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Indian manufacturer of solar panels, inverters, batteries and pumps, formerly known as UTL Solar, based near Delhi NCR.
Indian manufacturer of solar panels, inverters, batteries and pumps, formerly known as UTL Solar, based near Delhi NCR.
Moat: none. Commodity solar-product maker in a crowded, price-competitive Indian market.
Headquarters: Greater Noida, India · Employees: 3,768
Size Fujiyama Power Systems (UTLSOLAR.NS) is an India Information Technology company (Semiconductors) with a market value of $1.14B, the 560th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹351.80 on 6 Nov 2026.
Performance Over six months the shares gained 22.9%, against -34.4% for the median peer and 0.0% for the India market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 72.4% over the last twelve months (peer median +11.3%); the operating margin is 17.0% (peer median 1.6%).
Valuation It trades at 18.6× forward earnings against a peer median of 37.8× (3rd cheapest of 14).
Capital Return on invested capital runs 13.9 points above its cost of capital (20.0% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹34.0B | ₹26.5B | ₹15.4B | ₹9.24B | ₹6.62B |
| Revenue growth | — | +72% | +67% | +39% | — |
| Gross profit | ₹7.28B | ₹5.69B | ₹3.07B | ₹1.42B | ₹945M |
| EBITDA | ₹6.39B | ₹4.96B | ₹2.49B | ₹986M | ₹514M |
| Net income | ₹2.94B | ₹3.04B | ₹1.56B | ₹453M | ₹244M |
| Free cash flow | n/a | -₹5.54B | -₹1.24B | ₹136M | -₹732M |
| Capital expenditure | n/a | ₹5.13B | ₹1.19B | ₹484M | ₹1.38B |
| Total debt | n/a | ₹5.20B | ₹3.95B | ₹2.05B | ₹2.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fujiyama Power Systems UTLSOLAR.NS | $1.14B | +23% | +72% | 17% | 18.6× | n/a |
| WAAREE Energies WAAREEENER.NS | $7.41B | -24% | +75% | 16% | 17.3× | n/a |
| Emmvee Photovoltaic Power EMMVEE.NS | $1.84B | -5% | +116% | 29% | 11.4× | n/a |
| Vikram Solar VIKRAMSOLR.NS | $546M | -37% | +40% | 12% | 14.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UTLSOLAR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.5% | -19.7% | 11th highest of 21 |
| 6-month return | +22.9% | -34.4% | highest of 20 |
| Distance from 52-week high | -28.8% | -58.1% | highest of 21 |
| Revenue growth (TTM) | +72.4% | +11.3% | 3rd highest of 21 |
| Operating margin | 17.0% | 1.6% | 3rd highest of 21 |
| Forward P/E | 18.6× | 37.8× | 3rd cheapest of 14 |
| ROIC minus cost of capital | +13.9 pp | -8.6 pp | 3rd highest of 21 |
| EV / EBITDA | 16.9× | 14.8× | 2nd most expensive of 4 |
| Net debt / EBITDA | 0.6× | -8.5× | 2nd most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fujiyama Power Systems UTLSOLAR.NS | India | $1.14B | +23% | +72% | 17% | 18.6× | n/a | n/a |
| Lontium Semiconductor 688486.SS | China | $1.14B | -28% | +19% | 23% | 27.9× | n/a | n/a |
| BASiC Semiconductor 9971.HK | Hong Kong | $1.15B | n/a | +4% | -104% | n/a | n/a | n/a |
| Axera Semiconductor 0600.HK | Hong Kong | $1.15B | -34% | +19% | -135% | n/a | n/a | n/a |
| Sino Wealth Electronic 300327.SZ | China | $1.13B | -18% | +7% | 1% | 25.7× | 58.7% | +4.9% |
| CCore Technology 688262.SS | China | $1.13B | -43% | +104% | -51% | 372.5× | n/a | n/a |
| Wafer Works (Shanghai) 688584.SS | China | $1.11B | -6% | -1% | 7% | 74.8× | n/a | n/a |
| Epiworld International 2726.HK | Hong Kong | $1.17B | -34% | -21% | -11% | n/a | 42.8% | +17.4% |
| Guangdong Fuxin Technology 688662.SS | China | $1.10B | +19% | +15% | 13% | 73.2× | n/a | n/a |
| Hana Micron 067310.KS | South Korea | $1.18B | -39% | +54% | 14% | 6.1× | 0.4% | +23.3% |
| Suzhou Good-Ark Electronics 002079.SZ | China | $1.10B | -31% | +12% | 2% | 42.7× | 32.5% | +17.1% |
| Zhuhai Aerospace Microchips Science & Technology 300053.SZ | China | $1.10B | -40% | +10% | -114% | n/a | n/a | n/a |
| Wuxi Chipown Micro-electronics 688508.SS | China | $1.09B | -35% | +12% | -4% | 36.1× | n/a | n/a |
| Eastcompeace Technology 002017.SZ | China | $1.08B | -34% | +4% | 10% | n/a | 30.4% | +4.5% |
| Jilin Sino-Microelectronics 600360.SS | China | $1.21B | -15% | +11% | 3% | n/a | n/a | n/a |
| Focus Lightings Tech 300708.SZ | China | $1.07B | -14% | -38% | 9% | 28.6× | n/a | n/a |
| Semitronix 301095.SZ | China | $1.07B | -35% | +29% | 0% | 59.8× | 58.0% | +42.7% |
| Nuvoton Technology 4919.TW | Taiwan | $1.22B | -46% | 0% | -5% | n/a | n/a | n/a |
| Scientech 3583.TW | Taiwan | $1.07B | -46% | +9% | 14% | 16.0× | 10.4% | +26.0% |
| FADU 440110.KS | South Korea | $1.23B | -58% | +137% | -9% | 44.5× | 43.1% | +156.1% |
| GCS 4991.TWO | Taiwan | $1.06B | -61% | +52% | 20% | 37.8× | 39.2% | +8.2% |