The much-anticipated initial public offering of Fujiyama Power Systems is scheduled to open for public subscription on Thursday, November 13, marking a significant milestone for the growing solar energy sector in India. The public issue will remain accessible to investors until Monday, November 17, providing a five-day window for participation.
IPO Structure and Listing Details
This ₹828 crore mainboard offering represents a combination of fresh capital infusion and partial exit by existing shareholders. The issue comprises a fresh issue of approximately 2.63 crore shares aimed at raising ₹600 crore, complemented by an offer for sale of one crore shares by promoters. Successful investors can expect to see their shares listed on both the Bombay Stock Exchange and National Stock Exchange starting Thursday, November 20.
The company has established a price band ranging from ₹216 to ₹228 per equity share, making it accessible to a broad spectrum of retail and institutional investors. This pricing strategy reflects the company's current valuation expectations while considering market conditions.
Company Background and Leadership
Fujiyama Power Systems operates primarily within India's rapidly expanding rooftop solar industry, offering comprehensive solutions including on-grid, off-grid, and hybrid solar systems. The company has positioned itself as an integrated player in the renewable energy value chain, with ambitions spanning solar panel manufacturing, solar inverter production, and battery manufacturing for both lead acid and lithium-ion technologies.
The company's leadership comprises three prominent promoters: Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar. According to the Red Herring Prospectus, Pawan Kumar Garg holds 38.68% of pre-offer shares, while Yogesh Dua maintains an identical stake of 38.68%. Sunil Kumar possesses a 4.91% shareholding in the company prior to the public offering.
In the ongoing offer for sale component, promoters Pawan Kumar Garg and Yogesh Dua are each divesting 50 lakh shares, demonstrating partial monetization of their investments while retaining significant stakes in the company's future growth.
Financial Performance and Growth Trajectory
Fujiyama Power Systems has demonstrated remarkable financial growth over recent years, establishing a strong foundation for its public market debut. The company's profit figures reveal an impressive upward trajectory, climbing from ₹24.37 crore in FY23 to ₹45.30 crore in FY24, and surging to ₹156.34 crore in FY25.
Revenue performance has been equally robust, with operational revenue expanding from ₹664.08 crore in FY23 to ₹924.69 crore in FY24, and accelerating to ₹1,540.68 crore in FY25. The momentum has continued into the current fiscal year, with the company reporting ₹67.59 crore in profit and ₹597.35 crore in revenue for the three-month period ending June 30, 2025.
This sustained financial growth aligns with India's expanding solar energy capacity, which has surged from 35 GW in CY19 to 94 GW in CY24. Industry projections indicate massive potential, with expectations of reaching 365 GW by FY32. The rooftop solar segment specifically is anticipated to achieve nearly 100 GW capacity, while battery demand is forecast to experience substantial growth.
Risk Factors and Competitive Landscape
Potential investors should carefully consider several risk factors highlighted in the company's prospectus. A significant concern involves the company's dependence on Chinese imports for critical raw materials, particularly solar cells, semiconductor devices, and lithium-ion cells. Any restrictions or import duties affecting these components could adversely impact manufacturing operations and profitability.
The company also faces geographical concentration risk, deriving substantial retail sales from Uttar Pradesh. While expansion initiatives are underway to diversify its market presence, any downturn in demand within its primary market or challenges in penetrating new territories could affect business performance.
Additionally, Fujiyama Power Systems relies on a limited number of third-party suppliers for essential materials and components. Disruptions in supply chains, quality inconsistencies, or price fluctuations among these suppliers could negatively influence manufacturing operations and product delivery.
The company operates in a competitive environment alongside established players including Waaree Energies Limited, Premier Energies Limited, Exicom Tele-Systems Limited, and Insolation Energy Limited. These competitors represent benchmarks for performance and valuation within the renewable energy sector.
As with any investment decision, prospective investors should conduct thorough due diligence, considering both the growth potential of the solar energy sector and the specific risk factors associated with Fujiyama Power Systems. The company's upcoming IPO represents not just a fundraising event, but a significant moment in India's renewable energy journey, offering market participants an opportunity to participate in the country's clean energy transition.
