# Already up 65% YTD! Motilal Oswal sees a further 36% upside in this power stock - Check target price — retained record

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source: [news](https://highsignal.app/data/news) (news:india-mint-markets)  published 2026-10-27 11:13 ingested 2026-10-28 02:53

[original source ↗](https://www.livemint.com/market/stock-market-news/already-up-65-ytd-motilal-oswal-sees-a-further-36-upside-in-this-power-stock-check-target-price-11793097602268.html)

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A power stock has been on a bull run this year so far, yet brokerage firm Motilal Oswal Financial Services sees further upside in this stock and recommends buying the stock now.
Shares of Fujiyama Power Systems, a rooftop solar solutions provider company, ended 1.38% higher at ₹368.40 on the BSE on Tuesday, 27 October, extending gains for the second consecutive session.
Fujiyama Power Systems shares are up 65% year-to-date (YTD) compared to a 14% fall in the equity benchmark Sensex.
Over the last six months, the stock has gained 21.50% compared to a 5% fall in the Sensex.
On 20 August this year, the stock rose to its 52-week high of ₹494 after hitting a 52-week low of ₹170.55 on 2 March.
In a report dated 26 October, Motilal Oswal Financial Services recommended a 'buy' rating on the stock with a target price of ₹500. This implies an upside potential of 36% from the stock's 27 October closing of ₹368.40 on the BSE.
Motilal Oswal expects the company to clock a CAGR of 52%, 57%, and 59% in revenue, EBITDA, and adjusted PAT, respectively, during FY26-28.
Motilal Oswal underscored that China has proposed export restrictions on 16th October on advanced solar manufacturing technologies, including tunnel oxide passivated contact (TOPCon), heterojunction technology (HJT) and x-back contact (XBC), as well as thin-wafer,perovskite and tandem technologies. The curbs are not expected to impact Fujiyama Power Systems, as it has already secured a technology transfer agreement from China.
According to the brokerage firm, this supports the development of its 1.2GW TOPCon cell manufacturing facility at Ratlam, Madhya Pradesh. Commercial production at this facility is expected to commence in the first half of FY28.
China dominates solar cell manufacturing. It also accounts for nearly 97% of global wafer manufacturing capacity. Motilal believes that, given surplus capacity and the importance of overseas markets, outright export restrictions on cells and wafers may be less likely.
"India’s shift toward integrated solar-plus-storage solutions and proposed domestic content requirements for inverters and batteries under the next phase of the PM Surya Ghar Muft Bijli Yojana could benefit Fujiyama Power," said Motilal.
"The company has installed a 5MW battery energy storage system (BESS) at Dadri and plans an additional 10MW system at Ratlam, supporting its entry into the commercial and industrial storage market by leveraging its existing rooftop solar portfolio and distribution network," Motilal Oswal said.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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