Fujiyama Power Systems share price
Shares of Fujiyama Power Systems (UTLSOLAR) hit a new high of ₹285.90, surging 10 per cent on the BSE in Thursday’s intra-day trade in an otherwise weak market after Motilal Oswal Financial Services initiated coverage on the stock with a target price of ₹340 per share.
The stock price of the electric equipment company quotes at its highest level since its listing on November 20, 2025. Currently, it quotes 25 per cent higher as against its IPO price of ₹228 per share. The stock has zoomed 68 per cent from its 52-week low of ₹170.55 touched on March 3, 2026.
At 09:39 AM on Thursday, UTLSOLAR was up 7 per cent at ₹277.80, as compared to 0.8 per cent decline in the BSE Sensex.
UTLSOLAR overview, outlook
UTLSOLAR is one of India’s leading providers of rooftop solar solutions, offering an extensive portfolio of over 500 SKUs across solar panels, inverters, lithium and tubular batteries, chargers and power-electronics systems.
The management said the demand environment for rooftop solar solutions remains favourable, driven by rising residential adoption, government support for domestic manufacturing and the growing need for reliable power-backup solutions across Tier-2 and Tier-3 cities.
By bringing solar cell manufacturing in-house, Fujiyama is strengthening supply-chain reliability, reducing dependence on imported cells and improving visibility and control over input costs. The production of Mono PERC DCR solar cells also enables the Company to cater effectively to subsidy-linked consumer demand, reinforcing its positioning in the domestic rooftop market.
Looking ahead, the demand environment for residential and distributed solar solutions remains favourable. With the continued push towards solar adoption, favourable policy support and increasing preference for reliable rooftop solar solutions, the long-term opportunity for integrated manufacturer like UTLSOLAR remains encouraging, management said. CHECK Stock Market LIVE Updates
Motilal Oswal Financial Services sees more upside in UTLSOLAR’s stock price
UTLSOLAR is expanding capacity to tap India’s ~100GW rooftop solar opportunity by FY30. It plans an ₹300 crore capex for panels, inverters, and batteries at Ratlam, taking the capacity to 3.7GW/3.7GW/3.8GWh. Moreover, the company has backward-integrated into solar panels by setting up a 1GW domestic content requirement cell (DCR) capacity in January 2026 (51 per cent gross margins).
The PM Surya Ghar Muft Bijli Yojana (PMSGMBY) scheme targets 10 million installations of residential rooftop systems by FY27. So far, 2.9 million households (~10.4GW, ~3.6kW per home) have been covered, leaving ~7.1 million installations (~26GW potential) untapped. Eligibility requires DCR-compliant materials, driving Fujiyama’s in-house cell plant at Dadri and, thus, supporting growth potential, Motilal Oswal Financial Services said in its report.
The brokerage firm expects UTLSOLAR to deliver strong growth (56 per cent/65 per cent/65 per cent CAGR in revenue/EBITDA/PAT over FY25–28), driven by PMSGMBY-led demand and capacity expansion. Analysts value it at 15x FY28E EPS with a target price of ₹340 and a BUY rating.
India is shifting from tubular to Li-ion batteries due to their longer life, lower maintenance, and better long-term efficiency. As such, UTLSOLAR plans to expand its Li-ion capacity from 45MWh to 2.5GWh (from FY25) by 1QFY27. Further, growth in rooftop solar solutions is driving a planned 2GW Greenfield inverter facility at Ratlam (total capacity of 3.7GW).
The company is largely a B2C player (~90 per cent), with a rapidly expanding pan-India distribution network of ~900 distributors, ~6.3k+ dealers, and ~1.1k+ franchiseled UTLSOLAR shoppes. Network scaling has been driven by its twin-brand strategy, deeper geographic penetration, and expansion into underpenetrated southern and eastern states, analysts said. ========================================== Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.