Updated on 11.11.2025 @ 1:47 PM
Fujiyama Power Systems Limited is launching its mainboard Initial Public Offering (IPO) on November 13, 2025.
The company aims to raise up to ₹828 crores through an issue that includes a fresh issue of shares and an Offer for Sale (OFS) by its promoters.
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The price band has been fixed at ₹216 to ₹228 per share, with a lot size of 65 shares.
Fujiyama has demonstrated spectacular growth in its financial performance, but this is accompanied by a significant geographical concentration risk.
The Grey Market Premium (GMP) is yet to commence trading.
In this article, you will find Fujiyama Power Systems IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Fujiyama Power Systems IPO Details
- Price Band: ₹216 – ₹228 per share
- IPO Open / Close Dates: November 13, 2025 – November 17, 2025
- Lot Size: 65 Shares
- Issue Size: ₹828 Crores (Fresh Issue of ₹600 Cr + OFS of ₹228 Cr)
- Fresh Issue / OFS: Both
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: BSE & NSE
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What is The Fujiyama Power Systems IPO GMP Today?
- Note: The shares of Fujiyama Power Systems are not currently trading in the grey market. The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date.
What Are The Fujiyama Power Systems IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 13, 2025 – November 17, 2025
- Basis of Allotment Date: November 18, 2025
- Refund Initiation Date: November 19, 2025
- Credit of Shares: November 19, 2025
- Listing Date: November 20, 2025
What Are The Objectives of Fujiyama Power Systems IPO?
The company intends to utilise the net proceeds from the fresh issue for its ambitious expansion and to strengthen its balance sheet:
- Capital Expenditure for New Plant (₹180 Crores): A significant portion is allocated for setting up a new manufacturing facility in Ratlam, Madhya Pradesh.
- Repayment of Borrowings (₹275 Crores): To reduce its outstanding debt, which will lower finance costs and improve profitability.
- General Corporate Purposes: The balance amount will be used for other strategic and operational requirements.
- Note: The proceeds from the Offer for Sale (OFS) of ₹228 crores will go to the selling promoters and not the company.
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What is The Financial Performance of Fujiyama Power Systems?
(Amounts in ₹ Crores)
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 | 927.2 | 665.33 |
Profit After Tax | 67.59 | 156.34 | 45.3 | 24.37 |
EBITDA | 105.89 | 248.52 | 98.64 | 51.6 |
NET Worth | 464.34 | 396.82 | 239.54 | 193.08 |
Reserves and Surplus | 436.33 | 368.81 | 215 | 70.55 |
Total Borrowing | 432.83 | 346.22 | 200.19 | 211.14 |
The financial performance of Fujiyama Power Systems has been exceptional.
The company's revenue has more than doubled in two years.
The growth in profitability has been even more spectacular, with the profit after tax (PAT) surging by over 240% in FY25 compared to the previous year.
The company's margins have expanded significantly, and it boasts strong return ratios, with a Return on Equity (RoE) of 39.40% in FY25.
Based on its FY25 earnings, the IPO is priced at a P/E multiple of approximately 42x.
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Industry Outlook
- Fujiyama is a key player in India's rapidly growing rooftop solar industry.
- The company offers a complete range of solar products, including panels, inverters, and batteries, primarily catering to the B2C market.
- The demand for rooftop solar is booming in India, driven by government subsidies, rising electricity tariffs, and increasing environmental awareness.
- As a company with a strong brand and an extensive distribution network of over 7,300 channel partners, Fujiyama is well-positioned to capitalize on this massive, long-term trend.
What Are The Strengths and Risks of Fujiyama Power Systems IPO?
Strengths:
- Spectacular Financial Growth: The company has a proven track record of explosive growth in both revenue and profits.
- Strong Brand and Distribution Network: A well-recognized brand with one of the largest channel partner networks in the industry.
- Comprehensive Product Portfolio: Offers an end-to-end solution for rooftop solar, from panels to batteries.
- High Return Ratios: Excellent RoE and ROCE indicate efficient use of capital and shareholder funds.
Risks:
- High Geographical Concentration: This is a major red flag. A substantial portion of the company's retail sales comes from Uttar Pradesh. Any adverse change in demand or state-level policy in this region could severely impact the business.
- Premium Valuation: At a P/E of around 42x, the IPO is priced at a premium, factoring in significant future growth and leaving little room for error post-listing.
- Project Execution Risk: A large part of the IPO proceeds is for a new manufacturing facility, which comes with inherent execution and timeline risks.
- Intense Competition: The solar industry is highly competitive, with both domestic and international players vying for market share.
What Are Expert Recommendations – Should You Apply?
Subscribe with Caution
The Fujiyama Power Systems IPO is a classic case of a high-growth company in a sunrise sector, but it comes at a premium valuation and with significant geographical risk.
- For Long-Term Investors: This is a pure-play bet on India's rooftop solar revolution. The company's growth is very strong, but investors must be comfortable with the high dependence on a single state and the premium valuation.
- For Listing Gains: The IPO is likely to attract strong interest due to its presence in the booming solar sector. However, the high valuation might cap the potential for significant listing gains.
- Our View: The IPO is a story of high growth vs. high risk and high valuation. The concentration risk is a major concern that cannot be ignored. We recommend a "Subscribe with Caution" rating, suitable for investors with a high-risk appetite who are bullish on the long-term prospects of the solar industry.
Key Takeaways
- IPO Price Band: ₹216 – ₹228 per share
- Lot Size: 65 Shares (Minimum Investment: ₹14,820)
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on November 20, 2025.
- Recommendations of experts: A "Subscribe with Caution" recommendation. A high-growth story in the solar sector, but the premium valuation and extreme geographical concentration are significant risks.
FAQs on Fujiyama Power Systems IPO
What is Fujiyama Power Systems IPO price band?
The price band for the IPO is set at ₹216 to ₹228 per equity share.
What is Fujiyama Power Systems IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Tuesday, November 18, 2025.
How to check Fujiyama Power Systems IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Fujiyama Power Systems IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Thursday, November 20, 2025.
Should I apply for Fujiyama Power Systems IPO?
This is a high-risk, high-reward opportunity. The company has demonstrated spectacular growth in the booming solar sector, but it is being offered at a premium valuation and has a major risk of being heavily dependent on a single state. A subscription is recommended only for investors with a high-risk appetite.
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Disclaimer:
The information provided about IPOs is for educational and informational purposes only. It should not be considered as investment advice, recommendation, or a solicitation to buy or sell any securities. IPO investments are subject to market risks, including the potential loss of capital. Always conduct your own research or consult with a licensed financial advisor before making any investment decisions. The data such as GMP, subscription numbers, and valuations may change frequently and may not guarantee listing performance. We are not responsible for any financial losses arising from decisions made based on this information.
