Fujiyama Power Q1 FY27 Results (NSE: UTLSOLAR)

13 Aug 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The core trajectory is strong top-line expansion, with revenue up 49.4% YoY to ₹13,456.93 million and EBITDA margin up 80bps to 19.1%, but gross margin compressed 255bps as raw material cost rose to 79.1% of revenue and the ₹1,435.81 million fire loss turned operating growth into a 59.9% PAT decline; the next results must show whether margins hold and insurance recovery is recognised.

P&L walk

Revenue increased 49.4% YoY to ₹13,456.93 million and EBITDA margin expanded to 19.1%, but a ₹1,435.81 million exceptional fire loss reduced PBT to ₹776.61 million and PAT to ₹577.95 million; consolidated comparatives are holding-company standalone figures because this is the first consolidated filing.

Key positives

• Revenue reached ₹13,456.93 million, up 49.4% YoY and 125.3% sequentially, although the filing provides no volume or realisation split.
• EBITDA margin improved to 19.1%, up 80bps YoY and 290bps versus the preceding comparative quarter.
• The ₹1,435.81 million fire loss is covered by insurance and claims have been lodged, although recovery has not yet been recognised.

Key concerns

• Gross margin compressed 255bps YoY to 28.4% as raw material cost increased to 79.1% of revenue from 74.4%, indicating cost absorption or an adverse mix with the driver not disclosed.
• PAT fell 59.9% YoY to ₹577.95 million because the ₹1,435.81 million Bawal fire loss was recognised as an exceptional item.
• EPS decline of 47.5% lagged the 59.9% PAT decline as paid-up capital increased to ₹308.90 million from ₹280.10 million, indicating dilution.
• Finance costs rose 13.8% YoY to ₹109.01 million while depreciation rose 20.3% to ₹250.17 million.

Earnings quality: includes an exceptional item

View original filing

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