Fujiyama Power Systems Ltd

AGM Details

• AGM held Sep 25, 2026; remote e-voting conducted; scrutinizer appointed.
• Results hosted on company and MUFG Intime India websites; scrutinizer report enclosed.

Resolutions and outcomes

• All resolutions set out in AGM notice passed.

Fujiyama Power Systems Limited trading window closed from Oct 1, 2026 until 48 hours after the unaudited financial results for the quarter and half year ending Sep 30, 2026.

agm details

• AGM conducted via VC/OAVM.
• Quorum present; all Directors attended.
• Voting windows: remote and on-site during AGM.
• Scrutinizer appointed for vote counting.
• Consolidated results to be announced within two working days.

resolutions

• Ordinary: adopt audited financial statements for the year.
• Ordinary: re-appointment of director by rotation.
• Ordinary: appointment of secretarial auditor.
• Ordinary: fix remuneration to cost auditors.
• Special: alteration of Articles of Association.
• Ordinary: fees for service of documents under Section 20.

directors & auditors

• Director re-appointment by rotation proposed.
• Statutory auditor's report had no qualification.
• Secretarial auditor appointment approved.

other material approvals

• Alteration of Articles of Association approved.

voting process

• Remote e-voting available; on-site voting during AGM.
• 15-minute post-meeting voting window.

Meeting Details

• Dates: Sep 28, 2026 to Oct 2, 2026.
• Event: Singapore non-deal roadshow with one-on-one and group meetings (in-person).
• Participants: Company management to participate.
• Purpose: Analyst/investor discussions during the non-deal roadshow.
• Materials: Schedule details will be available on the company website.

Meeting Details

• Plant visit for investors/analysts on Saturday, 26 September 2026; venues: Greater Noida and Dadri; time not disclosed.
• Followed by a management meet with analysts/investors.

Participants

• Key company participants: senior management team (roles not specified) to attend.

Purpose

• Purpose: plant visit and management meet to discuss investor relations with analysts.

Additional Notes

• No unpublished price-sensitive information is proposed to be shared.
• Details will be available on the company’s investor relations page.

Annual report and AGM notice distribution

• On Sep 2, 2026, dispatched by post to members with unregistered emails a link to FY2025-26 Annual Report.
• The communication includes access to the Annual Report and Notice for the 9th AGM via web-link.
• This action is carried out under Regulation 36(1)(b) of SEBI LODR.
• No change to governance or financials; disclosure pertains to member communications.

Overview

• Manufactures Solar Power Generating Systems and power electronics components; 100% turnover from solar solutions.
• Reporting boundary: FY2025-26; data limited to the current year since listing occurred in 2025.
• Listed on BSE and NSE, with listing in November 2025.

Key ESG Risks & Opportunities

• Renewables transition identified as growth opportunity; benefits from decarbonization focus.
• Energy efficiency and sustainable manufacturing viewed as opportunity; adoption of energy-saving tech.
• Technological innovation in solar products seen as opportunity to improve performance.
• Climate/regulatory compliance risk; mitigated by regulatory monitoring and cleaner technologies.
• Supply chain disruptions risk; mitigated by supplier diversification and long-term relationships.
• Workforce skill development in green technologies as opportunity for capacity building.
• CSR initiatives and community development present opportunities for stakeholder relations.
• Health and safety in manufacturing is risk; mitigated by ISO 45001, audits, and PPE.

Governance & Policy Highlights

• ESG Committee oversees implementation; includes CMD, CEO, CFO, plant heads.
• Policies include Code of Conduct, Whistle Blower, Related Party Transactions, ISO standards.
• Independent assessment conducted for ISO 14001 and ISO 45001; other processes internally reviewed.
• Compounding penalty of ₹1.60 million for secretarial audit non-compliance.
• Governance policies accessible via company governance web page; RTA handles grievances.

Social Responsibility & Workforce

• Total employees: 2,278 permanent; 3,122 workers; gender skew toward males.
• Board female representation: 16.7%; Key Management Personnel female representation: 25%.
• Turnover FY2025-26: permanent 25.8%; workers 35.0%.
• LTIFR: employees 0.87; workers 1.66; no fatalities reported.
• Comprehensive employee benefits: health/accident insurance, maternity/paternity benefits, day care.
• Digital grievance system with QR codes; 8-hour acknowledgment and prompt resolution.
• CSR focus on education, skill development, and community livelihoods.

Environmental Performance

• Total energy 129,235 GJ; renewables 5,146.66 GJ; rooftop solar at four units.
• Scope 1: 582.8 tCO2e; Scope 2: 23,281.33 tCO2e; total 23,864.13 tCO2e.
• Emissions intensity: 9.0 tCO2e per INR Cr turnover.
• Water withdrawal 61,130.46 KL; consumption 60,243.85 KL; water intensity 22.7 KL/turnover.
• Waste total 1,968.66 MT; 1,275.88 MT recycled; 692.78 MT reused; no incineration/landfilling.
• ISO 9001, 14001, 45001 certified; zero-liquid-discharge target; ETP/STP at other plants.
• EPR compliance for plastic, battery waste; CPCB registered; 1.4 GWh renewable energy usage.
• External assurance: Scope 1/2 emissions verified by Sustainability Actions Pvt Ltd.

Stakeholder Engagement & Complaints

• Key stakeholder groups: shareholders/investors, employees, suppliers, customers, communities.
• Engagement channels: investor calls, meetings, intranet, supplier meetings, dealer meets, community interactions.
• Complaints FY2025-26: employees 196; workers 0; customers 13 filed, 39 pending.
• Communities: no complaints; RTA handles shareholder grievances; data privacy/cybersecurity policy in place.
• No data breaches reported; 0 product recalls; cyber policy available on intranet.

Other Notable Metrics

• Related-party transactions: purchases 0.14% of total purchases; sales 0.13% of total.
• Exports constitute 1.46% of turnover; two trade associations affiliations.
• Training coverage: Board 100%; KMP 100%; employees 98%; workers 97% under NGRBC principles.
• RHS: Human rights policy, Whistle Blower policy; POSH framework; no bribery cases in FY2025-26.
• RPTs and governance disclosures available on company governance page.

Financial highlights

• FY26 revenue 26,545.06 INR million; up 72.3% YoY.
• EBITDA 4,903 INR million; margin 18.5%.
• PAT 3,041.25 INR million; up 94.5% YoY.
• IPO proceeds raised 8,280 INR million; strengthened balance sheet.

Capacity expansion

• Ratlam: 2 GW panels and 2 GW power electronics lines commissioned.
• Post-Ratlam capacity: solar panels 3.6 GW; PE 4.2 GW.
• Dadri: 1 GW DCR solar cell plant commissioned Jan 2026.
• TopCon solar cell facility at Ratlam: 1.2 GW approved May 2026.

Backward integration & supply chain

• Acquired 31% more equity in Zayo Energy and Zayo Cables to 50% each.
• In-house BMS and SMT PCB line to cut imports and boost margins.
• 1 GW Dadri DCR cell input secured for captive use.

Go-to-market & distribution

• Pan-India distribution expanded to 10,100+ channel partners; Shoppe network 1,200+.
• B2C revenue share exceeds 90%; AI-driven sales and service platforms improve conversion.
• Brand ambassador engaged to bolster market presence.

ESG & CSR

• ESG initiatives include 15 MW Banda and 9 MW Ratlam captive parks.
• CSR spend of ₹2.048 crore; National Apprenticeship Promotion Scheme.
• Plants ISO 9001/14001/45001 certified; BRSR aligned with SDGs.

Governance & risks

• IPO and listing on BSE/NSE on 20 Nov 2025; 9 board meetings in FY26.
• BIS inspections (Mar/Apr 2026) with product seizures; no material impact.
• Bawal fire incident on 6 May 2026; insured; contingency plan in place.
• Dividend for FY25-26 not declared.

Outlook & opportunities

• PM Surya Ghar rooftop program aims at 10 million households; ~15 GW incremental rooftop potential.
• Rooftop solar CAGR ~40%; ALMM extension and China Plus One export opportunities.
• Strategic Ratlam expansion and AI tools to accelerate growth.

AGM Details

• AGM on Sep 25, 2026 at 4:30 PM via VC/OAVM.
• Cut-off date for attendance and voting: Sep 18, 2026.
• Remote e-voting from Sep 22 to Sep 24, 2026.

Resolutions Put to Vote

• Receive, consider and adopt Audited Financial Statements for year ended March 31, 2026.
• Re-appoint Sunil Kumar as Director, liable to retire by rotation.
• Appoint M/s Raghav Bansal & Associates as Secretarial Auditor for five years.
• Remuneration to Cost Auditor fixed at Rs 40,000 for 2026-27.
• Alter Articles of Association to include Joint MD in rotation.
• Fix fees for delivery of documents through Speed Post; actual charges payable.

Director Changes

• Sunil Kumar to be re-appointed as Director, retiring by rotation.

Auditors

• Secretarial Auditor: M/s Raghav Bansal & Associates for five-year term starting 2026-27.
• Cost Auditor remuneration: Rs 40,000 for 2026-27; future fees by Board.