Yash Highvoltage FY26: Record Results, a INR 400 Crore Order Book, and a Big Bet on RIP Localization

Yash Highvoltage Limited closed FY26 with its strongest numbers in over two decades. Revenue from operations rose 57 percent year-on-year to INR 235.1 crore, EBITDA increased 75 percent to INR 60.4 crore, and profit after tax grew 75 percent to INR 37.4 crore. Margins also improved, with FY26 EBITDA margin at 25.7 percent and PAT margin at 15.9 percent.

The management’s commentary across the investor presentation and the FY26 earnings call ties this performance to a combination of strong demand in the transformer and power infrastructure ecosystem, improved execution, and tighter financial discipline. The year also ended with an order book of over INR 400 crore as of 31 March 2026, giving the company meaningful visibility into the next one to two years of execution.

FY26 performance: growth with margin improvement

The company reported a strong second half as well. H2 FY26 revenue from operations was INR 135.5 crore versus INR 92.5 crore in H2 FY25. H2 FY26 EBITDA was INR 37.2 crore and PAT was INR 23.7 crore, with the H2 PAT margin at 17.5 percent.

Management attributed margin expansion mainly to economies of scale, better price recovery from customers, and disciplined currency hedging. It also pointed to gradual improvement in the mix as exports and retrofit services rise, which management described as relatively more marginable.

Business mix: RIP dominates, exports still small but rising

Yash Highvoltage positions itself as a specialist manufacturer of condenser-graded transformer bushings. The investor presentation provides a product mix for FY26 by share: RIP at 83 percent, OIP at 10 percent, high current at 3 percent, and others at 4 percent.

Geographically, the revenue base remains primarily domestic. FY26 geography mix was 93 percent domestic and 7 percent exports, compared with 95 percent domestic and 5 percent exports in FY25.

Management also indicated on the call that retrofit services contributed around 6 percent to 7 percent of total revenue in FY26. Over time, the company expects this to gradually increase as it expands service reach and visibility, including for international customers.

The strategic pivot: a greenfield RIP and RIS core localization project

The central strategic initiative is a greenfield facility aimed at expanding RIP and RIS manufacturing and enabling backward integration. The investor presentation outlines a INR 153 crore investment in Vadodara, Gujarat, with a stated commissioning timeline of H2 FY27. The company expects this facility to add around 6,000 units of annual capacity and localize RIP and RIS cores that are currently imported.

The earnings call adds operational color. Management stated the project is in the final stage, with civil work and PEB structures substantially complete and key equipment received. Trial production is targeted by end of Q2 FY27, with commercial production targeted in H2 FY27. The management also stated the project scope has been expanded from an originally planned 220 kV range to 550 kV, increasing the addressable market opportunity.

The stated impact of this project is multi-layered.

First, it aims to reduce dependence on imported capacitive cores for RIP and RIS bushings. Second, it is expected to improve cost competitiveness and support margin expansion through reduced import duties and reduced lead times. Third, it is presented as an export unlock, since management stated RIP and RIS products are currently sold only in India and the new facility would enable global supply.

Management also acknowledged typical commissioning risks and said initial teething challenges are expected. However, it was explicit that FY27 revenue planning is not dependent on immediate success of RIP core localization. Even if there is a two to three month delay, management stated FY27 revenue targets would not be impacted.

Building a platform for export growth

Alongside manufacturing expansion, Yash Highvoltage is investing in go-to-market infrastructure.

The company has operationalized Yash HV USA Inc. as a sales and marketing office. In the presentation, the company positions the US grid as entering a major modernization cycle and argues that a direct presence improves customer engagement and qualification timelines. Management reiterated that a local presence in the US helps accelerate approval cycles and improves engagement with OEMs, utilities, and consultants.

In Europe and the UK, the company announced distribution partnerships. The presentation cites Weidmann for select European and North American markets and Electrolink for the UK and Ireland. Management said these partnerships are already operational across select European, North African, and UK markets.

On the call, management also stated an explicit medium-term goal for exports: it expects exports to be at least 20 percent plus in the next two to three years.

Capital allocation and funding approach

The company’s balance sheet remains conservatively funded as per management commentary, with debt-to-equity at 0.17 times as of March 2026.

In the earnings call, management also discussed a potential equity fund raise. It stated that shareholder approval has been taken up to INR 150 crore, but it may not fully utilize that limit. Management indicated it is eyeing around INR 100 to 110 crore, primarily for capex related to expanding production range up to 550 kV and strengthening testing infrastructure.

The company’s financial statements show a rise in capital work-in-progress, consistent with the greenfield build-out. Capital work-in-progress increased to INR 42.50 crore at March 2026 versus INR 2.39 crore at March 2025.

Sukrut Electric acquisition: an adjacent growth lever

The company acquired a 50 percent stake in Sukrut Electric, a transformer components manufacturer, in partnership with Quality Power. On the call, management stated Sukrut’s FY26 revenue was around INR 25 to 26 crore. It also shared an aspiration that Sukrut could cross INR 150 to 160 crore revenue over the next four to five years.

However, management did not provide an EBITDA target for Sukrut and said it is too early to comment, preferring to observe the business for a few more quarters.

What management guided for FY27

The earnings call included several forward-looking statements, particularly around operating margins, timelines, and order flows.

Management stated it expects to maintain EBITDA margins around 24 percent to 25 percent in FY27. It also stated that as import dependency reduces post-localization, gradual profitability improvement should begin from next year onward, while emphasizing a focus on preventing margin erosion.

On growth, management indicated a FY27 invoicing target of around INR 360 crore to INR 400 crore. It also stated a target to book at least INR 500 crore plus orders during FY27, while executing with 40 percent to 45 percent growth and maintaining a healthy opening order book for the subsequent year.

Key takeaways

FY26 establishes Yash Highvoltage’s current operating strength: high growth, expanding margins, and a large order book. But the larger investment narrative is about what comes next.

The greenfield facility is positioned as a structural step, not only expanding capacity but changing the economics of RIP and RIS bushings through localization. At the same time, the company is putting in place export-facing distribution and on-ground presence to shorten qualification cycles.

The core milestones for FY27 therefore appear clear from the documents: commissioning progress, trial production, type testing, and commercial ramp-up of the new facility. Alongside that, the company aims to maintain margins in the mid-20s while scaling revenues and strengthening its export mix.