Fujiyama Power Systems Limited has reported strong financial growth for the fourth quarter and full fiscal year ended March 31, 2026, driven by rising demand for residential rooftop solar systems, expansion of its distribution network, and increased manufacturing capacity.
The company posted revenue from operations of Rs. 9,008 million in Q4 FY26, marking an 87.5% year-on-year increase compared to Rs. 4,803 million in the corresponding quarter last year. EBITDA rose 116.9% year-on-year to Rs. 1,715 million, while profit after tax (PAT) climbed 107.5% to Rs. 1,063 million during the quarter.
For the full financial year FY26, Fujiyama recorded revenue from operations of Rs. 26,545 million, reflecting a 72.3% growth over FY25. EBITDA for the year stood at Rs. 4,903 million, up 97.3% year-on-year, with EBITDA margins improving to 18.5% from 16.1% in the previous fiscal year. PAT for FY26 increased 94.5% to Rs. 3,041 million.
The company attributed the improved profitability to higher operating scale, better utilization of manufacturing facilities, and increased contribution from backward-integrated operations.
During Q4 FY26, Fujiyama expanded its distribution footprint by adding more than 80 distributors, 450 dealers, and 30 exclusive retail shoppes. The company’s overall channel partner network exceeded 8,900 as of March 2026, strengthening its presence across Tier-2 and Tier-3 markets where rooftop solar adoption continues to accelerate.
On the manufacturing front, the company commissioned a 2,000 MW solar panel manufacturing facility at Ratlam in Madhya Pradesh. Fujiyama is also developing a 1,200 MW TOPCon solar cell manufacturing plant at the same location with an investment of approximately Rs. 350 crore, aimed at enhancing backward integration and supporting expansion into the on-grid solar segment.
According to the company, the TOPCon facility is expected to strengthen its participation in India’s residential solar market under the PM Surya Ghar Muft Bijli Yojana, which is driving demand through subsidy-linked rooftop solar installations.
Fujiyama further stated that commissioning of its inverter and battery manufacturing capacities at Ratlam faced delays due to the integration of advanced lithium-ion battery technologies and geopolitical disruptions impacting supply timelines. The inverter manufacturing line is expected to become operational in Q1 FY27, while battery manufacturing commissioning is targeted for Q2 FY27.
Commenting on the performance, Pawan Kumar Garg said the company’s first full financial year after listing marked a significant milestone in its growth journey, supported by strong policy momentum, rising consumer awareness, and increasing demand for reliable and sustainable power solutions.
The company said it remains focused on expanding manufacturing capacity, strengthening backward integration, improving operational efficiencies, and further widening its distribution reach to support long-term growth in India’s residential rooftop solar market.
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