Fujiyama Power Systems has approved the establishment of a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh. According to the company's announcement, this approval marks an important milestone in Fujiyama's growth journey and represents a significant step in the company's strategy to enhance its manufacturing capabilities and strengthen its position in India's growing solar market. The TopCon Solar Cell project forms a key part of the company's backward integration and technology upgradation strategy, aimed at reducing cost volatility, ensuring timely availability of DCR-compliant solar cells, improving gross margins and strengthening the company's competitive position in the B2C rooftop solar market.
The estimated investment for the Ratlam project is ₹350 crore, which will be funded through a combination of debt and internal accruals. As reported by the company, commercial operations of the TopCon facility are expected to commence from Q1 of FY2028. This expansion will strengthen the company's backward integration, enhance cost control, and ensure consistent availability of DCR-compliant solar cells, positioning Fujiyama to capitalize on the growing domestic solar market demand.
Chairman and Joint Managing Director Pawan Kumar Garg highlighted the strategic importance of this expansion. According to the company announcement, with the company's recent inclusion in the MNRE's ALMM-II list for solar cells, Fujiyama is well-positioned to cater to domestic demand for DCR Solar Panels and expand its presence in the on-grid rooftop solar market under Pradhan Mantri Surya Ghar Muft Bijli Yojana. The implementation of ALMM-II for Solar PV Cells with effect from June 1, 2026 is expected to accelerate domestic demand for DCR solar panels and domestically manufactured solar cells, thereby supporting the strategic rationale for the proposed expansion and strengthening the company's competitive positioning in the B2C rooftop solar market.
Fujiyama Power Systems currently operates a 1 GW Mono PERC solar cell manufacturing facility at its Dadri plant in Uttar Pradesh. With the addition of this new 1.2 GW TopCon capacity at Ratlam, the company will substantially strengthen its integrated manufacturing capabilities across the solar value chain. The company operates as a leading provider of rooftop solar solutions, offering an extensive portfolio across solar panels, inverters, lithium and tubular batteries, chargers and power-electronics systems, positioning it well to serve India's growing solar market under various government initiatives. In addition to solar modules, the company also commissioned a 2,000 MW module manufacturing facility in Ratlam in May, which will manufacture batteries and inverters alongside solar modules.
