• Q3 FY26 Revenue from Operations at Rs. 5,885 Mn
  • Up 73.8% YoY Q3 FY26 EBITDA at Rs. 1,099 Mn

New Delhi: Fujiyama Power Systems Limited (“Fujiyama” or the “Company”) (BSE: 544613 | NSE: UTLSOLAR), one of India’s leading providers of rooftop solar solutions, offering an extensive portfolio of over 500 SKUs across solar panels, inverters, lithium and tubular batteries, chargers and power-electronics systems, has announced its unaudited financial results for the quarter ended 31st December 2025.

Q3 and 9M FY26 Financial Performance:

Rs. MnQ3 FY26Q3 FY25Y-o-YQ2 FY26Q-o-Q9M FY269M FY25Y-o-Y
Revenue from Operations5,8853,38673.8%5,6793.6%17,53710,60365.4%
EBITDA1,099523110.1%1,0306.7%3,1881,69588.1%
EBITDA Margin%18.7%15.5% 18.1% 18.2%16.0% 
PAT673300124.3%6297.0%1,9781,05188.2%
PAT Margin%11.4%8.9% 11.1% 11.3%9.9% 
EPS2.371.07 2.25 6.963.75 

Business Highlights:

  • Commissioned a 1 GW solar cell manufacturing facility at Dadri, Uttar Pradesh with an investment of around Rs. 300 crore
  • Added over 60 distributors, 400 dealers and 20 exclusive Shoppes in Q3 FY2026
  • 2 GW Ratlam fully integrated SPGS (Solar Power Generating System) manufacturing facility advanced as planned, with commissioning targeted for Q4 FY26

Commenting on the performance Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, said: “Following the successful listing and the steady progress made over the last quarter, Fujiyama continues to move ahead on its planned growth trajectory supported by improving scale, expanding manufacturing integration and a strengthening nationwide presence. The demand environment for rooftop solar solutions remains favourable, driven by rising residential adoption, government support for domestic manufacturing and the growing need for reliable power-backup solutions across Tier-2 and Tier-3 cities.

During Q3 FY2026, Revenue from Operations was Rs. 5,885 million, registering a YoY growth of 73.8%. EBITDA for the quarter more than doubled, with margins expanding to 18.7%. For the nine-month period, Revenue from Operations reached Rs. 17,537 million, reflecting a 65.4% YoY increase, while EBITDA increased to Rs. 3,188 million, up 88.1% year-on-year, with margins improving to 18.2% compared to 16.0% in the previous year. This performance reflects the benefits of higher operating scale and a deeper backward integration.

Our distribution network continued to expand during the quarter, further strengthening our reach in high- potential markets. In Q3 FY2026, we added over 60 distributors, 400 dealers and 20 exclusive Shoppes, taking the total channel partner base to more than 8,200. This growing on-ground presence, supported by a trained sales and service team, enables us to be closer to end-customers, improve service responsiveness and drive deeper penetration in the residential rooftop and power-backup segments, where trust, accessibility and after-sales support play a critical role.

As part of our longer-term strategy to deepen manufacturing integration, the Company has recently commissioned a 1 GW solar cell manufacturing facility at Dadri, Uttar Pradesh, based on Mono PERC technology, with an investment of around Rs. 300 crore. The facility has been aligned with Fujiyama’s existing manufacturing footprint, where the Company currently operates 1.6 GW of solar panel capacity, including 1.2 GW located at Dadri. The entire solar cell output from the new plant will be utilised for captive consumption, supporting greater integration between cell and module manufacturing.

By bringing solar cell manufacturing in-house, Fujiyama is strengthening supply-chain reliability, reducing dependence on imported cells and improving visibility and control over input costs. The production of Mono PERC DCR solar cells also enables the Company to cater effectively to subsidy-linked consumer demand, reinforcing its positioning in the domestic rooftop market.

Looking ahead, the demand environment for residential and distributed solar solutions remains favourable. With the continued push towards solar adoption, favourable policy support and increasing preference for reliable rooftop solar solutions, the long-term opportunity for integrated manufacturer like Fujiyama remains encouraging.

As we move ahead, our priorities remain centered on expanding capacity, deepening backward integration, strengthening distribution and improving operational efficiency. We remain committed to delivering dependable, high-quality solar solutions to Indian households and to creating sustainable value for all stakeholders.”