Fujiyama Power Systems, trading as UTL Solar, hit a record high on the BSE, driven by robust quarterly results, expanded manufacturing capacity, and increasing demand for rooftop solar solutions in India, outpacing the Sensex’s gains.
Fujiyama Power Systems, which trades as UTL Solar, climbed to a record ₹431.25 on the BSE on Friday after the company reported a strong operating performance for the June quarter. The shares briefly topped their earlier peak of ₹424.30 reached on August 10, 2026, and have now risen 153% from the 52-week low of ₹170.65 hit on March 3. Business Standard said the stock was still up 90% so far in 2026, far ahead of the Sensex’s 8.4% rise.
The company’s latest results showed revenue from operations rising 125.3% year on year to ₹1,345.7 crore, while EBITDA increased 140.6% to ₹254.8 crore. Margin improvement to 18.9% from 17.7% a year earlier reflected stronger scale and a larger contribution from Fujiyama’s manufacturing base, according to the company’s commentary reported by Business Standard. Management said the business is benefiting from expanding distribution, greater manufacturing capacity and demand for residential rooftop solar and power backup products in smaller cities.
Motilal Oswal Financial Services said Fujiyama is well placed to benefit from India’s shortage of domestically manufactured solar cells, particularly after the implementation of ALMM List-II, which has tightened supply for module makers. The brokerage pointed to Fujiyama’s captive 1GW Mono PERC cell facility and its newly launched 600W Mono PERC bifacial module as advantages that could support supply security and margins. It also highlighted the company’s push into Assam, Karnataka, Telangana and West Bengal, where rooftop solar penetration remains low relative to the available market.
The stock’s rise has been more striking given its muted market debut. LiveMint reported that Fujiyama’s shares listed at ₹220 on November 20, below the IPO price, even though institutional demand was strong. Since then, the company has won favour with some analysts, who expect rapid growth through FY28 and have a BUY call with a target price of ₹470, based on the view that rooftop solar adoption, policy support and manufacturing expansion will keep driving earnings.
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