Analysis: Yash Highvoltage Ltd

BSE:YASHHV Electric Equipment - General Market cap: ₹2.8K cr

Growth thesis

Yash Highvoltage produces high-voltage bushings for power transformers, critical for grid infrastructure and renewable energy integration. Growth accelerates via a ₹90-100 cr greenfield plant to double capacity to 15,000 bushings, adding ₹550-700 cr revenue by FY29, with trial production by Feb-Mar 2026 and commercial output in H2 FY27. Localisation of imported RIP cores (FY28 margin expansion) and 30-40% higher export pricing (from 4-5% to 'significant' share) will drive margins. A ₹300+ cr order book covering 1.5-2 years, plus 50% stake in Sukrut Electric (FY26 integration) and US/UK partnerships, underpin 35% CAGR guidance through 2030. Key execution risks include timely plant commissioning and Sukrut integration, though management has consistently met capex and margin targets.

Why is Yash Highvoltage Ltd stock rising?

  • - new greenfield plant to start trial production by feb-mar 2026 and commercial production in h2 fy27 - plant capacity to double from ~9,000 to ~15,000 bushings
  • revenue potential of existing + new plant combined ~₹600-700 cr in 2.5-3 years - targeting 8-10× revenue in 8-10 years
  • 35-40% cagr maintained
  • global share ambition 5-7% - addressable market expands from ₹10-12k cr to ₹15-16k cr post 550 kv capability
  • currently <1% of global market - r&d focus on localising rip cores (currently imported) to cut cost, save duty/freight

Research report

companyname: Yash Highvoltage Limited ticker: 544310 sector: Transformer Bushings / Power Transmission Components Yash Highvoltage Limited manufactures high-voltage and high-current transformer bushings, the critical components that connect a transformer's internal windings to the external power grid. Founded in 2002 and headquartered in Vadodara, Gujarat, the company produces Oil-Impregnated Paper (OIP), Resin-Impregnated Paper (RIP), and Resin-Impregnated Synthetic (RIS) condenser bushings, a...

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Catalysts

capex, margin expansion, geographic expansion, order book surge, acquisition inorganic

Growth guidance

35% revenue CAGR over next 5 years; new greenfield plant to add ₹550-700 crores revenue by FY29

Management consistency

consistent

RS rating: 98 Stage: Stage 2

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