Fujiyama Power Systems IPO
Bookbuilding IPO | ₹828.00 Cr | Listing at BSE, NSE
IPO Open
Thu, Nov 13, 2025
IPO Close
Mon, Nov 17, 2025
Price Band
₹216.00 to ₹228.00
Market Cap (Pre-IPO)
₹6,986.17 Cr
IPO Details
| IPO Date | Nov 13, 2025 to Nov 17, 2025 |
| Listing Date | Tentative: Nov 20, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹216.00 to ₹228.00 |
| Lot Size | 65 Shares (Minimum: ₹14,820.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹828.00 Crores |
| Total Shares Offered | 36,315,789 shares |
| Fresh Issue | 26,315,789 shares |
| Offer For Sale | 10,000,000 shares |
Fujiyama Power Systems IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 1,80,48,245 (49.70%) |
| Retail Shares Offered | 1,26,33,772 (34.79%) |
| NII Shares Offered | 54,14,474 (14.91%) |
Fujiyama Power Systems IPO Lot Size
Investors can bid for a minimum of 65 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 65 | ₹14,820 |
| Retail (Max) | 13 | 845 | ₹192,660 |
| S-HNI (Min) | 14 | 910 | ₹207,480 |
| S-HNI (Max) | 67 | 4,355 | ₹992,940 |
| B-HNI (Min) | 68 | 4,420 | ₹1,007,760 |
Fujiyama Power Systems Financial Information (Restated Consolidated)
Fujiyama Power Systems Ltd.'s revenue increased by 67% and profit after tax (PAT) rose by 245% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total Income | 597.79 | 1,550.09 | 927.20 | 665.33 |
| Profit After Tax | 67.59 | 156.34 | 45.30 | 24.37 |
| EBITDA | 105.89 | 248.52 | 98.64 | 51.60 |
| NET Worth | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves and Surplus | 436.33 | 368.81 | 215.00 | 70.55 |
| Total Borrowing | 432.83 | 346.22 | 200.19 | 211.14 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 39.40% |
| ROCE (Return on Capital Employed) | 41.01% |
| Debt/Equity | 0.87 |
| RoNW (Return on Net Worth) | 39.40% |
| PAT Margin (Profit After Tax Margin) | 10.15% |
| EBITDA Margin | 16.13% |
| Price to Book Value | 16.09 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 5.58 | 8.82 |
| P/E (x) | 40.85 | 25.84 |
| Promoter Holding | 99.67% | 87.88% |
Company Promoters
- The promoters of the Company are Pawan Kumar Garg
- Yogesh Dua and Sunil Kumar.
Company Overview
Founded in 2017, Fujiyama Power Systems Limited manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. The company has designed an extensive product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, to reduce customer reliance on alternative OEMs.
The company serves customers via an extensive distribution network with over 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees trained to understand customer needs and supply customized solar systems. Additionally, we have over 602+ qualified service engineers providing maintenance and technical support.
The company offers a wide range of products, including solar PCUs, off-grid, on-grid, and hybrid inverters, solar panels, PWM chargers, other battery chargers, lithium-ion and tubular batteries, online and offline UPS systems, solar management units, and charge controllers.
The company has four manufacturing facilities in Greater Noida, Uttar Pradesh, Parwanoo, Himachal Pradesh, Ba2017wal, Haryana and Dadri, UP.
The company's production systems are certified under ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management), and ISO 45001:2018 (Occupational Health and Safety).
The company exports its products to countries such as the USA and several Asian countries, including Bangladesh and the UAE.
Company Strengths
- Quality-centric and precision-driven large-scale manufacturing infrastructure driving production efficiency.
- Robust distribution network, and post-sale service capabilities driving strong brand recognition.
- Track record of technological development and product innovation.
- Diverse solar products establish the company as a leader in the rooftop solar industry.
- Experienced Promoters and Senior Management and a committed employee base.
Use of Proceeds
| 1) | Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India | 180.00 |
| 2) | Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by our Company | 275.00 |
| 3) | General corporate purposes | 112.32 |
Objectives
The Company Fujiyama Power Systems IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Fujiyama Power Systems IPO Peer Comparison
Fujiyama Power Systems peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Fujiyama Power Systems Limited | 5.59 | 5.56 | 14.17 | 0.00 | 39.40 | 0.00 | - |
| Waaree energies limited | 68.24 | 67.96 | 334.00 | 49.04 | 20.09 | 9.98 | Consolidated |
| R S premier energies limited | 21.35 | 21.35 | 62.61 | 47.91 | 33.21 | 16.48 | Consolidated |
| Exicom Tele System | -9.11 | -9.11 | 50.80 | 0.00 | -17.93 | 2.88 | Consolidated |
| Insolation Energy Ltd | 5.95 | 5.95 | 28.00 | 31.68 | 51.20 | 6.71 | Consolidated |
Quick Info
| Sector | Renewable Energy or Solar Energy |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹6,986.17 Cr |
Important Dates
| IPO Open | Nov 13, 2025 |
| IPO Close | Nov 17, 2025 |
| Allotment Date | Nov 18, 2025 |
| Credit to Demat | Nov 19, 2025 |
| Listing Date | Tentative: Nov 20, 2025 |
Lead Manager(s)
Motilal Oswal Investment Advisors Ltd.
Registrar
Description
- Fujiyama Power Systems IPO is a book build issue of ₹828.00 crores. The issue is a combination of fresh issue of 2.63 crore shares aggregating to ₹600.00 crores and offer for sale of 1.00 crore shares aggregating to ₹228.00 crores.
- Fujiyama Power Systems IPO bidding started from Nov 13, 2025 and ended on Nov 17, 2025. The allotment for Fujiyama Power Systems IPO was finalized on Nov 18, 2025. The shares got listed on BSE, NSE on Nov 20, 2025.
- Fujiyama Power Systems IPO price band is set at ₹228.00 per share . The lot size for an application is 65. The minimum amount of investment required by an retail is ₹14,820 (65 shares) (based on upper price). The lot size investment for sNII is 14 lots (910 shares), amounting to ₹2,07,480, and for bNII, it is 68 lots (4,420 shares), amounting to ₹10,07,760.