Fujiyama Power Systems Ltd Q4 FY26 Results

Following the successful completion of our IPO, FY2026 marks our first full year financial reporting post becoming listed company and an important step forward in our growth journey. During the year, we continued to scale operations, strengthen integration across the rooftop solar value chain and expand our reach across key markets. The demand environment for residential rooftop solar and power-backup solutions remained supportive, driven by increasing adoption across Tier-2 and Tier-3 cities, favourable government policies and rising consumer preference. During the quarter, Revenue from Operations was Rs. 9,008 million, reflecting a year-on-year growth of 87.5%, while EBITDA increased by 116.9% to Rs. 1,715 million. For the full year, Revenue from Operations reached Rs. 26,545 million, registering a growth of 72.3% over the previous year. EBITDA for FY2026 was Rs. 4,903 million, up 97.3% year-on-year, with margins improving to 18.5% compared to 16.1% last year. The improvement in profitability reflects the benefits of higher operating scale, improved utilisation across manufacturing facilities and the increasing contribution of backward-integrated operations. Our distribution network continued to strengthen during the quarter, further improving our access to high-potential markets. We added over 80 distributors, 450 dealers and 30 exclusive Shoppes in Q4 FY2026, taking our total channel partner base to more than 8,900 as of March 2026. This expanding network, supported by a trained service and installation team, allows us to stay closer to customers, improve response timelines and enhance the overall customer experience. A strong on-ground presence remains critical in the rooftop solar segment, where trust, service reliability and accessibility play a key role in driving adoption. On the manufacturing front, we continued to focus on strengthening backward integration and expanding capabilities aligned with evolving market requirements. With this the Company has commissioned its 2,000 MW solar panel manufacturing capacity at Ratlam, further enhancing module manufacturing capabilities. Furthermore, we are in the process of setting up a 1,200 MW TOPCon solar cell manufacturing facility at Ratlam, which will complement our existing capacities and support our expansion into the on-grid segment. This facility will also position us to participate more effectively in the growing opportunity under the PM Surya Ghar Muft Bijli Yojana, where demand is expected to be driven by Direct Benefit Transfer (DBT) subsidy-linked residential installations. The commissioning of power electronics and battery capacities at Ratlam saw some delays as we incorporate the latest advancements in lithium-ion battery technology, ensuring that our products remain relevant and competitive as the market evolves. In addition, certain geopolitical developments had an impact on su