Q1 FY27 Financial Performance Summary

Revenue and Profitability:

  • Revenue from Operations: Rs. 13,457 Mn in Q1 FY27, up 125.3% YoY from Rs. 5,973 Mn in Q1 FY26
  • Quarterly growth of 49.4% from Q4 FY26 revenue of Rs. 9,008 Mn
  • EBITDA: Rs. 2,548 Mn in Q1 FY27, up 140.6% YoY from Rs. 1,059 Mn in Q1 FY26
  • EBITDA margin: 18.9% in Q1 FY27 compared to 17.7% in Q1 FY26 and 19.0% in Q4 FY26
  • Reported PAT: Rs. 578 Mn in Q1 FY27, down 14.5% YoY from Rs. 676 Mn in Q1 FY26
  • Reported PAT decreased 45.6% QoQ from Rs. 1,063 Mn in Q4 FY26

Exceptional Item Adjustment:

  • Bawal Fire Loss Provision (Net of Tax): Rs. 1,074 Mn in Q1 FY27
  • Normalised PAT (excluding exceptional item): Rs. 1,652 Mn in Q1 FY27, up 144.5% YoY from Rs. 676 Mn in Q1 FY26
  • Normalised PAT increased 55.4% QoQ from Rs. 1,063 Mn in Q4 FY26
  • The exceptional item adjustment represents Rs. 1,436 Mn pre-tax amount adjusted for tax rate of 25.17%

Key Business Highlights and Operational Updates

Manufacturing Capacity Expansion:

  • Commissioned 2,000 MW solar panel manufacturing capacity at Ratlam, Madhya Pradesh in Q1 FY27
  • Commissioned 2,000 MW Power Electronics manufacturing capacity at Ratlam in August 2026
  • 2,000 MW Lithium-ion battery manufacturing capacity at Ratlam expected to be commissioned by Q2 FY27
  • Setting up 1,200 MW solar cell manufacturing facility at Ratlam with investment of around Rs. 350 crore
  • Total manufacturing capacities increased to: Solar panels - 3,568 MW, Power electronics - 4,180 MW

Distribution Network Expansion:

  • Added 1,000+ Dealers, 80+ Distributors, and 30+ Exclusive Shoppes in Q1 FY27
  • Total Channel Partners reached 10,100+ as of June 30, 2026

Strategic Investments:

  • Approved acquisition of additional 31% stake each in Zayo Energy Private Limited and Zayo Cables Private Limited
  • Increased shareholding in both companies from 19% to 50%
  • Zayo Energy manufactures solar module components: aluminum frame, PV Ribbon wire, busbar, solder wires
  • Zayo Cables manufactures solar module components: PV junction box, solar cables, EVA sheet

Management Commentary

Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, commented:

  • Q1 FY2027 marked a positive start with higher business scale and continued distribution network expansion
  • Demand environment remains favorable for residential rooftop solar and power backup solutions
  • Growth driven by increasing solar adoption, policy initiatives, and growing awareness across Tier 2 and Tier 3 markets
  • Profitability improvement supported by higher scale and increasing contribution from backward integrated manufacturing platform
  • Distribution network expansion supports faster product availability, installation, and after-sales service
  • Ratlam complex will bring solar panels, power electronics, and batteries under one manufacturing location
  • Investments in Zayo companies intended to increase backward integration and strengthen value chain
  • Future focus on ramping up newly commissioned capacities, expanding market reach, and improving integration

Company Background

Fujiyama Power Systems Limited is one of India's leading providers of rooftop solar solutions with 30 years of operating experience. The company offers an extensive portfolio across solar panels, inverters, lithium and tubular batteries, chargers, and power-electronics systems. The business operates through 3 facilities across Himachal Pradesh and Uttar Pradesh with a fully integrated SPGS (Solar Power Generating System) expansion at Ratlam. The company serves Indian households through a distribution and service network of more than 10,100 channel partners with strong presence in Tier-2 and Tier-3 markets.

Conference Call Details

Date: Friday, August 14, 2026, at 4:00 PM IST

Universal Access Number: +91 22 6280 1149 / +91 22 7115 8050

Toll Free Numbers: HK: 800 964 448, SG: 800 101 2045, UK: 0 808 101 1573, USA: 1 866 746 2133

Diamond Pass available through provided link