Introduction

Fujiyama Power Systems Ltd, one of India’s fastest-growing renewable energy companies, is making its debut in the capital market with an Rs 828 crore IPO. The company is known for its innovation in solar panels, batteries, and inverters, with a strong domestic and international presence. Here’s a full breakdown for investors.

IPO Highlights

Feature	Details
Issue Size	₹828 crore (Fresh: ₹600 crore, OFS: ₹228 crore)
Price Band	₹216 – ₹228 per share
Lot Size	65 shares
Min. Investment	₹14,820 (upper price band)
IPO Dates	Nov 13–17, 2025
Allotment Date	Nov 18, 2025
Listing Date	Nov 20, 2025 (BSE/NSE)
Face Value	₹1 per share
Shares Offered	3,63,15,789 equity shares
Anchor Bidding	Nov 12, 2025

Company Financials –

Period Ended	30 Jun 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	1,243.88	1,013.96	609.64	514.56
Total Income	597.79	1,550.09	927.20	665.33
Profit After Tax	67.59	156.34	45.30	24.37
EBITDA	105.89	248.52	98.64	51.60
NET Worth	464.34	396.82	239.54	193.08
Reserves and Surplus	436.33	368.81	215.00	70.55
Total Borrowing	432.83	346.22	200.19	211.14
Amount in ₹ Crore

 

Strengths

• Robust financial growth and strong profitability
• Broad product portfolio: solar panels, inverters, batteries
• Expanding into new manufacturing capacity in Madhya Pradesh
• Respected brand for innovation, reliability, and large-scale delivery
• Comfortable gearing levels, improving return ratios
• National and export footprint supported by government renewables push.

Risks

• Significant capex requirements for new facilities may strain resources
• Dependent on solar sector subsidies/incentives—subject to policy changes
• Competitive pressure from domestic and global players
• Exposure to raw material price fluctuations and supply chain disruptions
• Customer/project concentration: large orders from key accounts drive revenue
• High working capital needs due to inventory and receivables.

IPO Objectives

• Part-financing cost of new manufacturing facility (Ratlam, MP)
• Debt repayment of up to ₹275 crore
• General corporate purposes and working capital
• Boost technology, R&D, and national distribution.

IPO Reservation

• QIB (Institutional): 50%
• NII (HNI): 15%
• Retail: 35%
• Anchor investors: prior allocation on Nov 12.

How To Apply for the Online?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Final Thoughts :-

Fujiyama Power Systems Ltd IPO offers high growth potential for renewable-focused investors. Review financials, objectives, and risks carefully before investing.

FAQs

Q: What are the Fujiyama IPO dates and price band?
Nov 13–17, 2025; ₹216–₹228 per share.

Q: What is the minimum lot size and investment for retail?
65 shares per lot; minimum ₹14,820 (upper band).

Q: How will IPO proceeds be used?
For new factory, debt repayment, working capital, and general corporate needs.

Q: Is Fujiyama profitable and growing?
Yes, PAT grew sharply to ₹156 crore in FY25, on revenues above ₹1,550 crore.

Q: Where will shares be listed?
BSE and NSE; tentative listing Nov 20, 2025.

Q: What are the major risks with the IPO?
Large capex needs, competitive pressures, policy changes, customer concentration, and high working capital exposure.