Fujiyama Power Systems IPO, Nov 13: Strong Demand Signals Bright Future for Energy Innovator

On November 13, 2025, Fujiyama Power Systems is opening its IPO to the public. The company operates in the rooftop solar sector and recently reported revenue jumping from ₹664 crore in FY 2023 to over ₹1,540 crore by FY 2025. Already, it raised ₹247 crore from anchor investors ahead of the public issue. The IPO is priced between ₹216-228 per share and seeks to raise around ₹828 crore in total. This strong financial growth and institutional backing hint at rising confidence in the company’s future. 

Let’s explore why this moment may mark the start of a bright chapter for Fujiyama Power, what it does, why investors are paying attention, and what could lie ahead.

Fujiyama Power: Company Overview

Fujiyama Power Systems is a rooftop solar products manufacturer headquartered in Noida, India. The company designs and makes on‑grid, off‑grid, and hybrid solar systems. It has a broad product mix, including solar panels, inverters, and batteries with over 522 SKUs.

In recent years, revenue surged for the financial year ending March 2025 (FY25), reaching around ₹1,540.7 million, up from approximately ₹664.1 million in FY23. Net profit also rose steeply from roughly ₹24.36 million to about ₹156.33 million in the same period. The company has expanded its manufacturing base and maintains in‑house R&D labs for product innovation.

Fujiyama’s competitive edge lies in its integrated offering and the growing solar rooftop market in India. It benefits from the increasing shift to renewable energy, favourable government policies, and demand for clean energy solutions. Having already built manufacturing and R&D capabilities, the company can scale faster than many new players.

Fujiyama Power IPO Details

The company’s IPO opened on November 13, 2025, and will close on November 17, 2025. The price band is set between ₹216 and ₹228 per share. At the upper end of the band, the total issue size is about ₹828 crore (fresh issue of ~₹600 crore + offer‑for‑sale (OFS) of ~₹228 crore). The lot size is 65 shares for each application. 

The company will use the proceeds to set up a new manufacturing facility in Ratlam, Madhya Pradesh, repay or prepay borrowings, and fund general corporate purposes. The company also raised about ₹246.9 crore from anchor investors on November 12, 2025, before the public offer opened.

Market Response and Investor Sentiment

On Day 1 of the issue (Nov 13, 2025), the subscription stood at roughly 2% by 10:30 AM, with the retail segment at ~4% and non‑institutional at ~1%. By midday the same day, the subscription rose to about 5%. The grey market premium (GMP) has been flat at ₹0 per share, signalling that unofficial market participants are not yet betting on a price jump.

Analyst views are mixed but generally positive for long‑term horizons. One brokerage pointed out that with revenues likely to double over the next three to four years, the company has a “transformative growth” potential. The IPO trades at a P/E of about 40.85× based on FY25 earnings. This level is high but common in the solar and renewables sector.

While early demand is modest, the underlying story is strong. The muted GMP suggests investors are cautious about immediate listing gains, but many see value in the medium‑term growth story.

Growth Potential and Strategic Plans

Fujiyama plans to scale up its manufacturing through the planned Ratlam facility and expand its geographic reach, especially in Western and Southern India. The company also focuses on product innovation; its R&D centre works to improve efficiency and lower the costs of its solar systems. This innovation emphasis and manufacturing scale should help improve margins and product competitiveness.

The broader context is favourable: India’s push for renewable energy and rooftop solar under government programmes provides tailwinds. Fujiyama is positioned to benefit. The capital from the IPO will give it more firepower to grab market share in a growing solar industry.

The company’s sustainability profile is also important: by offering clean energy solutions, Fujiyama aligns with ESG (environmental, social, governance) trends that appeal to many institutional investors.

Risks and Challenges

Despite the upside, several risks exist. First, the solar equipment manufacturing sector is highly competitive. Global players and low‑cost imports could pressure margins. Second, technology and supply‑chain risks: scaling manufacturing and ensuring consistent product quality while managing raw‑material cost inflation may pose challenges. Third, valuation risk: a P/E of ~40× implies high expectations. If growth slows, investors may be disappointed. Regulatory changes or slower adoption of rooftop solar may also hurt the business.

Investors should watch key metrics like capacity utilisation of the new facility, margin trends, debt‑equity ratio, and actual listing gains vs expectations.

Wrap Up

Fujiyama Power Systems’ IPO rides on a strong growth story in the solar rooftop sector, solid financials, and a clear expansion roadmap. With India pushing renewable energy, the company stands to capture significant opportunities. Flat GMP and modest Day 1 subscription show that short-term gains are not guaranteed. However, the medium-term outlook looks promising if the company executes effectively and manages competitive, technological, and regulatory challenges.

Investors with a long-term horizon and comfort in growth themes may find this a compelling opportunity. Those seeking quick listing gains should exercise caution given current market conditions and pricing.

Frequently Asked Questions (FAQs)

Disclaimer: The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.