“This article expresses my personal analysis based on publicly available financial data and market reports.”
A fresh chapter in solar ambition
When I read that Fujiyama Power Systems (India) is opening its IPO, I felt a mix of excitement and caution. Here is a company rooted in the rooftop solar space—a sector buzzing with promise—and it’s stepping into the public market at a time when clean-energy momentum meets market reality. If you’re wondering whether to jump in, this article will walk you through the key facets of the IPO, what stands out, and what you should watch.
Fujiyama Power Systems IPO – Key details
- The IPO opens on November 13, 2025, and closes on November 17, 2025.
- The price band is set at ₹216 to ₹228 per share.
- It’s a combined issue of a fresh issue of ~₹600 crore and an Offer-for-Sale (OFS) of ~₹228 crore, putting the total around ₹828 crore.
- Interestingly, grey market premium (GMP) is seen as flat/0%, implying muted immediate enthusiasm.
Why the rooftop solar space is drawing attention
- Fujiyama operates in the rooftop solar segment—on-grid, off-grid and hybrid systems.
- In FY25, the company reported revenue of ~₹1,540.6 crore (up from ~₹664 crore in FY23) and net profit ~₹156.3 crore (versus ~₹24.3 crore in FY23).
- That growth is powerful and shows the strong tailwinds of India’s renewable-energy push.
What stands out in Fujiyama’s case
- Manufacturing footprint: The company has multiple manufacturing facilities and R&D capability.
- Product breadth: Over 522 SKUs, including solar panels, inverters and batteries.
- Distribution reach: As of June 30 2025, it served via ~725 distributors, ~5,546 dealers and ~1,100 exclusive franchisees.
These factors suggest they aren’t merely riding a trend—they’re building infrastructure and presence.
What you should be cautious about
Growth sounds exciting, yet:
- According to Business Today, the IPO is fully priced at a P/E ratio of about ~ 40–41 times based on FY25 earnings.
- Though growth is strong, the grey market premium being zero signals that the market isn’t betting on a big listing pop.
- In renewable manufacturing, execution risks (capacity ramp-up, cost controls, global competition) can bite.
Also Read Tata Steel Q2 Result Soars 272% YoY — Revenue Up 9%
Real-world insight: what this IPO tells us
I chatted with a friend who recently bought a clean-energy stock. He said: “I’m not counting on listing gains; I’m buying the story of India’s energy transition.” That mindset applies here. If you believe India’s solar manufacturing will scale massively by 2030, Fujiyama could be a play. On the flip side, if you expect a quick flip for listing gains, you may be disappointed.
Conclusion
In my view, this IPO makes sense for the long term, especially if you believe in India’s solar story and are comfortable with risk. The company shows credible fundamentals, solid growth and a clear roadmap. But if you’re looking for short-term listing gains, this may not deliver. Personally, I lean towards subscribing for the next 3-5 years rather than a short-term bet.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not US News Weeks. We advise investors to check with certified experts before making any investment decisions.
Source : Business Today & The Economic Times - Fujiyama Power Systems IPO
✍️ Written by Nikhil Singh
Market & IPO Analyst | Business News Writer | Tech-Auto Observer
Nikhil has been tracking Indian IPOs, consumer brands, tech & automobile overview, and financial trends since 2019. His writing style blends market insight with a relatable human voice — making complex data simple for everyday investors.
