Fujiyama Power Systems Limited · NSE:UTLSOLAR
Fujiyama Power Systems — Q2 FY26 Earnings Presentation
25 slides from Fujiyama Power Systems's earnings presentation, Dec 8, 2025
Slide 1: Analysts / Investors Presentation intimation letter to exchanges
®OUTL SOLAR December 08, 2025 The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Fort Bandra (E), Mumbai 400 051 Mumbai 400 001 Maharashtra, India
Slide 2: Q2 and H1 FY26 Earnings Presentation
Q2 and H1 FY26 (NSE: UTLSOLAR; BSE: 544613) Earnings Presentation
Slide 3: Fujiyama Power Systems: Solarizing India
Fujiyama Power Systems: Solarizing India GUTL SOLAR FUJI YAMA SOLAR Design and Engineering > Distribution > I I . I | Greater Noida I —— I | 60 + . If Uttar Pradesh | I © , SUTL I 790 + I Peete eee | | R&D Engineers I I I I | I L I I 1 | Dadri I Solar PCU <a 1. TSS Se AMOI eta 1 500 + SKUs I I Uttar
Slide 4: Fujiyama Power Systems: Business Model Dynamics
Fujiyama Power Systems: Business Model Dynamics @UTL SOLAR FUSIYAMA SOLAR o Integrated Business Model with B2C Focus 2) Increasingly Tapping DCR Panel Market So Raw Material Sourcing Td 10.5% 9.0% 25.8% Revenue = BIC Raw Material FY2025 FY2025 a B2B Solar Cell Solar Panels 91.0% 74.2% Solar cells to
Slide 5: Management Commentary
Management Commentary GUTL SOLAR Commenting on the performance Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, said: FUSIYAMA SOLAR “Following the successful completion of our IPO, Fujiyama has entered a new phase of growth, supported by strong financial strength and a clear roadmap for
Slide 6: Q2 FY2026 Performance Highlights
Q2 FY2026 Performance Highlights @GUTL SOLAR ee Rs. Mn FUSJIYAMA SOLAR Revenue from Operations EBITDA and Margin (%) proccss 72.6% |---->- ry] 61.5% Joa pon--4 105.7% }----- 1 ge I 79.1% Joa I I I i I I 11,653 1 2,089 I I 1 7,217 5,973 5,679 | | 1,059 1030 ; 1166 I 3,291 501 1 I I I 15.2% 17.7% 18.1
Slide 7: H1 FY2026 Capital Structure and Working Capital
H1 FY2026 Capital Structure and Working Capital @SUTL SOLAR FUSIYAMA SOLAR Mar-24 Mar-25 Sep-25 IPO Adj. Proforma Net Working Capital Days Long Term Debt 632 885 1,573 1,573 Short Term Debt 1,370 2,578 5,167 (2,750) 2,417 Total Debt 2,002 3,462 6,740 3,990 19 18 Receivables Days 16 I scene a 2 #7 7
Slide 8: World Class Engineering Platform
World Class Engineering Platform GUTLSOLAR FUS!YAMA Manufacturing facilities in close proximity to attractive end customer markets SOLAR Total Product Capacity Solar Cell Solar Panels Seem ee leihay 1 Capacity: 0 MW Capacity: 1,039 MW : i| 1 ,000 MW +2,600 MW I I . I : Tubular Batteries Solar Panels
Slide 9: Advanced Manufacturing Equipment
Advanced Manufacturing Equipment GUTL SOLAR FUJI YAMA SOLAR rm S© a) .) ° ° c © FS i= Sealant & glue auto filling machine - iw) Solar Inverter fae = me) © a i} RS] ° Fa td iD) _ © bd) t= ©) Grid casting set-up for lead acid Laser marking machine — Solar inverter Li-ion Cell sorting batteries and E-c
Slide 10: Manufacturing Product Matrix
Manufacturing Product Matrix GUTL SOLAR FUJI YAMA SOLA CIN peeeeee eee (UA LS 1,000 T MW |} SolarCell —_ (we 1000 MW Solar Panels 2,000 MW Li-lon Batteries 2,000 MWh f4, 318 MWh} (4, 318 MWh: BD av L743 MW BS) rain: f a JAD AAAI fase eS eee | Power Electronics Power Electronics 2,000 MW
Slide 11: Key Investment Highlights
Fujiyama Power Systems | Key Investment Highlights GUTL SOLAR FUJI YAMA SOLFiR Well-rounded Leader in Rooftop Solar Industry and a ‘One-stop Shop’ for Solar Products and Solutions Z Solar Panel it Brand Recall and Reputation in the Solar Rooftop Industry 22+ Lakh units (900+ MW) Proven Track Record
Slide 12: Consumer 'One-stop Shop' For SPGS
Consumer ‘One-stop Shop’ For SPGS GUTL SOLAR FUSIYAMA SOLAR Solar Power Generation Systems (SPGS) Solar Panels Batteries (Lithium & Tubular) High Frequency Based Inve SOLAR PANEL UTL Li lon Batteries Tubular Battery High Frequency Based Inverter PWM Solar sMuU MONO-PERC | TOPCON For Home, E-Rickshaw
Slide 13: Solar Power Industry Dynamics
Solar Power Industry Dynamics @UTL SOLAR FUS(YAMA SOLAR India’s power sector is projected to grow at a 9% CAGR from FY24-32 India’s solar is expected to dominate the energy mix by FY32 Installed Capacity — (GW) #900 Installed Capacity Split — FY25 Installed Capacity Split — FY32P sor an” . 40%, aa 2
Slide 14: Rooftop Solar Industry Dynamics
Rooftop Solar Industry Dynamics GUTL SOLAR FUSIYAMA SOLAR India’s Rooftop solar market to reach 100 GW by FY30 Composition of India’s Rooftop Solar Market (FY25) Rooftop Solar Market Size —-(GW) By Type 10% = = On Grid ie 19% - a = Off Grid ° CAGR- 45% 17.0 . 11.9 = 1.8 2.5 4.4 6.6 - ~ Hybrid ; — 71
Slide 15: Strong Brand Recall and Reputation in the Solar Rooftop Industry
Strong Brand Recall and Reputation in the Solar Rooftop Industry @UTL SOLAR FUSIYAMA SOLAR Won Various awards, accreditations and recognitions Brand Ambassador for Fujiyama Solar eon nn een ne ee ee ee ee, a ae Renewable Energy Excellence Award - Solar Most Trusted brand of India — a Battery Manufac
Slide 16: Proven Track Record of Being an Early Adopter of Innovative Technology
Proven Track Record of Being an Early Adopter of Innovative Technology GUTL SOLAR FUHIYAMA SOLAR 2000 i | 2004 | | 2010 . 2014 | | 2024 | FirstIndianCoTo | - Launched Combo Launched High . . Launched Online | - Granted Patent for _ Launch SMT Inverter — _ UPS (Combo of UPS | _ Frequency Online Solar
Slide 17: From Engagement to Conversion: Driving Sales through Marketing & AI
From Engagement to Conversion: Driving Sales through Marketing & Al GUTL SOLAR FUSIYAMA SOLAR Smart Reference System - ‘UTL Credits’ End-to-End Lead Management On-Route Dealer Visits SERVICE COMPLAINT We gather Leads from multiple Channels Al-powered WhatsApp Telemarketing team messages nurture and
Slide 18: On Going Expansion of Pan India Distribution Network
On Going Expansion of Pan India Distribution Network @GUTL SOLAR FUS(YAMA SOLAR Strategic Growth Strategy Across States State Summary FY22 Market Position > FY25 Market Position Status FY22 FY25 prmcccccscscccccc Sey Growing 12 7 j Engage more distributors and establish I exclusive retail outlets pa
Slide 19: Board of Directors and Leadership Team
Board of Directors and Leadership Team GUTL SOLAR FUS(YAMA SOLAR Promoters and Directors Pawan Kumar Garg Yogesh Dua Sunil Kumar Chairman and Joint Managing Chief Executive Officer and Non-Executive Director Director Joint Managing Director Exp. in Developing Software Solutions: 23+ years Exp. in In
Slide 20: CSR Initiatives
CSR Initiatives LSOLAR FUS/YAMA SOLAR Trainee Skill development under NAPS CSR expenditure for the period was supported apprenticeship training under National Apprenticeship Promotion Scheme (NAPS), supporting practical skill-building for young trainees under the Apprentices Act, 1961. This reflects
Slide 21: Annual Financial Performance (1/2)
Annual Financial Performance (1/2) @UTL SOLAR FUS/Y AMA SOLAR ROCE (%) Ste) 1 1 41.0%0 I 39.4% I I I I I 26.6% i 25.1%* i 24.7%* 16.8% I 18.9% I 12.6% I I I I I I FY23 FY24 FY25 I H1FY26 FY23 FY24 FY25 I H1FY26 Net Debt/Equity 1.3 1.1 0.8 0.9 FY23 FY24 FY25 H1FY26 * ROCE and ROE represent half year
Slide 22: Annual Financial Performance (2/2)
Annual Financial Performance (2/2) GUTL SOLAR FUSVYAMA SOLAR INR Mn Revenue from Operations EBITDA and Margin (%) I I I I I I CAGR — 52% 15,407 _ 419% 2,485 I 11,653 cack I 2,089 ? 9,247 I i I 986 I 6,641 516 7.8% 10.7% 16.1% | 17.9% FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY26 PAT and Margins (%) I
Slide 23: Q2 and H1 FY2026 Financial Performance Summary
Q2 and H1 FY2026 Financial Performance Summary GUTL SOLAR FUSVYAMA SOLAR poy | et | eo FY2026 FY2025 Growth(%) FY2026 Growth(%) FY2026 FY2025 Growth(%) Revenue from Operations 5,679 3,291 72.6% 5,973 (4.9)% 11,653 7,217 61.5% Other Income 19 20 4 23 24 Total Income 5,698 3,311 5,978 11,676 7,241 Cos
Slide 24: Statement of Assets and Liabilities
Statement of Assets and Liabilities GUTL SOLAR ee FUHNYAMA SOLA? As on As on As on As on 30 Sep, 2025 | 31 Mar, 2025 30 Sep, 2025 | 31 Mar, 2025 Equity and liabilities Assets Equity Share Capital 280 280 Non-Current Assets i 4 Other Equity 1996 3,688 Property, Plant and Equipment 3,245 2,857 Total E
Slide 25: Thank You
@UTL SOLAR FUSYAMA SOLAR Thank You This presentation, provided by Fujiyama Power Systems Ltd., is intended for informational purposes only and is not an offer, invitation, or inducement to sell or issue securities. It is not intended to be a prospectus under any jurisdiction's laws. The information
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