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Fujiyama Power Systems Ltd IPO:2025 – Full Report

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Fujiyama Power Systems IPO

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Fujiyama Power Systems Ltd., a fast-growing player in India’s solar rooftop, inverter, battery and power-electronics manufacturing ecosystem, has launched its IPO worth ₹828 crore. With India aggressively expanding renewable capacity and rooftop solar adoption rising, this IPO has gained notable attention — but also caution due to valuation and subscription trends.

This report provides a complete breakdown of the IPO, company fundamentals, financials, risks, GMP sentiment, subscription status, and expected listing behaviour — written for retail traders, investors, and market readers.

🏢 About Fujiyama Power Systems Ltd.

Fujiyama is involved in manufacturing:

  • 🔋 Solar Panels
  • ⚡ Solar Inverters (On-grid, Off-grid, Hybrid)
  • 🔌 UPS Systems
  • 🔋 Lead-acid & Lithium Batteries
  • 🏠 Solar Rooftop Solutions
  • ⚙️ Power-electronics and energy-storage equipment

Strengthening points of the business:

📦 IPO Details (Full Snapshot)

DetailInformation
IPO Size₹828 crore
Fresh Issue₹600 crore
Offer For Sale (OFS)₹228 crore
Price Band₹216 – ₹228
IPO Open Date13 November 2025
IPO Close Date17 November 2025
Lot SizeRetail typically ~65–70 shares (approx)
Anchor Investment Raised₹247 crore
Likely Listing ExchangeNSE & BSE

💼 Use of IPO Proceeds

The company will use the raised capital mainly for:

🏭 1. Ratlam (M.P.) Manufacturing Facility

  • Approx cost: ₹180 crore
  • Major expansion project
  • Will enhance production of inverters, panels, energy-storage systems

🧾 2. Debt Reduction

  • ₹275 crore earmarked for repayment/pre-payment of borrowings
  • Improves debt-to-equity
  • Boosts profitability & credit standing

🏢 3. General Corporate Purposes

  • Working capital
  • Distribution expansion
  • Technology upgrades
  • R&D in solar electronics

📊 Financial Performance (FY23 → FY25)

Revenue Growth

  • FY23: ₹664 crore
  • FY25: ₹1,540 crore
    ➡️ Massive 2-year growth

PAT (Profit After Tax)

  • FY23: ₹24 crore
  • FY25: ₹156 crore
    ➡️ Large jump due to scale, demand & margin improvement

Debt Position

  • Borrowings ~₹680+ crore
  • Debt reduction is crucial for future growth

Valuation Metrics

  • P/E at upper band (₹228) → approx 45x FY25 earnings
  • P/B → approx 6.6x

➡️ IPO is priced aggressively — a premium valuation.

⭐ Business Strengths

🌞 1. Strong Position in Rooftop Solar & Green Power

India’s solar adoption is rising sharply under government incentives and net-metering policies.

🔌 2. Large, Diversified Product Portfolio

Inverters, lithium batteries, UPS, rooftop kits etc. help target both retail + institutional markets.

🏪 3. Wide Distribution Network

Presence in Tier-2/3 markets is a big demand driver.

🏭 4. Capacity Expansion

Ratlam facility increases production capability and improves operational efficiency.

📈 5. High Revenue & Profit Growth

FY23–FY25 performance shows strong scaling potential.

⚠️ Key Risks Investors Must Note

🏭 1. Execution Risk at Ratlam

Delayed commissioning may affect financials.

🌍 2. High Dependence on Imported Components

Semiconductors, lithium cell imports expose company to price shocks.

📉 3. Solar Industry Margin Pressure

Inverter & panel segments are becoming commoditized.

🧾 4. Valuation Risk

45x P/E is on the higher side compared to peers.

📍 5. Geographic Concentration Risk

A large portion of revenue comes from certain focused states.

🧭 6. Early Subscription Trend Weak

Subscription during first days remained below 50%, indicating caution by markets.

📈 Grey Market Premium (GMP) Trend

  • GMP: Flat / Zero / No major premium
  • Sentiment: Neutral → Cautious
  • Indicates no strong listing pop expected

👥 Subscription Status (As Observed During IPO Window)

  • Day 1: Slow
  • Day 2: ~40%–45% overall subscription
  • Retail & NII Participation: Moderate
  • QIB: Lower than expected

➡️ Market is cautious due to pricing & valuation.

🔍 Market Sentiment & Analyst View

Positive Factors:

  • Strong revenue growth
  • Attractive sector (solar & renewable energy)
  • Expansion plans

Negative Factors:

  • High valuation
  • Low GMP
  • Reliance on imported components
  • High working capital requirements

📅 Likely Listing Expectations

Based on:

  • Low GMP
  • Weak early subscription
  • Premium pricing

➡️ Listing Day Expectation:
🔸 Flat to slightly positive (0% to +5%) OR slight discount

Long-term investors may still consider the stock if they believe in the solar electronics growth story.

📌 Should You Apply? (Retail Verdict)

✔️ Apply for Long Term — If You Believe In:

  • India’s rooftop solar growth
  • Power-electronics demand rising
  • Company’s capacity expansion potential
  • Strong FY25 performance continuing

❌ Avoid for Listing Gains — Because:

  • No GMP
  • Subscription weak
  • Valuation expensive
  • Listing pop seems unlikely

📌 Overall Verdict:
Cautious Approach — Good for long-term renewable-thematic investors, not suitable for listing gains.

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📝 Conclusion

Fujiyama Power Systems Ltd. IPO comes at the right time for India’s growing renewable sector — but at a premium valuation with moderate subscription interest. Long-term investors may appreciate the growth story, while short-term traders should approach carefully.

Subscription:

DateAnchorQIBNIIBNII(>10l)SNII(<10L)RetailEmpTotal
Day-110.000.050.030.100.160.210.09
Day-210.820.110.060.210.300.660.41
Day-315.240.920.561.631.051.552.21

GMP Trend:

DateGMP
13 Nov 2025₹0.00(0.00%)
14 Nov 2025₹0.00(0.00%)
17 Nov 2025₹2.00(0.88%)
The grey market premium (GMP) is the price at which an IPO is traded in an unofficial/unregulated grey market prior to its listing. The GMP reflects how a particular company’s IPO issue might react on the day of listing. A positive GMP premiumsignals that the IPO is likely to be at profit while a negative GMP indicates that the IPO is likely to be at a discount.
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.

How to Check IPO Allotment Status:

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Allotment Status

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Allotment Status

BSE Webiste

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  2. Select Company Name.
  3. Enter your PAN Number, Application Number or DP Client ID (Anyone).
  4. Click on Search.
Allotment Status

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  • Disclaimer: This post is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy/sell any stock or share. Investing in the stock market involves risk. Past performance is not indicative of future results. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
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  • IPO details, issue size, subscription data, and allotment status shared here are based on publicly available information from company filings, stock exchanges, and merchant bankers.
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  • ⚠️ GMP (Grey Market Premium)
  • Grey Market Premium (GMP) is an unofficial and unregulated indicator of expected IPO listing price.
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