Fujiyama Power Systems hits record high, stock zooms 153% from March low

Fujiyama Power Systems (UTL Solar) share price hit a new high of ₹431.25, soaring 5% on the BSE in Friday's intra-day trade after it reported strong a operational performance in Q1FY27.

Fujiyama Power Systems share price movement

 

Share price of Fujiyama Power Systems (UTL Solar) hit a new high of ₹431.25, soaring 5 per cent on the BSE in Friday’s intra-day trade after it reported a strong operational performance for the June 2026 quarter (Q1FY27). The stock surpassed its previous high of ₹424.30 touched on August 10, 2026.

 

The stock price of UTL Solar zoomed 153 per cent from its 52-week low of ₹170.65 touched on March 3, 2026. Thus far in the calendar year 2026, the stock outperformed the market by surging 90 per cent, compared to a 8.4 per cent rise in the BSE Sensex.

 

 

At 02:07 PM, UTL Solar quoted 3.4 per cent higher at ₹424.20, as against 0.1 per cent decline in the benchmark index.

 

UTL Solar is a leading provider of rooftop solar solutions, offering an extensive portfolio across solar panels, inverters, lithium-ion batteries, chargers and power electronics systems.

 

UTL Solar – Q1 results

 

The first quarter of FY27 marked a positive start to the year for Fujiyama, with higher business scale; continued expansion of the distribution network and progress across the company’s manufacturing initiatives. The demand environment for residential rooftop solar and power backup solutions remains favourable, supported by increasing solar adoption, policy initiatives and growing awareness across Tier 2 and Tier 3 markets. 

 

In this environment, the company remained focused on expanding its reach, increasing manufacturing capacity and building greater integration across the solar value chain, the management said.

 

The company’s revenue from operations increased by 125.3 per cent year-on-year (YoY) to ₹1,345.7 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 140.6 per cent YoY to ₹254.8 crore, while EBITDA margin improved to 18.9 per cent compared with 17.7 per cent in Q1FY26. 

 

The improvement in profitability was supported by the higher scale of operations and increasing contribution from the company’s backward integrated manufacturing platform. The performance during the quarter also reflects the growing reach of Fujiyama’s product portfolio and its ability to serve rising demand across its key markets.

 

Looking ahead, the opportunity in residential rooftop solar remains favourable, supported by government initiatives, rising consumer awareness and increasing adoption. The company’s focus will remain on ramping up the newly commissioned capacities, expanding market reach and improving integration across operations, the management said.

 

Motilal Oswal Financial Services view on UTL Solar

 

The implementation of the Approved List of Models and Manufacturers (ALMM) List-II has intensified India's structural shortage of domestically manufactured solar cells, with approved cell capacity (30GW) significantly lagging module capacity (174GW). UTL Solar is well-positioned to benefit through its captive 1GW Mono PERC (Passivated Emitter and Rear Cell) DCR cell facility, which ensures supply security, supports margins, and underpins the launch of its new 600W Mono PERC bifacial module (mitigating risk from TOPCon supply), Motilal Oswal Financial Services said in its July month company report.

 

UTL Solar is strategically strengthening its presence across Assam, Karnataka, Telangana, and West Bengal, which collectively account for 138GW of rooftop solar potential (22 per cent of India's total) but currently contribute only 6 per cent of households covered under the PMSGMBY scheme. Rapid growth in household coverage, coupled with the Center's target of installing ~0.3m rooftop systems in West Bengal over the next two years, highlights the significant under-penetration and long-term growth opportunity in these markets, the brokerage firm said.

 

Analysts expect UTL Solar to clock a compound annual growth rate (CAGR) of 49 per cent/53 per cent/53 per cent in revenue/EBITDA/adj PAT during FY26-28. The brokerage firm reiterated a 'BUY' rating on the stock with a target price of ₹470 (based on 20x FY28E EPS).  Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Reader discretion is advised.