Anand Rathi, Adroit Financial Services,BP Wealth, SMIFS and Ventura Securitieshave given their “Subscribe” recommendation to the prominent player in the rooftop solar industry in India, which has hit the capital market this week.

The Company has fixed the price band of ₹216/- to ₹ 228/– per Equity Share of face value ₹ 1/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Issue”) of the Company will open on Thursday, November 13, 2025, for subscription and close on Monday, November 17, 2025. Investors can bid for a minimum of 65 Equity Shares and in multiples of 65 Equity Shares thereafter

The company is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. It is a leading player in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production. (Source: CARE Report) Also, the company supports R&D in inverter technology and provides a wide variety of solar SKUs. 

The company has designed and developed an extensive product portfolio of more than 522 SKUs which includes a full range of solar inverters, solar panels and batteries.

Brokerage houses have highlighted the company’s diverse portfolio of solar products and solutions, its track record of technological development and product innovation with the company having more than 29 years of experience, a team of more than 65 R&D professionals and more than 500 qualified engineers, as on June 30, 2025.

At the upper end of the price band, it is at a P/E of 41 times FY25 earnings, and given the company’s technological capabilities, financial strength, expanding margins, scalable business model, and industry growth potential, the valuation is justified.

Fujiyama Power Systems’ (UTL Solar) revenue from operations was Rs 597.3 crore during the June 2025 quarter, and its net profit was Rs 67.6 crore.

Its revenue from operations was Rs 1,540.6 crore during FY25 vis-à-vis Rs 664 crore during FY23.  

Its net profit was Rs 156.3 crore during FY25 vis-à-vis Rs 24.3 crore during FY23. 

The Initial Public Offering of Fujiyama Power Systems Limited (UTL Solar)  was subscribed 0.4 times on the second day of bidding, with QIB showing strong demand with a subscription of 0.81 times. The issue received bids of 1,04, 26, 585against the offered 2,63,47,221  equity shares, according to data available on the stock exchanges.