Fujiyama Power Systems Limited (UTL Solar) is a leading manufacturer of solar inverters, solar panels, lead-acid and lithium-ion batteries, UPS systems and e-rickshaw chargers. The company earns revenue mainly through sale of solar products across the B2C and B2B channels, supported by 6,874 channel partners . Its products are used in residential, commercial and industrial applications, providing energy storage, power backup and solar generation solutions.

The Company is led by Promoter, i.e., PAWAN KUMAR GARG, YOGESH DUA AND SUNIL KUMAR

The Revenues from operations for the Period ended on June 30 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 5,977.86 Million, ₹ 15,500.92 Million, ₹ 9,271.98 Million, and ₹ 6,653.27 Million, The EBITDA for the Period ended on June 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,058.93 Million, ₹ 2,485.23 Million, ₹ 986.37 Million, and ₹ 515.99 Million, The Profit after Tax for the Period ended on June 30, 2025 and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 657.87 Million, ₹ 1,563.35 Million, ₹ 453.03 Million, and ₹ 243.66 Million, respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹5.59 and post-issue EPS of ₹5.10 for FY25. The pre-issue P/E ratio is 40.79x, while the post-issue P/E ratio is 44.69x against the Industry P/E ratio is 42.87x The company's ROE for FY25 is NA and RoNW is 39.40%. The Annualised EPS is ₹8.59x and P/E is 26.55x. These metrics suggest that the IPO is Fully priced.

The Grey Market Premium (GMP) of  Fujiyama Power Systems showing listing gains of  0%.Given the company's financial performance and the valuation of the IPO, we recommend  Investors to Avoid to the Fujiyama Power Systems Limited IPO for Listing gain or Long Term Purposes.