Fujiyama Power Systems Positions for Growth Amid Domestic Solar Policy Shifts and Planned Manufacturing Expansion

Fujiyama Power Systems, operating under the brand UTLSOLAR, is positioned to leverage emerging policy shifts in India's renewable energy sector. The company stands to benefit from the country's transition toward integrated solar-plus-storage solutions, alongside proposed domestic content requirements for inverters and batteries under the upcoming phase of the PM Surya Ghar Muft Bijli Yojana.

Amid global supply chain dynamics, China has proposed export restrictions on advanced solar manufacturing technologies, including Tunnel Oxide Passivated Contact (TOPCon), Heterojunction Technology (HJT), X-Back Contact (XBC), thin-wafer, perovskite, and tandem technologies. However, these curbs are not expected to impact Fujiyama Power Systems. The company has already secured a technology transfer agreement from China, which supports the ongoing development of its 1.2-GW TOPCon cell manufacturing facility located at Ratlam, Madhya Pradesh. Commercial production at this plant is scheduled to begin in the first half of fiscal year 2028.

Globally, China continues to dominate solar cell manufacturing, holding approximately 1,302 GW of capacity—representing 91 per cent of global capacity—and producing 695 GW with a capacity utilisation rate of 53 per cent in calendar year 2024. This production volume included exports of roughly 58.3 GW, accounting for about 8 per cent of total output.

Domestically, Fujiyama Power Systems is expanding its footprint in energy storage. The company has previously installed a 5-MW battery energy storage system (BESS) at Dadri and has outlined plans for an additional 10-MW system at Ratlam. These installations support the company's strategic entry into the commercial and industrial storage market, leveraging its established rooftop solar portfolio and distribution network.

Market analysts project substantial financial growth for the company, anticipating a compound annual growth rate (CAGR) of 52 per cent in revenue, 57 per cent in EBITDA, and 59 per cent in adjusted PAT over the FY26-28 period. Consequently, analysts have maintained a buy rating on the stock with a target price of ₹500, calculated on a 20x multiple of estimated FY28 earnings per share.

"The strategic focus on securing technology transfers ahead of potential export restrictions demonstrates strong operational foresight. By aligning its manufacturing roadmap with domestic policy initiatives like the PM Surya Ghar Muft Bijli Yojana and expanding into energy storage, Fujiyama Power Systems is creating a solid foundation for long-term scalability in the renewable energy sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes