Fujiyama Power Q1 FY27 Earnings Call — Analysis (NSE: UTLSOLAR)

Fujiyama Power delivered 125% YoY revenue growth in Q1 FY27 driven by PM Surya Ghar on-grid adoption and raised its FY27 revenue growth guidance to 70%.

21 Aug 2026 · Analysis by Alpha Inflection

Result quality: stable — Steady quarter. Management sentiment: optimistic.

The take

Q1FY27 Revenue from Operations ₹1,345.7 Cr ( +125.3% YoY ) . New guidance — FY27 fy27 revenue growth 70% . New story: Integrated Solar Solutions vs Sourcing .

Results

Revenue grew 125.3% YoY to ₹1,345.7 Cr, EBITDA rose 140.6% YoY to ₹254.8 Cr (margin 18.9%, +120bps), while reported PAT was ₹57.8 Cr (normalized PAT ₹165.2 Cr, +144.5% YoY) after a ₹143.6 Cr exceptional provision for the Bawal fire.

Financial highlights

Guidance

Full-year FY27 revenue growth guidance revised upwards from 50% to 70%, with EBITDA margins expected to remain sustainable to improving around 18-19%.

What management committed to

• [Fujiyama Power] revised full-year revenue guidance for [FY27] to 70% growth YoY. — 70%, FY27
• [Fujiyama Power] will continue [EBITDA margin] guidance from sustainable to improve around 18% to 19% for [FY27]. — 18% to 19%, FY27
• 2 gigawatt lithium-ion battery manufacturing capacity at [Ratlam facility] is on track for commissioning by [Q2 FY27]. — 2 gigawatt, Q2FY27
• The upcoming [TOPCon solar cell facility] of 1.2 gigawatt is targeted for installation by [Q4 FY27]. — 1.2-gigawatt, Q4FY27
• Gross block including CWIP will reach close to [₹1,300 Cr] by the end of [FY27] vs ~₹800 Cr at start of the year. — INR 1,300 crores, FY27
• [Fujiyama Power] targets reaching more than 15,000 total network partners (including Shoppes, dealers, and distributors) by the end of [FY28]. — more than 15,000, FY28
• Management expects the full insurance claim of [₹143 Cr] for the [Bawal facility fire] to be settled by the end of [FY27]. — Rs. 143 crores, FY27
• [Zayo Energy and Zayo Cables] will start commercial production within one year and generate a top line of [₹400 Cr to ₹500 Cr] in [FY28]. — Rs. 400 crores, Rs. 500 crores, FY28
• Talks to lease and operate an existing running [lead-acid battery plant] to replace Bawal production will mature within [one month]. — Q2FY27

Key themes

Capacity expansion and rooftop solar scaling

How the narrative shifted

• PM Surya Ghar Policy Tailwind: The PM Surya Ghar scheme is catalyzing rapid adoption of residential rooftop solar, creating a multi-year growth runway which will expand further under PM Surya Ghar 2.0 with BESS support.
• Integrated Solar Solutions vs Sourcing: Fujiyama differentiates from standalone module/inverter manufacturers by offering end-to-end solar packages (panels, inverters, batteries) bundled with proprietary district-level installation and service support.
• Aggressive Backward Integration: Expanding in-house DCR solar cell capacity and taking 50% stakes in component suppliers (Zayo Energy/Cables) protects supply chain security and supports margin resilience.
• Distribution Expansion and Deepening: Expanding distributor and dealer presence across rural and tier-2/3 geographies enables rapid volume monetization and market share capture in residential rooftop solar.
• Bawal Fire Containment and Insurance: The fire at Bawal battery plant has been fully provisioned in Q1 with minimal gross margin impact (<0.5%), and operations will bridge via leased capacity while awaiting full insurance claim settlement.

Operational commentary

• Commissioned 2 GW solar panel manufacturing facility at Ratlam in Q1 FY27, increasing total panel capacity to 3.5 GW.
• Commissioned 2 GW power electronics facility (inverters/UPS) at Ratlam in August 2026, taking total power electronics capacity to 4 GW.
• Distribution network expanded past 10,100 channel partners as of June 2026, adding >80 distributors, >1,000 dealers, and >30 exclusive Shoppes during the quarter; Odisha and Uttarakhand moved to 'covered' state status.
• Increased equity stake in backward integration entities Zayo Energy Private Limited and Zayo Cable Private Limited from 19% to 50% each.
• Operational solar cell plant operating at >80% utilization, supporting in-house Domestic Content Requirement (DCR) solar module supply.
• Bawal lead-acid battery facility fire resulted in temporary sourcing from third-party vendors (gross margin impact <0.5%); management is in advanced talks to lease an operational plant within one month.

Analyst Q&A

• Q. What is driving the upward revision in guidance and how should we think about full-year revenue growth and margins?

  Demand is robust under PM Surya Ghar and new capacities at Ratlam are ready; full-year revenue growth guidance is upgraded from 50% to 70% with potential upward trailing, while EBITDA margins will remain sustainable to improving at 18-19%.

• Q. Can management quantify segmental revenue breakdown between panels, inverters, and batteries?

  Management declined to provide a granular segment split, explaining that products are sold as complete solar power generation packages and variable realizations across DCR/non-DCR, lithium/lead-acid, and on-grid/off-grid cause investor confusion.

• Q. How will the loss of the Bawal tubular battery facility be addressed ahead of peak Q4 demand?

  Restarting Bawal will take time pending insurance settlement, but management is in advanced discussions to lease and directly operate an existing external plant within the next month.

• Q. What is the status and capex outlay for the Zayo Energy and Zayo Cable joint venture?

  Total capex is estimated at ₹180-200 Cr, with Fujiyama's 50% equity share being ~₹50 Cr; land acquisition is underway and commercial production is targeted within one year (FY28), expecting ₹400-500 Cr top line.

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