A Buy rating and ₹540 target from DAM Capital have put Fujiyama Power Systems Limited’s growth plans in focus after its shares fell 15% in a month, LiveMint reported.
ET Now separately listed the rating and target on Oct. 21. LiveMint said the target implied about 45% upside as of Oct. 22. The original DAM research note was unavailable for review, and LiveMint did not specify the share-price reference for its upside estimate or the dates used for the one-month comparison.
LiveMint reported DAM’s FY28 revenue projection at ₹66.3 billion, compared with ₹26.5 billion in FY26, implying a compound annual growth rate of about 58%. LiveMint also said DAM’s FY28 EBITDA estimate was ₹12.8 billion, compared with ₹4.9 billion for FY26, with a reported compound annual growth rate of about 62%.
Fujiyama’s audited results show revenue from operations of ₹26,545 million for the year ended March 31, 2026, up 72.3% from the prior year. EBITDA increased 97.3% to ₹4,903 million, and the company reported an 18.5% EBITDA margin. Its FY26 annual report listed more than 1,000 distributors, 7,900 dealers and 1,200 exclusive Shoppes as of June 30, 2026.
LiveMint said DAM’s positive view drew on Fujiyama’s sales network, its range of solar products and demand linked to India’s rooftop-solar program. The company’s board approved a 1.2-gigawatt TOPCon solar-cell facility in Ratlam, Madhya Pradesh, with estimated investment of ₹350 crore. Fujiyama says in-house cell production is intended to secure supply that meets the domestic content requirement (DCR) and support gross margins. It expects commercial operations to start in Q1 FY28.
JMK Research recorded 17,561 megawatts of residential rooftop-solar capacity across 5,947,035 households under PM Surya Ghar: Muft Bijli Yojana as of September. The Ministry of New and Renewable Energy said the scheme has an outlay of ₹75,021 crore.
LiveMint’s account of DAM’s risk assessment cited competition, pricing pressure in non-DCR modules, expansion delays and slower rooftop-solar adoption. The next company milestone in the cited project plan is the facility’s expected start of commercial operations in Q1 FY28.
