New Delhi, Oct. 22 -- Fujiyama Power Systems has emerged as a potential beneficiary of India's expanding rooftop solar market, with DAM Capital initiating coverage on the stock with a BUY rating and a target price of Rs.540 per share, implying an upside of around 45%.

The brokerage believes the company's manufacturing expansion, extensive distribution network and exposure to the government's rooftop solar programme could support strong earnings growth over the medium term.

DAM Capital said, "Fujiyama offers a differentiated play within India's listed solar manufacturing space. Long-term outlook is particularly attractive given the humongous growth runway, complemented by strong competitive moat built on an entrenched distribution networ...