The Fujiyama Power Systems IPO (also known as the UTL Solar IPO) will open on November 13, 2025, and close on November 17, 2025. The Fujiyama Power Systems IPO is a book-built issue. The company will raise approximately ₹828 crore through the IPO, consisting of a fresh issue of shares worth ₹600 crore and 1,00,00,000 equity shares with a face value of ₹1.
The Fujiyama Power Systems IPO price band is ₹216 to ₹228 per share. The retail share is 35%, QIBs 50%, and HNIs 15%. The Fujiyama Power Systems IPO will be listed on the BSE and NSE on November 20, 2025. The allotment for the Fujiyama Power Systems IPO will take place on November 18, 2025.
The company reported revenue of ₹1,550.09 crore in 2025, compared to ₹927.20 crore in 2024. The company reported a profit of ₹156.34 crore in 2025, compared to ₹45.30 crore in 2024. Based on the financials, IPO investors should invest in the IPO GMP for the long term.
Fujiyama Power Systems IPO Details
| IPO Open Date | November 13, 2025 |
| IPO Close Date | November 17, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹216 to ₹228 Per Share |
| Issue Size | Approx ₹828 Crores |
| Fresh Issue | Approx ₹600 Crores |
| Offer for Sale: | Approx 1,00,00,000 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Fujiyama Power Systems IPO Market Lot
The Fujiyama Power Systems IPO minimum market lot is 65 shares with ₹14,820 application amount. The retail investors can apply up-to 13 lots with 845 shares of ₹1,92,660 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 65 | ₹14,820 |
| Retail Maximum | 13 | 845 | ₹1,92,660 |
| S-HNI Minimum | 14 | 910 | ₹2,07,480 |
| S-HNI Maximum | 67 | 4,355 | ₹9,92,940 |
| B-HNI Minimum | 68 | 4,420 | ₹10,07,760 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Fujiyama Power Systems IPO Anchor Investors
| Anchor Bidding Date | November 12, 2025 |
| Anchor Investors List | . |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | December 18, 2025 |
| lock-in period end date 50% shares (90 Days) | February 16, 2026 |
Fujiyama Power Systems IPO Dates
The Fujiyama Power Systems IPO date is November 13 and the close date is November 17. The Fujiyama Power Systems IPO allotment will be finalized on November 18 and the IPO listing on November 20.
| IPO Open Date: | November 13, 2025 |
| IPO Close Date: | November 17, 2025 |
| Basis of Allotment: | November 18, 2025 |
| Refunds: | November 19, 2025 |
| Credit to Demat Account: | November 19, 2025 |
| IPO Listing Date: | November 20, 2025 |
| IPO Bidding Cut-off Time: | November 17, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Pawan Kumar Garg, Yogesh Dua and Sunil Kumar.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 28,00,95,145 | 99.84% |
| Promoter Holding Post Issue | – | -% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India(the“Project”); | ₹180 |
| Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the Company; and | ₹275 |
| General Corporate Purpose | ₹- |
About Fujiyama Power Systems IPO
Established in 2017, Fujiyama Power Systems Limited is one of the leading manufacturers and solution providers in the rooftop solar business. The company manufactures solar inverters for on-grid, off-grid, and hybrid solar systems. Its brands, UTL Solar (which has existed for 29 years) and Fujiyama Solar, have earned it a strong reputation in the solar energy industry. Furthermore, the company exports its products to various countries, including the United States and several Asian countries, including Bangladesh and the UAE.
Fujiyama is one of the few companies in India to develop such advanced products, including single-card online UPS, combo UPS with automatic voltage regulation (AVR), high-frequency online UPS, and single-card SMT inverters. The company has a large distribution network comprising over 725 distributors, 5,546 dealers, and 1,100 exclusive partners. It also has over 602 qualified service engineers, who are specially trained to provide customized solar systems according to customer requirements.
Fujiyama Power Systems IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹665.33 | ₹633.85 | ₹24.37 | ₹514.56 |
| 2024 | ₹927.20 | ₹864.60 | ₹45.30 | ₹609.64 |
| 2025 | ₹1,550.09 | ₹1,336.97 | ₹156.34 | ₹1,013.96 |
| June 2025 | ₹597.79 | ₹507.85 | ₹67.59 | ₹1,243.88 |
Fujiyama Power Systems IPO Valuation – FY2025
Check Fujiyama Power Systems IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 39.40% |
| ROCE: | 41.01% |
| EBITDA Margin: | 16.13% |
| PAT Margin: | 10.15% |
| Debt to equity ratio: | 0.87 |
| Earning Per Share (EPS): | ₹5.59 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 39.40% |
| Net Asset Value (NAV): | ₹14.17 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Waaree Energies | 48.05 | 66.32 | 30.82% | 157.26 | 14,444.50 Cr. |
| Premier Energies | 6.93 | 242.56 | 36.69% | 23.94 | 6518.75 Cr. |
| Exicom Tele Systems | 6.70 | 41.35 | 8.86% | 59.72 | 867.61 Cr. |
| Insolation Energy | 26.63 | 149.54 | 51.20% | 52.00 | 1,333.76 Cr. |
Established in 2017, Fujiyama Power Systems Ltd. manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. The company has developed a comprehensive product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, to reduce customer dependence on alternative OEMs.
The company serves customers through an extensive distribution network with over 725 distributors, 5,546 dealers, and 1,100 specialized "shop" franchises, who are trained to understand customer needs and provide 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, Bawal, Haryana, and Dadri, Uttar Pradesh.
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 the United States, Bangladesh, and several Asian countries, including the United Arab Emirates.
Competitive Strength
A large-scale manufacturing infrastructure with quality-focused and precision-driven infrastructure enhances production efficiency.
A strong distribution network and after-sales service capabilities promote strong brand recognition.
A 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, along with a committed employee base.
IPO Lead Managers aka Merchant Bankers
- Motilal Oswal Investment Advisors Ltd.
- SBI Capital Markets Ltd.
Company Address
Fujiyama Power Systems Ltd.
53A/6, Near NDPL Grid Office,
Near Metro Station
Sat Guru Ram Singh Marg
Delhi, New Delhi, 110015
Phone: +91 1141055305
Email: investor@utlsolarfujiyama.com
Website: https://www.utlsolarfujiyama.com/
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: fujiyamapower.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html