Fujiyama Power Systems Ltd reported a robust Q2 FY26 with a 72.6% increase in Revenue from Operations to Rs 5,679 million. EBITDA reached Rs 1,030 million (18.1% margin), and PAT rose to Rs 629 million (11.1% margin), with EPS at Rs 2.25. For H1 FY26, Revenue from Operations grew by 61.5% to Rs 11,653 million, with EBITDA at Rs 2,089 million (17.9% margin) and PAT at Rs 1,305 million. Total debt as of September 30, 2025, stood at Rs 6,740 million, with a net debt-to-equity ratio of 1.26x and a post-IPO proforma ratio of 0.35x. ROCE and ROE were 25.1% and 24.7%, respectively, in H1 FY26. The company is expanding, with notable projects including a 1 GW DCR solar cell.
Fujiyama Solar’s announcement a strong 73%
Facility in Dadri targeting Q3 FY26 and a 2 GW SPGS manufacturing plant in Ratlam for Q4 FY26. The B2C segment contributed 91.7% of revenue, with solar panels making up 45.4% of this mix, up from 36.5% the previous year. Surya Kumar Yadav has been appointed as the new brand ambassador to enhance brand visibility. Fujiyama added over 70 distributors, 350 dealers, and 20 exclusive stores, expanding its network to over 7,500 partners to strengthen its presence in the solar market as India aims for 300 GW of installed capacity by 2030 Fujiyama Solar’s announcement of a strong 73% revenue surge in Q2 FY26 has generated renewed interest in India’s rapidly.
Evolving renewable energy landscape. The company’s quarterly performance, marked by rising demand for solar modules, stronger nationwide distribution, and broad sectoral adoption, reflects a wider shift in the country’s clean energy transition. As the world moves decisively toward sustainability, Fujiyama Solar has positioned itself at the center of India’s solar transformation through a mix of high-efficiency products, customer-focused solutions, and ambitious infrastructural upgrades. The Q2 results also demonstrate how industry players leveraging technology, innovation, and market-driven strategies can outperform their past records, especially in a market growing more competitive each year.
State-Specific Incentives Accelerating Adoption
A major part of Fujiyama Solar’s growth this quarter comes from the rising appetite for rooftop solar solutions among residential and small business users. With government initiatives such as subsidies for home-based solar systems and state-specific incentives accelerating adoption, customers have become more aware of the long-term cost benefits associated with solar power. The company capitalized on this shift by enhancing its module efficiency, improving inverter reliability, and expanding its installation support network across semi-urban and rural areas. For users seeking detailed solar into how nationwide schemes have shaped the rooftop segment.
In addition to the residential push, Fujiyama Solar experienced significant traction in the commercial and industrial (C&I) sectors. Many manufacturing units, warehouses, technology parks, and logistics hubs are increasingly turning to solar energy to manage rising electricity costs and reduce carbon footprints. The company responded by deploying advanced photovoltaic (PV) modules capable of delivering higher output even in low-light conditions, which has helped large power consumers stabilize their long-term operational expenses. Businesses evaluating the latest energy trends can explore the Renewable Energy Growth page on our site, which complements.
Raw Material Prices, Global Shipping Disruptions
the discussion by offering broader market forecasts and industry developments that mirror Fujiyama Solar’s strong quarterly growth pattern Another factor contributing to the robust Q2 performance was the company’s improvements in supply chain management. Over the (Solar) last year, the solar industry has faced challenges including fluctuations in raw material prices, global shipping disruptions, and delays in component imports. Fujiyama Solar mitigated these issues by increasing local sourcing of raw materials, optimizing warehouse operations, and forming partnerships with domestic manufacturers to reduce turnaround time.
These improvements not only stabilized production but also helped in fulfilling bulk orders during the peak demand period spanning July to September What sets Fujiyama Solar apart this quarter is its emphasis on technological innovation. The company invested heavily in R&D to develop modules with better temperature tolerance, enhanced durability, and improved power conversion efficiency. These advancements have improved energy output per square meter, making solar adoption more viable for customers with limited rooftop space or specific design constraints. The incorporation of AI-driven monitoring tools and IoT-enabled systems has made post-installation maintenance.
India’s Utility Scale Solar Segment
Easier, allowing consumers to track performance in real-time. For readers interested in global trends shaping such innovations, the International Renewable Energy Agency (IRENA) resource page serves as a valuable external reference that aligns with Fujiyama’s forward-thinking approach The quarter also highlighted Fujiyama Solar’s growing impact on India’s utility-scale solar segment. As more states issue tenders through organizations like SECI for large solar parks and hybrid renewable projects, the company has been aggressively bidding for opportunities where its technology can deliver large-scale benefits. The rising number of public sector solar installations along with private sector investments has created an ecosystem.
That is increasingly favorable for companies with strong manufacturing and EPC (Engineering, Procurement, and Construction) capabilities. Readers following such mega projects can refer to SECI’s external site, listed above, which complements the discussion by offering access to live tenders and project updates One of the most compelling aspects of Fujiyama Solar’s Q2 FY26 performance is the impact of government policies. Programs like PM Surya Ghar Yojana, rooftop solar subsidies, simplified net-metering rules, and accelerated project approvals have dramatically improved the operating environment for solar manufacturers and installers.
These initiatives have reduced consumer hesitancy and amplified the demand curve for domestic solar products. Companies like Fujiyama Solar have stepped into this policy-driven momentum with well-structured strategies, ensuring that every new regulation translates into a real market opportunity Beyond manufacturing and sales, the company has undertaken measures to reduce its carbon footprint through energy-efficient production processes Recycling programs for used panels, and awareness campaigns promoting clean energy. This commitment aligns with global sustainability goals and positions the company favorably in markets that prioritize ESG (Environmental, Social, and Governance) standards.
The International Energy Agency (IEA), included as a that further contextualize Fujiyama’s sustainability-led performance Looking forward, Fujiyama Solar anticipates continued growth in the upcoming quarters. With India aiming to reach 500 GW of non-fossil fuel (India) capacity by 2030, the solar sector is poised for tremendous expansion The increasing focus on green hydrogen, battery storage integration, and hybrid renewable systems will likely open new revenue streams for solar manufacturers. Fujiyama Solar’s strategic alignment with these future trends suggests that its Q2 FY26 success is not an isolated milestone but part of a larger upward trajectory in the country’s clean energy roadmap.
Q1. What led to Fujiyama Solar’s 73% revenue growth in Q2 FY26?
Strong module sales, project execution, and increased demand for rooftop and utility solar solutions.
Q2. Did Fujiyama Solar expand capacity in Q2 FY26?
Yes, the company enhanced production lines and improved supply chain efficiency.
Q3. How does government policy support Fujiyama Solar’s growth?
Policies promoting renewable energy, subsidies, and faster approvals have boosted demand.
Q4. Which segments drove the highest solar adoption?
Commercial, industrial, and residential rooftop installations grew significantly.
Q5. What is the outlook for Fujiyama Solar for FY26?
The company expects sustained revenue momentum supported by new orders and clean energy expansion.
