Fujiyama Power System (formerly UTL Solar), a manufacturer of rooftop solar and power backup solutions, reported revenue from operations of ₹1,306.82 crore in the second quarter (Q2) of FY27, registering a 130.1% year-on-year increase from ₹567.91 crore in the corresponding quarter last year. Profit rose 111.2% to ₹132.86 crore compared with ₹62.90 crore a year earlier.
However, revenue declined 2.89% from ₹1,345.69 crore reported in the first quarter (Q1) of FY27. Profit increased 129.88% sequentially from ₹57.79 crore.
Fujiyama Power Q2 FY27 Financial Performance
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 116.4% to ₹222.9 crore from ₹103 crore in the year-ago quarter. EBITDA margin stood at 17.1%, compared with 18.1% in Q2 FY26, while the profit after tax (PAT) margin declined to 10.2% from 11.1%.
The company attributed the moderation in margins primarily to lower sales realisations adopted to drive volumes and gain market share.
For the first half (H1) of FY27, Fujiyama Power reported revenue growth of 127.6% to ₹2,652.51 crore from ₹1,165.26 crore in the corresponding period last year. EBITDA increased 128.7% to ₹477.7 crore, with a margin of 18.0%.
Reported profit for H1 FY27 rose 46.1% to ₹190.65 crore from ₹130.49 crore in H1 FY26.
Bawal Plant Fire Impacts H1 Financial Results
The first-half financial results include a loss of ₹143.58 crore following a fire on May 6, 2026, at the company’s production facility in Bawal, Rewari district, Haryana.
The incident damaged building structures, plant and machinery, and inventories, with a net carrying value of ₹143.58 crore. The company presented the loss separately under exceptional items as “Loss Due to Fire in Bawal Plant”, citing its material and non-recurring nature.
Fujiyama Power stated that it has adequate insurance coverage and has lodged claims. The assessment by the insurance surveyor and insurer is currently underway, and the recoverable amount could not be ascertained or recognised.
Management expects to recover the net carrying value in due course. Excluding the exceptional item of ₹107.4 crore net of tax, normalised profit after tax for H1 FY27 stood at ₹298.1 crore.
Fujiyama Power Expands Manufacturing Capacity
During the quarter, Fujiyama Power commissioned 2 GW of power electronics capacity at Ratlam, taking its total capacity to 4.1 GW. The facility manufactures solar inverters, UPS systems and related products.
The company is also preparing to commission a 3 GWh lithium-ion battery facility at Ratlam in the coming quarters.
Additionally, Fujiyama Power is developing a 1.2 GW solar cell manufacturing plant at Ratlam with an investment of approximately ₹350 crore. The facility is expected to be completed by Q1 FY28 and will complement its existing 1 GW solar cell capacity, supporting its participation in the Domestic Content Requirement (DCR) segment.
At Hathras, Uttar Pradesh, the company is setting up a 1 GWh tubular battery facility with an investment of approximately ₹20 crore, which is expected to be completed by Q3 FY27. The facility will replace the 1.3 GWh capacity at Bawal damaged in the fire.
Distribution Network Expands Across India
Fujiyama Power added more than 100 dealers and over 30 distributors during the quarter, taking its total channel partner network to more than 10,200 as of September 30, 2026.
Following board approval on April 25, 2026, the company acquired 3,100 equity shares, representing a 31% stake, in each of Zayo Energy Private Limited and Zayo Cables Private Limited.
Both entities became associates from the acquisition date and are accounted for under the equity method in accordance with Ind AS 28.
This is the first time Fujiyama Power has prepared consolidated financial results, with comparative figures reflecting the standalone financial statements of the holding company.
Management Sees Continued Demand for Rooftop Solar
Pawan Kumar Garg, Chairman and Joint Managing Director of Fujiyama Power System, said the demand environment for residential rooftop solar and power backup solutions remained favourable, supported by government initiatives, increasing consumer awareness and wider adoption across Tier 2 and Tier 3 markets.
He added that the PM Surya Ghar initiative and its proposed expansion under PM Surya Ghar 2.0 could support wider adoption of rooftop solar and integrated storage solutions.
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