Fujiyama Power Systems to Build 1.2 GW TOPCon Solar Cell Plant in Madhya Pradesh

Indian renewable-energy manufacturer Fujiyama Power Systems is expanding deeper into domestic solar manufacturing with a new 1.2 GW TOPCon solar-cell facility at Ratlam in Madhya Pradesh. The project forms part of the company’s broader backward-integration strategy and is intended to reduce dependence on externally sourced cells while strengthening its position across India’s rapidly expanding solar manufacturing ecosystem.

The Ratlam plant represents an estimated investment of around ₹350–400 crore. Once operational, it will add advanced Tunnel Oxide Passivated Contact, or TOPCon, cell capacity to Fujiyama’s manufacturing network and increase the company’s total solar-cell production capacity to approximately 2.3 GW, including its existing facility at Dadri in Uttar Pradesh.

Ratlam Becomes a Key Solar Manufacturing Hub for Fujiyama

Fujiyama already has a substantial manufacturing presence at Ratlam. The company operates around 2 GW of solar-module capacity there as part of a wider manufacturing network that totals about 3.6 GW across Ratlam, Dadri and Noida.

The new cell facility will deepen this manufacturing chain by enabling a larger proportion of Fujiyama’s solar modules to use cells produced internally. Solar-module manufacturers that depend heavily on external suppliers remain exposed to price fluctuations, supply disruptions and changing import conditions. Expanding captive cell production can therefore give Fujiyama greater control over cost, quality and production planning.

TOPCon Technology Marks a Shift to Higher-Efficiency Solar Cells

The Ratlam plant will manufacture cells based on TOPCon technology, an increasingly important architecture in high-efficiency crystalline-silicon solar manufacturing.

TOPCon cells use a thin tunnel-oxide layer and passivated contact structure to reduce electrical losses and improve the efficiency with which sunlight is converted into electricity. Compared with conventional PERC architecture, TOPCon technology can support higher conversion efficiencies, improved temperature performance and better long-term energy yield.

The shift is important because Indian manufacturers are increasingly moving towards higher-efficiency solar technologies as competition intensifies across the global photovoltaic industry. Fujiyama’s Ratlam investment is therefore not simply a capacity expansion but also a technological upgrade in its domestic manufacturing base.

Backward Integration Across the Solar Value Chain

Solar manufacturing involves several interconnected stages. Polysilicon is converted into ingots, ingots are sliced into wafers, wafers are processed into solar cells, and the cells are then interconnected and assembled into finished modules.

Fujiyama already has significant module-manufacturing capacity and an existing solar-cell operation, but it still depends on upstream suppliers for wafers and ingots. The company has indicated that it intends to move further upstream by establishing ingot and wafer manufacturing as part of its longer-term expansion strategy.

Such a move would gradually transform Fujiyama into a more vertically integrated solar manufacturer. Greater integration can provide stronger control over input costs, component availability, quality standards and production schedules while reducing vulnerability to international supply-chain disruptions.

Supporting India’s Domestic Solar Manufacturing Push

The Ratlam project comes as India continues to strengthen domestic manufacturing across the photovoltaic value chain.

India has already developed substantial solar-module manufacturing capacity, but the country remains dependent on external sources for several upstream components. The next stage of localisation therefore increasingly involves solar cells, wafers, ingots, polysilicon, manufacturing equipment and specialised materials.

Fujiyama’s decision to add TOPCon cell capacity fits directly into this transition. By expanding domestic cell production and preparing to enter wafer and ingot manufacturing, the company is moving beyond module assembly towards deeper participation in the solar technology value chain.

Existing Dadri Plant Provides a Manufacturing Base

Fujiyama already operates a solar-cell manufacturing facility at Dadri in Uttar Pradesh. The plant provides the company with experience in cell production before it expands into newer TOPCon technology at Ratlam.

Once the new 1.2 GW Ratlam line becomes operational, the combined cell-manufacturing capacity of the company is expected to reach around 2.3 GW.

This additional capacity will also improve the proportion of Fujiyama modules that can be supplied using cells manufactured within its own production network.

Commercial Production Expected by FY2026-27

The latest company comments indicate that solar-cell production at Ratlam is expected to begin by the end of FY2026-27.

Earlier project disclosures had pointed towards commercial operations beginning during the first quarter of FY2027-28. The more recent timeline therefore suggests that the company may be working towards an accelerated commissioning schedule.

The progress of the Ratlam facility will be important because TOPCon capacity is becoming increasingly central to the competitiveness of solar manufacturers as older cell technologies gradually lose market share.

Building Around India’s Growing Solar Market

Fujiyama has developed much of its business around rooftop solar, distributed power systems and solar-electronics products. Its portfolio includes solar modules, inverters, batteries, chargers and related power systems.

The expansion into cell manufacturing strengthens the company’s ability to supply a larger portion of this ecosystem from its own manufacturing base.

India’s rooftop solar market is also expanding rapidly, supported by government programmes, residential adoption, commercial installations and increasing consumer interest in distributed renewable-energy systems. Manufacturers with integrated domestic supply chains could be better positioned to respond to this growth.

Ratlam Could Develop Into an Integrated Solar Manufacturing Complex

Fujiyama’s plans for Ratlam extend beyond the new solar-cell facility.

The company has been developing a broader manufacturing complex in Madhya Pradesh covering solar modules, power electronics, inverters, batteries and related products. Adding TOPCon cell manufacturing strengthens Ratlam’s position as an increasingly important production centre within Fujiyama’s national network.

If the company proceeds with its proposed ingot and wafer facilities, Ratlam could eventually host several major stages of photovoltaic manufacturing within a single industrial ecosystem.

Such integration would allow raw silicon-based inputs to move progressively through wafer, cell and module production before entering finished solar-energy systems.

Strengthening India’s Solar Supply Chain

India’s solar manufacturing industry is entering a new phase. Building module capacity was the first major step, but achieving deeper industrial self-reliance requires domestic capability across cells, wafers, ingots, materials, equipment and associated technologies.

Fujiyama Power Systems’ 1.2 GW TOPCon investment at Ratlam represents part of this transition.

By expanding from modules into advanced solar cells and planning further upstream integration, the company is seeking greater control over its supply chain while strengthening India’s domestic photovoltaic manufacturing capability.

The project also highlights how India’s solar sector is gradually evolving from an assembly-focused industry towards a broader manufacturing ecosystem capable of supporting more of the renewable-energy value chain within the country.

---

References

Fujiyama Power Systems — Investor Relations and Financial Disclosures
https://www.utlsolarfujiyama.com/investor-relations/financials/

---