Broker’s Call: Fujiyama Power Sys (Buy)

India’s shift toward integrated solar-plus-storage solutions and proposed domestic content requirements for inverters and batteries under the next phase of the PM Surya Ghar Muft Bijli Yojana could benefit UTLSOLAR

Target: ₹500

CMP: ₹371.20

China has proposed export restrictions on advanced solar manufacturing technologies, including Tunnel Oxide Passivated Contact (TOPCon), Heterojunction Technology (HJT) and X-Back Contact (XBC), as well as thin-wafer, perovskite and tandem technologies. However, the curbs are not expected to impact Fujiyama Power Systems (UTLSOLAR), as it has already secured a technology transfer agreement from China. This supports the development of its 1.2-GW TOPCon cell manufacturing facility at Ratlam, Madhya Pradesh. Commercial production at this facility is expected to commence in H1FY28.

China dominates solar cell manufacturing, with capacity of about 1,302 GW (91 per cent of global capacity) and production of 695 GW (53 per cent capacity utilisation) in CY24, including exports of about 58.3 GW (about 8 per cent of output).

India’s shift toward integrated solar-plus-storage solutions and proposed domestic content requirements for inverters and batteries under the next phase of the PM Surya Ghar Muft Bijli Yojana could benefit UTLSOLAR. The company has installed a 5-MW battery energy storage system (BESS) at Dadri and plans an additional 10 MW system at Ratlam, supporting its entry into the commercial and industrial storage market by leveraging its existing rooftop solar portfolio and distribution network.

We expect UTLSOLAR to clock a CAGR of 52 per cent/57 per cent/59 per cent in revenue/EBITDA/adj PAT during FY26-28. We reiterate our BUY rating with a TP of ₹500 (based on 20x FY28E EPS).

Published on October 28, 2026