Fujiyama Power Systems Q2 FY27 Revenue Surges 130% YoY; PAT Records 111% Growth
Fujiyama Power Systems Limited has announced its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
During Q2 FY27, the Company reported Revenue from Operations of Rs. 13,068 million, registering a YoY growth of 130.1%. EBITDA increased by 116.4% YoY to Rs. 2,229 million, while PAT grew by 111.2% YoY to Rs. 1,329 million. EBITDA margin was 17.1%, compared to 18.1% in Q2 FY26, while PAT margin was 10.2%, compared to 11.1% in Q2 FY26. The moderation in margins was primarily due to lower sales realisations adopted by the Company to drive higher sales volumes and gain market share. For H1 FY27, Revenue from Operations reached Rs. 26,525 million, registering a growth of 127.6% YoY. EBITDA increased by 128.7% to Rs. 4,777 million, with a margin of 18.0%. Normalised PAT was Rs. 2,981 million, with a margin of 11.2%.
The second quarter of FY27 marked further progress in the company’s manufacturing expansion and backward integration initiatives. During the quarter, Fujiyama commissioned its 2 GW power electronics manufacturing facility at Ratlam, taking its total power electronics manufacturing capacity to 4.1 GW. The company also continued to expand its manufacturing capabilities across lithium-ion batteries, solar cells and tubular batteries.
On the distribution front, the company added 100+ dealers and 30+ distributors during Q2 FY27, taking its total channel partner network to over 10,200 as of September 30, 2026.
Manufacturing Expansion and Business Highlights
During Q2 FY27, the company commissioned its 2 GW power electronics manufacturing facility at Ratlam. The facility manufactures solar inverters, UPS systems and other related power electronics products. With this addition, its total power electronics manufacturing capacity has increased to 4.1 GW.
The company is also progressing with the development of its lithium-ion battery manufacturing facility at Ratlam, with 3 GWh of manufacturing capacity expected to come online in the coming quarters. The addition will strengthen its in-house manufacturing capabilities and support the growing requirement for energy storage solutions. It will also improve integration across its solar and power backup product portfolio.
In addition to lithium-ion batteries, Fujiyama is rebuilding its in-house tubular battery manufacturing capabilities through a proposed 1 GWh facility at Hathras, Uttar Pradesh. The facility is being established as a replacement for the earlier 1.3 GWh capacity at Bawal, Haryana, which was damaged in a fire incident in May 2026. The facility is expected to be commissioned by Q3 FY27. It will provide a dedicated manufacturing base for tubular batteries, strengthen the company’s manufacturing presence in North India and support supplies to its established distribution network.
Alongside these initiatives, the 1.2 GW solar cell manufacturing facility at Ratlam remains on track for commissioning by Q1 FY28, with an investment of around Rs. 350 crore. The facility
will complement the company’s existing 1 GW solar cell manufacturing capacity and support its participation in the Domestic Content Requirement (DCR) segment.
Management Commentary
Commenting on the performance, Pawan Kumar Garg, Chairman and Joint Managing Director, said, “The second quarter of FY27 marked further progress in Fujiyama’s manufacturing expansion and backward integration initiatives. The Company made progress in building an integrated manufacturing platform across solar panels, power electronics and batteries. The demand environment for residential rooftop solar and power backup solutions remains favourable, supported by government initiatives, increasing consumer awareness and wider adoption across Tier 2 and Tier 3 markets.
Our distribution network remains an important part of our business model, enabling us to reach customers across a wide range of markets.
On the manufacturing front, we commissioned our 2 GW power electronics manufacturing facility at Ratlam during the quarter. The facility manufactures solar inverters, UPS systems and other related power electronics products. With this addition, our total power electronics manufacturing capacity has increased to 4.1 GW.
We are also progressing with the development of our lithium-ion battery manufacturing facility at Ratlam, with 3 GWh of manufacturing capacity expected to come online in the coming quarters. The addition will strengthen our in house manufacturing capabilities and support the growing requirement for energy storage solutions. It will also improve integration across our solar and power backup product portfolio.
In addition to lithium-ion batteries, we are rebuilding our in house tubular battery manufacturing capabilities through a proposed 1 GWh facility at Hathras, Uttar Pradesh. The facility is being established as a replacement for the earlier 1.3 GWh capacity at Bawal, Haryana, which was damaged in a fire incident in May 2026. The facility is expected to be commissioned by Q3 FY2027. It will provide a dedicated manufacturing base for tubular batteries, strengthen our manufacturing presence in North India and support supplies to our established distribution network.
Alongside these initiatives, the 1.2 GW solar cell manufacturing facility at Ratlam remains on track for commissioning by Q1 FY2028. The facility will complement our existing 1 GW solar cell manufacturing capacity and support our participation in the Domestic Content Requirement (DCR) segment.
Looking ahead, we see opportunities across residential rooftop solar and energy storage. 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. As we move forward, our focus will remain on ramping up manufacturing capacities, expanding our distribution reach and strengthening backward integration. We remain committed to providing dependable, high quality solar and energy solutions while creating long term value for all stakeholders.”
About Fujiyama Power Systems
Fujiyama Power Systems Limited is one of India’s leading providers of rooftop solar solutions, offering an extensive portfolio across solar panels, inverters, lithium and tubular batteries, chargers and power-electronics systems. With 30 years of operating experience, the company combines strong engineering capabilities with an integrated manufacturing model spanning 3 facilities across Himachal Pradesh and Uttar Pradesh and a fully integrated SPGS (Solar Power Generating System) expansion at Ratlam.
Fujiyama’s business is predominantly B2C, serving Indian households through a deep distribution and service network of channel partners, including distributors, dealers, exclusive Shoppes and service engineers, enabling seamless delivery, installation and after-sales support. Its strong presence in Tier-2 and Tier-3 markets, together with backward integration in key components, supports cost efficiency and supply-chain resilience.
With 1 GW solar cell capacity commissioned and an additional 1.2 GW solar cell capacity expansion underway, Fujiyama is well positioned to capture India’s accelerating DCR solar panels market, which is mandated under various government-supported schemes.