Motilal Oswal reiterated a "Buy" recommendation on Fujiyama Power Systems with a target price of ₹500 per share, implying approximately 40% upside. This projection is backed by an expected second-half earnings acceleration following a standout second quarter where EBITDA surged 2.2 times year-on-year. Volume-led demand under the PM Surya Ghar Muft Bijli Yojana has significantly bolstered the company's operational trajectory. The brokerage's price target remains anchored on an unchanged multiple of 20 times projected FY28 earnings per share.
Key points
Motilal Oswal projects a nearly 40% stock upside based on an unchanged valuation of 20 ti…: Motilal Oswal projects a nearly 40% stock upside based on an unchanged valuation of 20 times FY28 projected earnings per share.
Government initiatives such as the PM Surya Ghar Muft Bijli Yojana continue to stimulate…: Government initiatives such as the PM Surya Ghar Muft Bijli Yojana continue to stimulate robust volume-led rooftop solar demand.
Expansion across Southern and Northeastern domestic markets is expected to sustain profit…: Expansion across Southern and Northeastern domestic markets is expected to sustain profitability and margin stability through fiscal 2026-27.
Sources checked by our analysis pipeline: 1
Shares of Fujiyama Power Systems Limited ended lower on Friday, extending their decline over the past few months. The mid-cap solar stock has been on a corrective trajectory since it touched its 52-week high level in August this year. However, despite the recent weakness, the stock has gained 33% over the past six months.
Fujiyama is expected to deliver strong earnings growth in the second half of the financial year 2026-27 driven by continued channel expansion, deeper penetration across Southern and Northeastern markets, ramp-up of new facilities, according to Motilal Oswal Financial Services which sees nearly 40% upside in valuation.
Fujiyama Power Systems share price recommendation
Fujiyama Power Systems reported a strong quarter in the second quarter of the financial year 2026-27 (FY27) as EBITDA surged 2.2x on an annual basis. Robust volume-led demand, aided by PM Surya Ghar Muft Bijli Yoana (PMSGMBY), expansion of the distribution network supported its business growth in the second quarter.
“We expect Fujiyama to deliver strong earnings growth in 2HFY27 while sustaining margins, driven by continued channel expansion, deeper penetration across Southern and Northeastern…
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