IPO Update
Fujiyama Power Systems Ltd – Mainboard IPO
A concise look at the company’s financials, key ratios, IPO terms, and how ProStocks clients can apply using the BIDS option on mobile and web.
Financial Snapshot (FY23–FY25)
Fujiyama Power Systems Ltd has delivered strong revenue growth, rising profitability and sharply improving returns over the last three financial years.
Key Financials (₹ crore)
| Particulars |
FY25 |
FY24 |
FY23 |
| Net Revenue |
1,540.68 |
924.69 |
664.08 |
| Revenue Growth (%) |
66.62 |
39.24 |
— |
| Profit After Tax (PAT) |
156.34 |
45.30 |
24.37 |
| PAT Margin (%) |
10.15 |
4.90 |
3.67 |
| Net Worth (Equity) |
396.82 |
239.54 |
193.08 |
| Total Assets |
1,013.96 |
609.64 |
514.56 |
| EPS (₹) |
5.56 |
1.61 |
0.87 |
Important Ratios (FY25)
| Ratio |
FY25 |
Comment |
| Return on Equity (ROE) |
39.40% |
Very strong – efficient use of shareholder funds. |
| Return on Assets (ROA) |
15.42% |
Healthy – assets generating attractive returns. |
| Asset Turnover |
1.52x |
Good operating efficiency. |
| PAT Margin |
10.15% |
Margin expansion driven by scale and cost control. |
| Revenue Growth |
66.62% |
High growth momentum in topline. |
Revenue more than doubled in 2 years
PAT up ~6x between FY23 and FY25
ROE near 40%
Improving margins & returns
About Fujiyama Power Systems Ltd
Fujiyama Power Systems Ltd manufactures a comprehensive range of products for the rooftop solar industry, with
522+ SKUs across:
- Solar inverters
- Solar panels
- Solar batteries
- Customised rooftop solar solutions
The company has a network of 725+ distributors across India and operates
four manufacturing plants.
The IPO comprises a fresh issue and an offer for sale (OFS) by promoters
Pawan Kumar Garg and Yogesh Dua. Promoters
(including Sunil Kumar) currently hold 99.67% of the company. Motilal Oswal
and SBI Caps are the book-running lead managers, while MUFG Intime India Pvt Ltd is the registrar.
This is a 100% book-built issue.
IPO Highlights
| IPO Open |
Thursday, 13 November 2025 |
| IPO Close |
Monday, 17 November 2025 |
| Price Band |
₹216 – ₹228 per share |
| Face Value |
₹1 per share |
| Fresh Issue |
2,63,15,789 shares (₹600 crore at upper band) |
| Offer for Sale (OFS) |
1,00,00,000 shares (₹228 crore at upper band) |
| Total Issue Size |
3,63,15,789 shares (₹828 crore at upper band) |
| Listing |
NSE & BSE – Mainboard |
| Anchor Book |
Opens one working day prior to IPO opening |
How to apply via ProStocks:
Clients can apply for the IPO directly from the
“IPO” button under the “BIDS” option in their ProStocks
Mobile app or web-based login.
IPO Timeline
| Event |
Date (Tentative) |
| IPO Opens |
Thursday, 13 November 2025 |
| IPO Closes |
Monday, 17 November 2025 |
| Basis of Allotment |
Tuesday, 18 November 2025 |
| Initiation of Refunds |
Wednesday, 19 November 2025 |
| Credit of Shares to Demat |
Wednesday, 19 November 2025 |
| Listing on NSE & BSE |
Thursday, 20 November 2025 |
Investor Allocation
| Category |
Shares |
% of Issue |
| Reservation for Employees |
2,31,481 |
0.62% |
| Anchor Investors |
1,08,28,947 |
29.13% |
| QIB |
73,42,591 |
19.75% |
| NII (HNI) |
56,31,945 |
15.15% |
| Retail |
1,31,41,204 |
35.35% |
| Total |
3,71,76,168 |
100.00% |
Lot Size Details
(1 lot = 65 shares)
| Category |
Lots |
Shares |
Amount @ ₹228 |
| Retail – Minimum |
1 |
65 |
₹14,820 |
| Retail – Maximum |
13 |
845 |
₹1,92,660 |
| S-HNI – Minimum |
14 |
910 |
₹2,07,480 |
| S-HNI – Maximum |
67 |
4,355 |
₹9,92,940 |
| B-HNI – Minimum |
68 |
4,420 |
₹10,07,760 |
There is no upper investment limit for B-HNI or QIB categories.
Valuation & Summary View
At the upper price band of ₹228 and FY25 EPS of ₹5.56, the
issue is valued at a price-to-earnings (P/E) multiple of approximately
41x. This is broadly in line with comparable companies in the renewable and
power-electronics space.
Key Positives
- High growth in revenue and profits over the last three years.
- Strong return ratios – ROE near 40% and improving ROA.
- Comprehensive rooftop solar product portfolio with 522+ SKUs.
- Wide distribution network of 725+ distributors across India.
Fujiyama Power Systems Ltd offers exposure to the fast-growing rooftop solar segment, backed by scale,
improving profitability and strong distributor reach. Post-listing performance will depend on how well the
company sustains growth and margins in a competitive market.
