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Fujiyama Power Systems IPO
Price Band
₹216.0–228.0
Issue Size
₹828.0 Cr
Lot Size
65 shares
Min Investment
₹14,820
GMP
+₹0.5 (0.22%)
Issue Price
₹228.0
Fujiyama Power Systems IPO AI Summary
- Fujiyama Power Systems IPO is listed on BSE, NSE in the Other Electrical Equipment sector.
- Price band: ₹216.0–₹228.0 per share, lot size 65 shares (min. investment ₹14,820).
- Subscription window: 13 Nov–17 Nov 2025, listing on 20 Nov 2025.
- Current GMP is +₹0.5 (0.22%), an estimated listing price of ₹229 — unofficial and can change daily.
Fujiyama Power Systems Limited is entering the market with a diverse range of solar products and a strong distribution network. With significant growth in revenue and profit over the past years, the IPO presents an opportunity for investors, though they should consider the associated risks and market conditions.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Fujiyama Power Systems IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 17 Nov 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Fujiyama Power Systems IPO Grey Market Premium (GMP) Today
GMP
+₹0.5
GMP %
+0.22%
Est. Listing
₹228.5
Updated: 25 Jul 2026 14:15
About the Company
Founded in 2017, Fujiyama Power Systems Limited manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. The company has designed an extensive product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, to reduce customer reliance on alternative OEMs. The company serves customers via an extensive distribution network with over 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees trained to understand customer needs and supply 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, Ba2017wal, Haryana and Dadri, UP. 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 countries such as the USA and several Asian countries, including Bangladesh and the UAE. Competitive Strength Quality-centric and precision-driven large-scale manufacturing infrastructure driving production efficiency. Robust distribution network, and post-sale service capabilities driving strong brand recognition. 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 and a committed employee base.
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Total Income | 597.79 | 1,550.09 | 927.20 | 665.33 |
| Profit After Tax | 67.59 | 156.34 | 45.30 | 24.37 |
| EBITDA | 105.89 | 248.52 | 98.64 | 51.60 |
| NET Worth | 464.34 | 396.82 | 239.54 | 193.08 |
| Reserves and Surplus | 436.33 | 368.81 | 215.00 | 70.55 |
| Total Borrowing | 432.83 | 346.22 | 200.19 | 211.14 |
Key Ratios
EPS
₹5.58
NAV
₹14.17
ROE
39.40%
ROCE
41.01%
RoNW
39.40%
P/B Value
16.09
P/E Ratio
40.85
Market Cap
₹6986.17 Cr
PAT Margin
10.15%
Debt/Equity
0.87
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Insolation Energy Ltd | 28 | 51.2% | 31.68 | 5.95 | 5.95 |
| Exicom Tele System | 50.8 | -17.93% | — | -9.11 | -9.11 |
| R S premier energies limited | 62.61 | 33.21% | 47.91 | 21.35 | 21.35 |
| Waaree energies limited | 334 | 20.09% | 49.04 | 68.24 | 67.96 |
| Fujiyama Power Systems Limited This IPO | 14.17 | 39.4% | — | 5.59 | 5.56 |
Promoters
Pawan Kumar Garg, Yogesh Dua and Sunil Kumar
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India 180.00 2 Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by Company 275.00 3 General Corporate Purposes 112.32 4 Issue Expenses 45.10 Total 612.42
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹665.33 Cr in the year ending 31 Mar 2023, rising to ₹927.20 Cr by 31 Mar 2024, further increasing to ₹1,550.09 Cr by 31 Mar 2025. However, the most recent figure of ₹597.79 Cr as of 30 Jun 2025 is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹24.37 Cr in the year ending 31 Mar 2023, increasing to ₹45.30 Cr by 31 Mar 2024, and further rising to ₹156.34 Cr by 31 Mar 2025. The latest figure of ₹67.59 Cr for the period ending 30 Jun 2025 is also a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Fujiyama Power Systems Limited has an implied P/E ratio of 40.85 at the issue price, priced at roughly 40.85 trailing earnings, versus peers trading at a P/E range of approximately 31.68 to 49.04.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. A positive GMP indicates that the shares are expected to list at a higher price than the issue price, while a negative GMP suggests the opposite. Investors often look at GMP as an indicator of market sentiment towards an IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's essential to consider the company's growth potential, market conditions, and personal financial situation before making a decision.
Who May Want to Wait
Investors who prefer stable, established companies with predictable earnings may want to avoid this IPO, as it operates in a rapidly evolving industry and may face market volatility.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on 13 Nov 2025 and closes on 17 Nov 2025. Allotment of shares will be done by 18 Nov 2025, and the listing date is set for 20 Nov 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange at a price higher than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing. Investors should be aware that there is a risk of price volatility on the listing day.
This evaluation is generated from Fujiyama Power Systems's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Fujiyama Power Systems IPO GMP today?
Fujiyama Power Systems IPO GMP today is +₹0.5 (0.22%), indicating an estimated listing price of ₹229. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Fujiyama Power Systems IPO?
The price band of Fujiyama Power Systems IPO is ₹216.0–₹228.0 per share.
When does Fujiyama Power Systems IPO open and close?
Fujiyama Power Systems IPO opens on 13 November 2025 and closes on 17 November 2025.
When does Fujiyama Power Systems IPO list on the stock exchange?
Fujiyama Power Systems IPO listed on 20 November 2025 at ₹228.5.
What is the lot size for Fujiyama Power Systems IPO?
The lot size for Fujiyama Power Systems IPO is 65 shares, requiring a minimum investment of ₹14,820.
What is the lot size for this IPO?
The lot size for Fujiyama Power Systems IPO is 65 shares.
What is the minimum investment required?
The minimum investment required is ₹14,820.
What is the price band for the IPO?
The price band for the IPO is ₹216 to ₹228.
When is the listing date for the shares?
The listing date is set for 20 Nov 2025.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected price movement of shares before they officially list.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
13 Nov 2025
Close
17 Nov 2025
Allotment
18 Nov 2025
Listing
20 Nov 2025
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