Capacity Expansion / Manufacturing Commissioning
Fujiyama Commissions 2,000 MW Solar Panel Manufacturing Facility at Ratlam
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Fujiyama Power Systems Limited has commissioned its 2,000 MW solar panel manufacturing facility at Ratlam, Madhya Pradesh. The company also provided updates on its inverter and battery manufacturing lines, strengthening its integrated solar manufacturing ecosystem and backward integration strategy.
PRICE-SENSITIVE TRIGGER
Event: Commissioning of Solar Panel Manufacturing Facility
Type: Capacity Expansion / Manufacturing Commissioning
Impact: Positive
Immediate Effect: The commissioning significantly increases Fujiyama’s solar panel manufacturing capacity and strengthens its position in India’s fast-growing rooftop and DCR-compliant solar market.
Key Metrics:
- Newly commissioned solar panel manufacturing capacity: 2,000 MW
- Total solar panel manufacturing capacity after commissioning: 3,568 MW
- Planned solar cell expansion underway: 1.2 GW TOPCon
- Existing Mono PERC solar cell capacity: 1 GW
- Channel partner network: 8,900+
- Planned annualized operational capacity in initial phase: ~1,000 MW under single shift
- Full utilization target timeline: Q4FY27
Highlight Metric:
- Fujiyama commissions large-scale 2,000 MW solar panel manufacturing facility at Ratlam
What Happened ?
Fujiyama Power Systems Limited announced the commissioning of its 2,000 MW solar panel manufacturing facility at Ratlam, Madhya Pradesh.
The facility forms part of the company’s broader greenfield expansion strategy aimed at strengthening integrated solar manufacturing capabilities and improving backward integration across solar modules, batteries, inverters, and solar cells.
key highlights
Manufacturing Expansion:
- The Ratlam project has been developed with planned capacities of:
- 2,000 MW solar panels
- 2,000 MW inverters
- 2,000 MWh lithium-ion batteries
- The solar panel line has now been commissioned.
- Initial operations will begin at approximately 1,000 MW annualized capacity under single-shift operations.
- Double-shift ramp-up is planned gradually to achieve full utilization by Q4FY27.
Capacity Enhancement:
- Following the commissioning:
- Total solar panel manufacturing capacity increased to 3,568 MW.
- The company continues work on:
- 1.2 GW TOPCon solar cell manufacturing facility
- Inverter manufacturing line
- Battery manufacturing line
Operational Update:
- Inverter commissioning is expected during Q1FY27.
- Battery line commissioning is expected during Q2FY27.
- Certain commissioning timelines were delayed due to:
- Integration of advanced lithium-ion battery technologies
- Geopolitical supply-chain disruptions during execution phase
Strategic Importance:
- Strengthens backward integration.
- Improves supply-chain resilience.
- Enhances participation in India’s DCR solar panel ecosystem.
- Supports demand growth driven by government rooftop solar schemes such as PM Surya Ghar Yojana.
- Reinforces manufacturing scale and operational efficiency.
Note:
- Management emphasized that the Ratlam expansion aligns with the company’s long-term manufacturing and integrated energy platform strategy.
Risk Analysis
Key Risks:
- Delays in inverter and battery line commissioning.
- Raw material and component supply disruptions.
- Technology obsolescence risks in solar manufacturing.
- Margin pressure due to global solar competition.
- Dependence on domestic policy support and DCR-linked demand.
Worst Case Scenario:
- If demand growth slows or utilization ramps up slower than expected, return on large manufacturing investments may face pressure in the medium term.
Risk Level: Medium
Company Commentary
- Fujiyama confirmed commissioning of its 2,000 MW solar panel manufacturing facility at Ratlam.
- Management stated that the expansion strengthens integrated solar manufacturing capabilities and backward integration.
- The company highlighted that inverter manufacturing is expected to commence in Q1FY27, while battery manufacturing commissioning is expected in Q2FY27.
- Chairman and Joint Managing Director Pawan Kumar Garg stated that the project marks a significant milestone in Fujiyama’s manufacturing expansion strategy.
Official Exchange Filing: Fujiyama Power Systems Limited