Fujiyama Power Systems Limited, one of India’s leading rooftop solar solution providers, reported a strong financial performance for the third quarter and nine months ended December 31, 2025, driven by capacity expansion, deeper manufacturing integration, and an expanding nationwide distribution network.
For Q3 FY26, the company posted Revenue from Operations of Rs. 5,885 million, marking a 73.8% year-on-year (YoY) growth, compared to Rs. 3,386 million in Q3 FY25. EBITDA more than doubled to Rs. 1,099 million, up 110.1% YoY, with margins expanding to 18.7%. Profit After Tax (PAT) surged 124.3% YoY to Rs. 673 million, while EPS stood at Rs. 2.37.
For the nine-month period (9M FY26), revenue reached Rs. 17,537 million, registering 65.4% YoY growth. EBITDA rose 88.1% YoY to Rs. 3,188 million, with margins improving to 18.2%, while PAT increased 88.2% YoY to Rs. 1,978 million.
During the quarter, Fujiyama commissioned a 1 GW solar cell manufacturing facility at Dadri, Uttar Pradesh, with an investment of approximately Rs. 300 crore, strengthening its backward integration strategy. The facility, based on Mono PERC technology, will support captive consumption and enhance supply-chain reliability while reducing dependence on imported solar cells.
The company also expanded its distribution footprint by adding over 60 distributors, 400 dealers, and 20 exclusive Shoppes in Q3 FY26, taking its total channel partner base to over 8,200. Meanwhile, construction of its 2 GW fully integrated SPGS manufacturing facility in Ratlam, Madhya Pradesh, is progressing as planned, with commissioning targeted for Q4 FY26.
Commenting on the performance, Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, said the company remains on a strong growth trajectory supported by improving scale, deeper manufacturing integration, and growing demand for rooftop solar and power-backup solutions across Tier-2 and Tier-3 cities. He added that in-house solar cell manufacturing will enhance cost control, supply security, and competitiveness in subsidy-linked domestic markets.
Looking ahead, Fujiyama expects sustained growth driven by favorable policy support, rising residential solar adoption, and increasing preference for reliable rooftop energy solutions, reinforcing its long-term outlook in India’s distributed solar segment.
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