Yash Highvoltage Ltd. (established 2002) is a specialized Indian manufacturer of high-voltage (**HV**) and extra-high-voltage (**EHV**) condenser-graded transformer bushings. Headquartered in Vadodara, Gujarat, the company is a pure-play provider of critical power infrastructure components, serving utilities, **Original Equipment Manufacturers (OEMs)**, and **EPC** contractors across **60+ countries**. With over **24 years** of expertise and a track record of **40,000+** bushings executed, the company has transitioned from a domestic specialist to a global contender in the power transmission and distribution (T&D) value chain. --- ### **Core Product Portfolio & Technical Specifications** The company’s revenue is driven by a niche, high-entry-barrier product mix focused on insulation technology. Products comply with international standards including **IEC 60137:2017**, **IEEE C57.19.00/01** (USA), and **CLC-TS** (Europe). | Product Category | Voltage Range | Current Rating | Key Features | | :--- | :--- | :--- | :--- | | **OIP Condenser Bushings** | **15 kV – 245 kV** | Up to **3,150 A** | Conventional oil-impregnated paper; **15–20 year** lifespan. | | **RIP/RIS Condenser Bushings** | **24 kV – 245 kV** | Up to **3,150 A** | Advanced dry-type; **30–35 year** lifespan; fire-resistant and maintenance-free. | | **High Current (HC) Bushings** | **24 kV – 52 kV** | **4,000 A – 25,000 A** | Used in power generation; includes India’s first **25,000 A** variant. | | **Specialized Bushings** | **15 kV – 245 kV** | Up to **3,150 A** | Includes Wall bushings, Oil-to-Oil (for cable boxes), and **FRP** cylinders. | | **IEEE/USA Standard** | **25 kV – 230 kV** | Up to **3,000 A** | Tailored for North and South American grid specifications. | **Service & Retrofit Segment:** Yash operates a high-growth niche division (C.A.G.R. **~87%** over 3 years) focused on repairing and retrofitting aged bushings. This segment provides customized solutions to replace old **OIP** or **SRBP** units with modern **RIP** units in existing grids, generating **₹10.2 Crores** in sales for **FY24-25**. --- ### **Manufacturing Infrastructure & R&D Excellence** The company operates a state-of-the-art, **SCADA-controlled**, and **ERP-integrated** facility in Vadodara. It is recognized as a **Scientific and Industrial Research Organization (SIRO)** by the Government of India. * **Current Capacity:** **9,000 – 10,000 units** per annum with a utilization rate of **50% – 60%**. * **Testing Facilities:** In-house **NABL (ISO/IEC 17025)** accredited labs, including a **600 kV EHV** lab and a **1500 kVp** Impulse lab for lightning and switching impulse testing. * **Quality Certifications:** **ISO 14001:2015** (Environmental) and **ISO 45001:2018** (Health & Safety). * **Technical Milestones:** Successful testing of **245 kV Oil-to-Oil** bushings and the supply of India’s first **25,000 A** high-current bushing for an export client in **FY25**. --- ### **Strategic Growth: The "Unit-II" Greenfield Project** The cornerstone of Yash’s strategy is a **₹90 crore** investment in a new facility (**Unit-II**) to achieve backward integration and voltage scaling. | Feature | Current Capability (2025) | Target Capability (2026/27) | | :--- | :--- | :--- | | **Annual Capacity** | **~10,000 units** | **15,000 – 16,000 units** | | **Voltage Range** | Up to **245 kV** | Up to **550 kV** (Targeting **440 kV** by 2030) | | **Core Technology** | RIP (Assembled/Imported) | Indigenous RIP/RIS Core Manufacturing | | **Facility Size** | Existing Vadodara Plant | **1.6 lakh sq. ft.** (Greenfield) | **Strategic Impact:** 1. **Margin Expansion:** By localizing **RIP/RIS core** production (previously imported from Switzerland or China), the company expects to significantly reduce lead times and improve **EBITDA margins**. 2. **Market Access:** The new facility unlocks global export markets for **RIP bushings**, which were previously restricted due to import dependencies. --- ### **Global Expansion & Market Positioning** Yash is transitioning into a global player, with exports growing at a **52.8% CAGR** over the last three years. * **USA Market:** Incorporated **Yash HV USA Inc.** (Texas) in **April 2025** to capture the North American replacement and new-build market. * **European/African Reach:** A **48-month** agency agreement with **Weidmann Electrical Technology AG** (Switzerland) covers major markets including **Germany, France, and Spain**. * **UK/Ireland:** Distribution partnership with **Electrolink Power Solutions Ltd**. * **Market Share:** Holds a dominant **30%–35%** share of the Indian **HV** bushing segment and **~70%** of the domestic **RIP** market. --- ### **Financial Performance & Profitability Profile** The company demonstrated robust growth in **FY24-25**, driven by a shift toward high-value products and a near-doubling of export revenue. **Key Financial Metrics:** * **Gross Revenue:** **₹152.00 Cr** (up **39.45%** YoY). * **Profit After Tax (PAT):** **₹21.40 Cr** (up **73.70%** YoY). * **EBITDA Margin:** **22.4%** (an expansion of **210 bps**). * **Earnings Per Share (EPS):** **₹8.92**. * **Debt-to-Equity:** **0.15** (reflecting a conservative capital structure). **Segmented Profitability (Material to Sales Ratio - MSR):** * **High Current Bushings:** **30-35% MSR** (~**45% EBITDA**). * **RIP Bushings:** **~60% MSR** (**20-22% EBITDA**). * **OIP Bushings:** **70-75% MSR** (**13-15% EBITDA**). --- ### **Inorganic Growth & Diversification** Yash is pursuing a "single-window" solution strategy for transformer components through strategic acquisitions: * **Sukrut Electric Company Pvt. Ltd.:** Acquired a **50% stake** in **January 2026** (JV with Quality Power). Sukrut brings a **70-year legacy** in transformer components. * **Yash HV Power Components Pvt. Ltd.:** A new subsidiary (est. **May 2025**) focused on the sales and service of substation equipment. --- ### **Risk Factors & Mitigation Strategies** While the company operates in a "recession-proof" infrastructure sector, it faces specific operational and market risks. * **Cybersecurity:** In **March 2026**, the company suffered a **₹2.10 crore** loss due to a fraudulent email from a spoofed Chinese vendor. Internal controls have since been audited and strengthened. * **Customer Concentration:** The top 5 customers contribute **40% – 45%** of revenue. This is mitigated by a robust order book visibility of **1.5 to 2 years** from transformer **OEMs**. * **Technical Trust Barriers:** Utilities often require **1–3 years** of proven performance for new bushing brands. Yash mitigates this through its **24-year** track record and **NABL** accredited testing. * **Supply Chain:** Reliance on imported raw materials is being addressed through the **Unit-II** backward integration project and the pursuit of **Production-Linked Incentive (PLI)** benefits. --- ### **Investment Outlook: 2030 Vision** Yash Highvoltage Ltd. has set a revenue target of **₹400–500 crore** by **2030**, supported by a projected **35% CAGR**. With the global transformer bushing market estimated at **₹25,000 crore**, the company aims to capture **5%** of its Serviceable Addressable Market (**SAM**) by **2029**. The combination of capacity expansion, indigenous technology development, and aggressive international footprint expansion positions the company as a high-growth contender in the global energy transition.