Fujiyama Power Systems Ltd (UTLSOLAR) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Fujiyama Power Systems Ltd (UTL SOLAR, FUJIYAMA SOLAR) makes solar panels, inverters, UPS systems, solar cells and lithium-ion batteries for India's residential rooftop and off-grid solar market, where PM Surya Ghar installations hit a record 5.06 lakh in July 2026 before moderating into September. The Q2 print will speak to whether the upgraded 70% FY27 revenue-growth guidance holds against management's own seasonality path, and whether the 18.9% EBITDA margin stays 'sustainable to improve' amid a rising silver bill and the Ratlam ramp.

Fujiyama Power Systems Ltd Q2 Results Date and Time

The board will meet on Thursday, November 5, 2026, to approve unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026. The trading window remains closed until November 7, 2026, and reopens on November 8, 2026.

What to expect from Fujiyama Power Systems Ltd's Q2 FY27 results

The quarter tests whether Fujiyama's upgraded 70% FY27 revenue-growth guidance — which management said it may 'trail this guidance in the coming quarters' — holds against its own stated seasonality of Q2: 800 versus Q1: 900, after Q1 revenue of Rs. 1,345.69 Cr grew 125.3% YoY.

Demand stayed supportive through the quarter: India added 3.8 GW of rooftop solar in Q2 2026 (+136% YoY) with residential at 84% of additions, though PM Surya Ghar monthly additions fell for a second straight month into September (1,592 MW in July to 1,375 MW in September).

On margins, silver ended the July-September window roughly 8-12% higher with the quarter-average well above Q1's — a headwind on the panel bill of materials that the company passes to customers — while lithium carbonate futures shed ~25% in September, a tailwind for the 2,000 MWh Ratlam li-ion line slated to commission in this very quarter.

Management's margin guidance remains 'sustainable to improve' from the 18.9% EBITDA margin reported in Q1, with PAT margin guided at 11% to 13% for FY27. Reported PAT carries a separate swing: the Bawal fire insurance claim of ~Rs. 143 Cr is targeted for settlement by end of 2026, and the Rs. 9,00,000 BIS penalty was already paid on October 14, 2026.

The call will also be the first since the board approved a Rs. 1,200 Cr QIP on October 15, 2026 for minimum public shareholding compliance against promoter holding of ~86.63%.

Key Things To Watch

Performance vs guidance tracking: Key FY27 targets management has set, and where things stand.

• Revenue growth — 70% upside (upgraded from 50%, may trail higher) — FY27; Q1 ran at 125.3% YoY, watch reaffirmation vs re-anchoring against the stated Q2: 800 vs Q1: 900 seasonality
• EBITDA margin — 'sustainable to improve' from 18.9% — FY27; PAT margin 11% to 13% — FY27
• Volumes — minimum 1 GW each of solar panels, inverters and batteries — FY27; DCR capture of almost 800 MW — FY27
• Ratlam utilization — 50% by FY27, ~80% by FY28, fully utilized by Q4 FY28; peak revenue estimated at Rs. 5,000 crores
• FY27 capex — Rs. 500 Cr (Rs. 200 Cr debt + Rs. 100 Cr IPO + Rs. 200 Cr internal), no equity dilution for capex; gross block ~Rs. 1,300 Cr incl. CWIP by end FY27

Ratlam li-ion line and battery capacity commissioning: The 2,000 MWh Ratlam li-ion line is slated to commission in this very quarter.

• Confirmation the 2,000 MWh Ratlam li-ion battery line commissioned within Q2 FY27, and its CWIP-to-PPE capitalization
• +1 GWh lithium capacity at Ratlam (~Rs. 5 Cr, internal accruals) taking Ratlam to ~3.5 GWh, commissioning by Q2 FY 2026-27
• 1 GWh tubular battery plant at Hathras (~Rs. 20 Cr) replacing the 1.3 GWh Bawal capacity lost in the May 6, 2026 fire, commissioning by Q3 FY 2026-27

Bawal insurance claim and BIS follow-ups: Reported-versus-normalized PAT hinges on these items.

• Bawal fire insurance claim settlement status — management said the survey is done and settlement 'should be settled by the end of this year', with full recovery of the ~Rs. 143 crores net carrying value expected
• Release of Rs. 2.52 Cr of seized goods after the aggregate Rs. 9,00,000 BIS penalty (paid Oct 14, 2026); company states no material impact
• Inventory normalization from 180 days (Rs. 900 Cr inventory, Rs. 500 Cr+ raw material) as Ratlam ramps

QIP execution and dilution math: The Rs. 1,200 Cr QIP reverses the May 2026 'no capital raise in 12 months' statement.

• Postal ballot (e-voting Oct 23 – Nov 21, 2026) seeks approval to raise up to Rs. 1,200 Cr via QIP/private placement/preferential issue for minimum public shareholding; no allotment to promoters, allotment within 365 days
• Watch whether the 'no equity dilution this year' capex-funding statement is restated in light of the QIP

Channel network and revenue mix: Distribution is the stated growth engine behind the guidance upgrade.

• Channel partner count vs the 15,000+ by end-FY28 target — 10,100+ at Q1 FY27 after adding 1,000+ dealers, 80+ distributors and 30+ exclusive Shoppes
• Whether the ~40% solar panel / 40% electronics / 20% battery revenue mix held
• 1.2 GW DCR cell plant at Ratlam (~Rs. 350 Cr) — machinery delivered, commissioning on track for Q1 FY 2027-28, unaffected by proposed China export curbs per the Oct 21 clarification