Fujiyama Power Systems Q1 FY27: Revenue Soars 125% to ₹1345.7 Crore, EBITDA Up 140%
Fujiyama Power Systems reported a 125.3% YoY revenue growth to ₹1345.7 crore for Q1 FY27. EBITDA increased by 140.6% to ₹254.8 crore with margins at 18.9%. The company commissioned new manufacturing capacities, including a 2 GW solar panel facility and a 2 GW power electronics facility. Full-year revenue growth guidance is revised to 70%.
The significant growth in revenue and EBITDA, coupled with capacity expansions and revised positive guidance, are material developments that are likely to have a high impact on investor sentiment and the company's stock performance.
The company reported strong year-on-year growth in revenue and EBITDA, improved margins, and increased manufacturing capacities. The revised guidance for full-year revenue growth also indicates a positive outlook.
Fujiyama Power Systems Limited (formerly Fujiyama Power Systems Private Limited) has reported a significant financial performance for the first quarter of FY 2026-27, ending June 30, 2026.
Revenue from operations surged by 125.3% year-on-year to ₹13,457 million (₹1345.7 crore), compared to ₹5,973 million in Q1 FY26. EBITDA for the quarter also saw a substantial increase of 140.6% year-on-year, reaching ₹2,548 million (₹254.8 crore). The EBITDA margin improved to 18.9% from 17.7% in the corresponding quarter of the previous fiscal year. This improvement is attributed to the significant increase in business scale, better utilization of manufacturing and operating infrastructure, and process improvements.
The company has made considerable progress in expanding its manufacturing capabilities. During the quarter, a 2-gigawatt solar panel manufacturing facility was commissioned at its Ratlam facility, increasing the total solar panel manufacturing capacity to 3.5 gigawatt. Additionally, a 2-gigawatt power electronics manufacturing facility, which will produce solar inverters and UPS systems, was also commissioned in Ratlam in August 2026. The total power electronics manufacturing capacity now stands at 4 gigawatt. Furthermore, a 2-gigawatt lithium-ion battery manufacturing capacity at Ratlam is on track for commissioning by Q2 FY27.
In terms of backward integration, Fujiyama Power Systems increased its stake in Zayo Energy Private Limited and Zayo Cable Private Limited from 19% to 50% each. Zayo Energy manufactures solar module components like aluminum frames and PV ribbon wire, while Zayo Cables produces solar module components such as PV junction boxes and solar cables.
The company also reported a fire incident at its Bawal facility, which resulted in a provisional exceptional loss of ₹1,436 million (₹143.6 crore). The affected assets are adequately insured, and the company expects to recover the net carrying value of these assets through insurance claims, which are at an advanced stage of assessment.
Looking ahead, the company has revised its full-year revenue growth guidance to 70% from the previously stated 50%, citing robust demand and expanded capacities. The management expects margins to remain sustainable and improve. The company is also actively monitoring the government's proposed PM Surya Ghar 2.0 scheme, which may further expand the addressable market for solar and storage solutions.
The earnings call transcript, discussing the financial performance for the quarter ended June 30, 2026 (Q1 FY 2026-27), was made available on August 21, 2026. The conference call itself was held on August 14, 2026.
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