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HomeMarket NewsStocks To Buy: Motilal Oswal 'bull case' projects 131% upside for this solar energy solutions provider
Fujiyama is now ramping up capacity to tap into India's 100 GW rooftop solar opportunity by FY30. It has outlined a ₹300 crore capex plan at its Ratlam facility to expand capacity in panels, inverters, and batteries to 3.7 GW, 3.7 GW, and 3.8 GWh, respectively.
By Meghna Sen April 23, 2026, 8:57:52 AM IST (Published)
2 Min Read
Brokerage firm Motilal Oswal has initiated coverage on Fujiyama Power Systems Ltd. in its latest note on Thursday, April 23.
Motilal Oswal initiated coverage with a 'Buy' rating and a price target of ₹340 per share, which implies a potential upside of 31% from Wednesday's closing levels.
For its bull case, Motilal Oswal has a price target of ₹600 by financial year 2028, which is implying a potential upside of 131% from the stock's last closing level.
The brokerage said that Fujiyama is an integrated B2C solar solutions provider with a wide product portfolio, including inverters, solar panels, batteries, UPS systems, and solar management units across residential and commercial segments.
As of December 2025, the company has scaled capacity across solar panels, batteries, and power electronics to over 1.5 GW each. It continues to focus on delivering efficient and cost-effective renewable energy solutions.
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Fujiyama is now ramping up capacity to tap into India's 100 GW rooftop solar opportunity by FY30. It has outlined a ₹300 crore capex plan at its Ratlam facility to expand capacity in panels, inverters, and batteries to 3.7 GW, 3.7 GW, and 3.8 GWh, respectively.
The company has also backward integrated into solar panel manufacturing by setting up a 1 GW domestic content requirement (DCR) facility in January 2026.
This is expected to boost gross margins to around 51% in the DCR segment, reflecting a broader shift toward domestic manufacturing.
Motilal Oswal expects strong earnings momentum, projecting a CAGR of 56%, 65%, and 65% in revenue, EBITDA, and PAT, respectively, over FY25-28, driven by policy-led demand and capacity expansion.
Shares of Fujiyama Power Systems ended 1.26% lower at ₹259.89 on Wednesday. The stock is up over 16% so far this year.
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