Green energy stock with capex plan of over ₹600 Cr and expansion plans for FY26 to keep an eye on

Synopsis:- A recently listed solar manufacturer is scaling aggressively amid a fast-growing $50 billion electrical equipment market. H1 revenue stood at ₹11,652 million, with major capacity additions underway, including 1 GW cells and 6,000 MW new lines by FY26, backed by ₹600+ crore capex.

India’s Other Electrical Equipment sector is booming, fueled by rising infrastructure and power needs. Recent data shows the market set to grow by USD 95.3 billion from 2025-2029, at a robust CAGR of 15.6%. Currently valued at around $50 billion, it supports ambitious electrification goals with strong production ramps. This growth mirrors India’s industrial surge, hitting key milestones by 2030.

Fujiyama Power Systems Ltd shares are currently trading at  Rs 201 compared to the previous close of Rs. 200.65. The company currently commands a market capitalisation of  Rs 6,145 crores, reflecting stable investor sentiment with no major triggers influencing price movement.

Revenue Mix

Fujiyama Power Systems reported H1 FY26 revenue of Rs 11,652 million with panels contributing the largest share at  Rs 5,290 million, or about 45%. Batteries added  Rs 2,374 million, while electronics generated nearly  Rs 3,300 million, around 28%. In volume terms, electronics led at 640 MW, followed by batteries at 481 MW and panels at 302 MW, reflecting higher realizations in the panel segment.

Industry landscape

Management believes oversupply risks are limited as module capacity is largely used for in-house B2C demand, reducing dependence on B2B markets. Rooftop solar is growing at a strong 40–43% CAGR, supporting expansion plans. DCR cell availability, earlier a constraint, has started improving, enabling better execution under subsidy-led on-grid schemes and opening opportunities in Tier-1 cities alongside existing strength in Tier-2, Tier-3, and rural markets.

Expansion & Other Highlights

The company is progressing with capacity expansion at Dadri, where a 1 GW solar cell line has begun trial runs and is expected to be operational within a month. Capex for the cell facility is estimated at  Rs 350–400 crore. A new battery line at Dadri is targeted for commissioning by March 2026, with faster stabilisation expected due to prior operational experience.

At Ratlam, IPO proceeds are being used to add 2,000 MW each of solar panels, inverters, and batteries by March 2026, involving a capex of  Rs 272 crore. Management expects overall capacity to nearly double by FY26-end, though revenue ramp-up will be gradual as operations stabilise, with full cell utilisation likely by March–April 2026.

Fujiyama Power Systems offers over 500 SKUs across solar panels, cells, batteries, inverters, and chargers, supported by 60+ R&D engineers. With operations across multiple states, a network of 790+ distributors, 5,900+ dealers, and over one million end customers, it maintains a strong B2C-led presence across 23 states.

Fujiyama Power Systems made a muted stock market debut, listing on the BSE at  Rs 220 per share against an issue price of  Rs 228, resulting in a 3.5% listing loss. The  Rs 828 crore IPO, offered in the  Rs 216– Rs 228 price band, saw moderate investor interest, with trading reflecting cautious sentiment despite the company’s long-term renewable energy ambitions.

Fujiyama Power Systems is an Indian renewable energy company focused on solar power and energy storage solutions. It designs, manufactures, and distributes a wide range of solar panels, cells, inverters, batteries, and power electronics, serving residential, commercial, and rural markets through a strong nationwide distribution network.

Written by Abhishek Singh

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