Fujiyama Power Systems Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Fujiyama Power Systems Ltd filed with BSE on 22 May 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 Q4 FY26 revenue from operations of Rs. 9,008 million, up 87.5% year-on-year, with EBITDA more than doubling to Rs. 1,715 million, while full-year FY26 revenue reached Rs. 26,545 million, up 72.3%, with EBITDA margins expanding to 18.5%. Management discussed a fire incident at the Bawal lead-acid battery facility that suspended operations there, delays in commissioning power electronics and battery lines at Ratlam due to technology upgrades and geopolitical supply issues, and plans for a new 1,200 megawatt TOPCon solar cell facility. Management also addressed rising inventory levels, BIS seizure notices on a small number of SKUs, and provided guidance of 50% revenue growth for the coming year.
Numbers mentioned
Revenue from operations: Rs. 9,008 million (Q4 FY26)
p. 3
“Revenue from operations for the quarter is Rs. 9,008 million, reflecting year-on-year growth of 87.5%.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
EBITDA: Rs. 1,715 million (Q4 FY26)
p. 3
“EBITDA for the quarter more than doubled year-on-year to Rs. 1,715 million.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
Revenue from operations: Rs. 26,545 million (FY26)
p. 3
“For the full year, revenue from operations reached Rs. 26,545 million, representing a growth of 72.3% on a year-on-year basis.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
EBITDA margin: 18.5% (FY26)
p. 3
“EBITDA for the year was Rs. 4,903 million, with margins expanding to 18.5% as compared to 16.1% of the last financial year.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
Households added: 4,00,000 plus (FY26)
p. 3
“We have added 4,00,000 plus households during this financial year, considering the number of inverters sold during this period.”
Pawan Kumar Garg, page 3 of the filed PDF · View the filing
Channel partners network: crossed 8,900 (as on March 2026)
p. 4
“With this, our total channel partners network has crossed 8,900 as on March 2026.”
Pawan Kumar Garg, page 4 of the filed PDF · View the filing
EBITDA margin: 19% (Q4 FY26)
p. 5
“EBITDA for the quarter was Rs. 1,715 million, with EBITDA margins improving to 19% from 16.5% in the corresponding period last year.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Profit after tax: Rs. 1,063 million (Q4 FY26)
p. 5
“Profit after tax for the quarter was Rs. 1,063 million, with PAT margins improving to 11.8% compared to 10.7% in Q4 FY25.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Profit after tax: Rs. 3,041 million (FY26)
p. 6
“Profit after tax was Rs. 3,041 million compared to Rs. 1,563 million last year, while PAT margins improved to 11.5% from 10.1% in FY25.”
Prashant Gupta, page 6 of the filed PDF · View the filing
Total assets: Rs. 23,436 million (as of March 31, 2026)
p. 6
“As of March 31, 2026, our total assets were Rs. 23,436 million compared to Rs. 10,140 million in FY25.”
Prashant Gupta, page 6 of the filed PDF · View the filing
Net debt-to-equity ratio: 0.25 (as of March 2026)
p. 6
“Net debt-to-equity ratio improved to 0.25 as of March 2026 compared to 0.85 in FY25, reflecting the benefit of equity infusion through the IPO and repayment of debt using IPO proceeds.”
Prashant Gupta, page 6 of the filed PDF · View the filing
Net working capital days: 83 days (FY26)
p. 6
“On the working capital front, net working capital days increased to 83 days in FY26 compared to 71 days in FY25.”
Prashant Gupta, page 6 of the filed PDF · View the filing
Solar panel manufacturing capacity: 1,639 megawatt (FY26)
p. 5
“During the year, solar panel manufacturing capacity increased from 1,039 megawatt to 1,639 megawatt.”
Prashant Gupta, page 5 of the filed PDF · View the filing
Lithium battery manufacturing capacity: 545 megawatt hours (FY26)
p. 5
“and lithium battery manufacturing capacity increased from 45 megawatt hours to 545 megawatt hours.”
Prashant Gupta, page 5 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.
Inverter manufacturing line commissioning — Q1 2027
stated firmly by Pawan Kumar Garg
p. 4
“the inverter manufacturing line, machinery is already received at the facility and expected to be commissioned in the first quarter of 2027.”
Pawan Kumar Garg, page 4 of the filed PDF · View the filing
Battery machinery commissioning — Q2 2027
stated firmly by Pawan Kumar Garg
p. 4
“Furthermore, the battery machinery orders have been placed and commissioning is expected in the second quarter of 2027.”
Pawan Kumar Garg, page 4 of the filed PDF · View the filing
Overall margins
stated as an aspiration by Pawan Kumar Garg
p. 16
“So, we can say that we will maintain stable to improve, we will go for stable to improve side overall margins basically.”
Pawan Kumar Garg, page 16 of the filed PDF · View the filing
Channel partners — double · next three years
stated as an aspiration by Pawan Kumar Garg
p. 9
“but if we go for fully operational all over the India, then we are expecting double channel partners in next three years, sir.”
Pawan Kumar Garg, page 9 of the filed PDF · View the filing
Promoter holding reduction / fundraise — next 12 months
stated firmly by Pawan Kumar Garg
p. 21
“Okay. Regarding second question, in next 12 months, we have no proposal for promoter holding to reduce promoter holding or raise any money in next 12 months.”
Pawan Kumar Garg, page 21 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 attributed the rise mainly to raw material inventory built up to support capacity expansion and new locations, while finished goods inventory days remained similar to last year.
Answered by Prashant Gupta
Asked by Apoorva Bahadur: Why did inventory increase sharply this year?
p. 7
“So, I would like to highlight one point, the increase in inventory that you are seeing is mainly in the raw material side.”
Prashant Gupta, page 7 of the filed PDF · View the filing
Management said the Ratlam facility could generate peak revenue of around Rs. 5,000 crore when fully utilized, while the TOPCon cell line would improve margins through backward integration rather than add separate revenue.
Answered by Pawan Kumar Garg
Asked by Anuj Upadhyay: How much revenue can the Ratlam facility and TOPCon cell line contribute?
p. 8
“We can expect total revenue, peak revenue from this facility when all the lines will be fully operational and fully utilized, around Rs. 5,000 crore.”
Pawan Kumar Garg, page 8 of the filed PDF · View the filing
Management confirmed the facility is currently suspended.
Answered by Pawan Kumar Garg
Asked by Aniket Madhwani: Is the Bawal facility operational after the fire?
p. 9
“Right now, it 1s not operational, sir. It is suspended.”
Pawan Kumar Garg, page 9 of the filed PDF · View the filing
Management indicated full utilization is expected by the end of FY2028.
Answered by Pawan Kumar Garg
Asked by Sahil Sheth: By when will the Ratlam capacity be fully utilized?
p. 10
“We are expecting 1n the end of next financial year that will be fully utilized. Next financial year.”
Pawan Kumar Garg, page 10 of the filed PDF · View the filing
Management said the growth was mostly from volume increases.
Answered by Pawan Kumar Garg
Asked by Himanshu Bisani: Was the revenue growth driven by volume or price increases?
p. 12
“Yes, volume increase, sir.”
Pawan Kumar Garg, page 12 of the filed PDF · View the filing
Management said the maximum penalty would be equal to the seizure value but expects the matter to be settled without penalty given their submissions.
Answered by Pawan Kumar Garg
Asked by Lovish: What penalties could result from the BIS inspections?
p. 17
“But in our case, it will not go up to that level because their questions and our submissions are fair enough to settle down the situations and we hope we will not face any penalty.”
Pawan Kumar Garg, page 17 of the filed PDF · View the filing
Management identified Noida as the largest contributor followed by Dadri.
Answered by Pawan Kumar Garg
Asked by Sagar Shah: Which facilities contributed most to the quarter's growth?
p. 15
“Actually, sir, we can say it is Noida factory. It is integrated factory.”
Pawan Kumar Garg, page 15 of the filed PDF · View the filing
Management described a strategy of balancing top-line growth against margin depending on capacity constraints, without committing to a specific longer-term margin figure.
Answered by Pawan Kumar Garg
Asked by Deekshant: What PAT margin trajectory can be expected over 12-36 months?
p. 21
“If at any given time, we encounter constraints in our manufacturing capacity a situation that is common across the industry, not unique to us we tend to slightly increase our profit margins during that period.”
Pawan Kumar Garg, page 21 of the filed PDF · View the filing
Risks flagged
Fire incident at Bawal lead-acid battery manufacturing facility leading to temporary suspension of operations
p. 5
“Operations at the facility have been temporarily suspended while the exact cause of the incident remains under investigation.”
Pawan Kumar Garg, page 5 of the filed PDF · View the filing
Delays in commissioning power electronics and battery capacities due to technology upgrades and geopolitical supply issues
p. 4
“In addition, certain geopolitical developments had an impact on supply timelines of plant and machinery during the execution phase.”
Pawan Kumar Garg, page 4 of the filed PDF · View the filing
BIS seizure notices on a subset of SKUs
p. 8
“We have around 500 SKUs and few of the SKUs in inverter and battery, these were under question from the BIS department.”
Pawan Kumar Garg, page 8 of the filed PDF · View the filing
Margin pressure from third-party lead-acid battery arrangements following the Bawal fire
p. 11
“Margins will have slightly effect, but we will cover through top line, adding extra top line because extra capacities are available in the market.”
Pawan Kumar Garg, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.