Yash Highvoltage Ltd

BSE: 544310

₹ 1,159-5.19%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,464 crWebsite: www.yashhv.comUpdated: 24 Oct 2026

About

Yash Highvoltage Ltd, founded in 2002 and headquartered in Vadodara, Gujarat, makes condenser-graded high-voltage and high-current transformer bushings. It also repairs, retrofits and replaces bushings. Revenue for FY26 was Rs 235.16 cr. The FY25 annual report puts its domestic market share at 70% in RIP bushings and 35%-40% in OIP bushings, both up to the 245 kV class.^[1][2]

Product mix

RIP bushings were 70-80% of revenue, OIP 15-16% and high-current 4-5% (Q3 FY25 call). RIP and OIP volumes are equal, but RIP sells at about 4x the OIP price.^[3]
RIP was still more than 80% of revenue in H1 FY26, while OIP and exports grew substantially.^[4]
Product EBITDA margins: high-current 45%, RIP 20-22%, OIP 13-15% (Q3 FY25 call).^[3]

Products

The range covers OIP condenser bushings, RIP/RIS condenser bushings, high-current bushings, OIP wall bushings and oil-to-oil bushings, plus repair, retrofitting and replacement (FY25).^[1]
High-current bushings come in voltage classes from 24 kV to 52 kV, with current ratings from 4,000 A to 25,000 A (FY25).^[1]
The company describes itself as the first Indian maker of 25,000 A high-current bushings. It says its bushings are installed at all nuclear power generation utilities in India (FY25).^[1]
It was already supplying a special range of bushings for data centres as of the Q4 FY25 call.^[5]

Operations and capacity

Existing capacity was about 9,000-10,000 bushings a year, with 50-60% utilisation in FY25 after OIP capacity was added.^[5]
Utilisation at the existing plant passed 80% in H1 FY26. Equipment orders for more capacity there were finalised, for commissioning in 4-5 months.^[4]
The in-house R&D unit is DSIR-recognised, the test laboratory is NABL-accredited, and the impulse lab can test up to 1500 kVp (FY25).^[1]
RIP/RIS cores were imported from Switzerland or China as of FY25. The new plant is meant to make them locally.^[1][5]
Team size was more than 150 (FY25).^[1]

Key operating numbers

The order book was more than INR300 cr in Q2 FY26, to be executed over 1.5-2 years.^[4]
About 950 units of 245kV RIP bushings were sold in FY25, against about 580 in FY24.^[1]
More than 80 high-current bushings were executed in FY25, bringing in revenue of about ₹6 cr.^[1]
First-pass yield was 99%, and the blended material-to-sales ratio was 60-62% (Q3 FY25 call).^[3]

Customers and exports

Customers include POWERGRID, NTPC and GE T&D. The company is approved by all generation, transmission and distribution utilities in India (FY25).^[1]
Export revenue grew 75% to INR 7.7 Cr in FY25 from INR 4.4 Cr in FY24, with more than 60% of it coming from Europe.^[1]
Exports were about 4.5-5% of revenue in H1 FY26. In FY25, 33.2% of OIP bushing sales were exported.^[4][1]
Over 40,000 products are installed across more than 60 countries. In FY25 the company entered seven new geographies, including Canada, South Africa and China.^[1]
Weidmann was appointed agent for Europe and North Africa, and Electrolink distributor for the UK and Ireland.^[1][4]

Expansion and capex

A greenfield RIP plant at Suncity Industrial Park, Savli, Vadodara, is meant to localise RIP core production. Capex was given as INR100 cr+ in Q2 FY26.^[4][6]
The new plant's scope was raised from 220kV at the IPO to 550kV (Q2 FY26 call).^[4]
Management expects total capacity of 15,000-16,000 bushings after the greenfield plant, with a ramp-up of 1-2 years (Q4 FY25 call).^[5]
Management says the two plants together give INR550-700 cr of revenue potential at full use, reached in 2.5-3 years (Q2 FY26 call).^[4]
The FY25 annual report plans to expand the voltage range up to 440 kV within 5 years.^[1]

Recent developments

On 30 Sep 2026, commercial production started at the new Savli, Vadodara facility, with the first commercial invoice raised.^[6]
US subsidiary YASH HV USA INC. appointed Ensales Electrical Associates as sales representative across 19 US states for 36 months, effective 11 Sep 2026.^[7]
The US offering covers bushings up to 245 kV (OIP) and 25,000 A (high-current), plus RIP/RIS condenser bushings up to 230 kV from 2027.^[7]
Yash and Quality Power signed a share purchase agreement to buy 50% of Sukrut Electric. The deal had not closed as of the Q2 FY26 call.^[4]
Yash HV USA Inc. was incorporated in Texas on 21 April 2025 as a wholly owned subsidiary.^[1]

Market Cap

₹3,464 Cr

High / Low

₹1,310 / 366

Stock P/E

56.7

Price / Book

0.0

Book Value

₹64

EPS

₹13.1

No. of Shares

2.86 Cr

ROCE

25.4%

ROE

20.3%

OPM

23.3%

Debt / Equity

0.17

Sales

₹235 Cr

Net Profit

₹37 Cr

Promoter holding

53.8%

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