The company’s engineering-led approach continues to underpin its product development, supported by 60+ R&D engineers and scientists at its Delhi facility.
Scaling up manufacturing
The Ratlam complex also houses a 2 GW solar panel line. Next in the expansion plan are lithium-ion battery capacity of 3 GWh and solar cell manufacturing of 1.2 GW, extending the company’s reach across the rooftop solar value chain.
Fujiyama makes the key inverter components in-house, including transformers, inductors, heat sinks, metal cabinets and circuit boards. This gives it tighter control over design, quality and cost, and less dependence on imported inverter kits.
Innovation at the core
Fujiyama sold 4.5 lakh inverters in FY26 and 1.4 million units over the past five financial years, primarily serving customers in tier-2 and tier-3 markets. Its product portfolio spans off-grid inverters from 0.6 kVA to 20 kVA, on-grid inverters from 1 kW to 136 kW, hybrid inverters up to 50 kVA and online UPS systems up to 120 kVA.
Fujiyama holds five patents, including one for its rMPPT solar technology, with four more awaiting grant. Its in-house R&D team of 60+ engineers drives product development, supported by a direct feedback loop from over 900 trained service engineers across 25 states. This field input keeps product design anchored to customer needs and real-world performance.
“We started as a power electronics company, and the inverter is still the heart of what we do. In 2000 we built India’s first single-card SMT inverter. Today our inverters power rooftop solar systems across the country. With Ratlam, our power electronics capacity has grown more than seven times in about three years, to 4.2 GW a year.
Our strategy is simple: design in-house, make in India and reach the customer directly. More than 1.4 million families, mostly in tier-2 and tier-3 towns, already rely on our inverters. As PM Surya Ghar takes rooftop solar to millions of homes, we want that demand to be met with Indian-designed, Indian-made products,” said Pawan Kumar Garg, Chairman and Joint Managing Director, Fujiyama Power Systems Ltd.
Positioning for the next phase
In FY26, revenue increased 72.3% to ₹2,654.5 crore, while net profit rose 94.5% to ₹304.1 crore. As of June 30, 2026, the company had more than 10,100 channel partners, supporting its reach across residential and small-business markets. It also exports to 10 countries.
The company’s growth comes amid the expansion of India’s rooftop solar sector. The PM Surya Ghar: Muft Bijli Yojana is supporting residential solar adoption, creating opportunities for domestic manufacturers of inverters, panels and associated equipment. Fujiyama is an empanelled national supplier under the programme.
As demand for rooftop solar solutions grows, the company’s focus on in-house engineering, domestic manufacturing and distribution reach will shape its efforts to expand in the inverter segment and strengthen its position across India’s wider clean energy market.
About Fujiyama Power Systems Ltd
With business roots dating back to 1996, Fujiyama Power Systems Ltd was incorporated in 2017 and is an Indian power electronics and energy solutions company operating under the UTL Solar and Fujiyama Solar brands. Its product portfolio includes solar inverters, PCUs, UPS systems, chargers, solar cells, solar panels, and lithium-ion and tubular batteries.
The company operates manufacturing facilities across Uttar Pradesh, Himachal Pradesh, Haryana and Madhya Pradesh. Its manufacturing capabilities include approximately 4.2 GW of power electronics, 3.6 GW of solar panels and 1 GW of solar cells. It is supported by 60+ R&D engineers, over 900 service engineers and a channel network of more than 10,100 partners. The company has supplied 1.4 million inverters over the past five financial years and exports to 10 countries.
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