An integrated B2C play on India’s rooftop solar boom
Fujiyama Power Systems (UTLSOLAR) is an integrated B2C player and solution provider in rooftop solar offering an extensive range of products, including online UPS, solar domestic off-grid and hybrid inverter, solar commercial off-grid and hybrid inverter, on-grid inverters, solar panels, tubular and lithium-ion (Li-ion) batteries, battery chargers, and solar management unit. As of Dec’25, the company has scaled the capacity of its solar panels/solar batteries/power electronics to more than 1.5GW each. It is committed to promoting renewable energy and sustainability by offering high- quality, efficient, and cost-effective solar and power electronics solutions.
UTLSOLAR is expanding capacity to tap India’s ~100GW rooftop solar opportunity by FY30. It plans an INR3b capex for panels, inverters, and batteries at Ratlam, taking the capacity to 3.7GW/3.7GW/3.8GWh. Moreover, the company has backward-integrated into solar panels by setting up a 1GW domestic content requirement (DCR) capacity in Jan’26. This in-house DCR manufacturing could lift gross margins to ~51% in DCR solar panel, reflecting a broader shift toward domestic solar manufacturing.
Overall, the company is well-placed to benefit from rising lithium-ion battery demand and growth in integrated solar-storage solutions, supporting sustained growth and a stronger competitive position.
