Fujiyama Power Systems IPO: Should you apply?

Summary: Fujiyama Power Systems, a rooftop solar solutions provider, will open its IPO on November 13, 2025. We provide a detailed analysis of the company’s financials, strengths and weaknesses to help you better decide if its IPO is worth your money. Fujiyama Power Systems, a manufacturer in the rooftop solar industry, is all set to go public. The IPO (initial public offering) will open on November 13, 2025 and close on November 17, 2025. The Rs 828 crore IPO comprise a fresh issue of Rs 600 crore, while Rs 228 crore will be an offer for sale (OFS). Below is a breakdown of the company’s business, financials, strengths, risks and valuation to help you make an informed investment decision. What the company does Fujiyama Power Systems is a diversified manufacturer in the rooftop solar space, offering on-grid, off-grid, and hybrid systems under its brands UTL Solar and Fujiyama Solar. It produces solar panels, inverters, and both lead-acid and lithium-ion batteries, backed by strong R&D in inverter technology. The company operates four manufacturing facilities and is known for several firsts in Indian inverter design. With over 522 SKUs, Fujiyama provides an end-to-end solar product range to minimise OEM dependence. As of June 2025, it reaches customers through a vast network of 725 distributors, 5,546 dealers, 1,100 exclusive stores and a 600-member service team. Track record and valuation In terms of financials, Fujiyama Power Systems has fared impressively. Between FY23 and FY25, the company posted double-digit revenue growth of 52 per cent. Its net income (profit after tax) and earnings before interest and tax (EBIT) also increased, reporting yearly growth of 153 per cent and 125 per cent, respectively, during the same period. At the upper end of the price band (Rs 228), Fujiyama Power Systems’ stock is expected to be valued at nearly 45 times its FY25 earnings and around 6.6 times its book value. By contrast, its peers trade at a P/E and P/B of almost 36 times and 8 times, respectively. Fujiyama Power Systems IPO details Total IPO size (Rs cr) 828 Offer for sale (Rs cr) 228 Fresh issue (Rs cr) 600 Price band (Rs) 216-228 Subscription dates November 13-17, 2025 Purpose of issue Establishing a new manufacturing facility, repayment of borrowings and general corporate purposes Post-IPO M-cap (Rs cr) 6,986 Net worth (Rs cr) 1,046 Promoter holdi