What’s new

• Management guides for 50% revenue growth in FY27.
• Company plans ₹350 cr investment for a 1.2 GW TOPCon cell facility in Ratlam.
• Third-party arrangements mitigate impact from the Bawal facility fire.

Why it matters

The guidance implies a back-loaded year, with Q4 alone accounting for nearly 40% of the full-year revenue target. The shift toward TOPCon cell manufacturing is a defensive move to ensure ALMM-2 compliance, though it requires significant new capital expenditure.

What we’re watching

• Actual Q1 revenue versus the ₹900 cr guidance.
• Order placement timing for the ₹350 cr TOPCon facility.
• Full utilisation progress of the 2 GW Ratlam solar panel line.

The full read

Fujiyama Power Systems expects FY27 revenue to hit ₹3,900 crore, a 50% increase from the prior year. Management set a specific quarterly cadence for this growth, projecting ₹900 crore in Q1, ₹800 crore in each of the next two quarters, and a sharp jump to ₹1,500 crore in Q4. PAT margins should land between 11% and 13%. To support this scale, the company is betting on its Ratlam facility, where a new 2 GW solar panel line is ramping up to reach peak revenue potential of ₹5,000 crore by the end of FY28. Simultaneously, management is allocating ₹350 crore for a 1.2 GW TOPCon solar cell plant at the same site, citing ALMM-2 regulatory compliance as the primary driver for the expansion. Operations at the Bawal battery unit continue via third-party arrangements following a recent fire, which management claims will limit the impact on output. The goal is clear, but the timeline relies heavily on the final quarter of the year.

Primary source: BSE · NSE