Fujiyama Power Shares Soar 80% in Six Months; Is This the Next Solar Multibagger to Watch?

Fujiyama Power share price: Shares of Indian manufacturer of solar panels, Fujiyama Power, have seen a sharp rally over the past few months despite volatility across the Indian stock market. The solar energy stock has surged close to 80% in six months. Accelerating residential rooftop solar adoption, strengthening backward integration and channel expansion into high-potential states are likely to fuel the growth of the company the UTL Solar brand, as per Motilal Oswal report released on Wednesday.

Fujiyama Power stock closed marginally higher at Rs 378.3 per share on BSE with a market capitalisation of Rs 11,610.09 crore. The stock had touched an intraday high mark of Rs 381.30 per share and an intraday low mark of Rs 372.40 per share during the session.

Fujiyama Power Share Price Outlook

The stock is poised to see growth in the coming days as the company may benefit from aggressive rooftop solar adoption, government scheme backing, and focus on renewable energy adoption, as per Motilal Oswal report.

"UTLSOLAR's growth is expected to be driven by three key levers: accelerating residential rooftop solar adoption under the PMSGMBY, strengthening backward integration through its captive 1GW DCR solar cell facility and planned 1.2GW TOPCon expansion, and channel expansion into high-potential states such as Assam, Karnataka, Telangana, and West Bengal (incremental opportunity of 638GW)," stated the brokerage in its report.

The company is strategically strengthening its presence across Assam, Karnataka and Telangana, and West Bengal. These states collectively account for 138 GW of rooftop solar potential but currently contribute around ~6% of households covered under the PMSGMBY scheme.

Fujiyama Power Share Price Recommendation

The brokerage maintained a 'Buy' rating for the stock with a target price of Rs 470 per share. "We expect UTLSOLAR to clock a CAGR of 49%/53%/53% in revenue/EBITDA/adj PAT during FY26-28. We reiterate our BUY rating with a TP of INR470 (based on 20x FY28E EPS).

Fujiyama Power Share Price Trend

The stock ended in green on Wednesday. Its share price touched its 52-week high mark of Rs 403.95 per share on BSE on July 15, 2026. The stock dipped to its 52-week low mark of Rs 170.55 per share on March 2, 2026. The stock has delivered 80% return in six months and around 69% return in 2026 so far.

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