Back To Back Upper Circuit! THIS Solar Stock Is Shining Bright Despite Market Crash | Do You Own?

Shares of Fujiyama Power Systems continued to rally for the second consecutive session and hit upper circuit on Wednesday, June 3. The solar power stock had touched upper circuit in the previous session as well. Rally in this power stock has come even as stock market remained volatile due to geopolitical uncertainty and AI intervention fears.

Fujiyama Power Systems share price had touched its upper circuit of Rs 335.9 per share on BSE on Wednesday after its 4.99% rally. The stock had also touched its upper circuit mark on Tuesday as well.

During Tuesday's trading session. Fujiyama Power Systems share price reversed early losses and moved into positive territory. The stock hit the 5% upper circuit as buyers accumulated positions. Gains came despite earlier weak market mood, reinforcing the positive trend that Fujiyama Power Systems has shown in recent weeks on the exchanges.

Fujiyama Power Systems share price has advanced 7% over the past week and nearly 8% over the last month. Since its market debut in November 2025, the energy stock has delivered 43% year-to-date returns and 46% since listing. Fujiyama Power Systems was listed at ₹218.40, which was a 4% discount to its IPO price.

Fujiyama Power Systems share price and Ratlam TopCon solar cell plan

Investors have also reacted to expansion plans that could influence Fujiyama Power Systems share price over the longer term. On 22 May, the company said the board approved a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh, strengthening its position in the domestic solar manufacturing space.

Fujiyama Power Systems already runs a 1 GW Mono PERC solar cell manufacturing unit at its Dadri plant in Uttar Pradesh. With the proposed 1.2 GW TopCon line at Ratlam, the company aims to deepen its integrated role across the solar value chain and add capacity in high-efficiency cell technologies.

The Ratlam TopCon project is planned with an estimated investment of ₹350 crore. Funding will come through a mix of debt and internal accruals. Commercial production at the facility is expected to begin in the first quarter of FY2028, once construction, equipment installation, and trial runs are completed.