Interestingly, the IPO opens for subscription tomorrow without any grey market premium (GMP)—a rare calm before what some analysts believe could be a powerful rally. Despite muted grey market activity, research houses are upbeat, recommending investors to subscribe to the issue as a strong long-term investment opportunity.
With expansion plans in motion and solid financials backing it up, all eyes are now on how Fujiyama Power’s market debut unfolds.
Fujiyama Power Systems IPO Overview
Fujiyama Power Systems is launching an IPO valued at Rs 828 crore, consisting of a fresh issue of 2.63 crore shares worth Rs 600 crore and an offer for sale (OFS) of 1 crore shares totalling Rs 228 crore. The IPO will open for subscription on November 13, 2025, and close on November 17, 2025.
Based in Noida, the solar power solutions provider plans to utilise the proceeds from the fresh issue to partly fund a new manufacturing facility in Ratlam, Madhya Pradesh, repay existing debt, and cover general corporate expenses. The shares are proposed to be listed on both the BSE and NSE, with a tentative listing date of November 20, 2025. The basis of allotment is expected on November 18, followed by refunds and credit of shares on November 19.
The issue, structured as a book-built offering of 3.63 crore equity shares, will be managed by Motilal Oswal Investment Advisors, with MUFG Intime India serving as the registrar.
For retail investors, the minimum bid is 65 shares, amounting to Rs 14,820 at the upper price band. A retail investor can apply for a maximum of 13 lots (845 shares). In terms of allocation, up to 50% of the net issue is reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for retail investors.
About the Company
Fujiyama Power Systems is engaged in the manufacturing and supply of a comprehensive range of products across the rooftop solar ecosystem, including on-grid, off-grid, and hybrid systems. Its portfolio features solar inverters, panels, lithium-ion and tubular batteries, along with various power management units.
The company boasts an extensive distribution network comprising over 725 distributors, 5,500 dealers, and 1,100 franchise outlets operating under its “Shoppe” network, backed by a team of more than 600 service engineers.
On the financial front, Fujiyama has demonstrated robust growth. Its revenue increased by 67%, rising from Rs 927 crore in FY24 to Rs 1,550 crore in FY25, while profit after tax (PAT) surged by 245%, climbing from Rs 45 crore to Rs 156 crore during the same period.
Should you bid?
According to the SMIFS research report, Fujiyama Power has demonstrated robust financial performance. Revenue surged from Rs 6,641 million in FY23 to Rs 15,407 million in FY25, while EBITDA rose from Rs 516 million to Rs 2,485 million during the same period, with margins improving from 7.8% to 16.1%. PAT increased nearly sixfold—from Rs 244 million in FY23 to Rs 1,563 million in FY25—driving PAT margins up from 3.7% to 10.2%.
Return ratios also strengthened notably, with ROE reaching 39.4% and ROCE at 41.0%, supported by a sound balance sheet and a moderate debt-to-equity ratio of 0.87x.
SMIFS recommends subscribing to the issue as a strong long-term investment opportunity. The upcoming Ratlam facility, Dadri expansion, and improved capacity utilisation are expected to fuel transformative growth, with revenues projected to double over the next three to four years.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)