Yash Highvoltage Limited delivered its strongest financial performance in two decades for FY26, reporting a 74% year-on-year jump in profit after tax (PAT) to ₹37.3 crore. Revenue from operations surged 57% to ₹235.2 crore, supported by robust demand across domestic and international markets. The company’s order book reached an all-time high of over ₹400 crore as of March 31, 2026, up 166% from ₹150 crore in the previous year, signaling sustained growth momentum.

The Board of Directors proposed a final dividend of ₹1.40 per equity share, subject to shareholder approval at the 24th Annual General Meeting (AGM) scheduled for September 3, 2026. The AGM will also address the ratification of cost auditor remuneration, approval of managing director remuneration, and modifications to the Employee Stock Option Scheme (ESOP) 2025. Remote e-voting commenced on August 31, 2026, and concludes on September 2, 2026.

Financial Performance

Yash Highvoltage’s financial results for FY26 reflect significant top-line and bottom-line expansion. EBITDA grew by 74.9% to ₹60.4 crore, with margins improving to 25.7% from 23.1% in FY25. The PAT margin expanded to 15.9% from 14.3%, demonstrating effective cost management and operational leverage. Basic earnings per share (EPS) rose 46.3% to ₹13.08 from ₹8.94 in the prior year.

Export revenue recorded a robust 123.38% growth, reaching ₹17.2 crore compared to ₹7.7 crore in FY25. Exports accounted for 43% of total sales for Oil Impregnated Paper (OIP) and High Current Bushings, underscoring the company’s deepening integration into global supply chains. The company entered 13 new geographies during the year, including the United States, Canada, and Spain.

Strategic Initiatives and Expansion

The company advanced its greenfield manufacturing facility in Vadodara, Gujarat, with an estimated investment of ₹153 crore. This facility aims to localize the production of resin-impregnated paper (RIP) cores, reducing dependency on imports which currently stand at 95% for these components. The new plant will add 6,000 RIP and RIS units per year, lifting total capacity to 15,000 units.

Yash Highvoltage also acquired a 50% stake in Sukrut Electric, Pune, alongside Quality Power, to broaden its presence in the transformer component ecosystem. Internationally, the company established Yash HV USA Inc., creating a direct sales presence in the United States. Strategic distribution partnerships were formed in Europe, North Africa, the United Kingdom, and Ireland to enhance global reach.

What the Numbers Show

The divergence between revenue growth (57%) and order book expansion (166%) indicates that Yash Highvoltage is capturing market share faster than it is currently converting orders into revenue. This backlog provides multi-year revenue visibility, insulating the company from short-term demand fluctuations. Furthermore, the significant rise in export contribution highlights a successful shift from a domestic specialist to a global player, reducing geographic concentration risk. The improvement in EBITDA margin despite higher raw material costs suggests effective pricing power and operational efficiencies gained from scale.

Operational Updates

Production efficiency improved by 35% from H1 to H2 FY26, measured in units produced, while labor productivity increased by 28%. On-time delivery performance rose from approximately 62% to 80%. The company executed over 200 High Current Bushings, generating ₹10 crore in revenue, compared to 80 units and ₹6 crore in the previous year. The retrofit division saw sales grow 60% to ₹16.0 crore.

A cyber fraud incident involving a supplier resulted in an exceptional loss of ₹2.10 crore, comprising ₹1.36 crore for materials received and ₹0.74 crore for materials not received. The company has lodged complaints with cyber crime authorities and is pursuing recovery through banking channels. Statutory auditors M/s. Shah Mehta & Bakshi confirmed that internal financial controls were operating effectively as of March 31, 2026.

Yash Highvoltage Limited, a Vadodara-based manufacturer of transformer bushings and an ISO 9001:2015 certified company, has allotted 12,62,131 equity shares and 8,32,177 equity warrants on a preferential basis to identified non-promoter investors at an issue price of ₹721 per security. The Board of Directors approved the allotment through a resolution passed by circulation on August 6, 2026, following a Special Resolution passed by members at the Extra-ordinary General Meeting held on July 15, 2026, and in-principle approval granted by BSE Limited vide its letter dated July 31, 2026.

Allotment Details

The preferential allotment covers two categories of securities — equity shares and equity warrants — both issued at ₹721 per unit, including a premium of ₹716 per unit over the face value of ₹5 each. The total aggregate consideration for the issuance amounts to ₹150,99,96,068. The following table summarises the key parameters of the allotment:

Warrant Conversion Terms

Each equity warrant allotted is convertible into or exchangeable for one fully paid-up equity share of the company having a face value of ₹5 each. The conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches. Under the terms of the issuance, 25% of the consideration per warrant is payable at the time of application, with the balance 75% — amounting to ₹721 per warrant — payable on or before the time of conversion into equity shares.

Allottee Details

The allotment has been made to 13 investors, all belonging to the non-promoter category. Twelve investors received equity shares while one investor received equity warrants. The following table provides the complete breakdown of allottees and their respective allocations:

Listing and Compliance

The allotment has been made in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the provisions of the Companies Act, 2013. Yash Highvoltage has stated that it will make an application to the stock exchanges for listing and trading approval for the allotted equity shares in due course. The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III thereto.