Fujiyama Power Systems Ltd Q1 FY27 Results

Fujiyama Power Systems posted consolidated revenue from operations of ₹1,345.69 Cr for Q1 FY27, up 125.3% YoY (₹597.35 Cr in Q1 FY26) and 49.4% QoQ (₹900.77 Cr in Q4 FY26), as the company's newly commissioned Ratlam capacity — a 2 GW power electronics facility that went live on 7 August 2026 — began contributing to volumes. Reported consolidated PAT of ₹57.79 Cr was down 14.5% YoY and 45.6% QoQ, but that decline is entirely attributable to a ₹143.58 Cr exceptional charge booked for a fire that damaged the Bawal (Haryana) plant on 6 May 2026; stripping out the one-off, adjusted PAT works out to roughly ₹201.4 Cr, up ~198% YoY — well ahead of the revenue growth rate, pointing to genuine margin expansion in the underlying business. Standalone and consolidated results are effectively identical this quarter (₹0.01 Cr combined share of loss from newly-added associates Zayo Cables and Zayo Energy), so the standalone-vs-consolidated divergence question doesn't apply here. No analyst consensus for this specific quarter was publicly available at print time — our pre-result read flagged thin, conflicted coverage (2-analyst average target ₹355 versus a ₹394.65 stock price) — so a formal street beat/miss cannot be established; this print is the street's first data point for FY27.

Against management's own guidance from the Q4 FY26 concall — 50% revenue growth for the year and 11-13% PAT margins — Q1's 125% YoY revenue growth runs well ahead of the full-year pace, and the adjusted PAT margin of ~15.0% sits above the top of the 11-13% guided band; on an underlying basis the quarter beats guidance. The reported PAT margin of just 4.3%, however, undershoots that band badly — a function purely of the fire write-off, not of operating performance. The margin bridge: operating margin (OPM, ex-depreciation/finance costs) came in around 18.9%, roughly flat against 19.0% in Q4 FY26, while the pre-exceptional PBT margin of 16.4% is meaningfully better than the ~15.1% implied a year ago — so the core business margin trend is one of expansion, not compression, once the one-off is excluded.

The stock went into the print at ₹409.9, up 12.5% over the past month of trading.

For context: revenue is at a 4-quarter high.

The fire loss itself (₹143.58 Cr net carrying value of building, plant & inventory) has not been offset by any insurance recovery in this print — the claim is still with the surveyor, and management says recovery is expected "in due course" but could not yet be recognised, so a future write-back is a live possibility. Elsewhere, the quarter carries two regulatory overhangs: BIS seized goods worth a combined ₹43.5 Cr across the Greater Noida and Bawal facilities over alleged non-compliance with BIS standards (company contests this and has filed its response), and a ₹13.97 Cr customs show-cause notice for differential duty received 18 June 2026. Neither is yet reflected as a charge beyond the fire exceptional item. On the corporate-action side, the board also used this meeting to re-appoint the internal, cost and secretarial auditors for FY27 — routine governance matters with no earnings impact.