Fujiyama Power Systems announces Rs 350 crore investment in new solar cell facility

Arunika Jain — Thu, 14 May 2026 16:10:21 +0000

Fujiyama Power Systems has announced a significant expansion of its solar cell manufacturing capabilities with a proposed investment of approximately ₹350 crore. The company plans to establish a new 1.2 GW ‘TopCon’ solar cell manufacturing facility at its Ratlam Plant in Madhya Pradesh.

The decision was approved by the Board of Directors during a meeting held on May 14, 2026. This expansion is part of Fujiyama’s broader strategy for backward integration and technology upgradation, aiming to enhance its competitive edge in the solar market.

Currently, Fujiyama operates a 1 GW ‘Mono PERC’ solar cell manufacturing facility at its Dadri Plant in Uttar Pradesh, with a capacity utilisation of approximately 65%. The new facility at Ratlam is expected to commence commercial operations by the fourth quarter of the financial year 2026-27.

The investment will be financed through a combination of debt and internal accruals. The expansion is set to reduce cost volatility, ensure the timely availability of DCR-compliant solar cells, and improve gross margins, thereby strengthening Fujiyama’s position in the B2C rooftop solar market.

The implementation of the ALMM List-II for Solar PV Cells, effective from 1 June 2026, is anticipated to boost domestic demand for DCR solar panels and domestically manufactured solar cells, further supporting the rationale for this strategic expansion.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Mayuri Gupta | Business Upturn

Fujiyama Power Systems announces Rs 350 crore investment in new solar cell facility