Fujiyama To Expand With 1.2 GW New TOPCon Cell Fab

Fujiyama announces solar cell capacity expansion ahead of ALMM List-II imposition while reporting higher FY2026 revenue and profit

Fujiyama is expanding its vertical integration to benefit from the evolving regulatory landscape, stated company management. (Photo Credit: Fujiyama Power Systems Limited)

Published on:

May 26, 2026, 9:13 am

Key Takeaways

Fujiyama has announced plans to launch a 1.2 GW TOPCon solar cell plant in Ratlam, Madhya Pradesh
The cell facility, to cost an estimated INR 350 crore, will start operating from Q1 FY28
Fujiyama reported FY2026 revenue of INR 15.407 billion and net profit of INR 3.041 billion, supported by strong demand and higher margins

Within days of commissioning a 2 GW solar panel manufacturing facility in Ratlam, Madhya Pradesh, Fujiyama Power Systems Limited has announced plans to set up a 1.2 GW TOPCOn solar cell production plant at the same location.

The 2 GW module factory will operate at an annualized capacity of approximately 1 GW under a single-shift operation, with a phased ramp-up to achieve full capacity utilization by Q4 FY27. This fab expanded its total solar panel manufacturing capacity to 3.568 GW (see India Solar PV News Snippets).

Listed on the National Stock Exchange (NSE) as UTLSOLAR, Fujiyama is now expanding its vertically integrated manufacturing capacity with 1.2 GW TOPCon cell capacity. The project is estimated to cost an investment of INR 350 crore, which it plans to fund through a combination of debt and internal accruals. Fujiyama expects the fab to benefit from demand for domestically produced solar cells after the June 1, 2026, deadline for the Approved List of Models and Manufacturers (ALMM) List-II (see India To Impose ALMM For Solar Cells From June 1, 2026).

Fujiyama targets the on-grid rooftop solar market with its TOPCon cell fab seeing close to 25 GW of incremental opportunity with over 7 million installations ‘untapped’ under the PM Surya Ghar Muft Bijli Yojana.

Once the 1.2 GW TOPCon line starts operating from Q1 FY28, it will expand Fujiyama’s total cell manufacturing capacity to 2.2 GW, adding to the 1 GW mono PERC cell facility it commissioned in Dadri, Uttar Pradesh, in January 2026 (see Fujiyama Commissions 1 GW Solar Cell Factory In India).

The Ratlam fab is designed to be an integrated facility as it will also host 2 GW of solar inverter and 2,000 MWh of lithium-ion battery capacity. Currently, Fujiyama has a manufacturing capacity of more than 1.5 GW each in power electronics and batteries, with an additional 2 GW under implementation.

“With in-house solar inverter, Lithium-ion and BMS manufacturing capabilities, Fujiyama is well positioned to benefit from this evolving regulatory landscape,” stated the management.

Fujiyama improved FY2026 profitability as it expanded manufacturing capacity. (Photo Credit: Fujiyama Power Systems Limited)

Fujiyama scored a 72.3% year-on-year (YoY) increase in its FY2026 (ended March 31, 2026) revenue from operations with INR 15,407 million, including INR 9,008 million in Q4 FY26. Its EBITDA for the year also expanded by 97.3% YoY, while the Q4 numbers rose 116.9%. Profit after tax (PAT) of INR 3,041 million for the year was up 94.5% YoY.

Management attributes the improvement in full-year profitability to 1.6% expansion in material margins, supported by backward integration initiatives and operating leverage benefits across manufacturing operations.

india