- Price band
- To be announcedNot in this filing
- Issue size
- To be announcedAmount set with price
- Face value
- ₹1per equity share
- Lot size
- To be announcedMin. investment shown once set
- Anchor biddingWed, 2025
- OpensThu, 2025
- ClosesMon, 2025
- AllotmentTue, 2025
- ListingThu, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- —
- Offer for sale
- 1,00,00,000 shares
- Total issue
- —
- Face value
- ₹1
- Listing at
- BSE, NSE
- RHP date
- 7 Nov 2025
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Reservation
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | — | — | 35% |
| Non-institutional investors (NII) | — | — | 15% |
| Qualified institutional buyers (QIB) | — | — | 50% |
| Anchor investors | — | — | — |
| Employees | — | — | — |
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25- EPS (basic)
- ₹5.59
- EPS (diluted)
- ₹5.56
- RoNW
- 39.40%
- NAV per share (As at June 30, 2025)
- ₹16.58
- Debt to equity
- 0.87
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Financials
Standalone, restated · ₹ crore| Period ended | 30 Jun 20253 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 597.35 | 1,540.68 | 924.69 | 664.08 |
| Total income | 597.79 | 1,550.09 | 927.20 | 665.33 |
| EBITDA | 105.89 | 248.52 | 98.64 | 51.60 |
| Profit after tax | 67.59 | 156.34 | 45.30 | 24.37 |
| Net worth | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves and surplus | 436.33 | 368.81 | 215.00 | 70.55 |
| Total assets | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total borrowing | 432.83 | 346.22 | 200.19 | 211.14 |
FY 2024-25 vs FY 2023-24: revenue +66.6%, profit after tax +245.1%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: Red Herring Prospectus dated 7 Nov 2025Updated
About the company
The company makes rooftop solar products, including solar panels, inverters, batteries and chargers, and sells them through a pan-India network of distributors, dealers and franchisees. It operates four manufacturing facilities in northern India and is developing a new plant in Ratlam, Madhya Pradesh.
- Incorporated
- 2017
- Industry
- Renewable Energy
- CIN
- U31909DL2017PLC326513
- Website
- utlsolarfujiyama.com
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Sunil Kumar | Promoter | 4.91% | — | — |
| Pawan Kumar Garg | Selling shareholder | 38.68% | — | 50,00,000 |
| Yogesh Dua | Selling shareholder | 38.68% | — | 50,00,000 |
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Part financing the cost of establishing a manufacturing facility in Ratlam, Madhya Pradesh | 180.00 |
| Repayment or prepayment of certain outstanding borrowings | 275.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Waaree Energies Limited | ₹68.24 | 49.04× | 20.09% | ₹334 |
| Premier Energies Limited | ₹21.35 | 47.91× | 33.21% | ₹62.61 |
| Exicom Tele-Systems Limited | -₹9.11 | — | -17.93% | ₹50.8 |
| Insolation Energy Limited | ₹5.95 | 31.68× | 20.46% | ₹28 |
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Broad rooftop solar product range with over 522 SKUs under two brands.
- Wide pan-India network of distributors, dealers and franchisees.
- Patented rMPPT inverter technology and a record of product innovation.
- Four existing manufacturing facilities, certified under ISO standards.
- Revenue and profit grew across the periods shown in the restated financials.
Risks
- All existing manufacturing facilities are in northern India, creating regional concentration risk.
- Reliance on a small number of distributors and dealers for retail sales.
- Borrowings are high relative to equity, with total borrowings of about 4,328 million at June 30, 2025.
- Two promoters are selling shares in the offer for sale, reducing their holdings.
- The new Ratlam facility's cost and timing depend on management estimates and borrowing arrangements.
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Contacts
Source: Red Herring Prospectus dated 7 Nov 2025Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: Red Herring Prospectus dated 7 Nov 2025Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on BSE and NSE.
Frequently asked questions
When does the Fujiyama Power Systems IPO open and close?
According to the Red Herring Prospectus, the issue opens on Thursday, 13 November 2025 and closes on Monday, 17 November 2025. These dates are tentative.
What is the Fujiyama Power Systems IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will Fujiyama Power Systems shares list?
On BSE and NSE. The tentative listing date is Thursday, 20 November 2025.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the Fujiyama Power Systems IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 18 November 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the BSE website or the NSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹180 Cr for part financing the cost of establishing a manufacturing facility in Ratlam, Madhya Pradesh, ₹275 Cr for repayment or prepayment of certain outstanding borrowings, and the rest for the other stated purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.