Yash Highvoltage - Yash Highvoltage

📊 BSE: 544310 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 38.4% YoY to INR 150.14 Cr in FY25. In H1 FY26, revenue increased by 78.6% YoY to INR 102 Cr, driven by robust order inflows from domestic and international power sectors.

Geographic Revenue Split

Domestic revenue contributes 96% of total turnover, while exports account for 4%. The company aims to scale export contributions over the next 2-3 years through its upcoming greenfield facility.

Profitability Margins

Net Profit After Tax (PAT) grew 73.6% YoY to INR 21.41 Cr in FY25. In H1 FY26, PAT margin stood at 13.7%, representing a 256 BPS increase YoY from 11.14%.

EBITDA Margin

EBITDA margin for H1 FY26 was 22.8%, a year-on-year increase of 341 BPS from 19.39%. EBITDA grew 109.9% YoY to INR 23 Cr in H1 FY26, reflecting operational excellence and product diversification.

Capital Expenditure

Capital commitments stood at INR 59.35 Cr as of March 31, 2025. The company is utilizing IPO proceeds for a new greenfield factory, with INR 51 Cr remaining as of September 30, 2025, after applying 45% of the raised amount.

Credit Rating & Borrowing

The company maintains a healthy and conservative funding structure with a debt-to-equity ratio of 0.17. Total long-term borrowings were INR 6.35 Cr in FY25, with interest expenses of INR 1.65 Cr.

⚙️ Operational Drivers

Raw Materials

Materials for OIP (Oil Impregnated Paper) and RIP (Resin Impregnated Paper) bushings, including specialized paper, resins, and high-voltage components.

Capacity Expansion

Current capacity is being expanded with a new greenfield facility for RIP bushings expected to be ready by the end of FY26. Additionally, capacity additions in the existing factory are expected to be commissioned within 4-5 months to maintain growth momentum.

Raw Material Costs

Cost of materials consumed was INR 82.31 Cr in FY25, representing 54.8% of total revenue, up from INR 60.83 Cr in FY24.

Manufacturing Efficiency

Focus on operational excellence has improved EBITDA margins by 341 BPS. The company is transitioning from an assembly model to localized RIP manufacturing to enhance value addition.

📈 Strategic Growth

Expected Growth Rate

78.6%

Growth Strategy

Growth will be achieved through a new greenfield facility for RIP bushings, expanding the product range up to 550 kV (adding INR 3,500 Cr to the addressable market), and the acquisition of Sukrut Electric to leverage its 8x-10x revenue capacity.

Products & Services

High-performance bushings including Oil Impregnated Paper (OIP) and Resin Impregnated Paper (RIP) bushings, and high-current localized RIP solutions.

Brand Portfolio

Yash Highvoltage

New Products/Services

Upcoming 550 kV RIP bushings and localized RIP assembly models are expected to significantly increase the company's 1% global addressable market share.

Market Expansion

Targeting a larger share of the INR 10,000-12,000 Cr addressable market (33 kV to 245 kV) and expanding into the 550 kV segment. Focus on increasing the 4% export revenue share.

Market Share & Ranking

Currently holds approximately 1% of the global addressable market for high-voltage bushings.

Strategic Alliances

Maintains international collaborations to provide world-class quality solutions at competitive values.

🌍 External Factors

Industry Trends

The global bushing industry is facing a capacity constraint expected to last 8 to 10 years, which prevents price wars and supports healthy margins for existing players.

Competitive Landscape

The industry is characterized by high barriers to entry and a lack of price wars due to the current supply-demand gap in the bushing sector.

Competitive Moat

Moat is sustained by technical expertise in RIP/OIP technology, international collaborations, and a niche position in high-performance solutions where quality is critical to prevent transformer failure.

Macro Economic Sensitivity

Highly sensitive to global energy demand, which is currently expanding at nearly twice the rate of previous years.

Consumer Behavior

Increasing demand for higher voltage classes (up to 550 kV) and a shift toward RIP technology over traditional OIP for better reliability.

⚖️ Regulatory & Governance

Industry Regulations

Adheres to the Companies Act and Indian Accounting Standards. Notably, a Section 8 subsidiary (Abhigam Foundation) is not consolidated due to severe long-term statutory restrictions on fund transfers.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 24%, with INR 6.74 Cr in tax expenses on INR 28.15 Cr in profit before tax.

Legal Contingencies

Pending GST litigation for the period July 2017 to 2022 valued at INR 40.82 Lakhs (down from INR 220.95 Lakhs). Sales tax and CST demands for FY 2015-16 total INR 8.98 Lakhs.

⚠️ Risk Analysis

Key Uncertainties

Potential for product failure risks (high impact on reputation), supply chain delays for critical components, and statutory restrictions on subsidiary fund transfers.