Fujiyama Power Systems (UTLSOLAR) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue from operations was ₹13,456.93 million; EBITDA rose 140.6% YoY to ₹2,548 million, with margin expanding to 18.9%.

• Residential rooftop and power-backup demand, wider distribution and greater backward integration supported growth.

• Reported profit was ₹577.95 million standalone and ₹577.94 million consolidated after a ₹1,435.81 million Bawal fire loss; adjusted PAT was ₹1,652 million.

• Auditors issued unmodified limited-review conclusions and highlighted the fire-related exceptional loss.

Financial highlights

• Revenue from operations was ₹13,456.93 million and total income ₹13,480.43 million; revenue rose 125.3% YoY and 49.4% QoQ.

• EBITDA was ₹2,548 million, up 140.6% YoY and 48.6% QoQ; EBIT rose 132.4% YoY to ₹2,298 million.

• Total expenses were ₹11,268.01 million; profit before exceptional items and tax was ₹2,212.42 million.

• Reported profit was ₹577.95 million standalone and ₹577.94 million consolidated, versus ₹675.87 million in Q1 FY25.

• Adjusted PAT excluding the ₹1,074 million after-tax fire loss was ₹1,652 million, up 144.5% YoY, with a 12.3% margin.

Outlook and guidance

• Residential rooftop solar opportunity remains favourable, supported by government initiatives, consumer awareness and rising adoption; priorities include ramping capacity, expanding reach and improving integration.

• A 2,000 MWh lithium-ion battery facility at Ratlam is planned for commissioning by Q2 FY27.

• PM Surya Ghar Yojana covers more than 5 million households and represents an estimated ~15 GW incremental opportunity; subsidies require DCR-compliant panels and on-grid or hybrid inverters.