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Yash Highvoltage Ltd (544310)

📊 BSE: 544310 🏢 Other Electrical Equipment 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 21 Oct 2026 (board meeting)

Yash Highvoltage Ltd's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, H2 FY26, Yash Highvoltage's revenue was ₹136 Cr (+46.2% year on year, +36.0% on the previous half-year), and net profit ₹24.0 Cr (+60.0% year on year); the operating margin was 26.5%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹136	+46.2%	+36.0%
Operating profit	₹36.0	+71.4%	+71.4%
Net profit	₹24.0	+60.0%	+71.4%
EPS (₹)	8.31	+58.3%	+69.2%
Operating margin	26.5%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Yash Highvoltage Expands US Reach to 27 States via 36-Month Agreement with EHV Solutions

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 12 Oct 2026, 10:43 PM

Yash Highvoltage's subsidiary, YASH HV USA INC., has signed a 36-month representation agreement with EHV Solutions LLC effective October 12, 2026. This adds 5 states across the Western and South-Central US, expanding the company's US representation network from 22 to 27 states. EHV Solutions will handle marketing, sales, utility approvals, and homologation for products including bushings up to 245 kV and upcoming RIP/RIS products up to 230 kV from 2027 onwards. The agreement targets the US market of over 3,000 utilities, supporting the company's strategic push to expand its 4% export revenue share.

Expanded US sales network from 22 to 27 states by adding 5 Western and South-Central states
Entered into a 36-month Representation Agreement effective October 12, 2026
Covers products including LV bushings up to 25,000 Amps, OIP condenser bushings up to 245 kV, and RIP/RIS bushings up to 230 kV available from 2027
Follows earlier US footprint additions via ENSALES (19 states) and Gateway Power Sales (3 states)

💡 Track export revenue growth in upcoming quarterly reports and monitor conversion of representation agreements into confirmed utility orders.

Yash Highvoltage US Arm Signs 3-Year Sales Representation Pact with EHV Solutions

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 12 Oct 2026, 04:13 PM

Yash Highvoltage's subsidiary, YASH HV USA INC., has signed a 3-year representation agreement with EHV Solutions LLC effective October 12, 2026. Under the deal, EHV Solutions will act as a sales representative across 5 Western and South Central US states to drive stakeholder mapping, utility approvals, product evangelism, and homologation. The portfolio includes LV high-current bushings (up to 25,000 Amps), OIP condenser bushings (up to 245 kV), and upcoming RIP/RIS condenser bushings (up to 230 kV, slated from 2027). The pact aligns with the company's objective to expand its low 4% export revenue share against TTM revenue of ₹386 crore.

Agreement duration is 36 months (3 years) starting October 12, 2026.
Coverage spans 5 states across Western and South Central United States.
Covers LV High Current Bushings up to 25,000 Amps and OIP Bushings up to 245 kV.
Resin Impregnated Paper (RIP) and RIS condenser bushings up to 230 kV included from 2027 onwards.

💡 Monitor utility homologation milestones and export order inflows from the US market in upcoming quarterly updates.

Yash Highvoltage Expands US Reach to 22 States via 36-Month Gateway Power Sales Deal

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 30 Sep 2026, 09:55 PM

Yash Highvoltage Limited announced that its subsidiary, YASH HV USA INC., has signed a 36-month representation agreement with Gateway Power Sales effective September 29, 2026. This agreement covers three additional Midwestern US states, expanding the company's US representation footprint from 19 to 22 states. Gateway Power Sales will assist with utility approvals, product homologation, and sales for products including LV High Current Bushings up to 25,000 Amps, OIP Condenser Bushings up to 245 kV, and RIP/RIS Bushings up to 230 kV (available from 2027). This supports the company's stated strategic goal of increasing its 4% export revenue share against a TTM revenue base of Rs 386 Cr.

Expanded US footprint from 19 states to 22 states by adding 3 Midwestern US states
Entered into a 36-month representation agreement with Gateway Power Sales, effective September 29, 2026
Product portfolio covered includes LV High Current Bushings up to 25,000 Amps, OIP up to 245 kV, and RIP/RIS up to 230 kV available from 2027
Targeting a US market comprising more than 3,000 utilities to increase export presence

💡 Track subsequent export order inflows and the progress of US utility homologation approvals ahead of the 2027 commercial rollout of RIP/RIS bushings.

Yash Highvoltage US Arm Signs 3-Year Sales Agreement with Gateway Power Across 3 States

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 30 Sep 2026, 07:02 PM

Yash Highvoltage's subsidiary, YASH HV USA INC., has executed a 36-month representation agreement with Gateway Power Sales, effective September 29, 2026. Gateway Power will act as a sales representative across 3 states in the Mid-west United States to handle marketing, utility approvals, and product homologation. Products covered include Low Voltage High Current Bushings up to 25,000 Amps, OIP Condenser Bushings up to 245 kV, and RIP/RIS Condenser Bushings up to 230 kV (available from 2027 onwards). This move aligns with the company's objective to increase its current 4% export revenue contribution against a TTM revenue base of Rs 386 Cr.

Subsidiary YASH HV USA INC. signed a 36-month (3-year) representation agreement with Gateway Power Sales effective September 29, 2026
Appointed sales representative covers 3 states in the Mid-west United States
Product portfolio includes LV High Current Bushings up to 25,000 Amps and OIP Bushings up to 245 kV
Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) Bushings up to 230 kV to be represented from 2027 onwards

💡 Track subsequent order inflows and utility homologation milestones from the US market in upcoming quarterly updates to assess export growth.

Yash Highvoltage Commences Commercial Production at New Savli RIP/RIS Facility

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 30 Sep 2026, 03:56 PM

Yash Highvoltage has commenced commercial production at its new manufacturing facility in Savli, Vadodara, and raised its first commercial invoice on September 30, 2026. The facility is dedicated to producing Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) transformer condenser graded bushings and parts. This operational milestone directly aligns with the company's stated strategy to expand RIP capacity and address higher voltage segments, supporting revenue growth against its TTM revenue base of Rs 386 Cr.

Commercial production commenced effective September 30, 2026
First commercial invoice raised from the new plant on September 30, 2026
Facility located at Plot No. 32-A, Suncity Industrial Park, Savli, Vadodara
Plant dedicated to RIP and RIS transformer condenser graded bushings and accessories

💡 Track capacity ramp-up milestones and incremental revenue contributions from the Savli facility in upcoming quarterly filings (H2 FY27).

Yash Highvoltage Schedules Plant Visit with Cooper Investors for Aug 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 04:21 PM

Yash Highvoltage Limited has announced an interaction with institutional investor Cooper Investors (CI), an Australian equities investment manager. The meeting is scheduled as an in-person plant visit on Friday, August 21, 2026, from 11:30 AM to 03:30 PM. The intimation is filed under Regulation 30 of SEBI LODR Regulations, representing a standard investor relations update without financial disclosures.

Meeting scheduled with Cooper Investors (CI) on Friday, 21st August, 2026
Interaction format is a physical plant visit spanning 11:30 AM to 03:30 PM
Intimation filed in compliance with Regulation 30 and Schedule III of SEBI LODR

💡 Monitor whether any investor presentation or transcript is uploaded following the plant visit for qualitative updates on operational progress.

₹1.40 Dividend and ESOP Extension Proposed in Yash Highvoltage AGM Notice

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 11 Aug 2026, 01:07 PM

Yash Highvoltage has scheduled its 24th Annual General Meeting (AGM) for September 3, 2026. The company has proposed a dividend of ₹1.40 per equity share (28% of face value) for FY 2025-26. Key resolutions include a significant remuneration package for Managing Director Keyur G. Shah of up to ₹25 lakh per month and an extension of the ESOP 2025 exercise period from 2 to 4 years to aid employee retention. These administrative steps follow a year where the company reported FY26 revenue of ₹235 Cr and a net profit of ₹37 Cr.

Proposed dividend of ₹1.40 per equity share of face value ₹5 for FY 2025-26.
Special resolution to approve Managing Director remuneration up to ₹25,00,000 per month.
Modification of 'ESOP 2025' to increase the exercise period for vested options from 2 years to 4 years.
AGM scheduled for September 3, 2026, at 05:00 PM IST via Video Conferencing.
Re-appointment of Ms. Twinkle Keyur Shah (holding 1.92% stake) as Non-Executive Director.

💡 Investors should monitor the voting results of the AGM on September 3, 2026, to confirm the dividend payout and the approval of the MD's remuneration package.

Yash Highvoltage FY26: Order Book Surges 166% to Rs 400 Cr; Rs 153 Cr Capex Underway

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 11 Aug 2026, 12:51 PM

Yash Highvoltage reported a robust FY26 with revenue growing 57% YoY to Rs 235 Cr and PAT margins improving to 16%. The company's order book has reached a record Rs 400 Cr, which is approximately 104% of its TTM revenue, providing strong visibility. A massive Rs 153 Cr greenfield expansion (representing 83% of current net worth) is underway in Vadodara to localize RIP cores, targeting commissioning in H2 FY27. While growth is strong, the company disclosed a Rs 2.10 Cr cyber fraud incident involving a Chinese vendor payment.

Order book grew 166% year-on-year to exceed Rs 400 Cr as of March 31, 2026.
Investing Rs 153 Cr in a new 2.5-Lakh-sq-ft greenfield facility to increase capacity to 15,000 units.
Revenue increased 57% to Rs 235 Cr in FY26, with PAT margins expanding from 14% to 16%.
Acquired a 50% stake in Sukrut Electric to expand presence in the transformer-component ecosystem.
Disclosed a Rs 2.10 Cr cyber fraud incident involving impersonation of a Chinese vendor.

💡 Monitor the execution and commissioning timeline of the Jarod greenfield facility scheduled for H2 FY27, as this is the primary driver for future scale. Investors should also track the recovery process of the Rs 2.10 Cr fraud and any improvements in internal financial controls.

₹151 Cr Fundraise: Yash Highvoltage Allots Shares and Warrants to Institutional Investors

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 07 Aug 2026, 02:27 PM

Yash Highvoltage has approved the allotment of 12.62 lakh equity shares and 8.32 lakh warrants at ₹721 per unit, aggregating to approximately ₹151 crore. The preferential issue has attracted marquee institutional investors including Malabar India Fund, ValueQuest, and Whiteoak Capital. This capital infusion is highly material, representing ~82% of the company's current net worth (₹184 Cr) and ~39% of TTM revenue (₹386 Cr). The funds are expected to support the company's greenfield expansion into 550 kV RIP bushings and the acquisition of Sukrut Electric.

Total fundraise of ₹150.99 Cr through preferential allotment of equity shares and warrants.
Issue price of ₹721 per share/warrant, representing a premium of ₹716 over the ₹5 face value.
Allotment of 12,62,131 equity shares to 12 non-promoter investors, including Motilal Oswal and Whiteoak.
Allotment of 8,32,177 warrants to Malabar India Fund Limited, convertible into equity within 18 months.
Initial warrant subscription received is 25% of the total warrant consideration (approx. ₹15 Cr).

💡 Watch for the deployment timeline of these funds into the new greenfield facility and the integration of Sukrut Electric, which are key to achieving the management's 78.6% growth target.

15,500 equity shares allotted under ESOP-2025 scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 07:50 PM

Yash Highvoltage Ltd has allotted 15,500 equity shares of face value 5 each following the exercise of vested options under its ESOP-2025 scheme. The allotment resulted in a nominal capital realization of 77,500. This exercise leads to a negligible equity dilution of approximately 0.05% based on the post-allotment share capital of 2,86,25,549 shares. The company's TTM revenue stands at 386 Cr with a healthy OPM of 23.1%, making this administrative event financially immaterial.

Allotment of 15,500 equity shares at a face value of 5 each on August 3, 2026
Total money realized by the company from this exercise is 77,500
Total issued share capital increased from 2,86,10,049 to 2,86,25,549 equity shares
The ESOP-2025 scheme covers a total pool of 11,42,000 equity shares
Vested options can be exercised within 2 years from the date of vesting

💡 No action required as this is a routine administrative allotment. Investors may monitor future quarterly filings for the total dilution impact as the remaining 1,126,500 shares in the ESOP pool are exercised.

Rs 1.40 Final Dividend Recommended by Yash Highvoltage; Record Date Aug 27

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 03 Aug 2026, 07:43 PM

Yash Highvoltage has recommended a final dividend of Rs 1.40 per share for FY26, representing a 28% payout on the Rs 5 face value. The board fixed August 27, 2026, as the record date for this payment, which is subject to shareholder approval at the upcoming 24th AGM. Additionally, the company allotted 15,500 shares under its 2025 ESOP scheme at an exercise price of Rs 5, resulting in a negligible 0.05% equity dilution. The board also approved the FY26 annual report and a minor relocation of the corporate office within the same building in Vadodara.

Recommended a final dividend of Rs 1.40 per share (28% of face value) for the financial year ended March 31, 2026.
Fixed Thursday, August 27, 2026, as the record date for determining shareholder eligibility for the dividend.
Allotted 15,500 equity shares following the exercise of vested options under the Employee Stock Option Scheme 2025.
Increased the total paid-up equity capital from 2,86,10,049 to 2,86,25,549 shares of Rs 5 each.
Approved shifting the corporate office within the same "OZONE" premises in Vadodara effective September 1, 2026.

💡 Investors should note the August 27 record date for dividend eligibility and monitor the upcoming AGM for updates on the greenfield facility for RIP bushings expected by the end of FY26.

Board Meeting on Aug 3 to consider Final Dividend for FY 2025-26

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 29 Jul 2026, 07:23 PM

Yash Highvoltage has scheduled a board meeting for August 3, 2026, to consider and recommend a final dividend for the financial year 2025-26. This follows a strong fiscal performance where the company reported FY26 revenue of ₹235 Cr and PAT of ₹37 Cr. The trading window for designated persons will be closed from July 30, 2026, until 48 hours after the announcement. Given the company's high ROCE of 29.0% and TTM PAT of ₹59 Cr, the dividend payout will be a key indicator of management's capital allocation strategy.

Board meeting scheduled for August 3, 2026, to recommend final dividend for FY 2025-26
Trading window closure for insiders starts from July 30, 2026
Company reported a TTM PAT of ₹59 Cr against a net worth of ₹184 Cr
FY26 annual revenue stood at ₹235 Cr with an operating margin of 24.0%
Promoter holding remains stable at 57.24% as of June 2026

💡 Watch for the specific dividend amount and record date to be announced on August 3, 2026, to calculate the dividend yield.

View All 544310 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 38.4% YoY to INR 150.14 Cr in FY25. In H1 FY26, revenue increased by 78.6% YoY to INR 102 Cr, driven by robust order inflows from domestic and international power sectors.

Geographic Revenue Split

Domestic revenue contributes 96% of total turnover, while exports account for 4%. The company aims to scale export contributions over the next 2-3 years through its upcoming greenfield facility.

Profitability Margins

Net Profit After Tax (PAT) grew 73.6% YoY to INR 21.41 Cr in FY25. In H1 FY26, PAT margin stood at 13.7%, representing a 256 BPS increase YoY from 11.14%.

EBITDA Margin

EBITDA margin for H1 FY26 was 22.8%, a year-on-year increase of 341 BPS from 19.39%. EBITDA grew 109.9% YoY to INR 23 Cr in H1 FY26, reflecting operational excellence and product diversification.

Capital Expenditure

Capital commitments stood at INR 59.35 Cr as of March 31, 2025. The company is utilizing IPO proceeds for a new greenfield factory, with INR 51 Cr remaining as of September 30, 2025, after applying 45% of the raised amount.

Credit Rating & Borrowing

The company maintains a healthy and conservative funding structure with a debt-to-equity ratio of 0.17. Total long-term borrowings were INR 6.35 Cr in FY25, with interest expenses of INR 1.65 Cr.

⚙️ Operational Drivers

Raw Materials

Materials for OIP (Oil Impregnated Paper) and RIP (Resin Impregnated Paper) bushings, including specialized paper, resins, and high-voltage components.

Capacity Expansion

Current capacity is being expanded with a new greenfield facility for RIP bushings expected to be ready by the end of FY26. Additionally, capacity additions in the existing factory are expected to be commissioned within 4-5 months to maintain growth momentum.

Raw Material Costs

Cost of materials consumed was INR 82.31 Cr in FY25, representing 54.8% of total revenue, up from INR 60.83 Cr in FY24.

Manufacturing Efficiency

Focus on operational excellence has improved EBITDA margins by 341 BPS. The company is transitioning from an assembly model to localized RIP manufacturing to enhance value addition.

📈 Strategic Growth

Expected Growth Rate

78.6%

Growth Strategy

Growth will be achieved through a new greenfield facility for RIP bushings, expanding the product range up to 550 kV (adding INR 3,500 Cr to the addressable market), and the acquisition of Sukrut Electric to leverage its 8x-10x revenue capacity.

Products & Services

High-performance bushings including Oil Impregnated Paper (OIP) and Resin Impregnated Paper (RIP) bushings, and high-current localized RIP solutions.

Brand Portfolio

Yash Highvoltage

New Products/Services

Upcoming 550 kV RIP bushings and localized RIP assembly models are expected to significantly increase the company's 1% global addressable market share.

Market Expansion

Targeting a larger share of the INR 10,000-12,000 Cr addressable market (33 kV to 245 kV) and expanding into the 550 kV segment. Focus on increasing the 4% export revenue share.

Market Share & Ranking

Currently holds approximately 1% of the global addressable market for high-voltage bushings.

Strategic Alliances

Maintains international collaborations to provide world-class quality solutions at competitive values.

🌍 External Factors

Industry Trends

The global bushing industry is facing a capacity constraint expected to last 8 to 10 years, which prevents price wars and supports healthy margins for existing players.

Competitive Landscape

The industry is characterized by high barriers to entry and a lack of price wars due to the current supply-demand gap in the bushing sector.

Competitive Moat

Moat is sustained by technical expertise in RIP/OIP technology, international collaborations, and a niche position in high-performance solutions where quality is critical to prevent transformer failure.

Macro Economic Sensitivity

Highly sensitive to global energy demand, which is currently expanding at nearly twice the rate of previous years.

Consumer Behavior

Increasing demand for higher voltage classes (up to 550 kV) and a shift toward RIP technology over traditional OIP for better reliability.

⚖️ Regulatory & Governance

Industry Regulations

Adheres to the Companies Act and Indian Accounting Standards. Notably, a Section 8 subsidiary (Abhigam Foundation) is not consolidated due to severe long-term statutory restrictions on fund transfers.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 24%, with INR 6.74 Cr in tax expenses on INR 28.15 Cr in profit before tax.

Legal Contingencies

Pending GST litigation for the period July 2017 to 2022 valued at INR 40.82 Lakhs (down from INR 220.95 Lakhs). Sales tax and CST demands for FY 2015-16 total INR 8.98 Lakhs.

⚠️ Risk Analysis

Key Uncertainties

Potential for product failure risks (high impact on reputation), supply chain delays for critical components, and statutory restrictions on subsidiary fund transfers.