Fujiyama Power Systems IPO: Check IPO Date, Lot Size, Price & Details

Introduction:

The Company is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. Our Company 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 It has developed four manufacturing facilities and R&D capabilities domestically, and with a consistent focus on technological development and product innovation, and 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. It has We have designed and developed an extensive product portfolio of more than 522 SKUs which includes a full range of solar inverters, solar panels and batteries, with a goal of limiting the need of our customers to look to other OEMs. As on June 30, 2025, it services its customers through an extensive pan-India distribution network of 725 distributors, 5,546 dealers and 1,100 exclusive “Shoppe” franchisees, who are trained by the company in understanding the customer’s need and in planning, evaluating and supplying customized solar systems and solutions. The Company has created a complete ecosystem in the roof top solar industry. It seamlessly integrate innovation, manufacturing, distribution and customer service, guided by market research, customer feedback and R&D to deliver reliable solar energy solutions.

It has a comprehensive product portfolio in roof-top solar segment. It offers an extensive range of products including solar PCUs, solar off-grid, on-grid and hybrid inverters, solar panels, pulse width modulation (“PWM”) chargers and other battery chargers, lithium-ion and tubular batteries, online uninterruptible power supply systems, offline UPS systems, solar management units and solar charge controllers, among others which it believe provide value-for-money to its customers. Further, in the EV segment, It specifically provide chargers for three-wheeler electric autorickshaws (“E-Rickshaws”) and lithium-ion batteries. As of Fiscal 2025, its manufacturing facility in Greater Noida, Uttar Pradesh (“Greater Noida Facility”) has an available installed capacity of manufacturing 656,547 solar panels, 387,504 solar inverters and UPS, 309,504 e-Rickshaw chargers and 7,488 lithium-ion batteries

IPO Details:

Objectives of Issue:

• Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India
• Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by our Company
• General Corporate Purpose

Key Strengths:

• Diversified portfolio of solar products and solution – The company has an extensive product portfolio offering a comprehensive suite of products in the roof-top solar segment. It offers an extensive range of products including solar PCUs, solar off-grid, on-grid and hybrid inverters, solar panels, battery chargers, lithium-ion and tubular batteries, online UPS systems, offline UPS systems, solar management units and solar charge controllers, among others which we believe provide value-for-money to our customers. Further, in the EV segment, it specifically provide chargers for E-Rickshaws and lithium-ion batteries.
• Robust Distribution Network and Strong Brand Recognition - The company operates a highly robust and widespread pan-India distribution network, which is critical for growing retail sales and driving strong brand recognition across the country. As of June 30, 2025, this extensive network comprises more than 725 distributors, 5,546 dealers, and 1,100 exclusive "Shoppe" franchisees. This strong network is supported by capable post-sale service capabilities, with 602 service engineers available to provide support, thereby enhancing customer engagement and brand trust

Risks:

• Extensive Dependence on a particular state for sales- The company derive a substantial portion of our retail sales from Uttar Pradesh. More than 35% of the sales is generated from the state of Uttar Pradesh while top 5 states contributes more than 70% of the revenue. Any adverse change in the demand of its products in Uttar Pradesh or failure to expand into new markets may have an adverse impact on its business, growth, financial condition, cash flows and results of operation
• Dependent on Government Subsidy- Given the Indian government’s continued push for adoption of solar energy and several initiatives and allocations provided to this sector, The company is uniquely positioned to capitalize on this growth prospect. Many of its products such as the rooftop solar panel becomes affordable due to government schemes such as PM Suryaghar: Muft Bijli Yojna. Many of its products such as the off-grid solar products are in demand due to government schemes such as Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN).Further many of its projects have received approval for capital subsidy under various schemes

Financial Snapshot:

Industry Comparison

Conclusion

The company operates in high-growth segments such as solar energy, battery solutions, and EV chargers. Its product and revenue portfolios are well-diversified, reducing dependence on any single business line. From a financial perspective, there are no directly comparable listed peers given the company’s broad portfolio — however, specific segments can be benchmarked individually.

Revenue growth is slightly below the industry average, while EBITDA and PAT margins are broadly in line with peers. Return ratios are superior to the industry average, debt-to-equity is comparable, and the interest coverage ratio is marginally lower. At a valuation of around 40x P/E, compared to the industry average of 43x, the company appears fairly valued. Considering the strong industry outlook, healthy financial metrics, and robust fundamentals, the issue is suitable for long-term subscription.

IPO Allotment

Find out the allotment status for the Capillary Technologies IPO by checking the MUFG Intime India IPO Application Status page.