The Fujiyama Power Systems IPO has attracted strong attention among investors due to the company’s fast-growing presence in the rooftop solar industry, a sector that has seen enormous demand over the past decade because of rising clean energy adoption in India. This IPO, valued at ₹828 crore, is structured as a combination of fresh issue of ₹600 crore and an offer for sale of ₹228 crore. With a price band of ₹216 to ₹228 per share, the issue offers investors a chance to participate in a company that has rapidly built a strong brand across the solar energy ecosystem.

The bidding window opened on 13 November 2025 and closed on 17 November 2025, with the allotment scheduled for 18 November 2025. The company aims to list on both BSE and NSE on 20 November 2025, marking a significant milestone for a relatively young organisation founded in 2017.

The IPO is structured with a lot size of 65 shares, requiring a minimum retail investment of ₹14,820 at the upper band. For high-net-worth investors, the lot requirements are higher, with 14 lots for sNII and 68 lots for bNII. The interest in this IPO has also been supported by the consistent movement in the grey market premium, which has remained between ₹0 and ₹3 over the last thirteen trading sessions. Although the GMP is modest, it suggests steady to positive listing expectations, especially given the industry tailwinds for solar products.

The company was established with the aim of providing comprehensive rooftop solar solutions, and over the years, it has developed a large and diversified product portfolio. Fujiyama Power Systems manufactures and supplies on-grid, off-grid, and hybrid solar systems, and has designed a line-up of over 522 SKUs, enabling customisation and scalability for different customer requirements. The product range includes solar PCUs, hybrid and grid-tied inverters, solar panels, PWM chargers, lithium-ion batteries, tubular batteries, solar management units, charge controllers, and online/offline UPS systems.

One of the key strengths of the company lies in its wide distribution network, which includes more than 725 distributors, 5,546 dealers, and about 1,100 exclusive Shoppe franchisees. These franchisees receive specialised training to understand local customer needs and recommend the right solutions. The extensive service ecosystem is further supported by 602+ qualified service engineers, who offer quick and reliable post-sale support. This ensures that Fujiyama not only sells solar products but also provides installation, maintenance and long-term assistance.

The company’s manufacturing facilities form the backbone of its operations. Fujiyama Power Systems operates four major manufacturing units, located in Greater Noida (Uttar Pradesh), Parwanoo (Himachal Pradesh), Bawal (Haryana), and Dadri (UP). These units are equipped with advanced production systems and are certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018, underlining the company’s commitment to quality, environmental protection, and safety standards.

Over the years, Fujiyama Power Systems has developed a reputation for precision-driven manufacturing, high-quality standards and a strong emphasis on innovation. The company has invested deeply in tech-driven product development, continuous research and improvement, resulting in solutions that cater to residential, commercial, and industrial energy requirements. This innovation-first philosophy has enabled the company to establish a competitive edge in a crowded market with several domestic and foreign solar solution providers.

In addition to its strong domestic presence, the company has also expanded its reach internationally. It exports solar products to various countries, including the United States, Bangladesh, UAE, and other Asian markets. The export footprint reflects the company's global-quality manufacturing capabilities and ability to meet international standards.

A major reason for investor interest in the Fujiyama IPO is the rapid growth of India’s rooftop solar sector. Government initiatives like the PM Surya Ghar Scheme, state-level subsidies, rising electricity tariffs, and increased environmental awareness have accelerated demand for home and industrial rooftop solar systems. The push toward renewable energy independence has resulted in strong policy support, particularly for rooftop installations, which are easier and more affordable for households and micro-enterprises.

As a result, companies like Fujiyama stand to benefit from favourable market sentiment, rising adoption trends, and expanding consumer awareness. The company’s strengths lie in its large product basket, wide dealer network, quality certifications, and its consistent focus on innovation.

However, no IPO is without risks, and investors must evaluate several factors. The solar industry is highly competitive, with numerous players offering similar products, including established manufacturers and low-cost imports from countries like China. Price competition remains a significant challenge, especially in the inverter and battery segments.

Another risk arises from the dependency on government policies, subsidies, and regulatory frameworks. Any change in subsidy allocation or slowdown in policy execution could affect demand in the rooftop solar market. Additionally, fluctuations in the price of raw materials like lithium, copper, and aluminium can impact margins.

The company’s ability to maintain consistent quality and service across its widespread dealer network will play a key role in its long-term brand positioning. This includes not only manufacturing capacity but also supply chain efficiency, service delivery, and product innovation.

The use of proceeds from the fresh issue also deserves attention. The company aims to deploy the funds towards capacity expansion, working capital requirements, and corporate purposes, which could support accelerated growth and help strengthen its market position. If executed effectively, the expansion could enable Fujiyama to reduce lead times, handle higher product demand, and enhance export capabilities.

On the financial side, investors would want to closely review the company’s revenue growth trajectory, profitability margins, cash flow quality, and working capital cycle. Solar businesses tend to have longer receivable cycles, especially when dealing with distributors or institutional clients, which makes working capital management a critical factor.

Another important consideration is the company’s ability to innovate and adapt, since solar technologies evolve rapidly. Companies that continuously invest in R&D, battery storage technologies, and hybrid solar solutions tend to perform better in the long term. Fujiyama’s already strong product portfolio, combined with its ongoing innovation efforts, positions it well to keep pace with industry advancements.

The IPO also draws attention because of the company’s heavy reliance on its dealer and franchise network. While this gives Fujiyama substantial reach, it also exposes it to risks like inconsistent customer experience, dependence on partner performance, and competition from brands offering higher dealer margins. Maintaining strong dealer relationships and continuously upgrading partner training programs will be crucial for sustainable growth.

Another aspect worth analysing is the company’s export business. While exports diversify revenue streams, they also expose the company to currency fluctuations, global supply chain disruptions, and foreign trade regulations. Many solar companies witnessed delays and margin pressures during global supply chain disruptions in recent years. Fujiyama will need to mitigate these risks with efficient sourcing strategies and diversification of export markets.

From the perspective of market sentiment, the IPO has generated steady interest despite its modest GMP trends. Investors are focused on the company’s track record, market potential, and operational strengths. A strong listing is likely if the company delivers on revenue growth, margin stability, and expansion plans.

Going deeper into the company’s operations, Fujiyama’s focus on precision-driven manufacturing ensures that its products undergo multiple quality checks at various stages. The emphasis on reliability, durability, and energy efficiency gives customers confidence in long-term performance. The company’s service-focused approach, including quick response teams and strong after-sales support, has played a significant role in building customer loyalty.

The firm’s growth strategy highlights expansion in both manufacturing capabilities and distribution reach. Plans to establish new production lines and upgrade existing facilities will help in catering to the expanding demand for hybrid and intelligent solar systems. The company also intends to enhance digital capabilities for product tracking, customer management, and service monitoring.

As India pushes to achieve net-zero targets, renewable energy will remain at the forefront of national growth strategies. The rooftop solar segment is expected to grow rapidly as both residential and industrial users seek energy independence and cost savings. Fujiyama, with its strong network and comprehensive product portfolio, is well-positioned to benefit from this macroeconomic trend.

For investors evaluating the IPO, it is important to compare Fujiyama with other listed players in the solar and inverter manufacturing segments. Factors such as valuation multiples, relative growth rates, market share, and exports can help determine whether the IPO is priced attractively.

The company’s focus on operational excellence, technological development, and supply chain improvements reflects its long-term vision. With strong promoter experience and senior management focused on innovation, Fujiyama aims to become a leading brand in India's rooftop solar landscape.

In conclusion, the Fujiyama Power Systems IPO offers investors an opportunity to participate in one of India’s fastest-growing renewable energy companies. With a robust manufacturing base, extensive distribution network, innovative product portfolio, and strong focus on service delivery, the company has the potential to achieve long-term growth. However, investors must weigh the opportunities against industry risks, competitive pressures, and policy dependencies before making a decision. The IPO is attracting interest due to the company’s strong fundamentals, market position, and the increasing adoption of rooftop solar solutions across the country.

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