Fujiyama Power Systems Limited, offering an extensive portfolio across solar panels, inverters, batteries, chargers and power-electronics systems, announced that its Board has approved the proposal for setting up a 1.2 GW TopCon solar cell manufacturing facility at its Ratlam Plant in Madhya Pradesh.
Currently, the Company operates a 1 GW Mono PERC solar cell manufacturing facility at its Dadri plant, Uttar Pradesh. With the addition of 1.2 GW TopCon capacity at Ratlam, Fujiyama will substantially strengthen its integrated manufacturing capabilities across the solar value chain. The commercial operations of the Ratlam TopCon facility are expected to commence from Q1 of FY2028. The estimated investment for the project is Rs. 350 crore, which will be funded through a combination of debt and internal accruals.
The TopCon Solar Cell project forms a key part of the Company’s backward integration and technology upgradation strategy. The expansion is aimed at reducing cost volatility, ensuring the timely availability of DCR-compliant solar cells, improving gross margins and strengthening the Company’s competitive position in the B2C
rooftop solar market.
Furthermore, the implementation of ALMM-II for Solar PV Cells with effect from 1st June 2026 is expected to accelerate domestic demand for DCR solar panels and domestically manufactured solar cells, thereby supporting the strategic rationale for the proposed expansion.
Commenting on the approval, Chairman and Joint Managing Director, Pawan Kumar Garg, said: “The approval of our 1.2 GW TopCon solar cell manufacturing facility at Ratlam marks an important milestone in Fujiyama’s growth journey. This expansion strengthens our backward integration, enhances cost control and ensures consistent availability of DCR-compliant solar cells. With our recent inclusion in the MNRE’s ALMM-II list for solar cells, we are well-positioned to cater to the domestic demand of DCR Solar Panels and expand our presence in the on-grid rooftop solar market, mainly under Pradhan Mantri Surya Ghar Muft Bijli Yojna. The Ratlam facility will significantly strengthen our competitive positioning and support our vision of solarising Indian households through reliable, high-quality and indigenously manufactured solar solutions.”
