BSE: 544310
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)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 235 |
| EBITDA (ex other income) | 55 |
| margin % | 23.2 |
| Owners' profit | 37 |
| EPS, as reported (₹) | 13.08 |
| ROE % · ROCE % | 20.3 · 27.5 |
| Debt / equity (x) | 0.17 |
| Cash from operations | 9 |
| Capex | (59) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 100 | 136 |
| Profit before tax | 19 | 32 |
| Net profit | — | 24 |
| EPS (₹) | 4.91 | 8.31 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 96.8 | 22.6 | 48 of 52 | 8% |
| P/B | 19.9 | 3.3 | 46 of 49 | 6% |
| ROCE | 25.5 | 12.4 | 12 of 55 | 80% |
| ROE | 20.3 | 12.4 | 14 of 50 | 74% |
| Debt / Equity | 0.2 | 0.3 | 21 of 50 | 59% |
| EBITDA margin | 27.4 | 12.6 | 10 of 51 | 82% |
| Market cap | 3653 | 576 | 13 of 56 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · H1 FY27 revenue doubles; order book rises to Rs 760 crore | investor communications | medium | — | — |
| 21 Oct 2026 · Audio link shared for earnings call held on 21 October 2026 | investor communications | low | — | — |
| 21 Oct 2026 · Pref Issue Fund Utilization - Sep 2026 Quarter, No Deviation | fund raising | medium | — | — |
| 21 Oct 2026 · IPO Fund Utilization Q2 FY27: No Deviation Reported | compliance | low | — | — |
| 21 Oct 2026 · Yash Highvoltage allots 9,200 shares under ESOP Scheme 2025 | capital market events | low | — | — |
| 21 Oct 2026 · H1 FY27 revenue up 95% to 194.5 cr, PAT jumps 165% to 36.2 cr | compliance | low | — | — |
| 21 Oct 2026 · H1FY27 Investor Presentation: Revenue up 95% YoY, Order Book at Rs 760 Cr | investor communications | medium | — | — |
| 21 Oct 2026 · Half-year profit jumps 166% as revenue rises 83% | results | high | — | — |
| 21 Oct 2026 · H1 FY27 results: revenue nearly doubles, PAT jumps 166%; ESOP allotment of 9,200 shares | results | high | — | — |
| 15 Oct 2026 · Earnings call on H1 FY27 results scheduled for Oct 21, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.