Fujiyama Power Systems Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Fujiyama Power Systems Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Fujiyama Power Systems reported Q1 FY27 revenue from operations of Rs. 13,457 million, up 125.3% year-on-year, with EBITDA rising 140.6% and margin expanding to 18.9% from 17.7%. A fire at the Bawal facility led to a provisional exceptional loss of Rs. 1,436 million, bringing reported PAT to Rs. 578 million, while normalized PAT (excluding the fire provision) was Rs. 1,652 million, up 144.5% year-on-year. Management raised its full-year revenue growth guidance from 50% to 70%, cited progress on Ratlam capacity commissioning and distribution network expansion, and increased its stake in Zayo Energy and Zayo Cables from 19% to 50% each as part of backward integration.
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Numbers mentioned
Revenue from operations: Rs. 13,457 million (Q1 FY27)
p. 5
“During Q1 FY27, revenue from operations was Rs. 13,457 million compared to Rs. 5,973”
Prashant Gupta, page 5 of the filed PDF · View the filing
EBITDA: Rs. 2,548 million (Q1 FY27)
p. 5
“EBITDA for the quarter was Rs. 2,548 million, increasing by 140.6% year-on-year.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Profit before tax: Rs. 777 million (Q1 FY27)
p. 5
“After accounting for this exceptional item, profit before tax for the quarter was Rs. 777 million.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Reported profit after tax: INR 578 million (Q1 FY27)
p. 5
“Reported profit after tax was INR 578 million with a margin of 4.3%.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Normalized PAT: Rs. 1,652 million (Q1 FY27)
p. 5
“normalized PAT would have been Rs. 1,652 million. On this basis, normalized PAT margin was 12.3% compared to 11.3% in Q1 FY26.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Bawal fire exceptional loss: Rs. 1,436 million (Q1 FY27)
p. 5
“Accordingly, the company has recognized a provisional exception loss of Rs. 1,436 million during the quarter.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Total channel partner network: over 10,100 (as of June '26)
p. 3
“This took a total channel partners network to over 10,100 as of June '26.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
Solar panel manufacturing capacity: 3.5 gigawatt (Q1 FY27)
p. 3
“With the addition, our total solar panel manufacturing capacity increased to 3.5 gigawatt.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
Power electronics manufacturing capacity: 4 gigawatt (August '26)
p. 3
“With this addition, Fujiyama total power electronics manufacturing capacity is increased to 4 gigawatt.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
On-grid market share: around 10%
p. 11
“we believe that as you rightly mention, we are we are having around 10% of on-grid market share.”
Prashant Gupta, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Lithium-ion battery manufacturing capacity commissioning — 2 gigawatt · Q2 FY27
stated firmly by Pawan Kumar Garg
p. 4
“the 2 gigawatt lithium-ion battery manufacturing capacity at Ratlam is also on track for commissioning by Q2 FY27.”
Pawan Kumar Garg, page 4 of the filed PDF · View the filing
Bawal fire insurance claim settlement — by the end of this financial year
stated conditionally by Prashant Gupta
p. 12
“So, we believe that by the end of this financial year, we will get the claim amount.”
Prashant Gupta, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management raised full-year revenue growth guidance from 50% to 70%, citing robust demand and Ratlam capacity readiness, and said it could revise further as the year progresses.
Answered by Prashant Gupta
Asked by Prithvi Raj: How should full year revenue growth guidance be viewed given the strong Q1 performance?
p. 6
“we would like to revise our guidance for the full year to 70% considering the robust demand which is there and the capacities that we are ready with in Ratlam.”
Prashant Gupta, page 6 of the filed PDF · View the filing
Management said backward integration supports margins but variable raw material factors and pass-through to customers mean guidance remains for margins to be sustainable to improving.
Answered by Prashant Gupta
Asked by Prithvi Raj: Will backward integration lead to higher margins or will benefits be passed to customers?
p. 6
“we would like to continue our previous guidance of margins from sustainable to improve.”
Prashant Gupta, page 6 of the filed PDF · View the filing
Management said the affected assets are adequately insured and the claim, valued at about Rs. 143 crores, should be settled by year end.
Answered by Prashant Gupta
Asked by Archit Agrawal: How much of the Bawal fire damage is recoverable from insurance?
p. 7
“Sir, we are adequately covered. We have taken considering the carrying value of the asset that got impacted, it is close to Rs. 143 crores and we are sufficiently covered under that.”
Prashant Gupta, page 7 of the filed PDF · View the filing
Management confirmed the cell plant is operating at over 80% utilization currently.
Answered by Prashant Gupta
Asked by Anuj Upadhyay: What is the status of the DCR/solar cell plant utilization?
p. 7
“S, it is operating at 80% plus utilization right now.”
Prashant Gupta, page 7 of the filed PDF · View the filing
Management cited a Council of Energy report estimating over 630 gigawatt of rooftop potential, with government targeting 90-100 gigawatt from rooftop by 2030, against roughly 30 gigawatt installed so far.
Answered by Prashant Gupta
Asked by Deepak Poddar: What is the industry opportunity size for rooftop solar in India?
p. 7
“there was one report from Council of Energy where they gave a around more than 630 gigawatt of rooftop solar potential is there.”
Prashant Gupta, page 7 of the filed PDF · View the filing
Management confirmed a gross margin impact from sourcing tubular batteries externally, estimated at below 0.5% at the company level.
Answered by Prashant Gupta
Asked by Sanjay: Did the tubular battery plant outage from the fire affect gross margin?
p. 11
“we believe that at company level the impact at the gross margin level will be below 0.5%.”
Prashant Gupta, page 11 of the filed PDF · View the filing
Management said the primary objective is backward integration rather than margin gains, with combined capex expected around Rs. 180-200 crores.
Answered by Prashant Gupta
Asked by Vinay Lakhera: What are the details and capex of the Zayo Energy/Zayo Cables acquisition?
p. 10
“Just to give an approximate idea at this stage, I believe overall capex that will be needed for these plants will be close to Rs. 180 crores to Rs. 200 crores.”
Prashant Gupta, page 10 of the filed PDF · View the filing
Management said there would be no equity dilution this year, with Rs. 200 crores from debt and the remainder from IPO proceeds and internal funds.
Answered by Prashant Gupta
Asked by Abhi Jain: How is the Rs. 500 crore capex for the year being funded between debt and equity?
p. 16
“There would be no equity dilution as such in this year and so on the debt side out of this Rs. 500 crores, Rs. 200 crores will be from the debt side”
Prashant Gupta, page 16 of the filed PDF · View the filing
Management explained the BIS team flagged 15 SKUs out of 500 which were subsequently certified, representing less than 1% of stock value.
Answered by Pawan Kumar Garg
Asked by Abhi Jain: How does the BIS non-compliance issue affect the business, and is it a one-time event?
p. 17
“they identified items worth Rs. 2 crores out of that, which if you look at our entire product mix, forms less than 1% of the overall items.”
Pawan Kumar Garg, page 17 of the filed PDF · View the filing
Management said restart will take time pending insurance activities, and they are pursuing a lease of another operational plant expected to mature within a month.
Answered by Pawan Kumar Garg
Asked by Amit Kumar: When will the lead-acid battery plant affected by fire restart operations?
p. 20
“It will take time to restart this, sir, because we can only do something after the insurance activities are over.”
Pawan Kumar Garg, page 20 of the filed PDF · View the filing
Risks flagged
Fire incident at Bawal facility caused damage to assets and a provisional exceptional loss
p. 5
“The incident resulted in damage to building structures, plant and machinery, inventories, and other assets with a net carrying value of Rs. 1,436 million.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Loss of tubular battery in-house capacity due to fire reduced gross margin from external procurement
p. 11
“whatever material margin that we were saving having in-house tubular battery capacity was not there, and so that at a gross margin level definitely it got reduced when we were procuring tubular batteries from outside vendor.”
Prashant Gupta, page 11 of the filed PDF · View the filing
Component shortage of DCR panels causing delays in PM Surya Ghar scheme adoption
p. 15
“the main thing is component shortage; there's a shortage of DCR panels, the supply isn't sufficient, which is causing some delay.”
Pawan Kumar Garg, page 15 of the filed PDF · View the filing
PM Surya Ghar 2.0 policy framework remains undefined and not formally notified
p. 3
“While the framework is still under discussion and has not been formally notified, the proposed reports include support for the battery storage, incentives linked to actual power generation and wider access through community solar and other models.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
BIS non-compliance identified in a subset of SKUs
p. 17
“When the team came to us, they identified 15 SKUS out of 500, 15 which according to them fell in the BIS category and according to us they did not as per their definition, and we explained the same in our reply.”
Pawan Kumar Garg, page 17 of the filed PDF · View the filing
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