Fujiyama Power Systems (UTLSOLAR) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue from operations was INR 5,679.07 million, up 72.6% YoY; H1 revenue was INR 11,652.56 million, up 61.5%.

• H1 EBITDA was Rs. 2,089 Mn at a 17.9% margin; net profit was INR 1,304.88 million.

• Growth was supported by a broad retail network, increased solar-panel contribution and operating efficiencies from scale and backward integration.

• The board approved unaudited results for the quarter and half year ended 30 September 2025; the auditor’s review conclusion was unmodified.

Financial highlights

• Q2 EBITDA rose 105.7% YoY to Rs. 1,030 Mn, with margin expanding to 18.1% from 15.2%.

• Q2 EBIT increased 107.0% to Rs. 952 Mn; net profit was INR 629.01 million, up 97.4% YoY.

• H1 EBITDA grew 79.1% to Rs. 2,089 Mn; EBIT increased 78.5% to Rs. 1,941 Mn and net profit rose 73.8% to INR 1,304.88 million.

• Q2 PAT margin was 11.1% versus 9.7%; H1 PAT margin was 11.2% versus 10.4%.

• Basic EPS was INR 2.25 in Q2 FY26 and INR 4.66 in H1 FY26; diluted EPS was INR 2.24 and INR 4.64, respectively.

Outlook and guidance

• Dadri’s planned Q3 FY26 start-up includes 1,000 MW of solar-cell capacity, intended to deepen backward integration and expand DCR-panel participation.

• Ratlam is scheduled for Q4 FY26, with planned capacity of 2,000 MW each for solar panels and power electronics, plus 2,000 MWh for lithium-ion batteries.

• Expansion plans focus on capacity, operating efficiencies and stronger presence in key markets as rooftop adoption grows.

• PM Surya Ghar targets rooftop installations in 10 million households by March 2027; India’s stated solar-capacity target is 300 GW by 2030.