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On 6 Nov 2026, Fujiyama Power Systems was priced at ₹351.80, or 35.7× trailing earnings, against an industry P/E of 15.5×, and the shares are 29% below their 52-week high. It earns ROCE of 29% and ROE of 36%, and sales and net profit grew 59% and 132% a year over 3 years. Debt is 0.41× equity. It is a small-cap company with a market cap of ₹10,811 Cr, ranked 5th of 27 Solar companies by market cap; the shares rose 69% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹365.60
Day high
₹377.00
Day low
₹348.75
Prev. close
₹387.50
Volume
5.1 L

Health check

2 good · 2 fair · 2 to check
  • ReturnsAhead

    +68.8% over a year, better than 7 of 7 peers.

  • Price tagPricier

    P/E 35.7 vs industry 15.5.

  • GrowthSteady

    Sales +58.7%, profit +131.9% a year over 3 years.

  • ProfitabilityStrong

    ROCE 28.9% vs peer median 27.4%.

  • Balance sheetFair

    Debt 0.41× equity, interest covered 13.4×, Piotroski 5 of 9.

  • Red flags2 to check

    Quarterly profit down 14.4% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Small cap

₹10,811 Cr, #5 of 27 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Jun 2026: sales ₹3,403 Cr · profit ₹294 Cr
Market cap
₹10,811 Cr
Small cap
P/E
35.7
Industry 15.5
Price to book
8.47
Peers 3.96
Dividend yield
0.00%
ROE
36.4%
Peers 29.9%
ROCE
28.9%
Peers 27.4%
Debt to equity
0.41
Debt ₹520 Cr
EPS (TTM)
₹9.86
Face value ₹1
OPM (TTM)
14.6%
Net margin 8.6%
Sales growth
+125.3%
Latest quarter vs a year ago
Profit growth
−14.4%
Latest quarter vs a year ago
Price to sales
3.18
EV/EBITDA 17.8

Strengths and risks

Strengths

  • Return on equity of 36.4%.
  • Return on capital employed of 28.9%.
  • Quarterly sales up 125.3% on a year ago.

Risks to check

  • Quarterly profit down 14.4% on a year ago.
  • P/E of 35.7 against an industry P/E of 15.5.

Derived automatically from reported figures. Not a recommendation.

About Fujiyama Power Systems

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…

Headquarters
Greater Noida
Employees
2,278
Sector
Technology
ISIN
INE12UR01024
Website
utlsolarfujiyama.com

Price range

52 weeks

₹172.00₹494.25

Today

₹348.75₹377.00
Avg volume (3M)
3.3 L
1-year return
plus 68.8%
From 52-week high
minus 28.8%

Peers · Solar

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
WAAREEENERWaaree Energies2,438.00minus 0.46%70,12919.012.030.1%19.9%0.3157.8%minus 27.3%
PREMIERENEPremier Energies890.00plus 0.85%40,31622.517.427.4%29.9%0.8676.2%minus 15.3%
EMMVEEEmmvee Photovoltaic Power251.31minus 0.28%17,39912.19.734.5%34.7%0.25102.7%plus 14.5%
KARAMTARAKaramtara Engineering375.70minus 0.96%12,09152.827.718.1%9.0%0.9140.4%plus 6.7%
UTLSOLARFujiyama Power Systems351.80minus 9.21%10,81135.722.528.9%18.8%0.4158.7%plus 68.8%
BORORENEWBOROSIL RENEWABLES403.20minus 2.55%5,93413.412.19.5%30.1%0.0720.2%minus 37.6%
VIKRAMSOLRVikram Solar142.39plus 1.95%5,16014.16.020.5%15.4%0.2032.3%minus 56.6%
SAATVIKGLSaatvik Green Energy358.60plus 0.01%4,55826.58.930.8%9.7%0.6995.5%minus 32.1%
Median of 7 peers–−0.28%12,09119.012.027.4%19.9%0.3157.8%−27.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
5975685889011,346
4914654797291,232
106103110171114
17.7%18.1%18.7%19.0%8.4%
0.41.90.42.8144
9.412.412.29.610.9
77.88.720.625
––––−144
89.984.689.414477.7
24.8%25.7%24.7%26.2%25.6%
67.562.967.310657.8
2.202.052.363.571.88

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+58.7%
Profit CAGR 3Y
+131.9%
EPS CAGR 3Y
+134.1%
ROE
36.4%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
6639231,5392,647
–+39.3%+66.7%+72.1%
6108241,2832,150
52.599256497
7.9%10.7%16.6%18.8%
−3−3.1−1.1−9.7
1220.42232.8
5.912.81844.2
−0.1–−1.4−2.4
31.562.6213408
22.6%27.6%26.6%25.5%
24.445.3156304
–+85.9%+245.1%+94.5%
0.801.485.1010.21

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
13.624.52830.6
1792153691,243
215205395520
106166222551
5156101,0142,344
183218381863
9.8–22.7248
0000
0.14.28.2140
3223876021,092
5156101,0142,344

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
77.985.518.1−2.9
−132−44.6−118−520
54.5−36.8104654
0.14.14131
−138−48.4−119−513
−59.837.1−101−516

Shareholding pattern

Source: NSE filings
86.6%
promoters
  • Promoters86.63%
  • Public13.37%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202686.63%13.37%0.00
30 Jun 202686.63%13.37%minus 0.14
31 Mar 202686.77%13.23%0.00
31 Dec 202586.77%13.23%0.00
19 Nov 202586.77%13.23%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you