Yash Highvoltage Limited has completed a strategic acquisition of 50% equity stake in Sukrut Electric Company Private Limited, establishing a joint venture in the electrical equipment manufacturing sector. The transaction, valued at approximately ₹5.24 crores, was completed on January 9, 2026, following the share purchase agreement dated October 6, 2025.

Acquisition Details

The acquisition encompasses 20,42,754 equity shares with a face value of ₹100 each, representing exactly 50% of Sukrut Electric Company's total equity share capital. The transaction structure creates a balanced joint venture arrangement between Yash Highvoltage Limited and Quality Power Electrical Equipments Limited, with each entity holding equal 50% stakes in the acquired company.

Target Company Profile

Sukrut Electric Company Private Limited, incorporated on December 17, 1981, operates from its registered office at Plot No. Pap-B-63, MIDC, Chakan Industrial Area Phase II, Village Bhamboli, Khed, Pune, Maharashtra. The company specializes in manufacturing electronic equipment and instruments, panels, spares, accessories, and related fittings. With a paid-up share capital of ₹40.85 crores, Sukrut has demonstrated consistent growth in its operations.

Strategic Alignment and Governance

The acquisition aligns with Yash Highvoltage Limited's core business operations in electrical equipment manufacturing. As both companies operate in the same industry vertical, the transaction represents a strategic expansion rather than diversification. Following the completion of the acquisition, Mr. Keyur Girishchandra Shah, Managing Director of Yash Highvoltage Limited, has been nominated to the Board of Directors of Sukrut Electric Company as per the terms of the share purchase agreement.

Regulatory Compliance

The transaction has been structured to comply with applicable regulations under the Reserve Bank of India's FEMA regulations. The acquisition does not fall within the purview of related party transactions, and the promoter group of Yash Highvoltage Limited had no prior interest in Sukrut Electric Company. The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Business Impact

The joint venture structure positions both parent companies to leverage Sukrut's established manufacturing capabilities and market presence in the electrical equipment sector. With Sukrut's consistent revenue growth trajectory and established operations since 1981, the acquisition provides Yash Highvoltage Limited with enhanced manufacturing capacity and market reach in the electrical equipment industry.

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:

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:

1. Acquisition: The company acquired a 50% equity stake in Sukrut Electric Company, a Pune-based transformer component manufacturer.

2. Global Expansion: Established presence in the United States with the launch of ESFP USA and a dedicated sales and marketing office.

3. Strategic Partnerships: Formed partnerships with Weidmann for European and North African markets, and with Electrolink UK for expansion into the UK, Ireland, and Wales.

4. 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.