Fujiyama Power Systems (UTLSOLAR) Q4 25/26 earnings summary

Executive summary

• FY26 revenue was Rs. 26,545.06m and net profit was Rs. 3,041.25m; audited results received an unmodified opinion.

• FY26 revenue from operations rose 72.3% YoY to Rs. 26,545 Mn; EBITDA increased 97.3% to Rs. 4,903 Mn, with margin expanding to 18.5% from 16.1%.

• Growth was supported by residential rooftop solar and power-backup demand, manufacturing scale-up, and broader distribution reach across 23 states.

Financial highlights

• FY26 revenue was Rs. 26,545.06m versus Rs. 15,406.77m in FY25; profit before tax was Rs. 4,080.29m versus Rs. 2,131.23m.

• FY26 net profit was Rs. 3,041.25m versus Rs. 1,563.35m; total comprehensive income was Rs. 3,039.44m versus Rs. 1,563.54m.

• Q4 FY26 revenue was Rs. 9,007.73m and net profit Rs. 1,063.23m; EBITDA was Rs. 1,715 Mn, up 116.9% YoY and 56.0% QoQ.

• FY26 EBIT was Rs. 4,461 Mn, up 93.5% YoY, with margin of 16.8% versus 15.0%; PAT margin was 11.5% versus 10.1%.

• FY26 operating cash flow was Rs. 617.68m; investing cash outflow was Rs. 5,196.98m and financing cash inflow was Rs. 6,538.18m.

Outlook and guidance

• Ratlam’s commissioned panel line will initially run at an annualized ~1,000 MW on one shift, with phased ramp-up targeting full utilization by Q4 FY27.

• Ratlam inverter line commissioning is expected in Q1 FY27 and battery line commissioning in Q2 FY27; timelines were delayed by technology updates and geopolitical supply disruptions.

• A 1.2 GW TOPCon cell facility at Ratlam is expected to begin commercial operations in Q1 FY28; estimated investment is ~Rs. 350 crore, funded by debt and internal accruals.

• Priorities include capacity expansion, integration, efficiency, and distribution reach amid favourable residential solar demand and policy continuity.