Fujiyama Power Systems IPO shares to list on Nov 20; experts recommend holding for long-term

Fujiyama Power Systems IPO shares will be listed on the stock exchanges on November 20. 

Fujiyama Power Systems shares will make their stock market debut on November 20, with analysts advising investors to hold the stock for the long term.

The company’s Rs 828-crore initial public offering was subscribed a little over two times. Prior to the issue, Fujiyama Power Systems had mobilised Rs 247 crore from anchor investors.

Narendra Solanki, Head of Fundamental Research – Investment Services at Anand Rathi Shares and Stock Brokers, said the company offers an integrated rooftop solar ecosystem, covering product development, manufacturing, nationwide distribution and customer service. Its portfolio includes solar inverters, panels, batteries and controllers, along with solutions for the E-rickshaw segment such as EV chargers and lithium-ion batteries.

He noted that Fujiyama Power Systems operates mainly as a B2C player through a distributor–dealer–franchise network and runs four manufacturing facilities backed by an in-house R&D setup. At the upper price band, the company is valued at 45 times its FY25 earnings per share, with a post-issue market capitalisation of Rs 69,862 million. Solanki recommended holding the stock from a long-term perspective, depending on an investor’s risk profile.

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Based in Greater Noida, the company manufactures products and provides solutions across on-grid, off-grid and hybrid rooftop solar systems. It markets its offerings under the ‘UTL Solar’ and ‘Fujiyama Solar’ brands.

The firm reported revenue from operations of Rs 1,540.67 crore in FY25, up from Rs 664.08 crore in FY23. Net profit rose to Rs 156.33 crore in FY25 compared with Rs 24.36 crore in FY23.

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