Yash Highvoltage has entered into a 36-month representation agreement with ENSALES Electrical Associates Inc to expand its sales presence across the United States. The deal covers 19 states and takes effect on September 11, 2026.

The agreement is executed by YASH HV USA Inc, a subsidiary of the Vadodara-based transformer bushings manufacturer. It appoints ENSALES, headquartered in North Carolina, as its sales representative. The partnership aims to strengthen engagement with utilities and customers in the US by creating a stronger platform for global growth.

Strategic Expansion Scope

The primary objective of the partnership is to promote, market, and represent the company’s products in the designated US territory. A critical component of this arrangement involves driving utility homologation and approvals, which are essential regulatory clearances for selling electrical equipment in the US market.

Keyur Shah, Chairman and Managing Director of Yash Highvoltage, stated that the US represents an important strategic market. He noted that Ensales brings valuable market representation capabilities and an established presence across multiple US states. The focus on utility homologation will help build a stronger foundation for sustained participation in the US power infrastructure ecosystem.

Product Portfolio

The representation agreement specifically covers the following product categories:

• Low Voltage (LV) High Current Bushings (up to 25,000 Amps)
• Oil-Impregnated Paper (OIP) Condenser Bushings up to 245 kV, including Oil-Air, Oil-Oil, and Air-Air configurations
• Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) Condenser Bushings up to 230 kV, available from 2027 onwards

Additional products may be included in the future based on mutual written agreement between the parties.

Deal Structure

The contract is valid for three years from the effective date. The company disclosed that other terms and conditions are proprietary and confidential. There is no shareholding interest between the two entities, and the transaction does not constitute a related-party transaction.

What the Numbers Show

The inclusion of RIP and RIS condenser bushings only from 2027 indicates a phased rollout strategy. This suggests that initial revenue generation under this agreement will rely heavily on the existing LV High Current and OIP bushing portfolios, while higher-voltage resin-based products will contribute later in the contract tenure.

Yash Highvoltage Limited held its annual general meeting on September 3, 2026, where shareholders approved the audited financial statements for FY26 and a final dividend of ₹1.40 per equity share.

The Vadodara-based transformer bushing manufacturer reported strong financial performance for the fiscal year ended March 31, 2026. Revenue grew 57% to ₹235 crore, while EBITDA rose 74% to ₹60 crore. Profit after tax increased 75% to ₹37 crore.

Financial Performance

The company delivered significant margin expansion alongside top-line growth during FY26. The following table outlines the key financial metrics presented by the Chairperson:

What the Numbers Show

EBITDA growth outpaced revenue expansion by 17 percentage points (74% vs 57%), driving a 300 basis point improvement in operating margins from 23% to 26%. This operational leverage indicates improved cost efficiency or favorable product mix as the company scaled production.

Order Book and Expansion

The order book crossed ₹400 crore, representing an approximate 166% increase over the previous year. Management highlighted progress on a greenfield facility in Vadodara, Gujarat, which will enhance manufacturing capability from 245 kV to 550 kV. The plant aims to localize RIP/RIS capacitive core manufacturing.

Strategic initiatives included acquiring a 50% stake in Sukrut Electric, operationalizing Yash HV USA Inc., and expanding agency partnerships with Weidmann and Electrolink across Europe and North Africa.

Capital Raise and Governance

To fund growth, the company completed a preferential issue of equity shares and convertible warrants aggregating approximately ₹151 crore. This followed shareholder approval at an extraordinary general meeting held on July 15, 2026.

The Board recommended re-appointment of Non-Executive Director Mrs. Twinkle Keyur Shah, who retires by rotation. Shareholders also ratified remuneration for cost auditors for FY27 and approved modified terms for the Yash Highvoltage Employees Stock Option Scheme 2025.

Attendance included Chairman and Managing Director Mr. Keyur Girishchandra Shah, CFO Mr. Sumit Poddar, and Statutory Auditors M/s. Shah Mehta & Bakshi. Independent Director Mr. Suril Saumil Mehta and Executive Director Mr. Gautam Nikam were absent.