Fujiyama Power Systems Limited has announced board approval for a 1.2 gigawatt TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh, with an estimated investment of ₹350 crore.
The facility is expected to commence commercial operations in the first quarter of financial year 2028. Fujiyama will fund the project through a combination of debt and internal accruals.
The expansion forms a key component of the company’s backward integration and technology upgradation strategy. The new capacity will complement Fujiyama’s existing 1 GW Mono PERC solar cell manufacturing facility operational at its Dadri plant in Uttar Pradesh. The TopCon facility aims to reduce cost volatility, ensure timely availability of DCR-compliant solar cells, improve gross margins and strengthen the company’s competitive position in the B2C rooftop solar market.
Fujiyama’s board decision comes ahead of the implementation of ALMM-II (Approved List of Models and Manufacturers) for Solar PV Cells effective from 1st June 2026. The company has recently secured inclusion in the MNRE’s ALMM-II list for solar cells. Industry observers expect the ALMM-II implementation to accelerate domestic demand for DCR solar panels and domestically manufactured solar cells.
Pawan Kumar Garg, Chairman and Joint Managing Director, commented on the approval: “The approval of our 1.2 GW TopCon solar cell manufacturing facility at Ratlam marks an important milestone in Fujiyama’s growth journey. This expansion strengthens our backward integration, enhances cost control and ensures consistent availability of DCR-compliant solar cells.”
Garg added that with the company’s inclusion in the ALMM-II list, Fujiyama is well positioned to cater to domestic demand of DCR solar panels and expand presence in the on-grid rooftop solar market, particularly under the Pradhan Mantri Surya Ghar Muft Bijli Yojna scheme.
Fujiyama operates manufacturing facilities across Himachal Pradesh, Uttar Pradesh and Haryana, with a 2 GW fully integrated Solar Power Generating System expansion underway at Ratlam. The company serves Indian households through a distribution network comprising more than 8,900 channel partners, including distributors, dealers, exclusive stores and service engineers.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).