Fujiyama Power Shares Fall 15% in a Month: Is 45% Upside Still on the Table?
- October 22, 2026
- Posted by: Chaitanya Auti
- Category: News
Fujiyama Power shares were Rs 369.55 at 1:19 PM IST on 22 Oct 2026, up 3.72% from Rs 356.30, after a fall of about 15% in a month according to the headline. A 45% upside from this price implies a target near Rs 536 (my calculation), but I could not find the expert or the number behind it. Motilal Oswal has a Buy with a target of Rs 600 set on 15 Aug 2026.
Quick Answer
Fujiyama Power shares are down about 15% in a month and trade at Rs 369.55, roughly 25% below the 52-week high of Rs 494.25. A 45% upside would mean a price near Rs 536 by my calculation, and the targets I could verify are Rs 600 from Motilal Oswal and an undated consensus of Rs 548. Q1 FY27 revenue more than doubled to Rs 1,345.7 crore with an EBITDA margin of 18.9%, but reported profit fell to Rs 57.8 crore after a fire-related loss. The upside is possible only if the insurance claim is paid and margins hold, so treat it as a scenario and not a promise.
Fujiyama Power shares have corrected sharply from their highs even though the business is growing quickly, because investors are weighing a promoter stake that is already large, a fire at a plant and a valuation that is not low. Today the stock bounced 3.7%, which shows buyers are returning at lower levels.
This article on Fujiyama Power shares sets out the price action, the Q1 FY27 numbers, the fire, the targets and the valuation, and it tests whether a 45% upside is realistic. It is educational and not a recommendation, and I flag every number I could not verify.
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Fujiyama Power Shares Today: Price Action
| Fujiyama Power shares: point | Level on 22 Oct 2026 |
|---|---|
| Previous close | Rs 356.30 |
| Open | Rs 358.05 |
| Day low | Rs 356.30 |
| Day high | Rs 374.30 |
| Price at 1:19 PM | Rs 369.55, up 3.72% |
| 52-week range | Rs 172 to Rs 494.25 |
| Fall from the 52-week high | About 25% (my calculation) |
One data site shows a one-month fall of about 18% and the headline says 15%, so the exact figure depends on the start date. Either way, Fujiyama Power shares have lost a large part of their gains from the spring and summer. The stock is still more than double its 52-week low of Rs 172, so holders from lower levels remain well ahead (my reading).
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Fujiyama Power Shares and the Q1 FY27 Results
| Fujiyama Power shares: Q1 FY27 metric | Q1 FY26 | Q1 FY27 | Change |
|---|---|---|---|
| Revenue (Rs crore) | 597.3 | 1,345.7 | Up 125% |
| EBITDA (Rs crore) | 105.9 | 254.8 | Up 141% |
| EBITDA margin | 17.7% | 18.9% | Up 120 basis points |
| Reported profit (Rs crore) | 67.6 | 57.8 | Down 14.5% |
| Normalised profit (Rs crore) | 67.6 | 165.2 | Up 144% |
Reported profit fell because of an exceptional loss of Rs 143.6 crore linked to a fire at the Bawal plant on 6 May 2026, which the company has booked at the net value of the damaged assets. Management says the assets are insured, the claim is lodged and the survey is complete, and expects to recover the full amount, possibly by the end of the fiscal year. Revenue rose 49% from the previous quarter. FY27 revenue growth guidance was raised to 70% from 50%, which is the main reason analysts stay positive on Fujiyama Power shares.
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Conflict: One data site shows a quarterly operating margin of 8.26% against the company’s EBITDA margin of 18.9%. The measures differ and I could not reconcile them, so I use the company figure.
Risk: If the insurance claim is delayed or paid at less than the full value, reported profit will stay below the normalised figure.
Capacity Expansion Behind Fujiyama Power Shares
| Fujiyama Power shares: capacity | Detail |
|---|---|
| Solar panels | 3,568 MW, including a new 2,000 MW plant at Ratlam commissioned in Q1 FY27 |
| Power electronics | 4,180 MW, with a new 2,000 MW plant commissioned in August 2026 |
| Solar cells | 1 GW commissioned and running above 80% utilisation; 1.2 GW more announced |
| Battery storage | 2,000 MWh at Ratlam, on track for commissioning by Q2 FY27 |
The company is building backward integration into solar cells and forward capacity into batteries, which supports margins if demand holds. Motilal Oswal links demand to the PM Surya Ghar Muft Bijli Yojana rooftop solar scheme, wider distribution and better after-sales service. Fujiyama Power shares are therefore a play on rooftop solar demand and on how well the company turns new capacity into sales.
Is a 45% Upside Realistic for Fujiyama Power Shares?
| Fujiyama Power shares: target source | Target | Upside at Rs 369.55 (my calculation) |
|---|---|---|
| Implied by the headline | About Rs 536 | 45% |
| Motilal Oswal (Buy, 15 Aug 2026) | Rs 600, 25 times FY28 estimated EPS | About 62% |
| Investing.com consensus (undated, 2 Buy ratings) | Rs 548; range Rs 496 to Rs 600 | About 48% |
I could not find the expert behind the 45% figure, so I treat it as an implied number. The Rs 600 target from Motilal Oswal was set before the recent fall and was based on a higher share price, and the consensus page is undated and was quoted when the stock traded near Rs 450, so both may be stale. Motilal Oswal also raised FY27 and FY28 EPS estimates by 8% and 5%, and expects revenue to grow at 51% a year over FY26 to FY28. A 45% gain would need the stock to reach about Rs 536, which is about 8% above the 52-week high of Rs 494.25, so it would be a new high, and that is a demanding ask in a weak market (my reading). The Motilal Oswal target price also rests on 25 times FY28 earnings, so any cut to earnings estimates would lower the target price quickly.
Why Fujiyama Power Shares May Have Corrected
The reports I read do not give a single cause, so these points are my reading. First, the Q1 FY27 results showed reported profit down 14.5% even though the business grew fast, and headline profit often moves the stock more than normalised profit. Second, promoter holding slipped from the previous quarter while a few funds raised their stake, which shows some holders sold into strength. Third, the wider market is weak, with the Sensex lower again today. After a large run from Rs 172, Fujiyama Power shares were due a pause, and a 15% pullback in a month is not unusual for a small free float. The Q1 FY27 results still show strong growth, which is why many analysts treat the fall as a chance and not a warning.
Fujiyama Power Shares Valuation
| Fujiyama Power shares: valuation measure | Figure |
|---|---|
| Market capitalisation at Rs 356.30 | About Rs 10,957 crore |
| Trailing EPS | Rs 9.58 |
| P/E at Rs 369.55 | About 38.6 times (my calculation) |
| Industry P/E | 53.46 times |
| Book value per share | Rs 41.40 |
| Price to book at Rs 369.55 | About 8.9 times (my calculation) |
| Return on equity | 23.88% |
| Debt to equity | 0.41 |
The stock trades below the industry multiple, but trailing EPS of Rs 9.58 does not yet include the full benefit of the new capacity. A return on equity near 24% supports a premium, though a price to book of almost 9 times leaves little cushion if growth slows. Promoters hold 86.63%, and domestic institutions hold 5.98% and foreign institutions 1.63% as of June 2026, so the free float is small and the price can move quickly in either direction.
Risk: A small free float means heavy selling or buying by a few holders can move Fujiyama Power shares sharply.
What to Watch Next on Fujiyama Power Shares
- Insurance recovery on the Bawal fire, which would lift reported profit
- The Q2 FY27 results date and whether revenue growth stays near the 70% guidance
- Utilisation of the new Ratlam panel and cell capacity
- Whether Fujiyama Power shares hold the Rs 356 to Rs 374 range of today
- Any new target price from brokerages after the recent fall in Fujiyama Power shares
Conclusion
Fujiyama Power shares are about 15% lower in a month, but revenue growth, a wider margin and a Rs 600 Motilal Oswal target keep the long-term case alive. A 45% upside would take the price to a new high near Rs 536, and I could not verify who suggested it. Read the filings, size any position to your own risk, and treat the insurance claim as the key event.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why have Fujiyama Power shares fallen in a month?
Ans. I could not find a company announcement that explains it. Fujiyama Power shares are about 25% below their 52-week high, and my reading is that the fall reflects profit-taking, a weak market and the fire-related loss in reported profit.
Is a 45% upside possible for Fujiyama Power shares?
Ans. A 45% gain from Rs 369.55 implies about Rs 536, a new high. I could not find the source of that figure. Motilal Oswal’s target of Rs 600 implies more, but it was set on 15 Aug 2026.
What were the Q1 FY27 results of Fujiyama Power?
Ans. Revenue rose 125% to Rs 1,345.7 crore, EBITDA rose 141% to Rs 254.8 crore and the margin was 18.9%. Reported profit fell to Rs 57.8 crore on a fire loss, while normalised profit was Rs 165.2 crore.
What happened at the Bawal plant?
Ans. A fire on 6 May 2026 damaged buildings, machinery and inventory. The company booked an exceptional loss of Rs 143.6 crore, says the assets are insured and expects to recover the full net value, possibly by the end of the fiscal year.
Are Fujiyama Power shares expensive?
Ans. At Rs 369.55 the P/E is about 38.6 times by my calculation against an industry P/E of 53.46, but the price to book is about 8.9. Return on equity is 23.88%, which supports part of the premium.
What is the promoter holding in Fujiyama Power shares?
Ans. Promoters held 86.63% in June 2026, with domestic institutions at 5.98%, foreign institutions at 1.63% and the public at 5.76%. The small free float can make the stock volatile.
What are the risks of owning Fujiyama Power shares?
Ans. Risks include a delayed insurance payout, slower rooftop solar demand, a rich price to book, a small free float and the chance that new capacity is not used fully.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.