Power stock jumps 5% after reporting 97% YoY increase in net profit

Synopsis:: The shares of this rooftop solar company were in the news today following the announcement of its results, with growth in performance metrics such as PAT by 97% and revenue by 73%, as well as other operational highlights.  

The shares of this company, which manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems, had its shares in the limelight today after announcing its Q2 results. Let us see how well the company has performed and what its future course of action is. 

With a market cap of Rs 6,177 crore, the shares of Fujiyama Power Systems Ltd gained 5 per cent, reaching a high of Rs 209.45 in today’s trading session when compared to its previous day’s closing price of Rs 199.45. The shares are trading at a PE of 33, whereas the industry PE is 31.3. 

Q2 FY26 result highlights 

The revenue from operations for the company stood at Rs 568 crore when compared to Rs 329 crore in Q2 FY25, growing by about 73 per cent on a YoY basis and on a QoQ basis falling by 5 per cent from Rs 597 crore in Q1 FY26.

The PAT grew by about 97 per cent on a YoY basis when you compare the Q2 FY26 profit at Rs 63 crore to Rs 32 crore in Q2 FY25 and on a QoQ basis has decreased by 7 per cent from Rs 68 crore in Q1 FY26. 

Business and operational highlights

Fujiyama Power Systems delivered a strong financial performance in H1 FY26 as well, reflecting the company’s growing momentum in the rooftop solar space; revenue rose 61.5% to Rs 1,165 crore, showcasing sustained demand. Profitability expanded meaningfully as well; Q2 EBITDA doubled to Rs 103 crore with an 18.1% margin. With total debt at Rs 674 crore and a post-IPO net-debt-to-equity of just 0.35x, the balance sheet is now healthier and better positioned to support expansion.

On the operational front, Fujiyama is pushing forward with ambitious capacity-building plans that underline its long-term confidence in India’s solar opportunity. The company is setting up a 1 GW DCR solar-cell facility in Dadri for Q3 FY26, alongside a 2 GW integrated SPGS plant in Ratlam targeted for Q4 commissioning. Backward integration, scale efficiencies and a steady shift in product mix, where solar panels now contribute 45.4% of H1 revenue, have helped strengthen margins and improve overall cost structure. These expansion plans tie directly to the company’s aim of becoming a more integrated, cost-efficient manufacturer as solar adoption rapidly accelerates across the country.

Fujiyama’s business engine continues to be its vast and deepening retail network, which gives it a strong edge in India’s fast-growing B2C solar market. In Q2 FY26 alone, the company added 70+ distributors, 350+ dealers and 20+ exclusive shops, taking its total network to over 7,500 channel partners. This on-ground presence helped push B2C revenue to 91.7% of H1 FY26 sales. The appointment of Surya Kumar Yadav (SKY) as brand ambassador is set to further amplify visibility and consumer trust. With supportive government policies and rising adoption across Tier-2 and Tier-3 cities, Fujiyama is well placed to scale up and capture the next leg of India’s rooftop solar boom.

Fujiyama Power Systems Limited is one of India’s leading rooftop solar solution providers, offering a wide range of more than 500 SKUs that include solar panels, inverters, lithium and tubular batteries, chargers and power-electronics systems. With 29 years of experience, the company has built strong engineering capabilities supported by an integrated manufacturing setup spread across four facilities in Himachal Pradesh, Uttar Pradesh and Haryana. 

Written by Leon Mendonca

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