Fujiyama Power Systems Limited has approved the establishment of a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh, as the company strengthens its backward integration and domestic solar manufacturing capabilities.
The company, listed on both the BSE and NSE under the name UTLSOLAR, currently operates a 1 GW Mono PERC solar cell manufacturing facility at Dadri in Uttar Pradesh. With the proposed addition of 1.2 GW TopCon capacity at Ratlam, Fujiyama aims to significantly expand its integrated solar manufacturing operations across the value chain.
According to the company, the Ratlam facility is expected to begin commercial operations in the first quarter of FY2028. The project will involve an estimated investment of ₹350 crore, which will be financed through a mix of debt and internal accruals.
Fujiyama Power Systems Limited stated that the new TopCon solar cell project forms a key part of its technology upgradation and backward integration strategy. The expansion is expected to help the company reduce cost volatility, ensure steady availability of Domestic Content Requirement (DCR)-compliant solar cells, improve gross margins, and strengthen its position in India’s residential rooftop solar market.
The company also highlighted that the implementation of ALMM-II for Solar PV Cells from June 1, 2026, is expected to boost domestic demand for locally manufactured solar cells and DCR-compliant solar panels, further supporting the rationale behind the investment.
Commenting on the development, Pawan Kumar Garg, Chairman and Joint Managing Director of Fujiyama Power Systems Limited, said the Ratlam expansion marks an important milestone in the company’s growth strategy. He added that the facility will strengthen Fujiyama’s competitive positioning in the on-grid rooftop solar segment and support increasing demand under the Pradhan Mantri Surya Ghar Muft Bijli Yojna.
The company said the new manufacturing capacity will further support its vision of expanding rooftop solar adoption across Indian households through domestically manufactured solar solutions.
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