UTL Solar - 2026 Company Profile, Team & Financials

About UTL Solar

UTL Solar was a publicly listed company based in India founded in 2019. It manufactures high-quality solar inverters for sustainable energy solutions. It operates on a B2B model. The company has 410 employees. Its Indian entity Fujiyama Power Systems Limited reported revenue of ₹2,660 Cr. The company is recorded as dissolved. Its focus areas include Energy, Renewable Energy, Solar Power and Inverter Manufacturing. Its competitors include Borosil Renewables, Servoteh and Nessa; 1 of its 3 listed competitors has raised funding.

Company details

UTL Solar manufactures high-quality solar inverters for sustainable energy solutions, focusing on working in the energy sector, promoting renewable energy, solar power, and inverter manufacturing. It serves clients with dedicated solutions, emphasizing quality, innovation, and sustainable growth in its core markets.

Headquarters Haryana, India
Employees 410
Stage Public
Sectors
Energy & Utilities
Website utlsolarplant.com
Legal Name Fujiyama Power Systems Pvt. Ltd
Date of Incorporation 29 Nov, 2017
Jurisdiction Delhi, India

Operational Areas

Energy & Utilities → Renewable & Sustainable Energy

Key Metrics

Market Cap
₹11,340 Cr
UTLSOLAR · NSE
Share Price
₹362.05
-1.88% today
Revenue
₹2,655 Cr
FY 2025-26
EBITDA
₹490 Cr
Margin 18.5%
Net Profit
₹304 Cr
FY 2025-26
P/E (TTM)
36.0x
P/B 14.5x
Employee Count
410

Associated legal entities of UTL Solar

UTL Solar is associated with 2 registered companies on The Company Check; the primary company is Fujiyama Power Systems Limited, a listed company. Each company page carries the filings, financials, charges and directors of that entity.

Legal entity	Status	Incorporated	Registered in	Revenue (FY 2026)	Employees	Directors	Company page
Fujiyama Power Systems Limited Listed CIN L31909DL2017PLC326513	Active	29 Nov 2017	Sat Guru Ram Singh Marg, Delhi	₹2,660 Cr	410	9	View details
Fujiyama Power Systems Pvt. Ltd CIN U31909DL2017PTC326513		29 Nov 2017	Delhi, India				View details

Board of directors of Fujiyama Power Systems Limited (UTL Solar)

Fujiyama Power Systems Limited is the primary company behind UTL Solar. The board of Fujiyama Power Systems Limited currently have 6 directors; the longest-serving is Pawan Kumar Garg, appointed in 2017. 1 earlier director has ceased.

Director	Designation	Appointed	Tenure	Entity
Pawan Kumar Garg DIN 08005220	Managing Director	29 Nov 2017	8 yrs 10 mo	Fujiyama Power Systems Limited
Yogesh Dua DIN 00315251	Managing Director	29 Nov 2017	8 yrs 10 mo	Fujiyama Power Systems Limited
Sonia Bansal Arora DIN 10291330	Director	03 Oct 2024	2 yrs	Fujiyama Power Systems Limited
Sunil Kumar DIN 09824459	Director	27 Nov 2024	1 yr 10 mo	Fujiyama Power Systems Limited
Manav Sheoran DIN 10829601	Director	27 Nov 2024	1 yr 10 mo	Fujiyama Power Systems Limited
Rajesh Kumar Choudhary DIN 10837108	Director	27 Nov 2024	1 yr 10 mo	Fujiyama Power Systems Limited

IPO & Listings of UTL Solar

UTL Solar is a publicly listed company on the NSE with ticker symbol UTLSOLAR in India, operating in the Capital Goods - Electrical Equipment sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

Listed onNSE: UTLSOLAR
Listed entityFujiyama Power Systems Limited
Exchange sectorCapital Goods - Electrical Equipment

Financials of UTL Solar

Exchange-reported figures of Fujiyama Power Systems Limited, the listed company behind UTL Solar (NSE: UTLSOLAR).

Financial Highlights

FY 2025-26 · Consolidated

Revenue

₹2,655 Cr

+555.4% YoY

EBITDA

₹490 Cr

+1201.2% YoY

Profit After Tax

₹304 Cr

+1439.8% YoY

Net Worth

-

Total Assets

-

Total Debt

-

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

Metrics	FY 2025-26	FY 2020-21	FY 2019-20
Income statement
Revenue	2,655	405	299
Revenue growth	-	+35.3%	-
EBITDA	490	37.68	27.50
EBITDA margin	+18.5%	+9.3%	+9.2%
Profit before tax	408	26.22	15.00
Net profit	304	19.75	10.57
Net profit margin	+11.5%	+4.9%	+3.5%
EPS (₹)	10.21	14.48	7.74
Balance sheet
Total assets	-	188	150
Net worth	-	153	133
Total debt	-	32.82	16.05
Cash & bank	-	6.55	8.18
Net working capital	-	85.13	54.17
Cash flow
Cash from operations	-	(10.54)	(6.85)
Cash from investing	-	(7.08)	(3.18)
Cash from financing	-	15.99	8.43

Particulars	Jun 2026	Mar 2026	Jun 2025
Revenue	1,346	901	597
Revenue growth (YoY)	+125.3%	-	-
Other income	2.35	2.83	0.44
EBITDA	111	171	106
EBITDA margin	+8.3%	+19.0%	+17.7%
Depreciation	25.02	20.60	7.01
Interest	10.90	9.58	9.39
Profit before tax	77.65	144	89.93
Tax	19.86	37.79	22.35
Net profit	57.79	106	67.58
EPS (₹)	1.80	3.57	2.40

Metrics	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Income statement
Revenue	2,655	1,541	925	664	507	405	299
Revenue growth	+72.3%	+66.6%	+39.2%	+31.0%	+25.1%	+35.3%	-
EBITDA	490	249	98.86	51.96	44.88	37.68	27.66
EBITDA margin	+18.5%	+16.2%	+10.7%	+7.8%	+8.9%	+9.3%	+9.2%
Profit before tax	408	213	62.59	31.47	39.54	26.22	15.16
Net profit	306	156	45.29	24.36	28.53	19.75	10.73
Net profit margin	+11.5%	+10.2%	+4.9%	+3.7%	+5.6%	+4.9%	+3.6%
EPS (₹)	9.93	5.58	18.46	17.85	20.91	14.48	7.85
Balance sheet
Total assets	1,819	802	449	412	326	188	151
Net worth	1,273	397	240	193	181	153	133
Total debt	520	395	205	215	141	32.79	16.01
Cash & bank	161	20.56	14.78	13.57	20.23	6.55	8.17
Net working capital	921	376	179	169	203	85.31	54.36
Cash flow
Cash from operations	(2.89)	18.14	85.46	77.88	(58.46)	(10.30)	-
Cash from investing	(520)	(118)	(44.59)	(132)	(45.72)	(7.08)	-
Cash from financing	654	104	(36.76)	54.50	104	15.77	-

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	1,346	901	588	568	597	480	339	329
Revenue growth (YoY)	+125.3%	+87.5%	+73.8%	+72.6%	+52.1%	-	-	-
Other income	2.35	2.83	0.39	1.86	0.44	7.35	0.22	2.04
Total expenses	1,234	729	479	465	491	401	286	279
EBITDA	111	171	110	103	106	79.05	52.34	50.09
EBITDA margin	+8.3%	+19.0%	+18.7%	+18.1%	+17.7%	+16.5%	+15.5%	+15.2%
Depreciation	25.02	20.60	8.74	7.85	7.01	5.54	4.51	4.06
Interest	10.90	9.58	12.22	12.41	9.39	9.09	7.68	5.85
Profit before tax	77.66	144	89.36	84.62	89.93	71.77	40.37	42.22
Tax	19.86	37.79	22.05	21.72	22.35	20.53	10.35	10.36

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026

Particulars	Jun 2026	Mar 2026	Jun 2025
Revenue	1,346	901	597
Revenue growth (YoY)	+125.3%	-	-
Other income	2.35	2.83	0.44
EBITDA	111	171	106
EBITDA margin	+8.3%	+19.0%	+17.7%
Depreciation	25.02	20.60	7.01
Interest	10.90	9.58	9.39
Profit before tax	77.65	144	89.93
Tax	19.86	37.79	22.35
Net profit	57.79	106	67.58
EPS (₹)	1.80	3.57	2.40

Particulars	FY 2025-26	FY 2020-21	FY 2019-20
Revenue	2,655	405	299
Revenue growth	-	+35.3%	-
Other income	5.52	3.43	2.95
Total expenses	2,164	367	272
Employee cost	0.00	22.15	19.50
EBITDA	490	37.68	27.50
EBITDA margin	+18.5%	+9.3%	+9.2%
Depreciation	44.19	13.36	13.29
Interest	43.60	1.53	2.16
Profit before tax	408	26.22	15.00
Tax	104	6.47	4.43
Net profit	304	19.75	10.57
Net profit margin	+11.5%	+4.9%	+3.5%
EPS (₹)	10.21	14.48	7.74

Particulars	FY 2025-26	FY 2020-21	FY 2019-20
Equity & liabilities
Share capital	-	123	123
Reserves & surplus	-	30.29	10.52
Shareholders' funds (net worth)	-	153	133
Minority interest	-	0.01	0.01
Secured loans	-	31.83	14.74
Unsecured loans	-	0.99	1.31
Total debt	-	32.82	16.05
Total liabilities	-	188	150
Assets
Gross block	-	124	116
Net block	-	83.19	89.25
Capital work in progress	-	0.00	0.00
Investments	-	0.00	0.00
Inventories	-	72.70	41.71
Sundry debtors	-	45.03	36.48
Cash & bank balances	-	6.55	8.18
Loans & advances	-	13.74	7.40
Total current assets	-	138	93.77
Total current liabilities	-	52.89	39.60
Net working capital	-	85.13	54.17
Total assets	-	188	150

Particulars	FY 2025-26	FY 2020-21	FY 2019-20
Opening cash	-	8.18	9.78
Net cash from operating activities	-	(10.54)	(6.85)
Net cash from investing activities	-	(7.08)	(3.18)
Net cash from financing activities	-	15.99	8.43
Net change in cash	-	(1.63)	(1.60)
Closing cash	-	6.55	8.18

Particulars	FY 2025-26	FY 2020-21	FY 2019-20
Growth
Sales growth	-	+35.3%	-
EBITDA growth	-	+37.0%	-
PBT growth	+1456.2%	+74.8%	+9997.0%
Net income growth	-	+86.9%	-
Profitability & leverage
Net income margin	+11.5%	+4.9%	+3.5%
Return on capital employed	-	+16.4%	+11.4%
Return on net worth	-	+58.0%	+43.7%
Debt / equity	-	0.17	0.12
Long-term debt / equity	-	0.03	0.04
Interest cover	9.77	6.29	15.20
Efficiency & per share
Fixed asset turnover	-	3.37	2.57
Inventory turnover	-	7.08	7.18
Debtors turnover	-	9.94	8.21
EPS (₹)	10.21	14.48	7.74
Dividend per share (₹)	0.00	0.00	0.00
Book value per share (₹)	0.00	32.19	17.71

Particulars	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024
Revenue	1,346	901	588	568	597	480	339	329
Revenue growth (YoY)	+125.3%	+87.5%	+73.8%	+72.6%	+52.1%	-	-	-
Other income	2.35	2.83	0.39	1.86	0.44	7.35	0.22	2.04
Total expenses	1,234	729	479	465	491	401	286	279
EBITDA	111	171	110	103	106	79.05	52.34	50.09
EBITDA margin	+8.3%	+19.0%	+18.7%	+18.1%	+17.7%	+16.5%	+15.5%	+15.2%
Depreciation	25.02	20.60	8.74	7.85	7.01	5.54	4.51	4.06
Interest	10.90	9.58	12.22	12.41	9.39	9.09	7.68	5.85
Profit before tax	77.66	144	89.36	84.62	89.93	71.77	40.37	42.22
Tax	19.86	37.79	22.05	21.72	22.35	20.53	10.35	10.36

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Revenue	2,655	1,541	925	664	507	405	299
Revenue growth	+72.3%	+66.6%	+39.2%	+31.0%	+25.1%	+35.3%	-
Other income	5.52	9.42	2.51	1.24	1.29	3.43	2.95
Total expenses	2,164	1,292	826	612	462	367	272
Employee cost	112	69.87	50.62	43.57	32.82	22.12	19.39
EBITDA	490	249	98.86	51.96	44.88	37.68	27.66
EBITDA margin	+18.5%	+16.2%	+10.7%	+7.8%	+8.9%	+9.3%	+9.2%
Depreciation	44.19	17.99	12.81	5.94	1.37	13.36	13.29
Interest	43.72	27.13	25.97	15.79	5.26	1.53	2.16
Profit before tax	408	213	62.59	31.47	39.54	26.22	15.16
Tax	104	56.79	17.30	7.11	11.01	6.47	4.43
Net profit	306	156	45.29	24.36	28.53	19.75	10.73
Net profit margin	+11.5%	+10.2%	+4.9%	+3.7%	+5.6%	+4.9%	+3.6%
EPS (₹)	9.93	5.58	18.46	17.85	20.91	14.48	7.85

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Equity & liabilities
Share capital	30.64	28.01	24.54	13.65	13.65	123	123
Reserves & surplus	1,242	369	215	70.55	58.53	30.51	10.75
Shareholders' funds (net worth)	1,273	397	240	193	181	153	133
Secured loans	289	292	193	211	141	31.83	14.74
Unsecured loans	231	103	11.96	4.68	0.00	0.96	1.27
Total debt	520	395	205	215	141	32.79	16.01
Total liabilities	-	-	449	412	326	188	151
Assets
Gross block	755	455	295	238	114	124	116
Net block	673	418	276	232	114	83.18	89.25
Capital work in progress	201	0.00	0.00	7.97	0.00	0.00	0.00
Investments	0.01	0.01	0.00	0.00	0.01	0.01	0.01
Inventories	910	383	232	187	178	72.59	41.59
Sundry debtors	140	73.13	64.68	28.54	39.47	45.02	36.45
Cash & bank balances	161	20.56	14.78	13.57	20.23	6.55	8.17
Loans & advances	198	90.82	17.36	37.70	39.31	13.94	7.58
Total current assets	1,409	567	329	267	277	138	93.79
Total current liabilities	489	192	150	98.19	73.81	52.79	39.43
Net working capital	921	376	179	169	203	85.31	54.36
Total assets	1,819	802	449	412	326	188	151

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Opening cash	8.23	4.22	0.11	0.03	0.23	8.17	-
Net cash from operating activities	(2.89)	18.14	85.46	77.88	(58.46)	(10.30)	-
Net cash from investing activities	(520)	(118)	(44.59)	(132)	(45.72)	(7.08)	-
Net cash from financing activities	654	104	(36.76)	54.50	104	15.77	-
Net change in cash	131	4.01	4.10	0.08	(0.19)	(1.62)	-
Closing cash	161	20.56	14.78	13.57	20.23	6.55	-

Particulars	FY 2025-26	FY 2024-25	FY 2023-24	FY 2022-23	FY 2021-22	FY 2020-21	FY 2019-20
Growth
Sales growth	+72.3%	+66.6%	+39.2%	+31.0%	+25.1%	+35.3%	-
EBITDA growth	+97.1%	+151.7%	+90.3%	+15.8%	+19.1%	+36.2%	-
PBT growth	+91.5%	+240.5%	+98.9%	-20.4%	+50.8%	+73.0%	+9997.0%
Net income growth	+95.6%	+245.2%	+85.9%	-14.6%	+44.5%	+84.1%	-
Revenue CAGR (3Y)	+58.7%	+44.9%	+31.7%	+30.4%	-	-	-
EBITDA CAGR (3Y)	+111.3%	+77.0%	+37.9%	+23.4%	-	-	-
Profitability & leverage
Net income margin	+11.5%	+10.2%	+4.9%	+3.7%	+5.6%	+4.9%	+3.6%
Return on capital employed	+34.5%	+38.4%	+20.6%	+12.8%	+17.4%	+16.4%	-
Return on net worth	+36.4%	+49.1%	+20.9%	+13.0%	+25.3%	+57.6%	-
Debt / equity	0.55	0.94	0.97	0.95	0.52	0.17	-
Long-term debt / equity	0.19	0.32	0.32	0.23	0.05	0.03	-
Interest cover	9.80	11.75	30.18	34.31	12.09	6.29	15.03
Efficiency & per share
Fixed asset turnover	4.39	4.11	3.47	3.77	4.26	3.37	-
Inventory turnover	4.11	5.01	4.41	3.64	4.04	7.09	-
Debtors turnover	24.87	22.36	19.84	19.53	12.00	9.94	-
EPS (₹)	9.93	5.58	18.46	17.85	20.91	14.48	7.85
Dividend per share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per share (₹)	41.52	14.17	97.62	61.69	52.88	32.36	17.88

Competitors of UTL Solar

UTL Solar has 3 listed competitors in our database, 1 of them funded. They include Borosil Renewables, Servoteh and Nessa.

Company Name	Domain	Founded	HQ Location	Total funding	Employees	Description
Borosil Renewables	borosilrenewables.com	1962	Mumbai, India		762	Solar glass is manufactured by Borosil Renewables for photovoltaic applications.
Servoteh	servotech.in	2004	Delhi, India		178	Manufacturer of EV chargers, solar inverters, solar panels, batteries, servo stabilizers, UPS, and LEDs
Nessa	nessa.in	2008	Ahmedabad, India	$95,277	84	Offers solar consumer goods

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Top companies in Renewable & Sustainable Energy

3 companies that operate in the same segment as UTL Solar (Renewable & Sustainable Energy) in India, ranked by their profile score on The Company Check.

Company	Description	Founded	Location	Total funding	Revenue	Employees
Husk Power Systems	Hybrid renewable energy solutions are provided for rural communities.	2008	Patna, Bihar, India	USD 73.99 M	USD 3.46 M	294
CleanMax	Solar energy projects are developed for commercial and industrial clients.	2011	Mumbai, Maharashtra, India	USD 442.67 M	USD 166.51 M	365
Waaree Energies	Manufacturer of solar PV modules	1990	Mumbai, Maharashtra, India	USD 111.38 M	USD 2.77 B	8,690

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Frequently Asked Questions about UTL Solar

When was UTL Solar founded?

UTL Solar was founded in 2019.

Where is UTL Solar located?

UTL Solar is headquartered in India. It is registered at Haryana, India.

How many employees does UTL Solar have?

UTL Solar has 410 employees.

What is the annual revenue of UTL Solar?

The primary company behind UTL Solar, Fujiyama Power Systems Limited, reported revenue of ₹2,660 Cr for FY 2026, up 555% year on year.

What does UTL Solar do?

UTL Solar manufactures high-quality solar inverters for sustainable energy solutions, focusing on working in the energy sector, promoting renewable energy, solar power, and inverter manufacturing. It serves clients with dedicated solutions, emphasizing quality, innovation, and sustainable growth in its core markets.

Who are the top competitors of UTL Solar?

UTL Solar's top competitors include Servoteh, Borosil Renewables and Nessa.

Is UTL Solar publicly traded?

Yes, UTL Solar is publicly traded on NSE under the ticker symbol UTLSOLAR.

Which legal entities are associated with UTL Solar?

UTL Solar operates through Fujiyama Power Systems Limited.

Who are the directors of UTL Solar?

The legal entities of UTL Solar currently have 8 directors, including Pawan Kumar Garg, Yogesh Dua, Mayuri Gupta and others.