Solar energy and power backup solutions provider Fujiyama Power Systems is establishing a 1.2 GW solar cell manufacturing facility in Madhya Pradesh as part of its 2030 vision to become an integrated renewable energy player. According to reports from PTI, the greenfield project is expected to start solar cell production using advanced TopCon technology by the end of the ongoing fiscal year. The facility will be located at Ratlam in Madhya Pradesh, representing a significant backward integration initiative for the company. MD Pawan Garg confirmed the project is part of the company's comprehensive 2030 vision, which also includes setting up ingot and wafer lines going forward in line with government ALMM initiatives.
The project involves an investment of ₹350-400 crore and will increase the company's total cell capacity to 2.3 GW post commercial operations. As reported by PTI, Fujiyama currently operates a 1.1 GW cell plant in Dadri, Uttar Pradesh. The company's total module capacity stands at 3.6 GW, distributed across 2 GW in Ratlam, 1.2 GW at Dadri, and 0.4 GW at Noida. The TopCon technology being implemented is more efficient than conventional solar cell architectures, specifically Passivated Emitter and Rear Cell (PERC). According to PTI, the company is also planning to set up ingot and wafer manufacturing lines as part of its integrated value chain strategy.
According to PTI reports, MD Pawan Garg stated that the backward integration project will strengthen the company's value chain, reducing dependence on the open market. The move is expected to help the company reduce input costs for solar module making. The company's manufacturing process requires solar cells, which in turn require wafers and ingots, making this vertical integration crucial for operational efficiency and cost control. As reported by PTI, Garg emphasized that this backward integration will position the company as a stronger player in the domestic solar value chain, with the ALMM framework ensuring solar equipment meets domestic manufacturing standards.
As reported by PTI, the project aligns with the Approved List of Models and Manufacturers (ALMM) initiatives to promote the local solar value chain. The ALMM framework includes ALMM I for modules, ALMM II for cells, and ALMM III planned for 2028 which has been extended to include ingot and wafer manufacturing. This quality-and-reliability framework ensures solar equipment used in the country's solar projects meets domestic manufacturing standards. According to PTI, ALMM III, which was planned for 2028, has been extended to include ingot and wafer manufacturing to boost domestic production, reduce import dependence and enhance quality across the solar value chain, positioning India as a strong global player in renewable energy.
According to PTI reports, Fujiyama Power Systems reported a topline of ₹2,654 crore in FY26, while EBITDA stood at ₹490 crore and profit after tax was ₹304 crore. The company is one of India's leading providers of rooftop solar solutions, offering an extensive portfolio across solar panels, solar inverters, lithium-ion and tubular batteries. As reported by PTI, this financial performance demonstrates the company's strong market position and ability to fund its ambitious expansion plans while maintaining profitability.
