Fujiyama Power Systems plans 4.1 GW manufacturing expansion amid strong Q2 FY27 growth
- IBEF
- November 10, 2026
Fujiyama Power Systems Limited is expanding its manufacturing capabilities following strong financial performance in the second quarter of FY27. The company reported a 130.1% year-on-year (YoY) increase in revenue from operations to Rs. 1,306.80 crore (US$ 137.49 million), while earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 116.4% to Rs. 222.90 crore (US$ 23.45 million). The growth was supported by higher sales volumes and an expanded distribution network, with more than 30 distributors and 100 dealers added during the period. As of September 30, 2026, the company's channel partner network had increased to over 10,200. The demand environment has been supported by government initiatives and the growing adoption of residential rooftop solar and power backup solutions, particularly in Tier 2 and Tier 3 markets.
As part of its manufacturing expansion, Fujiyama plans to commission a 1.2 GW TOPCon solar cell manufacturing facility at Ratlam by Q1 FY28, supplementing its existing 1 GW manufacturing capacity. The company also plans to bring a 3 GWh lithium-ion battery manufacturing facility online in the next quarter. In addition, it has commissioned a new 2 GW power electronics manufacturing facility at Ratlam, strengthening domestic manufacturing capabilities and reducing import dependence. These initiatives will expand its integrated manufacturing platform across solar panels, power electronics and batteries. The expansion is aligned with the growing demand for rooftop solar installations under the PM Surya Ghar: Muft Bijli Yojana. Despite a moderation in EBITDA margin to 17.1%, partly due to overheads at the Ratlam facility, the company remains focused on increasing production capacity, strengthening backward integration and expanding its distribution network.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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