SME GEMS • HIDDEN CHAMPIONS OF THE SME PLATFORM
YASH HIGHVOLTAGE LIMITED
India's Bushing Backbone • 30-Year Demand Runway.
Market Cap
~₹1,193 Cr
Current Price: ₹418
TTM P/E
~41.1x
BSE SME: 544310
EBITDA (H1FY26)
22.8%
Promoter Holding: 57.9%
Order Book (Oct '25)
₹300+ Cr
1.5 - 2 Yrs Execution
Precision Engineered. Grid-Critical.
From a Vadodara workshop to a global leader targeting a massive niche market. Yash Highvoltage is the first MSME to localize RIP/RIS technology in India. With a goal to grow their 1% global market share to 5-7%, they are executing an aggressive greenfield expansion (up to 550kV). Think Transformer Bushings, Think Yash.
02 • TIMELINE
Vadodara to Global Leader
| 2002-2008 | Incorporated in Vadodara for step-up transformers. Struggling startup acquired in 2008 by current MD Keyur Shah for negligible cost by absorbing existing bank debt. |
| 2009-2016 | First export (2009). Swiss collaboration with MGC Moser Glaser (2013). First MSME to localize RIP/RIS technology in India (2016). |
| 2016-2022 | First in world to develop 52kV 6300A Hybrid RIP+OIP for STATCOM. India's first localized RIS (2019). 245kV RIP launched (2020). |
| 2023-2024 | First bulk export to USA. Revenue crosses ₹108 Cr (FY24). First 25,000A high-current bushing order in India. Listed Dec 2024. |
| FY25-H1FY26 | Revenue ₹150 Cr (+39% in FY25). Established Yash HV USA Inc. Existing factory capacity upgraded from 6,000 to 10k-12k units annually. |
| 2026+ | Order book >₹300 Cr. Greenfield building ready Dec 2025 with standard prototypes expected Q3 2026. Addressable market expands to ₹15,000-16,000 Cr post-550kV. |
03 • PRODUCT & MOAT
The Yash Edge
Structurally Differentiated Market Position
Massive Headroom & Economics
Global bushing market sits at ~₹25,000 Cr (projected ₹40k Cr by 2035). Indian market (₹1.5k-₹2k Cr) expected to hit ₹6k-₹7k Cr. Bushings typically account for 5-8% (up to 9% for RIP) of a transformer's total cost. Yash currently holds just 1% globally.
The Retrofit / Replacement Moat
A transformer lasts ~30 years and requires at least one bushing replacement. Yash excels at reverse-engineering custom retrofit bushings for legacy transformers via on-site measurements, creating a high-margin captive replacement business.
Product Range & High-Current Edge
Executing a bulk order of 300 IEEE transformer bushings (34.5 kV 10000 A) for a global Internet giant's US data centers. First Indian manufacturer of 25,000A high-current bushing.
Qualification & Supply Chain
Bushing qualification takes 5-7 years, creating a massive entry barrier. Yash mitigates geopolitical supply shock by keeping 98% of its OIP supply chain completely localized in India, maintaining standard lead times of 16-20 weeks.
04 • FINANCIALS
Revenue & Margin Trajectory
H1FY26 Snapshot (₹ Lakhs)
| Revenue (Ops) | ₹10,014 | +78.6% YoY |
| Total Revenue | ₹10,218 | |
| EBITDA | ₹2,331 | 22.8% Margin |
| Finance Cost | ₹198 | |
| PAT | ₹1,402 | 13.7% Margin |
EBITDA path: 22-24% today ➔ 30-35%+ in 2 years via localization (import duty + freight saved) + RIP export mix (30-40% price premium) + reduced Swiss imports.
05 • M&A AND GOVERNANCE
Sukrut & Corporate Structuring
Sukrut Electric Acquisition
- Stake: Joint acquisition — 50% (Yash) + 50% (Quality Power).
- Products: Transformer relays, indicators, control panels.
- Current Metrics: Revenue is currently <₹30 Cr.
- Growth Target: 5-6x revenue in 3-5 years via existing network synergies.
- Logic: Moves Yash toward a "one-stop-shop" for transformer components.
MGC Governance Cleared
Historically, Swiss partner MGC Moser Glaser held a 25.7% cross-holding in Yash, creating related-party concerns for imports.
- Resolution (2024): Cross-holding was completely sold back. MGC is now strictly an arm's-length buyer-supplier.
- Supply Independence: Yash continues to import active parts from MGC as a bridge until the greenfield is ready (June 2027), but has the freedom to buy from other suppliers.
06 • EXPANSION
The ₹600 Cr Production Roadmap
01. Capacity Math
Old factory (upgraded to 10k-12k units) generated ~₹200 Cr and still has ₹50-70 Cr headroom. The new 550kV greenfield adds ~₹300 Cr capacity. Total potential: ₹550-600 Cr without major future capex.
02. Export Ramp & Brand
Targeting 35-40% export mix. Secured a major partnership with Weidmann for representation in Europe and North Africa, adding to a base of >30 global agents.
03. Global Exhibitions
Aggressively building the brand globally at major industry events like CWIEME Berlin, CARILEC Miami, and Industry Navigator Dubai to cement international trust.
07 • COMPARABLES
Peer Comparison
Electrical Equipment / Power T&D (Mar 2026)
| Company | Mkt Cap | Revenue | EBITDA | P/E | Focus |
|---|
| Yash Highvoltage | ~₹1,193 Cr | ₹193 Cr (TTM) | ~22.8% | 41.1x | Bushing mfg ➔ Export ramp |
| GE Vernova T&D | ~₹94,200 Cr | ₹5,722 Cr | ~19% | ~88x | GIS, transformers (Yash Customer) |
| Hitachi Energy | ~₹1,10,000 Cr | ₹7,277 Cr | ~18% | ~132x | Transformers, HVDC (Yash Competitor) |
| T&R India | ~₹8,670 Cr | ₹2,403 Cr | ~17% | ~40x | Transformers, reactors |
| Apar Industries | ~₹38,550 Cr | ₹14,000 Cr | ~9% | ~32x | Conductors, cables, transformer oil |
Yash's ~41x P/E sits at a deep discount to Hitachi Energy (132x) and GE Vernova (88x).
08 • STRUCTURE
IPO & Litigation Profile
Capital Structure (Dec 2024 IPO)
- Issue Type: Book Built (Fresh + OFS). Raised ~₹85 Cr.
- Promoter Holding: 57.9% (Keyur G. Shah).
- Public: 31.7%, DIIs: 10.1%, FIIs: 0.2%.
- Proceeds Status: Will be fully utilized for the ₹100+ Cr greenfield, supplemented by current year cash accruals.
Litigation (Low Risk)
- Company Tax Cases: 3 proceedings totaling just ₹48.97 lakhs.
- Director/Promoter: NIL litigations. Clean governance.
- Group Companies: 2 cases totaling ₹0.79 lakhs. No NCLT or criminal cases.
- Materially cleaner versus most SME peers.
09 • WATCHPOINTS
Key Risks
Greenfield Execution Chain
Delay at any step propagates: Trial (Q3 26) ➔ Type Test ➔ Commercial Production.
Customer Concentration
Top 10 concentrated in NTPC, Power Grid, Discoms. Mitigated by 500+ OEM base and selective order intake.
EBITDA Expansion Necessity
H1FY26 EBITDA at 22.8% must structurally move toward 28-32% to fundamentally justify current P/E levels.
Macro: Iran War & Trade
Brent crude spike impacts transformer oil costs (OPM risk). US office setup protects against future tariffs.
10 • CHECKLIST
Half-Yearly Tracking
- Greenfield Milestones: Equipment Install (Q1 26) ➔ Prototypes (Q3 26). Watch BSE.
- Order Book Flow: Maintaining >₹300 Cr balance with fresh higher-margin additions.
- EBITDA Trajectory: Are localization savings reflecting in margins? Moving past 23%?
- Sukrut Execution: Pushing existing <₹30 Cr revenue toward the 5-6x target?
- Transformer Oil Hedging: Addressing crude spikes from Middle-East tensions.
- First RIP Export Order: The landmark event proving the 30-40% price premium post-greenfield.
11 • SUMMARY
Investment Thesis
The Opportunity (Bull)
- >30% Indian share + 1% global ➔ Targets ₹600 Cr combined capacity.
- Massive ₹25k-40k Cr global addressable market.
- High-margin retrofit replacement capability.
- Export price delta of 30-40% confirmed. Data center demand surging.
- MGC related-party overhang cleared (2024).
- 98% localized supply chain mitigates geopolitical risk.
The Risks (Watch)
- Greenfield trial-to-commercial execution chain dependencies.
- Must reach 28%+ EBITDA to justify current ~41x P/E.
- Transformer oil cost pressure from crude spikes.
- Sukrut shareholder execution pending (as of Oct 25).
- SME platform liquidity constraints.
@sachprat07
FOR INFORMATIONAL PURPOSES ONLY • NOT INVESTMENT ADVICE
This presentation is prepared solely for educational and informational purposes. It does not constitute personalised investment advice or a recommendation to buy, sell, or hold any security.
Electrical equipment and power T&D SME stocks carry elevated risk due to programme delays, limited trading liquidity, customer concentration, and greenfield execution risk. Past revenue growth or stock price performance does not guarantee future results.
Sources: BSE Exchange Filings (544310) • IPO Prospectus • FY25-H1FY26 Investor Presentation • Earnings Concalls • Mar 2026 Investor Meeting.