Negative other income cut Fujiyama's Q1FY27 PBT to Rs 77.66 cr
Its 18.94% operating margin was 4.52 percentage points above the median for 138 Industrials peers.
Filed 13 Aug 2026, 19:13 IST · after market close · Fujiyama Power Systems Ltd (UTLSOLAR)
Key takeaways
- Negative other income of Rs -141.23 cr left consolidated profit before tax at Rs 77.66 cr despite operating profit of Rs 254.81 cr.
- Fujiyama's consolidated operating margin was 18.94%, 4.52 percentage points above the median for 138 reporting Industrials peers.
- Management said the 2,000 MW solar-panel facility was commissioned in Q1 FY27, while the 2,000 MW lithium-ion battery facility was on track for Q2 FY27.
Operating profit did not translate into pre-tax earnings
Fujiyama reported consolidated revenue of Rs 1,345.69 cr and operating profit of Rs 254.81 cr in Q1FY27. However, other income was negative at Rs -141.23 cr, leaving profit before tax at Rs 77.66 cr. Net profit was Rs 57.79 cr after Rs 19.87 cr of tax.
Margin was above peers, but earnings quality was weak
The consolidated operating margin was 18.94%, reflecting operating profit of Rs 254.81 cr on revenue of Rs 1,345.69 cr. The negative other-income contribution, alongside interest of Rs 10.90 cr and depreciation of Rs 25.02 cr, sharply reduced the amount of operating profit reaching pre-tax profit. The 25.58% tax rate did not offset that pressure.
Q1 capacity additions broaden the manufacturing base
Management said demand for residential rooftop solar and power-backup solutions remains favourable. The company said it commissioned its 2,000 MW solar-panel facility at Ratlam during Q1 FY27 and its 2,000 MW power-electronics facility in August 2026. Management also said the 2,000 MW lithium-ion battery facility at Ratlam was on track for commissioning by Q2 FY27, while the company added more than 80 distributors, over 1,000 dealers and more than 30 exclusive Shoppes.
Operating margin stood above the reported peer median
Fujiyama's 18.94% operating margin was 4.52 percentage points above the 14.42% median among 138 Industrials peers that had reported the same quarter. Management said the company is moving from import dependence towards in-house manufacturing for supply reliability and cost control. The presentation also said it is expanding into DCR-compliant solar-cell manufacturing for subsidised on-grid rooftop demand.
Results were filed after market close
The consolidated results were filed after market close on 13 August 2026. There was no market reaction available at the time of reporting.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,346 cr |
| Other income | ₹-141 cr |
| Expenses | ₹1,091 cr |
| Operating profit | ₹255 cr |
| Operating margin (%) | 18.94% |
| Interest | ₹11 cr |
| Depreciation | ₹25 cr |
| Profit before tax | ₹78 cr |
| Tax | ₹20 cr |
| Net profit | ₹58 cr |
| EPS (₹) | ₹1.88 |
Operating margin of 18.94% compares with a Industrials sector median of 14.42% across 138 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company added more than 80 distributors, over 1,000 dealers and more than 30 exclusive Shoppes in Q1 FY27.
- The company had more than 10,100 channel partners as of June 30, 2026.
Guidance & outlook
- The company says demand for residential rooftop solar and power backup solutions remains favourable.
- India's rooftop solar market is projected to reach 100 GW by FY30.
Expansion
- The company commissioned its 2,000 MW solar panel manufacturing facility at Ratlam during Q1 FY27.
- The company commissioned its 2,000 MW power electronics manufacturing facility in August 2026.
- The company's 2,000 MW lithium-ion battery manufacturing capacity at Ratlam is on track for commissioning by Q2 FY27.
New initiatives
- The company is transitioning from import dependence to in-house manufacturing to ensure supply reliability and cost control.
- The company is expanding into DCR-compliant solar cell manufacturing to capture subsidized on-grid rooftop demand.
What to watch
- Whether other income moves back from Rs -141.23 cr and allows more of the Rs 254.81 cr operating profit to reach pre-tax profit.
- Whether the 2,000 MW lithium-ion battery facility is commissioned by Q2 FY27, as management said it was on track.
- Whether the channel-partner base expands beyond 10,100 after the additions reported in Q1 FY27.