Fujiyama Power Systems Limited has reported a strong start to FY27, with revenue from operations rising 125.3% year-on-year to ₹13,457 million in Q1 FY27, while EBITDA increased 140.6% to ₹2,548 million, with the EBITDA margin improving to 18.9% from 17.7% in Q1 FY26.
The company’s reported PAT stood at ₹578 million, impacted by a ₹1,074 million exceptional provision related to the Bawal fire loss. Excluding this exceptional item, normalised PAT stood at ₹1,652 million, representing a 144.5% YoY increase.
Manufacturing expansion gathers pace
Fujiyama’s Q1 performance comes alongside a significant expansion of its manufacturing footprint. The company commissioned a 2,000 MW solar panel manufacturing facility at Ratlam, Madhya Pradesh, during Q1 FY27 and subsequently commissioned another 2,000 MW power electronics manufacturing capacity at Ratlam in August 2026.
The company’s 2,000 MW lithium-ion battery manufacturing capacity at Ratlam is expected to be commissioned by Q2 FY27. Once operational, the facility will bring solar panels, power electronics and lithium-ion batteries together at a single manufacturing location, strengthening Fujiyama’s vertically integrated product ecosystem.
The company is also setting up a 1,200 MW solar cell manufacturing facility at Ratlam, with an investment of around ₹350 crore, further expanding its backward-integration strategy.
Distribution network crosses 10,100 partners
Fujiyama also recorded a significant expansion in its distribution network during the quarter. It added more than 80 distributors, over 1,000 dealers and more than 30 exclusive Shoppes during Q1 FY27.
This took the company’s total channel-partner base to more than 10,100 as of June 30, 2026, expanding its reach across residential rooftop solar and power-backup markets.
Battery manufacturing becomes a key part of integration strategy
The planned 2,000 MW lithium-ion battery manufacturing facility is particularly relevant to Fujiyama’s broader strategy of integrating its solar, power electronics and energy-storage offerings.
The company has also moved to deepen backward integration through its investments in Zayo Energy Private Limited and Zayo Cables Private Limited. Fujiyama has approved the acquisition of an additional 31% stake in each company, increasing its holding from 19% to 50%.
Zayo Energy manufactures solar-module components including aluminium frames, PV ribbon wire, busbars and solder wires, while Zayo Cables manufactures components including PV junction boxes, solar cables and EVA sheets.
Commenting on the results, Pawan Kumar Garg, Chairman and Joint Managing Director, Fujiyama Power Systems Limited, said:
“The first quarter of FY2027 marked a positive start to the year for Fujiyama, with higher business scale, continued expansion of the distribution network and progress across the Company’s manufacturing initiatives. The demand environment for residential rooftop solar and power backup solutions remains favourable, supported by increasing solar adoption, policy initiatives and growing awareness across Tier 2 and Tier 3 markets. In this environment, the Company remained focused on expanding its reach, increasing manufacturing capacity and building greater integration across the solar value chain.
Revenue from Operations increased by 125.3% YoY to Rs. 13,457 million. EBITDA grew by 140.6% YoY to Rs. 2,548 million, while EBITDA margin improved to 18.9% compared with 17.7% in Q1 FY2026. The improvement in profitability was supported by the higher scale of operations and increasing contribution from the Company’s backward integrated manufacturing platform. The performance during the quarter also reflects the growing reach of Fujiyama’s product portfolio and its ability to serve rising demand across its key markets.
The distribution network recorded one of its largest quarterly expansions during Q1 FY27. The Company added more than 80 distributors, over 1,000 dealers and more than 30 exclusive Shoppes. This took the total channel partner base to over 10,100 as of June 30, 2026. The wider network gives Fujiyama greater access to customers across different markets and supports faster product availability, installation and after sales service. This remains particularly important in the residential rooftop solar segment, where proximity to customers and dependable service are important factors in purchase decisions.
On the manufacturing front, the Company commissioned its 2,000 MW solar panel manufacturing facility at Ratlam during Q1 FY27. This was followed by the commissioning of the 2,000 MW power electronics manufacturing facility in August 2026. With these additions, the Company’s total solar panel and power electronics manufacturing capacities have increased to 3,568 MW and 4,180 MW, respectively.
Furthermore, the 2,000 MW lithium-ion battery manufacturing capacity at Ratlam is also on track for commissioning by Q2 FY27. Once completed, the Ratlam complex will bring solar panels, power electronics and batteries under one manufacturing location, further strengthening integration across the Company’s product portfolio and supporting its growing scale of operations.
The Company also took another step towards increasing backward integration during the quarter by approving the acquisition of an additional 31% stake each in Zayo Energy Private Limited and Zayo Cables Private Limited, taking Fujiyama’s shareholding in both companies from 19% to 50%. Zayo Energy is engaged in manufacturing solar module components like aluminum frame, PV Ribbon wire, busbar and solder wires, while Zayo Cables is engaged in manufacturing solar module components like PV junction box, solar cables and EVA sheet. These businesses are closely linked to Fujiyama’s existing product portfolio. The investments are intended to increase backward integration, strengthen the value chain and provide greater control over components used across the Company’s solar power solutions business.
Looking ahead, the opportunity in residential rooftop solar remains favourable, supported by government initiatives, rising consumer awareness and increasing adoption. The Company’s focus will remain on ramping up the newly commissioned capacities, expanding market reach and improving integration across operations. We remain committed to providing dependable, high quality solar solutions and creating long term value for all stakeholders.”
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