Fujiyama Power Systems Shares: Motilal Oswal Sees 36% More Upside With a Rs 500 Target, but Is This Rooftop Solar Stock Still a Buy? Q1 Numbers, Valuation and Risks
- October 27, 2026
- Posted by: Neeraj Pandey
- Category: News
Fujiyama Power Systems shares closed at Rs 369.20 on the NSE (Rs 368.40 on the BSE) on Tuesday, 27 Oct 2026, up 1.46%, after Motilal Oswal reiterated a Buy rating with a target of Rs 500, which is about 35.7% above the BSE price (my calculation). The stock is up about 65% in 2026 as per the headline, but it is still about 14.6% below its record high of Rs 431.25 set on 14 Aug (my calculation).
Quick Answer
Fujiyama Power Systems shares are in focus because Motilal Oswal has reiterated Buy with a Rs 500 target based on 20 times FY28 earnings, about 36% above the BSE price of Rs 368.40. The brokerage expects revenue, EBITDA and adjusted profit to grow at 52%, 57% and 59% a year over FY26 to FY28, helped by a planned 1.2 GW TOPCon cell plant at Ratlam. The stock trades near 38 times trailing earnings and one data provider shows Q1 profit lower than a year ago, so the growth case needs to be delivered. This is educational and not a recommendation.
Fujiyama Power Systems shares have been one of the strongest rooftop solar stocks of 2026, rising from a low of Rs 170.65 in March to a high of Rs 431.25 in August. This article looks at where Fujiyama Power Systems shares stand today, how the Motilal Oswal target price has moved from Rs 340 to Rs 500, the Q1 FY27 numbers, the valuation and the risks that the brokerage itself lists. Fujiyama Power Systems shares trade on the NSE under the symbol UTLSOLAR.
I could not find the Q2 FY27 results date or any Q2 numbers for the company, and I did not retrieve the full Motilal Oswal report, so the target details come from news summaries. One data provider and one news report differ on Q1 figures, which I show side by side below. It is educational and not advice.
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Fujiyama Power Systems Shares: Price Today and Key Levels
| Fujiyama Power Systems shares: reference | Level | Meaning (my calculation) |
|---|---|---|
| NSE close (UTLSOLAR), 27 Oct 2026 | Rs 369.20, up 1.46% | Day range Rs 362.60 to Rs 380.90; previous close Rs 363.90 |
| BSE close, 27 Oct 2026 | Rs 368.40, up 1.38% | Base for the 36% headline upside |
| Last trade around 3:30 PM (news report) | Rs 373.65, up 2.68% | Differs from the close because of the closing auction price |
| Record high on 14 Aug 2026 (BSE) | Rs 431.25 | Price is about 14.6% below it |
| 52-week low on 3 Mar 2026 | Rs 170.65 | Price is about 116% above it |
| IPO price in Nov 2025 | Rs 228 | Price is about 62% above it |
Three prices are quoted for the same day because the last traded price near the 3:30 PM close and the official closing quote can differ. I use the closing quotes for calculations. In August Fujiyama Power Systems shares were up about 90% for the year, so the rise has cooled from that peak even though the 2026 gain is still large.
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Motilal Oswal Target Price on Fujiyama Power Systems Shares
| Fujiyama Power Systems shares: Motilal Oswal call | Target | Basis and upside (my calculation) |
|---|---|---|
| Initiation reported 23 Apr 2026 | Rs 340 (Buy) | 15 times FY28 earnings; stock near Rs 260, so about 31% upside |
| Company report reported 22 Jul 2026 | Rs 470 (Buy) | 20 times FY28 earnings; FY26 to FY28 growth of 49% in revenue and 53% in EBITDA and adjusted profit |
| Reiterated 27 Oct 2026 | Rs 500 (Buy) | 20 times FY28 earnings; about 33.8% above Rs 373.65 and about 35.7% above Rs 368.40 |
A Rs 500 target on 20 times earnings implies FY28 earnings of about Rs 25 per share (my calculation), against trailing earnings of Rs 9.58, so the Motilal Oswal target price assumes earnings grow about 2.6 times in two years. At Rs 369.20 Fujiyama Power Systems shares trade at about 14.8 times that FY28 estimate (my calculation). The target moved up about 6.4% since July, which suggests the brokerage raised its earnings estimate rather than its multiple.
A headline on a third-party site also lists a Motilal Oswal target of Rs 600 for the stock. I could not verify its date or content, so I have not used it. Brokerage targets are opinions based on assumptions and are not forecasts of where the price will go.
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Q1 FY27 Numbers Behind Fujiyama Power Systems Shares
| Fujiyama Power Systems shares: Q1 FY27 (Rs crore) | Business Standard (14 Aug) | Data provider |
|---|---|---|
| Revenue | 1,345.7, up 125.3% | 1,348.04 against 597.79 a year ago |
| EBITDA | 254.8, up 140.6% | 257.16 against 106.33 a year ago |
| EBITDA margin | 18.9% against 17.7% | About 19.1% (my calculation) |
| Net profit | Not stated | 57.79 against 67.59 a year ago, down about 14.5% (my calculation) |
Revenue more than doubled and the EBITDA margin improved, which is the growth story for Fujiyama Power Systems shares. The profit figure is the point to check, since the data provider shows net profit lower than a year ago and also lower than the 106.32 crore of the March 2026 quarter. I could not find the reason, and the same provider shows an operating margin of 8.44% that does not match its own EBITDA and revenue, so please verify the profit line in the company filing.
Management linked the Q1 growth to higher scale, a wider distribution network and the growing share of backward-integrated manufacturing. The company has a captive 1 GW Mono PERC cell facility and is expanding in Assam, Karnataka, Telangana and West Bengal.
What Drives the Rooftop Solar Story
| Fujiyama Power Systems shares: driver | Detail from the reports | Why it matters |
|---|---|---|
| Ratlam TOPCon cell plant | Planned 1.2 GW plant in Madhya Pradesh; commercial production expected in H1 FY28 | Newer cell technology and more captive cells |
| Technology transfer | Agreement with a Chinese partner; Motilal Oswal sees proposed Chinese export curbs as unlikely to disrupt the project | Reduces one execution risk |
| Battery storage | 5 MW system installed at Dadri; 10 MW more planned at Ratlam | Adds a second product line |
| Policy | PM Surya Ghar Muft Bijli Yojana and proposed domestic content rules for inverters and batteries | Supports residential rooftop demand |
| ALMM List-II | Approved cell capacity of 30 GW against module capacity of 174 GW | Cells are scarce, so captive cell capacity is valuable |
The ALMM numbers mean approved cell capacity is only about 17% of module capacity (my calculation), which is why a company with its own cells may get a pricing and supply advantage. That advantage lasts only while cells stay scarce, and new capacity from competitors can narrow it.
Valuation of Fujiyama Power Systems Shares
| Fujiyama Power Systems shares: metric | Reading | Note |
|---|---|---|
| Market capitalisation | About Rs 11,168 crore | Small-cap; provider figure at the previous close |
| Price to earnings (trailing) | About 38 times | Industry average shown by the provider: 49 times |
| Price to book | About 8.8 times | Book value Rs 41.40 per share |
| Return on equity | 23.88% | Provider figure |
| Debt to equity | 0.41 | Moderate; the plants need funding |
| Dividend yield | 0.00% | No dividend; growth is funded from the business |
Fujiyama Power Systems shares trade below the industry average on trailing earnings but expensive on book value, so the valuation depends on the earnings growth that Motilal Oswal expects. Fujiyama Power Systems shares are a small-cap, so price swings of 3% to 5% in a day can happen.
Technical Levels for Fujiyama Power Systems Shares
| Fujiyama Power Systems shares: indicator (daily, 27 Oct) | Reading | Meaning |
|---|---|---|
| RSI (14) | 35.2 | Weak momentum; below 30 would be oversold |
| 20-day EMA | Rs 389.31 | Price is below it, so the short trend is soft |
| Supertrend (10, 3) | Rs 342.81, trend up | Support level; a close below it would flip the signal |
| Supertrend upper band | Rs 417.25 | First resistance zone before the record high of Rs 431.25 |
The Supertrend support is about 7.7% below the NSE close (my calculation). These readings describe the trend and are not targets or advice, and a trader using them would decide a stop loss and position size according to personal risk.
Risks to Fujiyama Power Systems Shares
- Execution. Motilal Oswal says its projections depend on executing the expansion and delivering better profitability, and the TOPCon plant is not due until H1 FY28.
- Profit trend. Q1 profit on the provider’s data is lower than a year ago despite revenue more than doubling.
- Capital intensity. The sector needs heavy spending, and delays can raise debt and limit cash flow.
- Policy and imports. Demand depends on government schemes, and easing trade restrictions could allow lower-priced imports to compete.
- Valuation and liquidity. A recent listing such as Fujiyama Power Systems shares, with a small market capitalisation, can fall quickly if results disappoint.
Conclusion: Fujiyama Power Systems Shares Offer Growth With Execution Risk
Fujiyama Power Systems shares combine strong revenue growth, a Motilal Oswal Buy with a Rs 500 target and a policy-backed rooftop solar market, but the Q1 profit line, a small market capitalisation and plant timelines are real risks. Whether the target of 36% upside is useful depends on how much of the Q2 FY27 result and the Ratlam progress you can verify yourself. Read the filings and match any position to your own risk profile.
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
What is the Motilal Oswal target price for Fujiyama Power Systems shares?
Ans. Motilal Oswal reiterated a Buy rating with a target of Rs 500 on 27 Oct 2026, based on 20 times FY28 earnings. That is about 35.7% above the BSE price of Rs 368.40 and about 33.8% above the Rs 373.65 quoted at 3:30 PM (my calculation). Earlier reported targets were Rs 340 in April and Rs 470 in July.
What is the Fujiyama Power Systems share price today?
Ans. On 27 Oct 2026 Fujiyama Power Systems shares (UTLSOLAR) closed at Rs 369.20 on the NSE, up 1.46%, and at Rs 368.40 on the BSE, up 1.38%. The NSE day range was Rs 362.60 to Rs 380.90. The record high is Rs 431.25 from 14 Aug 2026, and prices change through the day.
What were the Q1 FY27 results of Fujiyama Power Systems?
Ans. Business Standard reported Q1 FY27 revenue of Rs 1,345.7 crore, up 125.3%, and EBITDA of Rs 254.8 crore, up 140.6%, with an EBITDA margin of 18.9%. A data provider shows net profit of Rs 57.79 crore against Rs 67.59 crore a year ago, so please check the profit line in the company filing.
Why are rooftop solar stocks like Fujiyama in focus?
Ans. Residential rooftop demand is supported by the PM Surya Ghar Muft Bijli Yojana, and domestic cell shortages under ALMM List-II favour companies with captive cell capacity. Fujiyama has a 1 GW Mono PERC cell facility and plans a 1.2 GW TOPCon plant at Ratlam.
Is Fujiyama Power Systems overvalued?
Ans. On trailing earnings Fujiyama Power Systems shares trade near 38 times against an industry average of about 49 times from the provider, and near 14.8 times Motilal Oswal’s implied FY28 earnings (my calculation). The price to book of about 8.8 times is high, so the valuation depends on growth being delivered.
What are the technical support and resistance levels?
Ans. On the daily chart for Fujiyama Power Systems shares the RSI is 35.2 and the price is below the 20-day EMA of Rs 389.31. The Supertrend support is Rs 342.81 and the upper band is Rs 417.25. These are trend readings and not targets.
What are the main risks of investing in Fujiyama Power Systems shares?
Ans. The main risks are execution of the expansion, the lower Q1 profit on provider data, high capital needs, policy and import changes and the volatility of a small-cap stock. Position size and a stop loss should match your own risk profile.
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.
