Yash Highvoltage Q2 FY27 results: net profit ₹36.37 crore, revenue up 94.2%

How did Yash Highvoltage perform in Q2 FY27?

Yash Highvoltage reported consolidated revenue of ₹194.51 crore for Q2 FY27, up 94.2% from ₹100.14 crore in Q2 FY26. EBITDA was ₹53.58 crore, up 183.9% from ₹18.87 crore, and the EBITDA margin rose 8.7 percentage points to 27.5% from 18.8%.

Net profit for the quarter was ₹36.37 crore, while basic EPS was ₹12.55, up from ₹4.91 in Q2 FY26. On a standalone basis, revenue was ₹194.51 crore and net profit was ₹36.19 crore. The company’s reported quarter-on-quarter figures were on a consolidated basis, with no previous-quarter comparison provided.

What changed in Yash Highvoltage's costs and profit?

Total expenses rose 77.5% to ₹147.77 crore from ₹83.26 crore in Q2 FY26. Cost of materials increased ₹38.60 crore to ₹94.76 crore, employee cost rose ₹10.05 crore to ₹20.99 crore, other expenses rose ₹13.47 crore to ₹26.54 crore, and finance costs increased ₹0.47 crore to ₹2.45 crore.

Other income fell ₹0.96 crore to ₹1.07 crore from ₹2.03 crore in Q2 FY26. There was no exceptional item in either quarter. Profit before tax increased 152.7% to ₹47.81 crore from ₹18.92 crore, while tax expense rose ₹6.83 crore to ₹11.73 crore from ₹4.90 crore.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹453.45 crore, compared with ₹264.42 crore at 31 March 2026. Total equity was ₹319.78 crore against ₹183.98 crore, while borrowings fell to ₹10.27 crore from ₹31.09 crore. Cash and cash equivalents were ₹69.29 crore, compared with ₹20.07 crore, and inventories were ₹71.83 crore against ₹66.65 crore.

Trade receivables rose to ₹69.51 crore from ₹30.57 crore, and trade payables increased to ₹46.42 crore from ₹20.54 crore. In H1 FY27, operating cash flow was ₹45.27 crore, compared with ₹4.76 crore in H1 FY26; investing cash flow was negative ₹69.86 crore against ₹2.00 crore, and financing cash flow was ₹73.81 crore against ₹0.06 crore. Capital expenditure was ₹44.42 crore, compared with ₹19.49 crore.

What else did the company announce?

On 21 October 2026, the board approved the unaudited standalone and consolidated financial results for the half year ended 30 September 2026, along with the independent auditor’s review reports. The board also approved the allotment of 9,200 equity shares of face value ₹5 each on exercise of vested employee stock options under the Yash Highvoltage Limited Employee Stock Option Scheme 2025, generating ₹46,000.

The company filed an investor presentation for H1 FY27 and a preferential issue fund-utilisation statement for the quarter ended September 30, 2026. The filing said that ₹150.996 crore was raised through the preferential issue on 6 August 2026 and that there was no deviation or variation in the use of funds. The filing reported ₹9.16 crore utilised against the capital expenditure allocation and the full ₹20.00 crore working-capital allocation utilised.

What did Yash Highvoltage's management say?

Management said the ₹760 crore order book at 30 September 2026 was expected to be executed over the next 15–18 months. It said H2 FY27 revenue was expected to be broadly balanced with H1 FY27, rather than repeat the historical second-half skew. Management also said the brownfield expansion was targeted for completion by the end of Q3 FY27, with incremental capacity expected from Q4 FY27.

Management said it would strive to improve or at least maintain H1 FY27’s 28.1% EBITDA margin in H2 FY27 and FY28, while maintaining FY26’s approximately 15.5% PAT margin despite depreciation increasing to 2.5–3 times the prior level. The Jarod greenfield project capex was stated at ₹220 crores, with ₹106 crores spent through 30 September 2026 and the balance planned over the next 12 months.

Management said priorities for the second half of FY27 included commissioning end-to-end RIP/RIS bushing manufacturing, ramping up higher-voltage assembly at Jarod, deepening customer relationships in India and overseas, and strengthening the company’s presence in the United States. The company also targets ₹900–1,000 crores of combined Unit 1 and Unit 2 revenue by FY31 and has a global market-share ambition of at least 5% within four to five years.

Management identified risks including continued reliance on imported cores, logistics, duty and foreign-exchange exposure, the need for type testing and customer approvals for localised RIP cores, possible price competition from new entrants and transformer capacity additions, and uncertainty over the margin benefit from localisation.

How did Yash Highvoltage shares react?

The stock was down 3.6% on the reaction day from its pre-results close, compared with a 2.4% median decline for the Other Electrical Equipment industry. By the next day’s close, the stock was down 0.7% from its pre-results close, while the industry median was down 4.0%. By the five-session close, the stock was up 3.2% from its pre-results close, compared with a 4.0% industry decline.

The stock’s reaction-day move was 1.2 percentage points below the industry median. Earlier reaction-day moves were down 2.1% on 13 May 2026, down 2.1% on 10 October 2025 and up 5.1% on 20 May 2025.

How did other Other Electrical Equipment companies do?

Among 25 Other Electrical Equipment companies compared for the quarter, the median revenue growth was 39.4%. Twenty-one peers grew slower than Yash Highvoltage and four grew faster. Fifteen peers reported higher profit, based on 24 peers with available profit comparisons, as of 7 November 2026.