Fujiyama Power Systems Limited, known by its brand UTL Solar, has officially announced a significant enhancement of its manufacturing capabilities. The Board of Directors, in a meeting concluded on May 14, 2026, approved the proposal to set up a new ~1.2 GW ‘TopCon’ solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh. This strategic move is designed to bolster the company’s backward integration and technology upgradation efforts.

The proposed expansion involves an estimated investment of approximately ₹350 Crore, which will be funded through a combination of debt and internal accruals. This new facility at Ratlam will complement the company’s existing ~1 GW ‘Mono PERC’ solar cell capacity located at its Dadri plant in Uttar Pradesh. Commercial operations for the new ‘TopCon’ facility are expected to commence from the fourth quarter of FY 2026-27. The expansion aims to reduce cost volatility, ensure the availability of DCR-compliant solar cells, and improve overall gross margins.

Established in 1996, Fujiyama Power Systems is a leading Indian provider of rooftop solar solutions, including solar panels, inverters, and various battery technologies. In late 2025, the company successfully launched an ₹828 Crore Initial Public Offering (IPO) to fund its growth initiatives. Recent developments include the company obtaining approval in April 2026 to acquire a 31% stake in both ZEPL and ZCPL, further expanding its market footprint. The company serves a prestigious clientele, including the Indian Army, Indian Railways, and AIIMS, through an extensive PAN-India distribution network.

For the fiscal year ended March 31, 2025, the company reported a robust financial performance with revenue reaching ₹1,550 Crore, marking a significant 67.18% growth over the previous year. Net profit for the same period jumped by 245.09% to ₹156 Crore. In the December 2025 quarter, the company’s net profit more than doubled to ₹67.3 Crore compared to ₹30 Crore in the corresponding quarter of the previous year. Notable institutional interest in the company was highlighted during its IPO, which saw 50% reservation for Qualified Institutional Buyers (QIBs), including participation from various anchor investors.