Yash Highvoltage Limited

Manufactures transformer condenser bushings in Oil Impregnated Paper (OIP) and Resin Impregnated Paper/Synthetic (RIP/RIS) variants, selling them to transformer original equipment makers and power infrastructure customers in India and overseas. FY26 revenue of INR 235.16 crore came from 7,272 bushing units sold to 1,000+ customers across 60+ countries, with an order book of INR 400+ crore providing 1.5 to 2 years of execution visibility. The cost structure is materials-heavy at 54.8% of revenue, followed by employees at 11.2% and other operating expenses at 11.4%, producing an EBITDA margin of 25.7%. A greenfield RIP/RIS facility at Jarod in Vadodara with INR 153 crore of capex is on track for commercial production in H2 FY27, lifting total bushing capacity from about 10,000 to 15,000 units annually and raising voltage capability up to 550 kV, with the stated goal of localising RIP cores that are currently imported. A 50% stake was taken in Sukrut Electric, a business currently generating INR 25-26 crore of revenue that management targets to grow to INR 150-160 crore in 4-5 years. Distribution partnerships with Weidmann for Europe and North Africa, Electrolink for the UK, Ireland and Wales, plus an operational YASH HV USA subsidiary, support an export target of 20%+ of revenue within 2-3 years. The balance sheet runs near debt-free with a debt-to-equity ratio of 0.17x. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. OIP transformer bushings, RIP and RIS transformer bushings, Sukrut Electric (50% stake), Exports to 60+ countries. Asset-heavy electrical equipment manufacturer with a concentrated product line in transformer bushings and heavy capacity expansion underway

Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)