Yash Highvoltage: Powering Growth with Strategic Expansion and Robust Performance

Yash Highvoltage Limited, a prominent player in the power engineering and manufacturing industry, has reported a stellar performance for the first half of Fiscal Year 2026 (H1 FY26). The company, specializing in condenser graded high voltage and high current transformer bushings, showcased robust operational execution and healthy financial growth, reinforcing its position as a leading solution provider in the global power transmission and generation landscapes.

For H1 FY26, Yash Highvoltage recorded a significant 78.6% year-on-year (YoY) increase in total revenues, reaching INR 102.18 crore. This impressive growth was primarily fueled by strong order inflows from both domestic and international power and infrastructure sectors, coupled with enhanced operational efficiency and strategic capacity expansions. The company's EBITDA surged by 109.9% YoY to INR 23 crore, with the EBITDA margin standing at a healthy 22.8%, marking a 341 basis points improvement. Profit After Tax (PAT) also saw a remarkable rise of 119.4% YoY, reaching INR 14 crore, with a PAT margin of 13.7%. These figures underscore the company's disciplined approach to operational excellence and the expanding contribution from its diversified product portfolio.

Segmental Performance and Market Positioning

Yash Highvoltage's revenue streams are predominantly driven by its Resin Impregnated Paper (RIP) bushings, which continue to be a significant contributor, accounting for 80-85% of the company's total revenue. The remaining 15-20% is generated from Oil Impregnated Paper (OIP) and high-current bushings, which have also demonstrated substantial growth. The company's export contribution is steadily increasing, currently ranging between 4.5% and 5% of its total revenue, with installations spanning over 60 countries globally.

The global transformer bushing market is estimated at INR 25,000-26,000 crore and is projected to grow at a Compound Annual Growth Rate (CAGR) of at least 5.6% through 2034. Yash Highvoltage's current product range addresses a global market of approximately INR 10,000-12,000 crore. With the commissioning of its new greenfield project, which will scale up its product range to 550 kV, and the opening of global markets for its localized RIP bushings, the company's addressable market is expected to expand to a minimum of INR 15,000-16,000 crore.

Strategic Initiatives and Future Outlook

Yash Highvoltage has embarked on several strategic initiatives to sustain its growth trajectory and strengthen its global footprint. The company successfully completed its IPO listing on the BSE SME Segment in December 2024, with proceeds primarily directed towards capacity build-up, including new infrastructure, equipment, and a state-of-the-art laboratory. The new greenfield plant is anticipated to be ready by the end of FY26 and is expected to commence commercial production in the second half of FY27.

In a significant move to consolidate its strengths, Yash Highvoltage acquired a 50% equity stake in Sukrut Electric Company Pvt. Ltd., a Pune-based transformer component manufacturer. This collaboration, in partnership with Quality Power Electrical Equipments Ltd., aims to enhance Sukrut's scale, capability, and market reach. Management projects an 8 to 10 times growth in Sukrut's top line within the next 5-6 years, with a combined revenue potential of INR 600-700 crore for both facilities.

To expand its global reach, Yash Highvoltage established a sales and marketing office in the United States (Yash HV USA Inc.) and forged strategic distribution partnerships with Weidmann for European and North African markets, and Electrolink UK for the UK, Ireland, and Wales. These initiatives are designed to bring innovation and reliability closer to international customers and strengthen the company's global presence.

Furthermore, the company has invested in enhancing its in-house testing infrastructure, including NABL accreditation for its test labs and DSIR recognition for its R&D unit. These advancements, such as new RIV and TRT test setups and a Vaisala dew point meter, underscore Yash Highvoltage's commitment to delivering world-class products that meet stringent international quality standards.

Management's Vision

Management is confident in achieving multi-fold growth over the next five years, targeting a minimum CAGR of 35%, consistent with historical performance. This growth will be supported by increasing global and domestic infrastructure investments, coupled with backward integration to enhance efficiencies and reduce costs. The company's healthy balance sheet, with a debt-to-equity ratio of 0.17 and a current ratio of 2.61, provides ample liquidity to support its controlled growth strategy.

In conclusion, Yash Highvoltage Limited is strategically positioned for sustained growth, driven by its robust financial performance, aggressive capacity expansion, global market penetration, and unwavering commitment to quality and innovation. The company's proactive approach to market opportunities and disciplined execution of strategic initiatives instill confidence in its future trajectory.