Fujiyama Power Q2 FY27 Results (NSE: UTLSOLAR)
Signal: Steady quarter
The read
The key inflection is the rebound from the fire-hit quarter: consolidated revenue reached ₹13,456.93 million, +136.9% YoY, while PAT rose to ₹1,326.92 million from ₹578.09 million QoQ; however, the ₹1,435.81 million Bawal fire loss and the first-time inclusion of associates make the reported sequential trajectory unusually noisy.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,345.69 Cr | +136.9% | +3.0% |
| Net profit | ₹132.69 Cr | +110.9% | |
| EPS | 10.24 | +120.7% | |
| EBIT margin | 19.1% |
P&L walk
Consolidated revenue was ₹13,456.93 million, +136.9% YoY and +3.0% QoQ; reported PAT was ₹1,326.92 million, +110.9% YoY, with the prior-quarter comparison affected by the ₹1,435.81 million Bawal fire loss and ₹26.92 million of associate losses in the current quarter.
Segments
The company reported no separate operating segments; the consolidated result was ₹26.92 million below standalone PAT of ₹1,321.00 million because the newly included associates contributed a net loss.
Key positives
- Consolidated revenue was ₹13,456.93 million, up 136.9% YoY and 3.0% QoQ, maintaining the company's high-growth trajectory.
- Consolidated PAT was ₹1,326.92 million, up 110.9% YoY, while EPS rose 120.7% to ₹10.24.
- Standalone operating cash flow was ₹4,900.62 million in H1FY27 and consolidated operating cash flow was ₹4,963.89 million, exceeding consolidated H1 PAT of ₹1,903.01 million.
- The balance sheet carried ₹7,062.06 million of property, plant and equipment and ₹495.74 million of CWIP, supporting the stated manufacturing expansion strategy.
Key concerns
- The quarter includes ₹1,435.81 million of exceptional loss from the Bawal plant fire; insurance recovery has not been recognised because assessment remains in progress.
- Consolidated PAT of ₹1,326.92 million was ₹26.92 million below standalone PAT of ₹1,321.00 million because Zayo Energy and Zayo Cables contributed associate losses.
- Inventories were ₹12,295.40 million against cash of ₹518.07 million, leaving substantial capital tied up in working capital.
- The current consolidated results are being prepared for the first time, and prior-period consolidated comparatives are standalone holding-company information, reducing basis comparability.
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