Q2 and H1 FY27 Financial Performance:

Financial Results (Rs. Mn):

| Metric | Q2 FY27 | Q2 FY26 | YoY Change | Q1 FY27 | QoQ Change | H1 FY27 | H1 FY26 | Change |

| Revenue from Operations | 13,068 | 5,679 | 130.1% | 13,457 | (2.9%) | 26,525 | 11,653 | 127.6% |

| EBITDA | 2,229 | 1,030 | 116.4% | 2,548 | (12.5%) | 4,777 | 2,089 | 128.7% |

| EBITDA Margin % | 17.1% | 18.1% | - | 18.9% | - | 18.0% | 17.9% | - |

| Reported PAT | 1,329 | 629 | 111.2% | 578 | 129.9% | 1,907 | 1,305 | 46.1% |

| Bawal Fire Loss Provision (Net of Tax) | - | - | - | 1,074 | - | 1,074 | - | - |

| Normalised PAT | 1,329 | - | - | 1,652 | (19.6%) | 2,981 | 1,305 | 128.4% |

Key Financial Notes:

  • Normalised PAT of Rs. 1,652 Mn in Q1 FY27 and Rs. 2,981 Mn in H1 FY27 excludes the exceptional item (net of tax) of Rs. 1,074 Mn [Rs. 1,436 Mn x (1 - 0.2517)] relating to the provision for the Bawal fire loss
  • PAT margin was 10.2% in Q2 FY27 compared to 11.1% in Q2 FY26
  • Normalised PAT margin was 11.2% for H1 FY27

Business Highlights and Expansion:

Manufacturing Capacity Additions:

  • Commissioned 2 GW Power Electronics manufacturing capacity at Ratlam in Q2 FY27
  • 3 GWh Lithium-ion battery manufacturing capacity at Ratlam expected to be commissioned in coming quarters
  • Setting up 1.2 GW solar cell manufacturing facility at Ratlam with investment of around Rs. 350 crore, expected commissioning by Q1 FY28
  • Setting up 1 GWh tubular battery manufacturing facility at Hathras, Uttar Pradesh with investment of around Rs. 20 crore, expected commissioning by Q3 FY27

Distribution Network Expansion:

  • Added 100+ Dealers and 30+ Distributors in Q2 FY27
  • Total Channel Partners as of September 30, 2026: 10,200+
  • Total power electronics manufacturing capacity increased to 4.1 GW with new Ratlam facility

Management Commentary:

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

  • Demand environment for residential rooftop solar and power backup solutions remains favorable
  • Supported by government initiatives, increasing consumer awareness, and wider adoption across Tier 2 and Tier 3 markets
  • Margin moderation primarily due to lower sales realizations adopted to drive higher sales volumes and gain market share
  • Lithium-ion battery manufacturing will strengthen in-house capabilities and support energy storage solutions requirements
  • Hathras tubular battery facility replaces earlier 1.3 GWh capacity at Bawal, Haryana damaged in fire incident in May 2026
  • 1.2 GW solar cell facility will complement existing 1 GW capacity and support Domestic Content Requirement (DCR) segment participation
  • PM Surya Ghar initiative and proposed PM Surya Ghar 2.0 could support wider adoption of rooftop solar and integrated storage solutions
  • Focus remains on ramping up manufacturing capacities, expanding distribution reach, and strengthening backward integration

Conference Call Details:

  • Date: Tuesday, November 10, 2026
  • Time: 12:00 PM IST
  • Universal Access Number: +91 22 6280 1149 / +91 22 7115 8050
  • Diamond Pass: Available via provided link

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 is predominantly B2C, serving Indian households through a deep distribution and service network of channel partners. The company has integrated manufacturing model spanning 3 facilities across Himachal Pradesh and Uttar Pradesh with a fully integrated SPGS (Solar Power Generating System) expansion at Ratlam.