Fujiyama Power Systems Limited has informed the Exchange about Credit Rating-Revision

SUTLSOLAR August 18, 2026 The Manager The Manager Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Fort Bandra (E), Mumbai 400 051 Mumbai 400 001 Maharashtra, India Maharashtra, India Scrip Symbol : UTLSOLAR Scrip Code: 544613 Subject: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 — Credit Rating Dear Madam/ Sir, Pursuant to Regulation 30 read with sub-para 3 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that CRISIL Ratings Limited (“CRISIL”) vide its Rating Rationale dated August 14, 2026, has removed the ratings assigned to the Company's bank loan facilities from “Rating Watch with Developing Implications” and reaffirmed the Company’s ratings with a ‘stable’ outlook assigned as follows: Particulars Details Total Bank Loan Facilities Rated Rs.500 Crore Long Term Rating Crisil A/ Stable Short Term Rating Crisil Al Rating Action Removed from “Rating Watch with Developing Implications”; Rating Reaffirmed The rating rationale issued by CRISIL is enclosed for information and records. The above details will also be available on the website of the Company at www.utlsolarfujiyama.com We request you to kindly take the aforesaid information on record. Thanking you, Yours Sincerely, For Fujiyama Power Systems Limited (Formerly Fujiyama Power Systems Private Limited) MAYURI ase GUPTA "sae Mayuri Gupta Company Secretary and Compliance Officer M. No.: A75210 FUJIYAMA POWER S YSTEMS LIMITED (Formerly Fujiya ma Power Systems Private Limited) 53A/6, Near NDPL Grid Office, Near Metro Station, Industrial Area, Sat Guru Ram Singh Marg, Delhi - 110015, India CIN - L.31909DL2017PLC326513, GST No - D7AADCF2634F1ZY www.utisolarfujiyama.com : +91 9968309514, 9968309517, E-mail: investor@utlsolarfujiyama.com 18/08/2026, 17:37 Rating Rationale Crisil Ratings Rating Rationale August 14, 2026 | Mumbai Fujiyama Power Systems Limited Removed from ‘Watch Developing’; Ratings Reaffirmed Rating Action Total Bank Loan Facilities Rated Rs.500 Crore Regulator Of Instrument Crisil A/Stable (R emoved from ‘Rating Watch with Long Term Rating Developing Implications’; Rating Reaffirmed) RBI : Crisil A1 (Remove d from ‘Rating Watch with Short Term Rating Developing Implications’; Rating Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has removed its rating on the long-term bank facilities of Fujiyama Power Systems Limited (FPSL) from 'Rating Watch with Developing Implications' and has reaffirmed the rating at ‘Crisil A/Crisil A1’ while assigning a ‘Stable’ outlook to the long-term rating. The ratings were placed on watch post the announcement by FPSL on May 6", 2026, that a fire accident had occurred at its lead acid battery manufacturing facility in Bawal Industrial Area, Rewari, Haryana. The company has already booked exceptional loss of ~Rs 143.58 crore for the damage to building structure, plant and machinery and inventory These losses are covered under insurance, and as per the discussion with the management the insurance amount is expected to be received in next 6-9 months. fiscal year 2027. Crisil Ratings was in touch with the management for the impact of the same on the performance of the company. Resolution of watch status follows clarity on the same. The fire incident is not expected to impact on the performance of the company as the battery division doesn’t contribute much to the overall revenue and the same is compensated through sourcing the batteries from other manufacturers. Despite the incident the company has reported healthy revenue of over Rs. 1345.69 crore in Q1FY27 (from Rs 597.35 crore in Q1FY26) with stable EBITDA margins of over 19% and is expected to generate revenue of over Rs 3000 crore given the strong demand from its customers and the provision of bundled services. Hence, the ratings have been removed from ‘watch with developing implications’. The ratings continue to reflect the extensive experience of the promoters in the solar power generation and storage equipment industry and the diversified customer base and product range, vast distribution network and healthy financial risk profile of the company. These strengths are partially offset by the moderate scale of operations amidst intense competition and large working capital requirements. Analytical Approach Crisil Ratings has evaluated the standalone business and financial risk profiles of FPSL. Key Rating Drivers - Strengths Extensive experience of the promoters, an established and diversified customer base and wide presence: The promoters, Pawan Kumar Garg and Yogesh Dua, are well-qualified, with nearly three decades of experience in the power storage equipment industry; their sound understanding of market dynamics, strong relationships with suppliers and wide dealer and distributor networks in Tier-2 and Tier-3 cities should continue to support the business. The promoters were pioneers in the electrical component manufacturing segment. Over time, the company has transitioned itself from being an electronic component manufacturer to operating as a one-stop solution provider for rooftop solar power systems, in line with shifting market dynamics, with pan-India presence. The company has generated a revenue of Rs 2655 crore in fiscal 2026 (Rs 1541 crore in fiscal 2025) on the back of increased sales of bundled products in the solar manufacturing sector and is expected to generate revenue of over Rs. 3000 crores in fiscal 2027. https:/Avww.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/FujiyamaPowerSystemsLimited_August 14_ 2026 RR_402526.html 1/8 18/08/2026, 17:37 Rating Rationale Healthy financial risk profile: Adjusted networth stood at Rs 1214.45 crore as on March 31, 2026, as against Rs 337.18 crore a year earlier. The company undertook a capital expenditure (capex) of Rs 158 crore, funded by additional debt of around Rs 55 crore in fiscal 2025, to increase its installed capacity to manufacture solar panels from 0.5 gigawatt (GW) to 1 GW, along with solar battery from 1 GW to 1.4 GW and power electronics component capacity from 0.5 GW to 1 GW. Despite the additional debt-funded capex, capital structure is healthy, as reflected in gearing of 0.38 time and total outside liabilities to adjusted networth (TOL/ANW) ratio of 0.47 time as on March 31, 2026 (1.03 times and 1.83 times, respectively, a year earlier), which is due to improvement in the operating margin. The company commissioned the 2000 megawatt (MW) solar panel manufacturing facility line in May 2026, which is part of the greenfield capex of around Rs 180 crore that the company has been undertaking funded through internal accrual and a debt of around Rs 100 crore. It is also likely to incur regular maintenance capex of Rs 20-25 crore per fiscal, which will be funded through internal cash accrual. As operationalisation of the cell manufacturing unit will lead to backward integration of operations and expansion of operating margin, healthy accretion to reserve should strengthen the capital structure, as indicated by estimated gearing and TOL/ANW ratios of 0.78 time and 1.35 times, respectively, as on March 31, 2026. Debt protection metrics were superior, with interest coverage and net cash accrual to total debt ratios of 9.32 times and 0.50 time, respectively, for fiscal 2025. The metrics are estimated to be around 11.5 times and 0.5 time, respectively, in fiscal 2026, supported by expansion of operating margin. Key Rating Drivers [Showing first 8,000 characters — download PDF for full document]