Fujiyama Power Systems Limited, one of India’s leading providers of rooftop solar solutions, has announced its audited annual financial results and limited-reviewed quarterly financial results for the year ended 31st March 2026.

Financial Performance: Q4 and FY26

Q4 FY26 Revenue from Operations at INR 9,008 million as compared to INR 4,803 million in the same period last year; up 87.5% Y-o-Y.

For the full year, Revenue from Operations reached INR 26,545 million, registering a growth of 72.3% over the previous year.

Q4 FY26 EBITDA at INR 1,715 million as compared to INR 790 million last year; up 116.9% Y-o-Y with a margin of 19 percent.

Q4 FY26 Profit After Tax at INR 1,063 million as compared to INR 512 million in the same period last year; up 107.5% Y-o-Y with a margin of 11.8 percent.

Total Channel Partners as of 31st March 2026 8,900+

Fujiyama Power Systems Q4 FY2026

Key Business Highlights

Added over 80 distributors, 450 dealers, and 30 exclusive Shoppes in Q4 FY2026

Setting up a 1,200 MW TOPCon solar cell manufacturing facility at Ratlam, Madhya Pradesh, India, with an investment of around INR 350 crore

Commissioned 2,000 MW solar panel manufacturing capacity at Ratlam, Madhya Pradesh, India.

Leadership View

Commenting on the performance, Pawan Kumar Garg, Chairman and Joint Managing Director, said –

Following the successful completion of our IPO, FY2026 marks our first full year of financial reporting post becoming a listed company and an important step forward in our growth journey.

During the year, we continued to scale operations, strengthen integration across the rooftop solar value chain, and expand our reach across key markets.

The demand environment for residential rooftop solar and power-backup solutions remained supportive, driven by increasing adoption across Tier-2 and Tier-3 cities, favourable government policies, and rising consumer preference.

Looking ahead, the outlook for residential solar solutions remains favourable, supported by policy continuity, increasing awareness, and rising demand for reliable power solutions.

As we move forward, our focus will remain on expanding capacity, strengthening backward integration, improving operating efficiencies, and further expanding our distribution reach.

We remain committed to delivering high-quality and dependable solar solutions while continuing to create long-term value for all stakeholders.

Company Overview & Others

Overview: Fujiyama Power Systems is one of India’s leading providers of rooftop solar solutions, offering an extensive portfolio across solar panels, inverters, lithium and tubular batteries, chargers, and power-electronics systems. The Company planned an IPO in November 2025.

Market Cap: Fujiyama Power Systems has a total market capitalization of ₹8,700 crore as of May 15, 2026, according to the NSE data.

Technical: The stock is currently trading above its 20-day and 50-day simple moving averages (SMAs).

Price Performance: On a year-to-date basis, Fujiyama Power’s share increased by 27% and by 34% over the last three-month period. However, the company’s shares have been trading 18% higher over the last month.

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Disclaimer: This article is purely for informational purposes. While much time and effort is made to provide the information, I (Vishal Dalwadi) or (FinBlab) do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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[Fresh Issue ₹400 Cr + OFS ₹64 Cr]

Gk energy ipo price is ₹145 – ₹153 per share

GK Energy: History

The Company was originally incorporated as GK Energy Marketers Private Limited, a private limited company under the Companies Act, 1956, at Pune, Maharashtra, on October 14, 2008.

The Company was converted into a public limited company under a special resolution passed by the shareholders on October 19, 2024, and its name was changed to GK Energy Limited under a fresh certificate of incorporation issued by the RoC on December 2, 2024.

LAST ARTICLE – Saatvik green energy ipo review

GK Energy: Business

GK Energy Ltd. is India’s biggest pure play provider of engineering, procurement, and commissioning services for solar-powered agricultural water pump systems under Component B of the “PM-KUSUM Scheme”.

The Company offers farmers an end-to-end single-source solution for the survey, design, supply, assembly & installation, testing, commissioning, and maintenance of solar-powered pump systems.

The Company’s EPC services comprise –

• Erection and installation of water storage and distribution facilities (under Jal Jeevan Mission (JJM) – a Central Government scheme),
• Supply and installation of various solar products for government organizations, and
• Rooftop solar solutions (together with other EPC Services).
• Sell solar modules and photovoltaic cells (PV cells) manufactured by third parties and other miscellaneous items.

The Company operates an asset-light business model and sources solar panels, pumps, and various other components of solar-powered pump systems under the GK_Energy_brand from different specialized vendors.

Installed Pump System

As of 31 July 2025, G.K Energy had installed over 62,559 solar pump systems, accounting for 7.37 percent of the scheme’s completed installations.

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Order Book

The company’s order book stood at ₹1,028.96 crore, demonstrating strong market traction and future revenue visibility.

Strategies Ahead

• Replicate success in Maharashtra, Haryana, Rajasthan, UP, and MP.
• Diversify means of revenue by installing rooftop solar systems.
• Backward integrate by manufacturing solar panels.
• Development of a dedicated vendor ecosystem through organic and inorganic means
• Exploring other solar market opportunities

Company Promoters

1. Gopal Rajaram Kabra
2. Mehul Ajit Shah

Refer to GK Energy DRHP for detailed information.

IPO Details

Gk energy ipo date = 19 to 23 September 2025

Minimum Amount = ₹14,994

Minimum Bid = 98 Shares

Face Value (FV) = ₹2

Listing On = NSE, BSE

Book Running Lead Managers

IIFL Capital Services

HDFC Bank Limited

Financials

CONCLUSION

FinBlab recommends ‘SUBSCRIBE‘ ratings on GK Energy IPO (keeping a long-term view in mind)

Do come back to know more about “upcoming ipos“

Disclaimer: The contents and data presented here are just for your information & personal use only. While much effort is made to provide the information, I ( Vishal Dalwadi ) or “FinBlab” do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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