Fujiyama Power Systems Ltd (UTLSOLAR) Q1 FY27 Results Analysis: Revenue More Than Doubles, EBITDA Surges 141%

Fujiyama Power Systems Ltd's Q1 FY27 numbers came in strong, with revenue of Rs. 1,345.69 Cr (+125.30% YoY) and PAT growth of -14.50% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Q1 FY27 revenue more than doubled to Rs.1,345.69 Cr, well above the 50% full-year guidance run-rate. EBITDA grew 141% YoY with margin expansion to 18.94%. Normalized PAT (ex-fire loss) grew 144% YoY. Working capital strain from inventory build and the Bawal fire exceptional are key concerns, but the underlying demand and capacity ramp remain strong.

Key Investment Insights

Key Positives

• Revenue grew 125.3% YoY to Rs.1,345.69 Cr, with 49.4% QoQ growth
• EBITDA grew 140.6% YoY to Rs.254.81 Cr, margin expanded 121 bps YoY to 18.94%
• Normalized PAT (ex-fire) grew 143.6% YoY to Rs.164.65 Cr
• Ratlam 2 GW panel line commissioned mid-quarter, contributing to volume growth
• Q1 annualized revenue run-rate of Rs.5,383 Cr exceeds the ~Rs.3,982 Cr implied by 50% FY guidance

Risk Factors

• Bawal fire exceptional loss of Rs.143.58 Cr impacted reported PAT (down 14.5% YoY)
• Inventory build of Rs.100.90 Cr signals working capital strain from raw material stocking
• Depreciation surged 256.8% YoY to Rs.25.02 Cr as new capacities are capitalized
• EBITDA margin slipped 10 bps QoQ from 19.04% to 18.94%
• BIS inspections and customs show cause notice represent potential contingent liabilities