Fujiyama Power Systems reports a 125.3% rise in Q1 revenue driven by its new manufacturing facilities at Ratlam, signalling a rapid expansion in India’s solar and green tech landscape.
Fujiyama Power Systems has reported a sharp rise in first-quarter revenue as its manufacturing push in Madhya Pradesh begins to feed through to the business. The company said revenue from operations climbed 125.3% year on year to ₹1,345.7 crore for the quarter ended June 30, 2026, helped by stronger sales across its solar portfolio. Earnings before interest, tax, depreciation and amortisation rose 140.6% to ₹254.8 crore, lifting the margin to 18.9% from 17.7% a year earlier.
Profit after tax came in at ₹57.8 crore, down 14.5% from the same quarter last year, mainly because of a provision linked to the Bawal fire loss. Excluding that exceptional item, normalised profit rose 144.5% to ₹165.2 crore, with the normalised margin improving to 12.3%. The company also said performance improved sequentially, with revenue up 49.4% from the previous quarter and EBITDA advancing 48.6%.
The earnings update comes as Fujiyama accelerates capacity additions at its Ratlam site. During the quarter, it commissioned a 2,000 MW solar panel manufacturing facility there, building on earlier disclosures that the project is designed as a broader greenfield hub for panels, batteries and inverters. The company said a 2,000 MW power electronics facility at Ratlam was commissioned in August 2026, while a lithium-ion battery plant of the same size is expected to come on stream by the second quarter of FY27.
Fujiyama is also adding a 1,200 MW solar cell plant at Ratlam with an investment of about ₹350 crore. After the latest expansions, its total solar panel capacity stands at 3,568 MW and its power electronics capacity at 4,180 MW. The company widened its sales network during the quarter by adding more than 80 distributors, 1,000 dealers and 30 exclusive retail outlets, taking its total channel partner base to more than 10,100. It is also deepening backward integration by lifting its stakes in Zayo Energy Private Limited and Zayo Cables Private Limited to 50% each, moves that should give it more control over key components used in solar modules and related products.
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