Motilal Oswal initiates India's Fujiyama Power Systems with 'buy'

Fujiyama Power Systems

23/04/2026 08:57

** Motilal Oswal initiates coverage on India's Fujiyama Power Systems FUJI.NS with "buy", TP at 340 rupees

** Shares of the solar products maker rise 10% to 285.75 rupees

** Brokerage says FUJI is expanding capacity to tap India's ~100 GW rooftop solar opportunity by FY30

** Adds, co has backward-integrated into solar panels, commissioning 1 GW domestic content requirement cell capacity in January 26, with gross margins of ~51%

** Sees demand tailwinds from PM Surya Ghar scheme, which leaves ~7.1 million installations(~26 GW) untapped

** Brokerage expects co to post strong growth, with revenue/EBITDA/PAT CAGR of 56%/65%/65% over FY25–28

** YTD stock up 16.79%

 (Reporting by Devika Nair in Bengaluru)

 ((Devika.MadhusudhananNair@thomsonreuters.com;))