String and central inverters that convert the DC power modules generate into grid-usable AC - not ALMM-covered, and still import-heavy.
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Fujiyama Power Systems (UTL Solar) (UTLSOLAR)
Rooftop solar inverters, panels and batteries sold under the UTL Solar and Fujiyama Solar brands (listed Nov 2025; NSE symbol UTLSOLAR)
Price
₹352.00
snapshot 6 Nov 2026
Strengths
One of the few listed Indian makers selling solar inverters (on-grid, off-grid and hybrid) at scale - over 6.6 lakh inverters sold in the three years to Jun 2025
Rooftop demand from PM Surya Ghar pulls its inverters, panels and batteries together as one kit
Risks
Rooftop and retail focus - not a supplier of utility-scale central inverters, where Chinese brands dominate
Power electronics components are largely imported, and the product mix (inverters vs panels and batteries) shifts year to year
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹10,811 Cr
Stock P/E
28.9x
Div Yield
0%
ROCE
—
ROE
—
P/B
—
Revenue growth
—FY26
Profit growth
—FY26
Net margin
11.5%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
n/aFY22
n/aFY23
n/aFY24
n/aFY25
2,655FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 29% below its high
Note: Screener has no FY22-FY25 results for this company (it shows FY20, FY21 and FY26 only), so those years are left blank
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Converts the DC electricity solar modules generate into AC power the grid can use - string inverters for rooftop/commercial sites, central inverters for utility-scale plants.
Why it matters
Unlike modules, inverters sit entirely outside ALMM's domestic-sourcing mandate - this is the layer of the solar stack India is most structurally import-dependent on, dominated by Chinese and other foreign suppliers.
Where the value pool sits
Inverter technology and software carry a real engineering moat versus commoditised structural steel, but most of that value pool today sits with global players rather than Indian manufacturers.
Key drivers
Utility-scale and rooftop solar capacity growth overall
Potential future policy extension of domestic-content rules to inverters
Broader power-electronics PLI schemes that could indirectly support this layer
Potential bottlenecks
No ALMM-style domestic-sourcing mandate exists for inverters, unlike cells and modules
Power-electronics component sourcing (semiconductors, capacitors) is itself import-dependent
Few scaled, India-listed pure-play solar inverter manufacturers
Investor metrics to watch
Domestic inverter capacity/revenue, where disclosed separately
Any policy signal extending domestic-content rules to inverters