Rooftop solar solutions company Fujiyama Power Systems’ board of directors has approved a proposal to set up a 1.2 GW TOPCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh for an estimated investment of ₹3.5 billion (~$36.48 million).

The investment will be funded through a combination of debt and internal accruals.

With the new TOPCon facility, Fujiyama aims to strengthen its integrated manufacturing capabilities across the solar value chain. It is also a part of the company’s backward integration and technology upgradation plans.

The TOPCon facility is expected to commence commercial operations in the first quarter of the financial year 2028.

The solar cell expansion is aimed at cutting cost volatility, ensuring the timely availability of domestic content requirement (DCR)-compliant cells, improving gross margins, and enhancing Fujiyama’s competitive position in the business-to-consumer rooftop solar market.

Fujiyama expects the implementation of the Approved List of Models and Manufacturers List-II for solar cells from June 1, 2026, to accelerate demand for DCR-compliant panels and cells.

This May, Fujiyama commissioned a 2,000 MW module manufacturing facility in Ratlam. In addition to solar modules, the facility will manufacture batteries and inverters.

The company also commissioned 1 GW of Mono PERC solar cell capacity in Dadri, Uttar Pradesh.

In April, Fujiyama approved the acquisition of an additional 31% equity stake in Zayo Energy and Zayo Cables. Delhi-based Zayo Energy manufactures solar panel components, including ethylene vinyl acetate sheets, junction boxes, and backsheets. Zayo Cables manufactures electrical and electronic wires and cables, including insulated wires made of steel, copper, and aluminum.

Last November, Fujiyama debuted on the BSE and the National Stock Exchange after its initial public offering of ₹8.28 billion (~$93.5 million) was oversubscribed 2.14 times.

India added nearly 119 GW of solar module and over 9 GW of solar cell capacity in 2025, according to Mercom India’s State of Solar PV Manufacturing in India 2026 report.