Energy stock Fujiyama Power Systems surged 4.99% to hit its upper circuit limit at ₹319.8 on June 2, 2026, amid a recovery in the Indian equity markets. According to reports from Live Mint, the rally in the stock coincided with a sharp rebound in benchmark indices, with the Sensex gaining over 100 points and the Nifty 50 advancing more than 350 points after both opened in negative territory. The stock opened at ₹297.6 and steadily climbed throughout the session, touching the upper circuit price by close. The intraday price range of ₹297.6 to ₹319.8 shows a recovery from a 2.3% low to the circuit ceiling, highlighting a robust intra-session rebound.
The stock is trading above all key moving averages - the 5-day, 20-day, 50-day, 100-day, and 200-day averages - confirming a strong upward trend. As reported by market analysis, this technical configuration indicates that the recent price action is not an isolated spike but part of a sustained rally. The position well above these averages suggests genuine investor conviction rather than mere speculative trading. Volume on the circuit day was 3.66 lakh shares, translating to a turnover of approximately ₹11.44 crore. More significantly, delivery volume rose by 10.08% compared to the 5-day average, reaching 4.06 lakh shares on June 1, 2026, indicating that a significant portion of shares traded were taken into investors' demat accounts rather than being flipped intraday.
In an exchange filing dated May 24, Fujiyama Power Systems disclosed that officials from the Bureau of Indian Standards (BIS) carried out an unannounced inspection at its Greater Noida facility on March 24. As reported by Live Mint, during the inspection, BIS initiated search-and-seizure proceedings, collected product samples for examination, and confiscated inventory valued at around ₹2.52 crore. The company noted that the details available at the time were preliminary and that it was awaiting a formal notice from BIS specifying the proposed actions. With guidance from its legal advisors, Fujiyama conducted an internal review to assess the potential impact and material significance of the matter.
On May 22, the company announced that its board has approved the proposal for setting up a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam Plant in Madhya Pradesh. According to Live Mint, the company currently operates a 1 GW Mono PERC solar cell manufacturing facility at its Dadri plant in Uttar Pradesh, with the planned addition of a 1.2 GW TopCon manufacturing unit in Ratlam set to significantly enhance its integrated presence across the solar value chain. Commercial production at the Ratlam TopCon facility is expected to begin in the first quarter of FY2028, with the project entailing an estimated investment of ₹350 crore to be financed through a mix of debt and internal accruals.
Despite the recent BIS inspection and market volatility, Fujiyama Power Systems has demonstrated strong performance metrics. As reported by Live Mint, the energy stock has gained 7% in a week and nearly 8% in a month. The stock, which made its market debut in November 2025, has delivered 43% returns on year-to-date basis and 46% returns since listing. The energy stock was listed at ₹218.40, a discount of 4% to the IPO price. With a market capitalisation of approximately ₹9,430 crore, Fujiyama Power Systems is classified as a small-cap stock, though the liquidity profile is moderate with the stock liquid enough to support a trade size of around ₹0.45 crore based on 2% of the 5-day average traded value.
