world’s largest rural broadband project. 
  • 2017: Incorporation of the company 
  • 2018: Acquisition of business of Fujiyama Power Systems by the company by way of a slump sale 
  • 2020: Expansion of solar PCU Capacity 
  • 2021: Set up of a solar panel manufacturing and lithium-ion battery unit 
  • 2021: Expanded to 450 plus Shoppe franchisees pan India 
  • 2022: Expanded its manufacturing capacity by adding annual capacity of 71 MW of solar panels at its Greater Noida Facility 
  • 2023: Expanded its manufacturing capacity for batteries by adding capacity of over 340,000 units per annum in its Bawal Facility 
  • 2023: Expanded its manufacturing capacity by adding annual capacity of over 200 MW solar panels at its Greater Noida Facility 
  • 2023: Expanded to 1000 plus Shoppe franchisees pan India 
  • 2025: Expanded its manufacturing capacity by adding an annual capacity of over 600 MW for solar inverters and 500 MWh for lithium battery at its Greater Noida facility 
  • 2025: Commissioned its Dadri Facility for the manufacturing of solar panels with an installed capacity of 1,200 MW per annum

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