Fujiyama Power Systems was in today after its Q4FY26 results, with the stock rising 4% to Rs. 283.85 currently. The counter opened sharply higher at Rs. 286.60 versus the previous close of Rs. 273.10 and briefly touched its 5% upper price band of Rs. 286.75, before easing off the highs; the day’s range stood at Rs. 277.00–286.75 with VWAP at Rs. 285.37 and about 1.08 lakh shares traded.

The trigger was a strong profitability print, suggesting the operating leverage thesis is playing out. Q4FY26 PAT jumped 107.5% YoY to Rs. 106 crore, while EBITDA rose 117% to Rs. 171.5 crore, taking EBITDA margin to 19% (from 16.5% YoY) and PAT margin to 11.8% (up 110 bps).

For FY26, revenue grew 72% to Rs. 2,654.5 crore and EBITDA rose 97% to Rs. 490 crore, with margins improving to 18.5% from 16.1%, implying a cleaner mix and better absorption benefits versus last year.

What the market is rewarding here is not just growth, but the quality of growth, margin expansion alongside scale, backed by higher utilisation and rising contribution from backward-integrated operations.

With the stock up meaningfully from the March low (Rs. 170.55) and still below the 52-week high (Rs. 313), near-term price action is likely to stay sensitive to any signs of order flow, channel productivity and the pace of capacity/backward-integration benefits showing up in FY27.