Fujiyama Solar Reports Strong Q2 FY26 With 73% Revenue Growth

09 Dec 2025 CW Team

Fujiyama Power Systems Ltd has posted a strong performance for Q2 FY26 with Revenue from Operations rising 72.6 per cent year-on-year to Rs 5,679 million. EBITDA for the quarter stood at Rs 1,030 million, reflecting a margin of 18.1 per cent, while PAT increased to Rs 629 million with an 11.1 per cent margin. Earnings per share for the period was Rs 2.25. For H1 FY26, Revenue from Operations increased 61.5 per cent to Rs 11,653 million, and EBITDA reached Rs 2,089 million with a margin of 17.9 per cent. PAT for the half-year was Rs 1,305 million. Total debt as of 30 September 2025 stood at Rs 6,740 million, with net debt-to-equity at 1.26x and a post-IPO proforma ratio of 0.35x. The company reported ROCE of 25.1 per cent and ROE of 24.7 per cent for H1 FY26. Fujiyama is progressing expansion plans, including a 1 GW DCR solar cell facility in Dadri targeted for Q3 FY26 and a 2 GW fully integrated SPGS manufacturing plant in Ratlam scheduled for commissioning in Q4 FY26. The company’s B2C segment contributed 91.7 per cent of revenue in H1 FY26, supported by rapid expansion of its retail network. The product mix continued to shift towards solar panels, contributing 45.4 per cent of revenue in H1 FY26, compared with 36.5 per cent a year earlier. The company also announced cricketer Surya Kumar Yadav as its new brand ambassador to boost visibility and brand connect across households. Chairman and Joint Managing Director Pawan Kumar Garg said the strong financial performance reflects scale benefits, disciplined operations and efficiencies from backward integration. He noted that policy support, rising adoption of rooftop systems and growing demand in Tier-2 and Tier-3 cities are creating sustained opportunities for residential and distributed solar. Fujiyama added more than 70 distributors, 350 dealers and 20 exclusive stores during the quarter, taking its channel network to over 7,500 partners. The company aims to strengthen its nationwide presence, enhance manufacturing capacity and continue improving cost structures as India targets 300 GW of installed solar capacity by 2030.

Infrastructure Urban

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