Fujiyama Power (UTL Solar) IPO Overview
Rooftop solar solutions provider raising ₹828 cr (₹600 cr fresh + ₹228 cr OFS). Price: ₹216-228. Lot: 65 shares (₹14,820 min). Funds for MP plant (₹180 cr), debt repayment (₹275 cr). 29-yr UTL legacy, 522 SKUs, 15.5% battery market share, 9.6% rooftop inverter capacity. Lead: Motilal Oswal, SBI Capital. 92% China imports, high working capital, supplier concentration risks. Competes with Luminous, Microtek, Sukam.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Mainboard |
| IPO Open Date | 13 November 2025 (Wednesday) |
| IPO Close Date | 17 November 2025 (Monday) |
| Anchor Investor Bidding | 12 November 2025 (Tuesday) |
| Allotment Date | 18 November 2025 (Tuesday) – Expected |
| Credit to Demat | 19 November 2025 (Wednesday) – Expected |
| Refund Initiation | 19 November 2025 (Wednesday) – Expected |
| Listing Date | 20 November 2025 (Thursday) – Tentative |
| Price Band | ₹216 – ₹228 per share |
| Face Value | ₹1 per share |
| Lot Size | 65 shares |
| Min Investment (Retail) | ₹14,820 (1 lot of 65 shares at upper band) |
| Max Investment (Retail) | ₹1,92,680 (13 lots of 845 shares) |
| sHNI Investment | ₹2,07,480 (14 lots / 910 shares) |
| bHNI Investment | ₹10,05,960 (68 lots / 4,420 shares) |
| Issue Size | ₹828 crore total |
| Fresh Issue | ₹600 crore (72.5%) – 2,63,15,789 shares |
| Offer for Sale (OFS) | ₹228 crore (27.5%) – 1,00,00,000 shares by promoters |
| Total Shares Offered | 3,63,15,789 equity shares |
| Listing | BSE & NSE (Mainboard) |
| Post-Issue Market Cap | ~₹2,800-3,000 crore (at upper price band) |
| ROE | 39.40% (FY25) |
| ROCE | 41.01% (FY25) |
Issue Break-up
| Category | Allocation |
| QIB (Qualified Institutional Buyers) | 50% of Net Offer |
| NII (Non-Institutional Investors) | 15% of Net Offer |
| Retail Individual Investors | 35% of Net Offer (normal allocation) |
Selling Shareholders (OFS ₹228 crore)
Promoters Selling 1,00,00,000 shares:
- Pawan Kumar Garg – Co-founder (partial exit)
- Yogesh Dua – Co-founder (partial exit)
Post-IPO Promoter Holding: 87.88% (very high promoter confidence)
Note: OFS represents 27.5% of total issue. Majority (72.5%) is fresh capital for company.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹600 crore) will be used for:
- Part-Financing New Manufacturing Facility in Madhya Pradesh – ₹180 crore (30%)
- Establishing facility in Ratlam, MP for solar inverters, panels, and lithium-ion batteries
- Strategic expansion beyond North India concentration
- Prepayment/Repayment of Outstanding Borrowings – ₹275 crore (45.8%)
- Debt reduction and deleveraging
- Reduce interest burden and improve financial flexibility
- General Corporate Purposes – Balance amount (~24.2% or ₹145 crore)
- Working capital requirements
- Strategic initiatives and business expansion
Strategic Focus:
- Geographic diversification with MP facility beyond North India base
- Strengthen balance sheet through debt reduction
- Capacity expansion to meet growing rooftop solar demand
- Backward integration and technology leadership
OFS Proceeds (₹228 crore):
- Goes to promoters Pawan Kumar Garg and Yogesh Dua
- Partial liquidity while retaining 87.88% stake shows confidence
Note: Fresh issue dominates (72.5%), indicating genuine growth capital infusion. Promoters retaining 87.88% post-IPO signals strong long-term commitment.
Lead Managers & Registrar
Book Running Lead Managers (BRLMs):
- Motilal Oswal Investment Advisors Limited
- SBI Capital Markets Limited
Registrar:
- MUFG Intime India Private Limited (Link Intime India Private Limited)
- Phone: +91-22-4918 6270
- Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
Promoters & Management
Key Promoters & Founders:
- Pawan Kumar Garg – Co-founder (Partial OFS participant)
- 20+ years experience in manufacturing and trading batteries/inverters
- Yogesh Dua – Co-founder (Partial OFS participant)
- 20+ years industry experience
- Sunil Kumar – Promoter
Company History:
- 1996: UTL Electronics (India) founded as proprietorship
- 2008: Partnership firm Fujiyama Power Systems established by Garg and Dua
- 2017: Incorporated as Fujiyama Power Systems Private Limited
- 2018: Acquired UTL brand (29-year legacy) and launched franchise model
- 2025: Preparing for mainboard IPO with ₹828 crore raise
Company Contact:
- Registered Office: 53A/6, Near NDPL Grid Office, Near Metro Station, Sat Guru Ram Singh Marg, Delhi – 110015
- Corporate Office: Plot No. 51-52, Sector Ecotech-1, Ecotech Extension-1, Greater Noida, Gautam Buddha Nagar, UP – 201310
- Phone: +91-11-41055305
- Email: [email protected]
- Website: www.utlsolarfujiyama.com
COMPANY OVERVIEW
Establishment & Background:
- Founded in 1996 (UTL Electronics proprietorship), incorporated as Fujiyama Power Systems Limited in 2017
- Industry: Rooftop Solar Energy Solutions – Integrated Manufacturer
- Headquarters: Greater Noida, Uttar Pradesh
- Acquired UTL brand in 2018 – 29-year legacy in solar/power backup sector
- Positioned as one-stop integrated solar solutions provider
Business Model: End-to-end integrated solar energy solutions provider covering design, manufacturing, branding, distribution, installation, and service
Product Portfolio (522+ SKUs):
Solar Products: Panels, inverters (on-grid, off-grid, hybrid), PCUs, charge controllers, batteries (lithium-ion, tubular lead-acid)
Power Backup: Online/offline UPS systems, combo UPS with AVR
E-Mobility: E-rickshaw chargers, batteries, controllers
Two flagship brands:
UTL Solar (acquired 2018, 29-year legacy) – Institutional, industrial, government clients (B2B)
Fujiyama Solar – Residential and retail rooftop segment (B2C)
Revenue Model: Product sales through distributors, dealers, exclusive franchises (Shoppes), direct institutional sales, exports
Value Proposition: Complete solutions under one roof, in-house manufacturing, extensive service network, patented technologies (rMPPT – Rapid Maximum Power Point Tracking)
Market Position:
- 15.5% market share in Indian solar battery market
- 9.6% of India’s rooftop solar capacity – Supplied 1.64 GW inverters out of 17 GW cumulative capacity (March 2025)
- Among leading integrated players in rooftop solar segment
- Recognized as India’s Most Preferred Solar Inverter Brand (UBM India, Informa 2019-2020)
Operations:
- 4 manufacturing facilities (all in North India):
- Greater Noida, UP – Solar panels, inverters, UPS, chargers, lithium-ion batteries
- Parwanoo, HP – Solar PCUs, UPS systems
- Bawal, Haryana – Tubular batteries, solar panels
- Dadri, UP – Solar panels (new facility started 2025)
- Combined capacity (March 2025): 1,363 MWh batteries, 2,182 MW solar panels/inverters/UPS
- 5th facility under construction: Ratlam, Madhya Pradesh (IPO funded) – diversifying beyond North India
- In-house R&D center in Delhi: 65 R&D professionals, 500 engineers
- Distribution network:
- 725 distributors
- 5,546 dealers
- 1,100 exclusive UTL Solar “Shoppe” franchises
- 602 service engineers supported by mobile app “UTL MTL 2.5”
- Geographic presence: 23 states, 3 UTs in India
- Export markets: USA, Bangladesh, UAE (6 countries)
- Sales since FY23 to June 2025: 1,727,114 solar panels, 662,393 inverters, 925,776 batteries contributing to 1 GW+ rooftop installations
Company Strengths
- Explosive Financial Growth – Revenue +67%, PAT +245% (FY24 to FY25):
- Revenue surged from ₹924.7 cr (FY24) to ₹1,540.7 cr (FY25) – 66.6% growth
- PAT skyrocketed from ₹45.3 cr (FY24) to ₹156.4 cr (FY25) – 245% growth (nearly 3.5x!)
- ROE of 39.40% and ROCE of 41.01% (FY25) – exceptional capital efficiency
- Strong operating leverage demonstrating scalability
- Integrated Manufacturing – Complete Solar Ecosystem Under One Roof:
- In-house production of solar panels, inverters, lithium-ion batteries, tubular batteries, UPS, chargers, controllers
- Rare full-stack capability reducing dependency on OEM imports
- 522+ SKUs covering on-grid, off-grid, hybrid systems across segments
- Vertical integration improves margins, quality control, and supply chain reliability
- Capacity: 1,363 MWh batteries, 2,182 MW solar panels/inverters (March 2025) with 85%+ utilization
- 29-Year UTL Brand Legacy & Market Recognition:
- UTL brand acquired in 2018 brings 29 years of credibility and customer trust
- Dual brands (UTL Solar for B2B institutional, Fujiyama Solar for B2C retail) covering all segments
- 15.5% market share in solar batteries, 9.6% of India’s rooftop inverter capacity
- Awards: India’s Most Preferred Solar Inverter Brand, Smart City Brand (2019-2020)
- First-mover in innovations: Single-card online UPS, combo UPS with AVR, single-card SMT inverter
- Extensive Pan-India Distribution & Service Network:
- 725 distributors, 5,546 dealers, 1,100 exclusive Shoppes across 23 states, 3 UTs
- 602 service engineers providing installation, maintenance, warranty support
- Mobile app “UTL MTL 2.5” guiding dealers/distributors for efficient service delivery
- Network provides competitive moat and ensures customer stickiness
- Distribution strength critical in solar sector where installation/service differentiate winners
- R&D Leadership & Patented Technologies:
- 65 R&D professionals, 500 engineers driving continuous innovation
- Patented rMPPT (Rapid Maximum Power Point Tracking) technology for higher solar power output
- In-house Battery Management System (BMS) for lithium-ion products
- First Indian company to develop: Single-card online UPS, single-card SMT inverter
- R&D ensures product differentiation and technology edge vs competitors
- Industry Tailwinds – India’s Rooftop Solar Boom:
- India’s rooftop solar market: Projected 40-43% CAGR (FY25-FY30), reaching ~100 GW capacity
- Government push: PM Surya Ghar Yojana, subsidies, net metering policies
- 500 GW renewable energy target by 2030
- Falling battery costs and rising grid electricity prices driving rooftop adoption
- Positioned in high-growth segment with government support
- High Promoter Confidence – 87.88% Post-IPO Stake:
- Promoters retaining 87.88% stake post-IPO despite OFS opportunity
- Demonstrates strong belief in company’s future growth
- Skin-in-the-game alignment with minority shareholders
- Long-term commitment vs quick exit mentality
Key Risks & Challenges
- Extreme China Import Dependency – 92% Raw Materials from China:
- 92.03% of imported raw materials from China in Q1 FY26 (including solar cells, lithium-ion components)
- 90.82% (FY25), 82.11% (FY24), 55.51% (FY23) – increasing dependency trend
- Vulnerable to:
- Geopolitical tensions (India-China border disputes, trade wars)
- 25% BCD on solar cells, 40% on modules – rising import costs
- Supply chain disruptions
- Currency fluctuations (INR-CNY, INR-USD)
- China policy changes restricting exports
- Government’s ALMM (Approved List) and DCR mandates may force costly domestic sourcing
- All Manufacturing in North India – Geographic Concentration Risk:
- ALL 4 operational facilities in North India: Greater Noida, Parwanoo, Bawal, Dadri
- Single-region concentration exposes to floods, power shortages, political unrest, logistics disruptions
- Any regional issue halts entire production
- IPO’s MP facility (Ratlam) will diversify but still limited vs pan-India spread
- Logistics costs higher for South/West India customers
- High Working Capital Intensity & Trade Receivables:
- Trade receivables: ₹82.47 cr (June 2025), ₹73.13 cr (FY25), ₹64.68 cr (FY24), ₹28.54 cr (FY23) – rapidly increasing
- ₹6.65 crore delayed payment from one customer as of June 2025
- Extended credit periods to customers strain cash flows
- Large inventory requirements (raw materials + finished goods)
- 45.8% of IPO (₹275 cr) for debt repayment indicates leverage stress
- Working capital mismatches can disrupt operations
- Intense Competition from Established & Unorganized Players:
- Organized competitors: Luminous (Schneider Electric subsidiary), Microtek, Sukam, Exide, Amaron, V-Guard, Livguard, Okaya
- Solar-focused: Waaree Energies (₹1.14 lakh cr revenue), Premier Energies, Insolation Energy, Exicom Tele
- Fragmented market with low entry barriers attracting unorganized players
- Price-based competition eroding margins
- Customer switching costs low – loyalty fragile
- Competitors with deeper pockets (Luminous-Schneider, Exide) can outspend on marketing/R&D
- Supplier & Customer Concentration – Revenue Dependency:
- Top 10 customers contributed 5% of sales (FY23) but concentration may vary by segment
- Reliance on limited suppliers for critical raw materials (solar cells, lithium-ion)
- No long-term supply contracts mentioned – spot market procurement risks
- Supplier bargaining power increases during shortages
- Any disruption in key relationships impacts operations
- Solar Panel Price Volatility & Policy Dependency:
- Solar panel prices subject to global supply-demand dynamics
- Government subsidies and incentives critical for demand – policy changes hurt profitability
- 25% BCD on cells, 40% on modules already impacting costs – further increases squeeze margins
- Rooftop solar adoption tied to net metering policies, state electricity board regulations
- Technology disruption (next-gen perovskite, tandem cells) can obsolete current products
- Legal Proceedings & Compliance Risks:
- Company involved in ongoing legal proceedings including criminal and tax-related cases
- Any adverse judgments detrimental to business prospects
- Solar/power sector subject to multiple regulations (BIS, MNRE, State Electricity Boards, pollution control)
- Compliance costs increasing
- Product liability risks from installation failures or fire incidents
Disclaimer: This information is based on publicly available sources including SEBI RHP filings and company disclosures. Investors should conduct their own research and consult with financial advisors before making investment decisions. Past performance is not indicative of future results. The company has 92% China import dependency, all facilities in North India, high working capital intensity, and faces intense competition. Grey Market Premium ₹0 (not yet started) indicates subdued pre-IPO sentiment.
