YASH HV
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

2002-2008Incorporated in Vadodara. Initial focus on OIP condenser bushings. Current management takeover in 2008. Building utility approvals.
2009-2016First export (2009). Swiss collaboration with MGC Moser Glaser (2013). First MSME to localize RIP/RIS technology in India (2016).
2016-2022First in world to develop 52kV 6300A Hybrid RIP+OIP for STATCOM. India's first localized RIS (2019). 245kV RIP launched (2020).
2023-2024First bulk export to USA. Revenue crosses ₹108 Cr (FY24). First 25,000A high-current bushing order in India. Listed Dec 2024.
FY25-H1FY26Revenue ₹150 Cr (+39% in FY25). H1FY26 hits ₹102 Cr. Established Yash HV USA Inc. and UK/Europe distribution partnerships.
Oct 2025+Order book >₹300 Cr. Greenfield building ready Dec 2025. Addressable market expands to ₹15,000-16,000 Cr post-550kV.
03 • PRODUCT & MOAT

The Yash Edge

Structurally Differentiated Market Position

Massive Headroom

Holds >30% domestic market share in operating segment up to 245kV. Only 1% global market share today targeting 5-7%. Even 8-10x revenue growth leaves them below 5% globally.

High-Current (70% GM)

First Indian manufacturer of 25,000A high-current bushing. Serves data centers, renewables, defense, railways. Near-monopoly position domestically, indirectly supplying Google via OEMs.

550kV Upgrade

Originally planned to 220kV, the greenfield was upgraded to 550kV. Post-commissioning, this adds ₹3,400-3,500 Cr more to the addressable global market.

Qualification & R&D Moat

Bushing qualification takes 2-3 years. Approved by every Indian utility including nuclear. ILAC-accredited in-house test lab. Zero dependency on imported "Transfer of Technology" (TOT).

04 • FINANCIALS

Revenue & Margin Trajectory

H1FY26 Snapshot (₹ Lakhs)

Revenue (Ops)₹10,014+78.6% YoY
Total Revenue₹10,218
EBITDA₹2,33122.8% Margin
Finance Cost₹198
PAT₹1,40213.7% Margin

EBITDA path (Mar 26 meeting): 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 • ACQUISITION & VALUATION

Sukrut Effect & FY27E

Sukrut Electric Status

  • Stake: 50% (Yash) + 50% (Quality Power).
  • Products: Transformer relays, indicators, control panels.
  • Legal: SPA signed (Jan 2026); shareholder execution pending. NIL revenue FY26.
  • Growth Target: 2.5-4x revenue in 3-4 years ➔ ₹60-70 Cr potential from existing Pune facility.
  • MGC Bridge: Swiss supply continues till June 2027 ensuring zero disruption during indigenous transition.

FY27E Scenarios (Concall Anchored)

Current TTM P/E compressed from ~58x post-IPO to ~41.1x (at ₹418 CMP). Market factoring near-term dilution concerns, creating setup for FY27.

  • Bear (28x P/E): Greenfield delays, EBITDA stays 21%, PAT ₹36 Cr. EPS ~14.
  • Base (35x P/E): Commercial prod H2FY27, EBITDA 24%, PAT ₹45 Cr. EPS ~20.
  • Bull (45x P/E): Export ramp post-greenfield, 30-40% higher realisations, EBITDA 28%+, PAT ₹55 Cr. EPS ~26.
06 • EXPANSION

The Growth Roadmap

01. Greenfield (550kV)

Building ready Dec 2025. Trial Feb-Mar 2026. Commercial H2 FY27. ₹140-145 Cr Greenfield + ₹30-40 Cr Brownfield = ₹180 Cr total capex. Combined potential: ₹600-700 Cr revenue.

02. Export Ramp

Currently 4.5-5% of revenue. Target is 35-40% in 3-5 Years. Yash commands a 30-40% price premium in export markets vs domestic. Yash HV USA Inc. and Weidmann (Europe) are active.

03. High-Current

Scaling segment with 70% Gross Margins. Meeting demand from data centers (Google supply via OEMs), AI, and renewable transformers. Break-even on greenfield at 30-35% utilization.

07 • COMPARABLES

Peer Comparison

Electrical Equipment / Power T&D (Mar 2026)

CompanyMkt CapRevenueEBITDAP/EFocus
Yash Highvoltage~₹1,193 Cr₹193 Cr (TTM)~22.8%41.1xBushing mfg ➔ Export ramp
GE Vernova T&D~₹94,200 Cr₹5,722 Cr~19%~88xGIS, transformers (Yash Customer)
Hitachi Energy~₹1,10,000 Cr₹7,277 Cr~18%~132xTransformers, HVDC (Yash Competitor)
T&R India~₹8,670 Cr₹2,403 Cr~17%~40xTransformers, reactors
Apar Industries~₹38,550 Cr₹14,000 Cr~9%~32xConductors, 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).
  • Promoter Holding: 57.9% (Keyur G. Shah).
  • Public: 31.7%, DIIs: 10.1%, FIIs: 0.2%.
  • Proceeds Status: 45% deployed by Sep 25; balance ₹51 Cr earmarked for Greenfield completion.

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 ➔ Type Test ➔ Plant Visits ➔ Commercial Production (H2 FY27).

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 18% tariff deal is a net positive but invites long-term US competition.

10 • CHECKLIST

Half-Yearly Tracking

  • Greenfield Milestones: Equipment Install (Jan 26) ➔ Trial Prod (Feb-Mar 26) ➔ Type Tests (H1 FY27). 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: Shareholder completion announced? First revenue showing in consolidated P&L?
  • 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 ➔ 8-10x revenue target.
  • H1FY26 Rev +78.6% YoY; EBITDA expanding.
  • ₹180 Cr confirmed capex unlocks ₹600-700 Cr potential.
  • Export price delta of 30-40% confirmed.
  • MGC supply bridge till June 2027 limits transition risk.
  • Clean IPO litigation; strong OEM customer validation.

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.

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.