Capacity Expansion
Fujiyama Power Systems Approves 1.2 GW TopCon Solar Cell Facility at Ratlam with ₹350 Crore Investment
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Fujiyama Power Systems Limited announced approval for setting up a 1.2 GW TopCon solar cell manufacturing facility at Ratlam, Madhya Pradesh with an estimated investment of ₹350 crore. The expansion strengthens the company’s backward integration strategy and enhances its positioning in India’s fast-growing DCR-compliant rooftop solar market.
PRICE-SENSITIVE TRIGGER
Event: Fujiyama Power Systems approved establishment of a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant.
Type: Capacity Expansion
Impact: Positive
Immediate Effect: The project expands Fujiyama’s domestic solar cell manufacturing capacity and strengthens its integrated solar manufacturing capabilities amid rising DCR-compliant solar demand.
Key Metrics:
- New TopCon Solar Cell Capacity: 1.2 GW.
- Project Investment: ₹350 crore.
- Project Location: Ratlam, Madhya Pradesh.
- Commercial Operations Expected: Q1 FY2028.
- Existing Mono PERC Solar Cell Capacity: 1 GW at Dadri facility.
- Current Total Solar Cell Capacity: 1 GW.
- Post Expansion Solar Cell Capacity: 2.2 GW.
- Funding Structure:
- Debt
- Internal accruals
- Current Solar Panel Capacity: 3,568 MW.
- Current Power Electronics Capacity: 2,180 MW.
- Current Lithium-Ion Battery Capacity: 545 MWh.
- Current Tubular Battery Capacity: 1,318 MWh.
- Additional Planned Lithium-Ion Battery Expansion: 2,000 MWh.
- Additional Planned Power Electronics Expansion: 2,000 MW.
- Distribution Network:
- 950+ distributors
- 6,800+ dealers
- 1,150+ shoppes
- Service Engineer Network: 650+ engineers.
- B2C Revenue Contribution: 90%+.
Highlight Metric:
- Fujiyama approved a ₹350 crore investment to establish a 1.2 GW TopCon solar cell facility at Ratlam, increasing total solar cell capacity to 2.2 GW and strengthening backward integration in DCR-compliant solar manufacturing.
What Happened ?
Fujiyama Power Systems Limited announced that its Board approved establishment of a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh.
The proposed facility will complement the company’s existing 1 GW Mono PERC solar cell manufacturing unit at Dadri, Uttar Pradesh and significantly strengthen Fujiyama’s integrated solar manufacturing platform.
The company stated that the project forms a critical part of its backward integration and technology upgradation strategy. The investment aims to reduce cost volatility, improve supply chain control, and ensure timely availability of DCR-compliant solar cells.
Management highlighted that implementation of ALMM-II regulations for solar PV cells effective June 1, 2026 is expected to accelerate domestic demand for DCR-compliant solar panels and domestically manufactured solar cells.
Commercial operations at the Ratlam facility are expected to commence from Q1 FY2028.
Key Details
Project Expansion Details:
- Fujiyama approved a 1.2 GW TopCon solar cell manufacturing facility.
- The project will be located at Ratlam, Madhya Pradesh.
- Estimated investment stands at ₹350 crore.
- Commercial operations are expected from Q1 FY2028.
- Funding will be through:
- Debt
- Internal accruals
- Existing 1 GW Mono PERC solar cell facility operates at Dadri, Uttar Pradesh.
- Post expansion, total solar cell capacity will rise to 2.2 GW.
Note:
- The project materially strengthens Fujiyama’s domestic solar manufacturing scale and integrated production capabilities.
Manufacturing Platform & Capacity Profile:
- Fujiyama operates integrated manufacturing facilities across:
- Himachal Pradesh
- Uttar Pradesh
- Haryana
- Madhya Pradesh
- Existing product manufacturing includes:
- Solar panels
- Solar inverters
- Lithium-ion batteries
- Tubular batteries
- Chargers
- Power electronics systems
- Current manufacturing capacities include:
- Solar Panels: 3,568 MW
- Solar Cells: 1,000 MW
- Power Electronics: 2,180 MW
- Lithium-ion Batteries: 545 MWh
- Tubular Batteries: 1,318 MWh
- Ratlam expansion also includes planned:
- 2,000 MW inverter expansion
- 2,000 MWh lithium-ion battery expansion
Note:
- The company continues building a vertically integrated rooftop solar manufacturing ecosystem across multiple product categories.
Strategic & Market Implications:
- The project supports Fujiyama’s backward integration strategy.
- TopCon technology improves competitiveness in high-efficiency solar products.
- The company expects stronger demand from:
- DCR-compliant solar panel market
- Government-backed rooftop solar schemes
- PM Surya Ghar initiatives
- ALMM-II implementation is expected to benefit domestic manufacturers.
- The company maintains strong B2C market penetration with:
- 950+ distributors
- 6,800+ dealers
- 1,150+ retail shoppes
- Fujiyama has presence across 23 states.
- The company serves over 1.4 million end customers.
Note:
- The expansion positions Fujiyama to capitalize on accelerating domestic solar localization and rooftop solar adoption trends.
Risk Analysis
Summary:
- While the project strengthens Fujiyama’s integrated manufacturing capabilities, execution, technology transition, and solar market demand risks remain relevant.
Key Risks:
- Large capex execution may face timeline and cost overruns.
- Solar industry pricing remains highly competitive and volatile.
- TopCon technology adoption requires successful manufacturing ramp-up.
- Dependence on government policy support remains significant.
- Raw material and supply chain volatility may impact project economics.
- Debt-funded capex could increase financial leverage.
- Domestic solar demand growth must sustain for optimal utilization.
Worst Case Scenario:
- If rooftop solar demand slows or TopCon facility ramp-up faces delays, utilization levels and return on investment may remain below expectations during the initial years.
Risk Level: Medium
Company Commentary
- Management described the Ratlam facility as an important milestone in Fujiyama’s growth journey.
- The company stated that the project strengthens backward integration and cost control.
- Fujiyama highlighted its focus on ensuring availability of DCR-compliant solar cells.
- Management expects ALMM-II implementation to support domestic demand growth.
- The company reiterated its vision of expanding reliable and indigenous rooftop solar solutions across India.
- The project is expected to strengthen Fujiyama’s competitive positioning in the rooftop solar market.
Official Exchange Filing: Fujiyama Power Systems Limited