Fujiyama Power Systems Q2 FY27 Results Analysis: Revenue Surges 130%, Margin Misses Guidance (UTLSOLAR)

Cofacto Research Published November 05, 2026 3 min read

Negative

Fujiyama Power Systems Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,306.82 Cr (+130.11% YoY) and PAT growth of +111.21% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 05, 2026
Revenue (Q2)	Rs. 1,306.82 Cr (+130.11% YoY)
PAT (Q2)	Rs. 132.86 Cr (+111.21% YoY)
EBITDA margin	17.06% (-108 bps YoY)
EPS (Q2)	Rs. 4.33 (+92.44% YoY)

Quarter Snapshot

Revenue more than doubled YoY (+130.11%) and PAT grew 111.21% with a clean, exception-free quarter, keeping the 70% FY27 revenue-growth guidance on track. However, EBITDA margin compressed to 17.06% — missing management's 'sustainable to improve from 18.9%' commitment — reported PAT margin slipped below the 11-13% band, and H1 operations consumed Rs.2,634.39 Mn of cash while borrowings funded the inventory build. The margin trajectory and working-capital re-leveraging are the key watch items for the upcoming earnings call.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"strong YoY growth, softer QoQ"	+130.11% YoY, (2.89)% QoQ	Played out
Margins	"flat-to-slightly-compressing is the risk case" vs 18.9%	17.06% — compression realized, at the worse end of the risk case — direction); magnitude beyond	Played out
Reported vs normalized PAT	Bawal insurance credit possible; BIS cost watch	No exceptional, no insurance recovery recognized in Q2 (per the filing's note)	Played out
Silver pass-through	buffer via inventory; lag decides Q2 vs Q3	Net material cost 71.01% of revenue (QoQ relief from 71.57%, YoY up from 69.72%)	Partially
Watch items (guidance rebase, QIP execution, Ratlam li-ion commissioning, 40/40/20 mix, channel count)	call items	Not addressed in the filing — remain open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 revenue growth 70% (upgraded from 50%, "may trail")	Q1 FY27 earnings call	H1 +127.63% YoY; only +24.91% H2 growth needed vs H2 FY26 to reach the FY27 target	On Track
EBITDA margin "sustainable to improve" from 18.9%	Q1 FY27 earnings call	Q2 FY27 EBITDA margin 17.06%	Missed this quarter
PAT margin 11–13% FY27	Q1 FY27 earnings call	Q2 reported 10.17%; H1 normalized 11.24%	Below band reported; within band normalized

Key Investment Insights

Key Positives

Revenue grew 130.11% YoY to Rs.1,306.82 Cr; H1 revenue of Rs.2,652.51 Cr grew 127.63% YoY
EBITDA grew 116.38% YoY to Rs.222.90 Cr
PAT grew 111.21% YoY to Rs.132.86 Cr with no exceptional items in Q2
H1 normalized PAT of Rs.298.09 Cr (11.24% margin) is inside management's 11-13% PAT margin band
Only 24.91% H2-over-H2 growth is needed to reach the 70% FY27 revenue-growth guidance
Q2 revenue seasonality matched management's stated Q1:900/Q2:80 distribution (revenue -2.89% QoQ)
Q2 revenue growth is a clean comparison with no exceptional items, unlike Q1's Rs.143.58 Cr Bawal fire loss

Risk Factors

EBITDA margin compressed ~108 bps YoY and ~188 bps QoQ to 17.06%, missing management's 'sustainable to improve from 18.9%' guidance
Reported PAT margin of 10.17% fell below the guided 11-13% band
H1 operating cash flow was an outflow of Rs.2,634.39 Mn against H1 PAT of Rs.1,906.50 Mn
Current borrowings rose to Rs.6,614.35 Mn from Rs.3,254.13 Mn at March while cash fell to Rs.518.07 Mn from Rs.1,394.60 Mn
Inventory build widened to 14.94% of revenue (Rs.12,295.40 Mn vs Rs.9,098.19 Mn at March), absorbing Rs.944.0 Mn more QoQ
No insurance recovery recognized for the Rs.1,435.81 Mn Bawal fire loss; assessment still in progress