Yash Highvoltage Reports Strong H1 FY26 Growth, Eyes Global Expansion
Yash Highvoltage, a transformer bushing market leader, reported impressive H1 FY26 results with total revenue up 78.6% YoY to 102.00 crores. EBITDA grew 109.9% to 23.00 crores, and PAT increased 119.4% to 14.00 crores. The company acquired a 50% stake in Sukrut Electric Company, expanded to the US, and formed strategic partnerships in Europe and the UK. A new RIP bushings facility is expected to start production in H2 FY27. With an order book exceeding 300 crores, Yash Highvoltage targets a 35% CAGR and projects combined revenue potential of 600-700 crores within 2.5-3 years from existing and new facilities.
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Yash Highvoltage , a key player in the transformer bushing market, has reported robust financial performance for the half year ended September 30, 2025, with significant revenue growth and expansion plans on the horizon.
Financial Highlights
The company's financial results for H1 FY26 showcase impressive year-on-year growth:
| Metric | H1 FY26 | H1 FY25 | YoY Growth |
|---|---|---|---|
| Total Revenue | 102.00 | 57.00 | 78.60% |
| EBITDA | 23.00 | 11.00 | 109.90% |
| EBITDA Margin | 22.80% | 19.40% | 341 bps |
| Profit After Tax | 14.00 | 6.00 | 119.40% |
| PAT Margin | 13.70% | 11.10% | 256 bps |
The company maintains a healthy balance sheet with a debt-to-equity ratio of 0.17 and a current ratio of 2.61, indicating strong liquidity to support controlled growth.
Strategic Developments
Yash Highvoltage has made several strategic moves to strengthen its market position:
Acquisition: The company acquired a 50% equity stake in Sukrut Electric Company, a Pune-based transformer component manufacturer.
Global Expansion: Established presence in the United States with the launch of ESFP USA and a dedicated sales and marketing office.
Strategic Partnerships: Formed partnerships with Weidmann for European and North African markets, and with Electrolink UK for expansion into the UK, Ireland, and Wales.
Capacity Expansion: The company's greenfield facility for RIP bushings is expected to be ready by the end of the current financial year, with commercial production slated to begin in the second half of FY27.
Market Outlook
Yash Highvoltage reports a healthy order book exceeding INR 300 crores, with an execution timeline of 1.5 to 2 years. The company is targeting a minimum 35% CAGR growth and expects both existing and new facilities to generate a combined revenue potential of INR 600-700 crores within 2.5-3 years.
During the earnings call, Chairman and Managing Director Keyur Shah expressed confidence in the company's growth trajectory, stating, "We are at the right time, right place situation, and we don't foresee any reducing demand or any slowdown for not only us but even for the transformer market for a couple of years."
The global transformer bushing market, estimated at INR 25,000 crores, is projected to grow at a CAGR of 5.6% through 2034. Yash Highvoltage aims to increase its addressable market from the current INR 10,000-12,000 crores to INR 15,000-16,000 crores with the commissioning of its new greenfield project.
As Yash Highvoltage continues to expand its global footprint and enhance its production capabilities, the company appears well-positioned to capitalize on the growing demand in the transformer bushing market, both domestically and internationally.
Historical Stock Returns for Yash Highvoltage
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.19% | +4.07% | +10.20% | +173.59% | +83.69% | +83.69% |
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