What UTL Solar does

UTL Solar, a brand of Fujiyama Power Systems Limited, is an Indian vertically integrated manufacturer and distributor of solar power generation and storage equipment. Founded in 1996 by Yogesh Dua and Pawan Garg and headquartered in New Delhi with corporate operations in Greater Noida, the company operates four manufacturing units across Delhi, Bawal (Haryana), and Parwanoo (Himachal Pradesh), plus a newly commissioned 1 GW solar cell plant in Uttar Pradesh. Its core product portfolio spans 522 SKUs across solar panels (TOPCon, Mono PERC, Bifacial, and DCR variants), solar inverters and Power Conditioning Units (PCUs) featuring patented rMPPT technology, online UPS systems, lithium-ion and lead-acid batteries, solar charge controllers, and turnkey rooftop solar kits. The differentiated technical platform rests on its exclusive rMPPT algorithm (claimed 30% efficiency gain over standard MPPT), N-Type TOPCon cell technology with up to 23% module efficiency, and 99.03% efficiency C&I-grade on-grid inverters.

The company serves four primary customer segments — residential homeowners seeking rooftop solar and power backup, commercial and institutional clients (hospitals, schools, banks, petrol pumps), industrial consumers requiring multi-megawatt solar deployments to offset ₹8-11 per unit industrial tariffs, and an emerging electric mobility segment for LiFePO4 battery solutions. UTL generates revenue predominantly through hardware sales via a multi-channel go-to-market model combining a 7,300+ partner distribution network (725 distributors, 5,546 dealers, 1,100 exclusive Shoppe franchisees), a direct-to-consumer e-commerce platform at upsinverter.com offering EMI financing and pan-India delivery, and direct enterprise sales for C&I projects. Pricing is unit-based, ranging from ₹4,240 for entry-level inverters to ₹294,960 for industrial PCUs, with complete subsidized rooftop kits priced ₹119,999-214,000 under the PM Surya Ghar scheme. The company supports its installed base with 602 service engineers and has cumulatively delivered 1 GW+ of rooftop solar capacity with 50 lakh+ consumers served.

Name

UTL Solar

Legal name

Fujiyama Power Systems Limited

Website

https://upsinverter.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

UTL Solar, a brand of Fujiyama Power Systems Limited, is an Indian vertically integrated manufacturer of solar panels, inverters, batteries, and turnkey rooftop solar systems serving residential, commercial, industrial, and electric mobility customers across India through a 7,300+ partner distribution network.

Ownership category

akta.pro rank

Product category

Solar Energy Equipment

NAICS

Solar Electric Power Generation (221114)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Power, Distribution & Specialty Transformers (3612)

akta.pro primary industry

Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

akta.pro secondary industries

Solar Distribution & Wholesale Supply (Channel, Procurement, Logistics) (EUAMABAK), Solar Roofing & Roof-Mounted PV Systems (IMADAFAO)

Keywords

• Solar inverters
• Solar panels
• Power conditioning units
• Rooftop solar systems
• Lithium-ion batteries

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Solar Hardware Sales: Sale of solar panels (TOPCon, Mono PERC, Bifacial, DCR), solar inverters, batteries (lead-acid and lithium-ion), and solar power conditioning units. Products sold through dealers, distributors, franchisees, and direct e-commerce.
2. Complete Solar Systems: Turnkey solar power systems including rooftop solar kits (1kW to 100kW), on-grid, off-grid, and hybrid configurations. Includes subsidy-eligible systems under PM Surya Ghar: Muft Bijli Yojana.
3. Commercial & Industrial Solutions: Large-scale C&I solar projects including 350kW on-grid inverters designed for multi-megawatt deployments targeting industrial consumers with captive and open-access solar requirements.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

UTL Solar manufactures and distributes solar panels (TOPCon, Mono PERC, Bifacial, DCR), solar inverters and Power Conditioning Units (PCUs), lithium-ion and lead-acid batteries, and complete rooftop solar kits for residential, commercial, and industrial customers across India. Products are sold via e-commerce, 7,300+ channel partners, and direct enterprise sales, with select kits eligible for the PM Surya Ghar government subsidy scheme.

Product overview

UTL Solar, a brand of Fujiyama Power Systems Limited, offers a comprehensive solar energy and power backup product portfolio. The company provides an integrated ecosystem of solar solutions including: (1) Solar Panels - TOPCon, Mono PERC, Bifacial, and DCR panels ranging from 40W to 630W; (2) Solar Inverters - On-Grid, Off-Grid, and Hybrid inverters including Gamma Plus with patented r-MPPT technology (up to 30% more efficient), Alfa+ Solar PCU, Heliac, Sun Plus, Zeta, and Sigma Pro series; (3) High-capacity C&I Inverters up to 350kW for commercial and industrial applications; (4) Complete Solar Systems - ShineX solar kits with subsidy eligibility under PM Surya Ghar; (5) Batteries - Lithium (LiFePO4), solar, and inverter batteries; (6) Accessories - Solar charge controllers and Solar Management Units. The portfolio covers residential rooftops through utility-scale installations with 522 product SKUs across 4 manufacturing units.

Differentiator

Problem solved

Functional benefit

Products and services

• TOPCon Solar Panels Next-generation high-efficiency N-type solar modules using Tunnel Oxide Passivated Contact technology, available in wattages from 275W to 630W with up to 23% module efficiency. Suitable for residential, commercial, and utility-scale applications.
• Mono PERC Solar Panels Passivated Emitter and Rear Cell technology solar panels with high efficiency and better performance in low-light conditions, available in 40W to 555W wattages for rooftops and utility-scale projects.
• Bifacial Solar Panels Solar panels capturing sunlight from both front and rear sides for higher generation, suitable for ground-mounted and elevated rooftop installations. Available in TOPCon and Mono PERC variants.
• DCR Solar Panels Domestic Content Requirement solar panels manufactured in India and MNRE-approved, making them eligible for government subsidy programs under PM Surya Ghar: Muft Bijli Yojana.
• Gamma Plus Solar Inverter (rMPPT) rMPPT solar inverter with patented rapid Maximum Power Point Tracking offering up to 30% more efficiency than standard home inverters. Pure sine wave output, LCD display, multi-stage charging, available in 1kVA to 3kVA models for residential use.
• Alfa+ Solar PCU Power Conditioning Unit with patented rMPPT technology for higher solar energy extraction and stable pure sine wave output. Multiple operating modes (PCU, Smart, Hybrid) with advanced safety features for hospitals, schools, industries, petrol pumps, banks, and homes.
• Heliac Solar Inverter Home inverter that functions as both standard home inverter and solar inverter with built-in PWM solar charge controller. Pure sine wave output, multi-colour LCD display, solar priority for load and charging, supports lithium, gel, and tubular batteries in 1000VA to 3500VA models.
• Sun Plus Solar Inverter Budget-friendly solar home inverter with built-in PWM solar charge controller, multi-stage battery charging, smart mode selection (PCU, Hybrid, Smart), and LED display. Solar-ready design allows panel connection later.
• Zeta Hybrid Solar PCU High-capacity hybrid solar power conditioning unit available in 7.5kVA to 20kVA models with grid export capability and advanced power management features for commercial and industrial applications.
• Sigma Pro Solar PCU Hybrid solar PCU available in 1kVA to 12kVA capacities with grid export capability, advanced MPPT technology, and multi-stage charging for optimal battery performance and solar utilization.
• Star Online Solar PCU High-capacity online solar PCU available in 60KVA to 120KVA models for commercial and industrial applications with pure sine wave output and seamless solar-grid-battery transition.
• Mars Online UPS Commercial online UPS systems available in 5kVA to 20kVA configurations (3-in-1-out) with pure sine wave output and double conversion technology for critical equipment protection.
• 350kW C&I On-Grid Inverter High-capacity commercial and industrial on-grid inverter supporting 1500V DC architecture with 99.03% efficiency and IP66-rated outdoor protection. Engineered for utility-scale commercial solar deployment addressing dust accumulation, high temperatures, and long operating cycles.
• ShineX Solar Kits Complete on-grid rooftop solar kits eligible for PM Surya Ghar subsidy. Available in single-phase (3.2kW, 4kW, 5kW) and three-phase (5kW, 10kW) configurations with Mono DCR panels included.
• Lithium Batteries (LiFePO4) Maintenance-free lithium-ion batteries using LiFePO4 technology, available in 12.8V, 25.6V, 51.2V, 96V, and 120V configurations for E-Rickshaws, home inverters, and industrial applications. Features smart Battery Management System (BMS) for safety and longevity.
• Solar Inverter Batteries (Lead-Acid) Lead-acid inverter and solar batteries available in 150Ah, 165Ah, and 200Ah capacities in tubular, SMF, and flat plate variants for reliable home and commercial power backup.

Quantifiable outcome

• 30% more electricity generation with rMPPT technology compared to standard inverters
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Vikram Solar: Indian solar module manufacturer with TOPCon and bifacial offerings and EPC capability. Direct competitor in module manufacturing and C&I solar deployments.
• Microtek International: Indian UPS, inverter, and solar product manufacturer with nationwide dealer distribution. Competes directly in the home inverter, solar PCU, and battery segments served by UTL.
• Luminous Power Technologies: Indian manufacturer of inverters, UPS, batteries, and solar solutions with a similar product mix and extensive dealer network. Closely comparable in home inverter + solar PCU + battery offering and channel-led GTM.
• Waaree Energies: India's largest solar module manufacturer with vertically integrated cell-to-module production. Directly comparable as a domestic Indian solar panel and EPC player targeting the same residential, C&I, and utility-scale segments.
• Su-Kam Power Systems: Indian UPS, inverter, and solar power solutions manufacturer with pan-India distribution. Overlaps with UTL's inverter and PCU product lines targeting residential and small commercial customers.
• Loom Solar: D2C-focused Indian solar panel and lithium battery manufacturer selling complete rooftop kits. Overlaps with UTL's residential panel and kit offering, with a contrasting digital-first GTM versus UTL's dealer-heavy model.
• Okaya Power: Indian manufacturer of inverters, batteries, and solar solutions with similar product breadth. Directly comparable in residential and small commercial solar PCU and battery categories.

Broad incumbents

• Adani Solar: Larger Indian solar manufacturer and EPC player backed by the Adani Group, with utility-scale, C&I, and residential offerings. Competes across all UTL segments but at significantly greater scale and capital depth.
• Tata Power Solar Systems: Tata Group subsidiary offering rooftop solar, EPC, and module manufacturing with strong institutional brand equity. A broader incumbent competitor with deeper balance sheet and utility-scale presence.
• Havells India: Large Indian electrical equipment conglomerate with a growing solar and inverter portfolio. A broader incumbent entering UTL's home inverter and rooftop solar segments with stronger brand and capital.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/UTLsolar
• YouTubeyoutube.com/c/UTLSolar
• Facebookfacebook.com/Fujiyamapowersystems
• LinkedInlinkedin.com/company/utl-fujiyama-power-systems-pvt-ltd
• Instagraminstagram.com/utlsolar

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UTL Solar