Fujiyama Power Systems is setting up a 1.2 GW solar cell plant in Ratlam, Madhya Pradesh, with commercial production using advanced TOPCon technology expected by the end of the ongoing financial year, the company’s managing director Pawan Garg said. The greenfield project, involving an investment of around Rs 350-400 crore, is intended to reduce the company’s dependence on open-market cell purchases and strengthen its domestic solar manufacturing chain.
Once operational, the facility will take Fujiyama’s total solar cell manufacturing capacity to 2.3 GW. The company currently operates a 1.1 GW cell plant in Dadri, Uttar Pradesh, Garg told PTI in an interaction.
The Ratlam project is part of Fujiyama’s 2030 vision to become an integrated renewable energy company. Garg said the plant would strengthen the company’s value chain and help reduce input costs for solar module manufacturing. Fujiyama already has a combined module manufacturing capacity of 3.6 GW, spread across a 2 GW facility in Ratlam, a 1.2 GW plant in Dadri and a 0.4 GW unit in Noida.
Solar modules require cells, while cell manufacturing depends on wafers and ingots. Fujiyama’s planned investment therefore extends beyond the immediate addition of cell capacity. The company said it intends to establish ingot and wafer production lines in the future, aligning its expansion with government efforts to build a domestic solar equipment ecosystem.
The new facility will use Tunnel Oxide Passivated Contact, or TOPCon, technology. TOPCon cells are more efficient than conventional Passivated Emitter and Rear Cell, or PERC, architectures. The technology is increasingly being adopted as manufacturers seek higher power generation from solar modules while upgrading production capacity.
The expansion comes as India’s Approved List of Models and Manufacturers, or ALMM, framework places greater emphasis on domestic quality and reliability standards for solar equipment used in the country’s projects. ALMM I covered modules, while ALMM II expanded the framework to solar cells. ALMM III, planned for 2028, has been extended to ingots and wafers, according to the company’s account of the policy framework.
Fujiyama said the policy direction is intended to promote local manufacturing, reduce import dependence and improve quality across the solar value chain. The Ratlam facility will add to the company’s existing presence in rooftop solar solutions, solar panels, inverters and battery systems, including lithium-ion and tubular batteries.
The company reported a topline of Rs 2,654 crore in FY26, with EBITDA of Rs 490 crore and profit after tax of Rs 304 crore. The next milestone for the new project is the start of solar cell production by the end of the ongoing financial year, followed by the proposed expansion into ingot and wafer manufacturing as part of the company’s longer-term plan.
