Fujiyama Power Systems Limited, known by the brand UTL Solar, has officially announced the acquisition of a 31% stake in two distinct entities: Zayo Energy Private Limited (ZEPL) and Zayo Cables Private Limited (ZCPL). Following the Board of Directors meeting on April 25, 2026, these companies will now operate as associate companies under the Fujiyama umbrella. The strategic move is designed to enhance the company’s manufacturing depth through backward integration.

The acquisition involves a cash consideration of Rs. 31,000 for each entity to acquire 3,100 equity shares. Prior to this, Fujiyama Power Systems already held a 19% stake (1,900 shares) in both ZEPL and ZCPL, and this additional 31% brings their total shareholding to 50% for each company. Both transactions were conducted on an arm’s length basis, and no regulatory approvals were required to finalize the deals. The company expects to complete the full acquisition process within 30 days from the board’s approval.

Fujiyama Power Systems Limited is a significant player in the Indian rooftop solar industry, offering a portfolio of over 500 products including solar panels, inverters, and lithium-ion batteries. In early 2025, the company crossed a major milestone with its topline exceeding Rs. 920 crore, and it successfully listed on the BSE and NSE in November 2025. Throughout 2025, the company expanded its footprint by commissioning a 1 GW solar cell plant in Dadri, Uttar Pradesh, with an investment of Rs. 300 crore to reduce import reliance. This facility complements its existing manufacturing capacity of 1.6 GW across various Indian locations.

For the quarter ended December 2025, the company reported a robust financial performance with net sales rising 73.80% to Rs. 588.48 crore compared to Rs. 338.60 crore in the same period of 2024. Standalone net profit for the same period surged by 124.29% to reach Rs. 67.31 crore, up from Rs. 30.01 crore in the corresponding previous year quarter. As of early 2026, the company’s shareholding pattern shows a strong promoter holding of 86.77%, with institutional investors, including mutual funds and foreign institutional investors, holding approximately 4.86% of the total shares.