Synopsis:
Yash Highvoltage Ltd, a Vadodara-based transformer bushing manufacturer, surged 165% in six months, reporting H1 FY2026 revenue of Rs. 102.18 crore, strong YoY growth, and positioning itself as a key player in the global power transformer segment.
Yash Highvoltage Ltd is a leading name in power engineering & manufacturing industry for niche condenser graded high voltage & high current Transformer Bushings, serving the global power transmission & generation landscapes for more than 2 decades with highly sought after innovative solutions.
In a short span of 20 years, Yash has emerged as one of the preferred partners catering to the upper segment of the power transformer industry across India & abroad having more than 40,000+ bushings performing satisfactorily globally.
With market capitalization of Rs. 1,508 cr, the shares of Yash Highvoltage Ltd is currently trading at Rs. 535 per share, from its previous close of Rs. 535.20 per share. The stock surged 173.77% from past 6 months at Rs. 195.40 per share to current levels.
Financial Highlights
Yash Highvoltage reported revenue of Rs. 102.18 crore in H1 FY2026, up 78.55% from Rs. 57.22 crore year-on-year. EBITDA for the period reached Rs. 23.31 crore, increasing by 109.9% versus last year. Net profit (PAT) was Rs. 14.02 crore, growing by 119.44% year-on-year.
On HoH comparison, Yash Highvoltage reported revenue of Rs. 102.18 crore, up 7.64% half-on-half over H2 FY2025. EBITDA for H1 FY2026 stood at Rs. 23.31 crore, slightly higher by 1.72% versus H2 FY2025. Net profit (PAT) for H1 FY2026 was Rs. 14.02 crore, which declined 6.62% compared to H2 FY2025.
Competitor Overview
CG Power and Industrial Solutions in Maharashtra produces OIP and RIP bushings up to 800 kV, while Hitachi Energy in Vadodara supplies similar products up to 245 kV. General Electric (GE) in Hosur manufactures OIP and RIP bushings up to 800 kV and beyond. BHEL in Bhopal makes OIP bushings up to 400 kV and above, Massa Izolyator Mehru in Rajasthan produces RIP bushings up to 400 kV and higher, and TELK in Kerala manufactures OIP bushings up to 400 kV and beyond.
Global Market and Positioning
Yash Highvoltage has significant advantages including a comprehensive product range meeting global standards, proven performance across 60+ countries for over 15 years, and the agility of an independent player with quick decision-making.
The company benefits from international experts and Indian government support promoting “Made in India for the World” products. The Indian transformer bushing market is valued at Rs. 1,500 crores with a CAGR of ~6% through 2034, and Yash holds over 30% market share in the high voltage segment.
Globally, the transformer bushing market is valued at Rs. 26,690 crores with a 5.6% CAGR, with Yash’s addressable market at Rs. 10,000 crores currently, expected to increase to Rs. 16,000 crores with new product launches and global expansion.
Major Expansion of New Plant to Start Production by FY27
Yash Highvoltage Ltd is expanding its operations as its current facility is already running at over 80% capacity. To meet growing demand, the company has ordered new equipment that will be ready in the next 4–5 months. It is also setting up a new greenfield plant to make high-voltage RIP bushings up to 550 kV, more than double the capacity planned during its IPO. Around 45% of the IPO funds have already been used, with the rest mainly going toward building the new factory.
The new plant, involving over Rs. 100 crore in investment, is expected to be ready for trial runs by early 2026 and begin commercial production in the second half of FY27. Yash Highvoltage expects the new facility to reach full capacity within three years, helping the company achieve a combined revenue potential of Rs. 550–700 crore without needing major additional expansion.
Management Commentary
Yash Highvoltage’s management sounded optimistic about industry demand and pricing, saying the market remains healthy without any aggressive price cuts or oversupply concerns. The company plans to maintain pricing discipline and focus on quality business rather than competing on low prices. Management expects margins to improve slightly over FY26–27, with a stronger increase beyond that, supported by better product mix and higher-value offerings. Export markets are also proving profitable, with price realizations 30–40% higher than domestic sales.
On the expansion front, the company confirmed that its greenfield plant is progressing smoothly without any delays. It also noted that utilities are open to new qualified players, which could help Yash Highvoltage win new business once its approvals are in place. Regarding its subsidiary Sukrut, management expressed confidence in scaling its revenue 8–10 times over the next 5–6 years, driven by strong execution and growing market opportunities.
Conclusion
Yash Highvoltage has shown strong growth both in its stock performance and business results, backed by rising demand in the power and transformer sector. With solid half-year financials, expanding global presence, and a major new plant set to boost capacity by FY27, the company is well-positioned for long-term growth. Its focus on quality, pricing discipline, and export expansion suggests continued strength ahead, making it a key player to watch in the renewable and power infrastructure space.
Written by Manideep Appana
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