Fujiyama Power Systems CEO, MD, chairman, board of directors and AGM
NSE: UTLSOLARBSE: 544613Electrical EquipmentSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹369.00.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹11,111 Cr649th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 13 Aug 2026
- 37.8
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹144 crore of one-off items, the largest of them in the quarter to Jun 2026.
- 25.4
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 14 May 2026
- 8.7
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Nov 2025
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the latest balance sheet's; the one a year before is not on record. The filing of 13 Aug 2026
- 23.1%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes −₹144 crore of one-off items, the largest of them in the quarter to Jun 2026.
- 34.4%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 13 Aug 2026
- 33.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 14 May 2026
- 0.36
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 4,63,28656.2% delivered
Fujiyama Power Systems board of directors
At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorPawan Kumar Garg
- Managing director and CEOYogesh Dua
- Company Secretary and Compliance OfficerMs. Mayuri Gupta
6 directors3 independent2 executive1 non-executive
- Pawan Kumar Garg · Chairperson and managing directorExecutive · joined Nov 2017 · 60 months as independent · 1 listed board · 2 committee seats
- Yogesh Dua · Managing director and CEOExecutive · joined Nov 2017 · 60 months as independent · 1 listed board · 1 committee seat
- Sonia Bansal AroraIndependent · joined Oct 2024 · 60 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
- Sunil KumarNon-executive · joined Nov 2024 · 1 listed board · 1 committee seat
- Manav SheoronIndependent · joined Nov 2024 · 60 months as independent · 1 listed board · 1 as independent · 1 committee seat
- Rajesh Kumar ChoudharyIndependent · joined Nov 2024 · 60 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 14 May 20264 of 6 present2 independent · 18 days in between
- 25 Apr 20263 of 6 present1 independent · 20 days in between
- 4 Apr 20263 of 6 present1 independent · 62 days in between
- 31 Jan 20263 of 6 present1 independent
Audit Committee
Chair Rajesh Kumar Choudhary
Pawan Kumar Garg, Sonia Bansal Arora
- 29 May 20262 of 3 present2 independent · 14 days in between
- 14 May 20263 of 3 present2 independent · 46 days in between
- 28 Mar 20263 of 3 present2 independent · 44 days in between
- 11 Feb 20263 of 3 present2 independent · 10 days in between
1 earlier meeting
- 31 Jan 20263 of 3 present2 independent
Nomination and remuneration committee
Chair Rajesh Kumar Choudhary
Sunil Kumar, Sonia Bansal Arora
- 25 Apr 20262 of 3 present2 independent · 83 days in between
- 31 Jan 20262 of 3 present2 independent
Stakeholders Relationship Committee
Chair Sonia Bansal Arora
Sunil Kumar, Pawan Kumar Garg, Yogesh Dua, Manav Sheoron
No meeting listed in the filing.
Risk Management Committee
Chair Sunil Kumar
Sonia Bansal Arora, Pawan Kumar Garg, Rajesh Kumar Choudhary
- 28 Mar 20262 of 4 present1 independent
Corporate Social Responsibility Committee
Chair Sonia Bansal Arora
Yogesh Dua, Pawan Kumar Garg, Rajesh Kumar Choudhary
- 14 May 20263 of 4 present1 independent · 18 days in between
Initial Public Offer 'IPO' Committee
Sunil Kumar, Pawan Kumar Garg, Yogesh Dua
- 20 Mar 20262 of 3 present0 independent
Independent Directors' Committee
Sonia Bansal Arora, Manav Sheoron, Rajesh Kumar Choudhary
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- SN Dhawan& Co LLPPeer-review certificate valid to Feb 2028
1 earlier auditor
- S N Dhawan & CO LLPNamed in the filing for the quarter to Sep 2025
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Fujiyama Power Systems AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Fujiyama Power Systems share news and announcements
Annual general meeting, 25 Sep 2026
77,786 shareholders on the register on 18 Sep 2026; present: 18 promoters and 111 others; votes counted by Raghav Bansal / M/s Raghav Bansal & Associates.The company's voting result (opens in a new tab)
- To receive, consider and adopt the Audited Financial Statements of the company for the Financial Year Ended March 31, 2026, together with the reports of the Board of Directors and the Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.47% · promoters 97.11% · institutions 75.49% · other public 6.30%
- To consider the re-appointment of Mr. Sunil Kumar, Director (DIN: 09824459) who retires by rotation and, being eligible, offers himself for re-appointment as a directorOrdinary98.21% for1.79% against
Against: promoters 0.00% · institutions 32.60% · other public 0.02%
Turnout: all 89.47% · promoters 97.11% · institutions 75.49% · other public 6.30%
- Appointment of M/s Raghav Bansal & Associates as the Secretarial Auditors of the companyOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.01% · other public 0.02%
Turnout: all 89.47% · promoters 97.11% · institutions 75.49% · other public 6.30%
- Fixation of Remuneration of the Cost AuditorsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.47% · promoters 97.11% · institutions 75.49% · other public 6.30%
- Alteration of the Articles of Association of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.47% · promoters 97.11% · institutions 75.49% · other public 6.30%
- To fix the fees payable by a member for Service of Documents through a particular mode under Section 20 of the Companies Act, 2013Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 89.47% · promoters 97.11% · institutions 75.49% · other public 6.30%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 6 Mar 2026, 4 resolutions
85,519 shareholders on the register on 30 Jan 2026; votes counted by Mr. Raghav Bansal / M/s Raghav Bansal & Associates,.The company's voting result (opens in a new tab)
- Ratification of the amended Employee Stock Option Scheme 2023 ("ESOP Scheme 2023") of the CompanySpecial96.36% for3.64% against
Against: promoters 0.00% · institutions 79.40% · other public 0.16%
Turnout: all 85.12% · promoters 93.18% · institutions 50.94% · other public 6.53%
- Approval of the issuance and listing of equity shares pursuant to the exercise of vested stock options under the Employee Stock Option Scheme 2023 (“ESOP Scheme”) of the CompanyOrdinary96.36% for3.64% against
Against: promoters 0.00% · institutions 79.40% · other public 0.15%
Turnout: all 85.12% · promoters 93.18% · institutions 50.94% · other public 6.53%
- To consider and approve borrowing limits over and above the aggregate of paid-up share capital, free reserves and securities premium under section 180(1)(c) of the Companies Act, 2013Special97.09% for2.91% against
Against: promoters 0.00% · institutions 63.37% · other public 0.16%
Turnout: all 85.12% · promoters 93.18% · institutions 50.94% · other public 6.53%
- To consider and approve creation of charges, mortgages and hypothecations on movable and immovable properties over and above the prescribed limitsSpecial97.10% for2.90% against
Against: promoters 0.00% · institutions 63.37% · other public 0.10%
Turnout: all 85.12% · promoters 93.18% · institutions 50.94% · other public 6.53%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 25 Sep 2026, 2 fund houses so far (houses' deadline to file 15 Oct 2026)
- To receive, consider and adopt the Audited Financial Statements of the company for the Financial Year Ended March 31, 2026, together with the reports of the Board of Directors and the Auditors thereon2 for0 against
- To consider the re-appointment of Mr. Sunil Kumar, Director (DIN: 09824459) who retires by rotation and, being eligible, offers himself for re-appointment as a director
Against Angel One Mutual Fund
- Angel One Mutual FundGovernance Concern: Low attendance at Board meetings during FY 2025-26 as well as during last 2 FYs and no justification has been provided for such leave of absence.
1 for1 against - Appointment of M/s Raghav Bansal & Associates as the Secretarial Auditors of the company
Against Angel One Mutual Fund
- Angel One Mutual FundProposed fee payable to Secretarial Auditors not disclosed.
1 for1 against - Fixation of Remuneration of the Cost Auditors2 for0 against
- Alteration of the Articles of Association of the Company2 for0 against
- To fix the fees payable by a member for Service of Documents through a particular mode under Section 20 of the Companies Act, 20132 for0 against
Mutual fund votes, meeting of 6 Mar 2026, 2 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Ratification of the amended Employee Stock Option Scheme 2023 ("ESOP Scheme 2023") of the Company
Against Nippon India Mutual Fund, Tata Mutual Fund
- Nippon India Mutual FundGovernance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
- Tata Mutual FundAs discussed with the company, the ESOPs were granted at an exercise price of Re. 1 (face value), representing a ~99.5% discount to the current market price. In the absence of adequate performance linkage and given the significant discount, we believe the proposal is not aligned with minority shareholder interests and therefore do not support the resolution.
0 for2 against - Approval of the issuance and listing of equity shares pursuant to the exercise of vested stock options under the Employee Stock Option Scheme 2023 (“ESOP Scheme”) of the Company
Against Nippon India Mutual Fund, Tata Mutual Fund
- Nippon India Mutual FundTransparency Concern: Lack of clarity as to why this resolution is proposed.
- Tata Mutual FundThis is Interlinked with resolution #1. Hence, we do not support the resolution.
0 for2 against - To consider and approve borrowing limits over and above the aggregate of paid-up share capital, free reserves and securities premium under section 180(1)(c) of the Companies Act, 20131 for0 against
- To consider and approve creation of charges, mortgages and hypothecations on movable and immovable properties over and above the prescribed limits1 for0 against
2 proposals not matched to one resolution
To borrow any sum or sums of money, by way of loan or other debt convertible securities or any other borrowing, from time to time at its discretion, for the purpose of the business of the Company, from any one or more Banks, Financial Institutions and other Persons, Firms, Bodies Corporate, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) may, at any time, exceed the aggregate of the paid-up share capital of the Company and its free reserves, subject to such aggregate borrowings at any point of time not exceeding Rs. 2,500 Crores.MoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundGovernance Concern: The rationale for the proposed increase in borrowing limits is inadequate, with no clarity on how the Company intends to sustain limits that exceed its asset size and net worth.
0 for1 againstTo create charges, mortgages and hypothecations on such movable and immovable properties, both present and future together with power to take over the substantial assets of the Company in certain events in favour of Banks/Financial Institutions, other investing agencies and the trustees for the holder of debenture/bonds/other instruments to secure hedging transactions/ rupee/foreign currency loan/ or issue of debentures whether partly/fully convertible/non-convertible of the Company or other persons/ entities (hereinafter collectively referred to as Loans) provided that the total amount secured by such charges, mortgage, and/or hypothecations, shall not at any time exceed Rs. 2,500 Crores in excess of the aggregate of the paid-up capital of the Company and its free reserves (apart from temporary loans obtained / to be obtained from the Company's bankers in the ordinary course of business) in respect of such borrowings and containing such specific terms and conditions and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to, between the Board of Directors and the lender(s), Agent(s) and Trustee(s) of the Company.MoreLess
Against Nippon India Mutual Fund
- Nippon India Mutual FundGovernance Concern: The rationale for the proposed increase in borrowing limits is inadequate, with no clarity on how the Company intends to sustain limits that exceed its asset size and net worth.
0 for1 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes and stakes in unlisted companies
Reported in the filing for the quarter to Jun 2026.
- Unlisted stake boughtZayo Cables Private LimitedSince 7 May 2026
31.00% bought in the quarter; holding 50.00%, from 19.00%
- Unlisted stake boughtZayo Energy Private LimitedSince 7 May 2026
31.00% bought in the quarter; holding 50.00%, from 19.00%
- Tax disputeIncome Tax DepartmentSince 17 May 2018
The matter involving an amount of ₹37,11,070 is currently pending adjudication before the Commissioner of Income Tax (Appeals) [CIT(A)]. The penalty amounting to ₹15,300 has already been deleted by the CIT(A). Further, with respect to the appeal involving ₹89,22,970, the matter has been adjudicated by the Income Tax Appellate Tribunal (ITAT), wherein the appeal has been allowed and the penalty levied under Section 270A has been quashed in entirety.MoreLess
At the filing before: An ongoing income tax litigation for Assessment Year 2018-19 involving a demand of approximately 1.27 crore pertains to the erstwhile partnership firm Fujiyama Power Systems, from which the Company acquired the business, including all associated liabilities relating to periods on or before March 31, 2018MoreLess
- Tax disputeGoods & Services Tax Officer-DelhiSince 31 Dec 2025The Company has filed an appeal before the appropriate appellate authority within the prescribed timelines, and the matter is currently pending for adjudication.
At the filing before: The Company had received the GST order and was in the process of examining the same to determine the appropriate course of action, including the possibility of filing an appeal before the appropriate appellate authority. The amount involved in the said litidation is 10.36 crores.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Jun 2026.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesNov 2025, checked by Care Rating Limited | 600.00 | – | – | No |