Introduction – The Fujiyama Power Systems IPO—formerly known as UTL Solar—is one of the most discussed renewable-energy offerings of 2025. Coming at a time when India is pushing rooftop solar adoption through large-scale government programs, the company has delivered explosive financial growth and is now seeking capital for capacity expansion and debt reduction.

But with a premium valuation of ~45x FY25 earnings, a slow subscription trend, and a policy-dependent business model, the big question remains:

👉 Is the Fujiyama Power Systems IPO worth applying for?
This article breaks down everything—fundamentals, risks, valuations, anchor investors, subscription data, and long-term investment potential.

About Fujiyama Power Systems (Formerly UTL Solar)

Fujiyama is one of India’s fastest-growing solar manufacturers, offering:

• Rooftop solar solutions
• Solar inverters
• Lithium & lead-acid batteries
• EV chargers
• UPS & power backup systems

The company has manufacturing units in:

• Greater Noida
• Parwanoo
• Bawal
• Dadri
• Upcoming integrated plant in Ratlam, Madhya Pradesh

It operates through a large distribution ecosystem of:

• 725+ distributors
• 5,546+ dealers
• 1,100 franchise outlets

This strong network has allowed Fujiyama to scale rapidly across India.

Fujiyama Power Systems IPO Details at a Glance

Financial Performance: Explosive Growth in FY25

Fujiyama Power Systems posted one of the strongest earnings among mid-cap renewable companies.

FY25 Financial Snapshot

Key Drivers

• Surge in rooftop solar adoption under PM Suryaghar Muft Bijli Yojana
• Higher inverter/battery demand
• Better product mix → margin expansion
• Strong dealer-led penetration

These numbers justify investor interest—but the valuations also reflect this optimism.

Fujiyama Power Systems IPO Valuation: Is 45x PE Expensive?

IPO valuations are based on FY25 EPS of ~₹5.1, giving:

• PE at ₹216 → 42x
• PE at ₹228 → 45x

Compared to Listed Peers

Fujiyama is cheaper than premium players (Havells/Servotech) but expensive vs mid-caps (Amara Raja, Oswal).

Verdict:
👉 Valuation is neither cheap nor extreme—but priced for growth continuation.

Subscription Trend & GMP: Market Sentiment Weak of Fujiyama Power Systems IPO

Day 2 Subscription (as of Nov 14, 2025)

This indicates no early excitement, especially as QIBs often drive momentum.

GMP (Grey Market Premium)

• ₹0 (flat)
• Signals listing-day gains may be muted.

Anchor Investors: The Strongest Positive Signal

Despite weak retail enthusiasm, anchor investors tell a different story.

Notable names include:

• Nippon India Mutual Fund
• Tata Mutual Fund
• BNP Paribas
• Societe Generale
• ValueQuest Investment Advisors
• Citigroup Global Markets
• Astorne Capital

Why this matters:

Mutual funds like Nippon & Tata have:

• High due diligence standards
• Strong track record in renewable energy picks
• Low churn, long-term holding habits

Historically, MF-heavy anchor books correlate with 25–40% long-term outperformance.

Key Strengths of Fujiyama

1. Rooftop Solar Boom (+ Massive Government Push)

India targets:

• 40 GW rooftop solar by 2026
• Subsidies up to ₹78,000 per kW

Fujiyama is perfectly positioned for this wave.

2. Strong Distribution Network

Over 7,000+ channel partners ensure nationwide penetration—an advantage over newer solar players.

3. Capacity Expansion → Future Growth Driver

IPO funds will support:

• Ratlam integrated plant
• Manufacturing increase from 1 GW to 2.5 GW

This alone could double revenues in 2–3 years.

4. Margin Expansion + Scalable Product Mix

Shift toward:

• High-efficiency inverters
• Lithium batteries
• EV chargers

These categories carry higher margins than traditional solar hardware.

Key Risks You Must Consider

1. Policy Dependence

70%+ demand is driven by subsidy-linked rooftop projects.

Any delay or scrapping → revenue hit.

2. High Working Capital Needs

Inventory cycles + credit to dealers →
Cash flow volatility.

3. Import Dependence

26–29% raw materials imported from China.

Risks:

• Tariffs
• Supply shocks
• Geopolitical pressure

4. Geographic Concentration

77% sales from just five northern states.

Regional slowdowns could impact volumes.

Past IPO Comparisons: What History Suggests

A look at comparable power/renewable IPOs:

Sector Trend (2024–25):

• 70–80% of power/renewable IPOs delivered positive returns
• Government capex + renewable push keeps sector strong

If this trend continues, Fujiyama could follow peers like Quality Power.

Final Recommendation: Should You Apply?

After analyzing fundamentals, valuations, risks, subscription, and anchor book:

✔️ Recommendation: Apply ONLY for Long-Term (2–3 years)

Rating: ★★★★☆ (4/5 for long-term investors)
Risk Level: Medium–High
Ideal Entry: Lower band ₹216

Why Apply (Pros):

• Explosive revenue & profit growth
• Renewable energy megatrend
• Strong anchor investor confidence
• Capacity expansion can double earnings
• Margin expansion shows operational strength

Why Be Cautious (Cons):

• Premium valuation (45x PE)
• Slow subscription (weak listing pop likely)
• Policy and import dependence
• Cash flow volatility

Expected Returns

• Short-term (listing): Flat to +5%
• 1 year: +20–40% possible
• 2–3 years: +50–80% potential if expansion succeeds

Also Read More About :

• FII DII Data Todhttps://www.fiidiipro.com/fii-dii-data/
• SEBI IPO Guidelines
• NSE/BSE Fujiyama IPO page