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FUJIYAMA POWER SYSTEMS LIMITED (UTLSOLAR)

Producer Manufacturing · Electrical Products · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.30 / 100
Profitability 58Balance sheet 2
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.57 / 100
Price 37Earnings 77

Passes these screensHigh Momentum

Share price

Closing priceAdjusted for splits and bonus issues.

₹356.65 latest close · +4.1% over the last 90 sessions

₹350₹400₹450Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹350₹400₹450Jul 3Sep 4Nov 9

₹356.65 month-end · +70.3% over 12 months

₹200₹300₹400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹200₹300₹400Nov '25May '26Nov '26

52-week range ₹172.00 to ₹494.25 · 1-year volatility 47.5%

How rough has the ride been?

Maximum drawdown-27.3%not yet recovered
1-year volatility47.5%annualised
Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−10%−20%2026−27.3% 0%−10%−20%2026−27.3%
Largest drawdowns

-27.3% (2026-08 peak to 2026-11 low, not yet recovered)

-22.3% (2026-01 peak to 2026-03 low, recovered 2026-04)

-15.0% (2026-04 peak to 2026-05 low, recovered 2026-05)

Most recent volume spikes

2026-08-17: 5.2x the 50-day median, price +9.6% that day

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE58th▲ 3 pts vs a year ago
  • Revenue growth100th
  • EPS growth99th
  • Debt/equity ↓1stflat vs a year ago
  • Cash cycle ↓62ndflat vs a year ago
  • P/E ↓38th▲ 34 pts vs a year ago
  • 12M momentum92nd

Rank history

ROCE
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~22%annual earnings growth implied by the price

At a P/E of 35.9x, the price would imply about 22.2%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹356.65
P/E
35.9x
ROCE
17.0%
Market Cap
₹10966 cr
Revenue (TTM)
₹2655 cr
P/S
4.1x
P/B
249.2x
ROE
693.9%
Debt / Equity
3.2x
Promoter Holding
86.6%
12M Momentum
70.3%

52-week range

₹172.00₹494.25
57% of the way from its 52-week low to its high

Price risk

1Y volatility
47.5%
Beta vs sector
1-year daily
0.92

Balance sheet & cash

Interest cover
operating profit ÷ interest
10.3x
Share count, 1Y
unchanged

Are profits backed by cash?

1 of 1checks within rangeAll clear
Other income reliance1%Within range

Other income as a share of pre-tax profit (trailing twelve months): 1.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

What happened next to similar setups

−8.7%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like FUJIYAMA POWER SYSTEMS LIMITED today on valuation, return on capital, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −38% to +24% vs the market, against −7% for all non-financial companies in the same months.
  • The gap against the base rate (−1.7%, 80% range −13.8% to +12.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
JITFINFRA · Aug 2024: −74.5% vs market
BCONCEPTS · Mar 2024: −58.7% vs market
AWFIS · Jun 2025: −53.0% vs market
DECCANCE · Oct 2025: −52.3% vs market
BHARATWIRE · Jan 2024: −50.7% vs market
MBAPL · May 2023: −48.1% vs market
GMMPFAUDLR · Feb 2023: −46.6% vs market
WEBELSOLAR · Aug 2025: −46.6% vs market
SARTELE · Apr 2025: −46.2% vs market
SDBL · Oct 2023: −42.3% vs market
GREENPANEL · May 2022: −39.1% vs market
CAMLINFINE · May 2021: −38.3% vs market
KALYANKJIL · May 2025: −38.0% vs market
EPIGRAL · Nov 2022: −37.7% vs market
WEL · Jun 2025: −37.0% vs market
POKARNA · Jul 2022: −35.8% vs market
ASHAPURMIN · Jun 2021: −34.8% vs market
SWANCORP · Aug 2024: −28.8% vs market
AJMERA · Jan 2025: −24.7% vs market
PCBL · Jun 2025: −23.5% vs market
GENUSPOWER · Jun 2025: −19.8% vs market
SKYGOLD · Dec 2024: −19.3% vs market
RAMASTEEL · Feb 2023: −15.7% vs market
CANTABIL · Oct 2022: −15.1% vs market
ANGELONE · Jan 2022: −11.4% vs market
BFUTILITIE · Mar 2024: −6.0% vs market
MOTILALOFS · Nov 2024: +0.5% vs market
TORNTPOWER · Apr 2024: +0.9% vs market
RKFORGE · Dec 2023: +4.8% vs market
LEMONTREE · Jun 2023: +5.0% vs market
SGIL · Oct 2025: +10.8% vs market
THANGAMAYL · Nov 2023: +11.2% vs market
HNDFDS · Aug 2021: +11.9% vs market
COOLCAPS · Oct 2023: +13.1% vs market
PNCINFRA · Feb 2020: +15.3% vs market
BRIGADE · Mar 2020: +18.8% vs market
V2RETAIL · Aug 2025: +19.7% vs market
ARIHANTSUP · Dec 2021: +25.6% vs market
MANORAMA · Oct 2025: +36.5% vs market
HIRECT · Mar 2025: +43.1% vs market
KPIGREEN · Nov 2023: +58.1% vs market
MANINFRA · Jul 2021: +81.9% vs market
LUMAXTECH · Oct 2025: +89.6% vs market
PGEL · Aug 2023: +94.6% vs market
KRISHANA · Sep 2025: +107.6% vs market
DEEPAKNTR · Jan 2020: +112.7% vs market
ADANIENSOL · Jun 2020: +149.1% vs market
JBMA · Jun 2022: +161.8% vs market
LGHL · Sep 2024: +214.4% vs market
BSHSL · Nov 2021: +356.2% vs market
Similar setups −8.7%All companies −7.0%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 6 beyond the range shown, drawn at the edge

Similar setups' median
−8.7%
All companies' median
−7.0%
Beat the market
48% vs 42%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
KPIGREEN
Utilities
Nov 2023 38x25% +143%−5% +58%
MANORAMA
Consumer Non-Durables
Oct 2025 58x— +41%−18% +37%
HIRECT
Producer Manufacturing
Mar 2025 50x— +57%−39% +43%
PGEL
Electronic Technology
Aug 2023 54x17% +103%−6% +95%
ADANIENSOL
Utilities
Jun 2020 39x11% +16%−27% +149%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SKYGOLD
Consumer Durables
Dec 2024 65x18% +285%−20% −19%
COOLCAPS
Producer Manufacturing
Oct 2023 93x14% +178%−16% +13%
EPIGRAL
Process Industries
Nov 2022 21x29% +90%−25% −38%
How reliable is this?

Matched on P/E, P/S, ROCE, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, 12-month momentum and drawdown from 12-month high. Not used (unavailable for this company): operating margin. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to FUJIYAMA POWER SYSTEMS LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

Process Industries
57%similar
revenueP/E
Finance
56%similar
debt/equitypromoter holding
Electronic Technology
50%similar
revenuepromoter holding
Process Industries
49%similar
market capdebt/equity
Technology Services
44%similar
volatilitymarket cap
Producer Manufacturing
67%similar
volatilitypromoter holding
Producer Manufacturing
49%similar
volatilityrevenue
Producer Manufacturing
46%similar
P/Edebt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

3 events since Apr '26

  1. NovPriceFell 27% from the Aug 2026 peak to the Nov 2026 low.
  2. AugPriceVolume reached 5.2x its 50-day median on 2026-08-17; price +9.6% that day.
  3. AprPriceVolume reached 31.8x its 50-day median on 2026-04-24; price +5.8% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history13 months · 2025-11 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1135.9x₹2655 cr693.9%17.0%3.2x
2026-1036.8x₹2655 cr690.9%17.0%3.2x
2026-0940.1x₹2655 cr690.9%17.0%3.2x
2026-0846.4x₹2655 cr690.9%17.0%3.2x
2026-0738.3x₹2655 cr690.9%17.0%3.2x
2026-0632.5x₹2655 cr690.9%17.0%3.2x
2026-05251.9x₹405 cr45.5%17.0%3.2x
2026-04233.4x₹405 cr45.5%17.0%3.2x
2026-03155.5x₹405 cr45.5%17.0%3.2x
2026-02147.9x₹405 cr45.5%17.0%3.2x
2026-01156.9x₹405 cr45.5%17.0%3.2x
2025-12175.1x₹405 cr45.5%17.0%3.2x
2025-11164.9x₹405 cr45.5%17.0%3.2x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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