Yash High Voltage Ltd : Transformer Guardians

[Debojit_Kangsa_Banik]

Company: Yash High Voltage Ltd : Transformer Guardians
Sector: [Electric Equipment/Capital Goods]
Exchange: [BSE SME ]

Basic Details
• Market Cap: ₹1289 crores
• Issue Price: ₹146
• Current Price: ₹451 (as of 13 Dec 2025)
• Listing Date: Dec 19, 2024

Financial Highlights
• Revenue (2025): ₹150 crores
• Net Profit: ₹21 crores
• ROE: 22.6%
• Debt-to-Equity: 0.17
• Revenue Growth (3-year CAGR): 32%

Business Overview

• What they do:
Leading Indian manufacturer of critical high-voltage and high-current transformer bushings and provides retrofit services.

• Key Products/Services:
Yash specializes in two primary types of bushing technology: the traditional Oil Impregnated Paper (OIP) and the modern Resin Impregnated Paper/Synthetic (RIP/RIS). The company’s strategic pivot to the more advanced RIP/RIS technology was driven by a clear market shift, as major Indian power utilities like POWERGRID and NTPC mandated the use of modern, dry-type bushings, making the transition essential for growth.

YashHV also offers specialized retrofit solutions (OIP-to-OIP, OIP-to-RIP, etc.) for aging transformer fleets of any global make up to 245 kV and 25,000 A, providing a niche edge in the market

• Market Position:

• Overall Market Share: Currently holds an estimated market share of over 30% in India’s high-voltage bushing segment (up to 245 kV) of the Indian high voltage bushing market, which is valued around Rs 1,500 crores and is expected to grow at a CAGR of ∼6% during 2024 to 2034
• RIP Bushings: The company holds an estimated 70% market share in RIP bushings (up to the 245 kV class). Yash pioneered the localization of RIP bushing technology in India , capitalizing on the trend where premier central utilities like POWERGRID and NTPC mandated the use of RIP transformers.
• At present, company holds around 1% of the global addressable market, underscoring the immense scope for ahead growth.
• Vision for Global Leadership: The company’s vision is explicitly stated as "to be recognised among the top 5 transformer bushing manufacturers in the world

(… detail info in thesis segment)

• Key Customers:

Excerpt from concall

• Key Competitors
  

  

• Domestic Competitors: Crompton Greaves, Massa Izolyator Mehru , Hitachi in India

• The company’s relationship with global giants like Hitachi and General Electric is nuanced. While these firms are significant market players, they primarily manufacture bushings for their in-house transformer production. Due to their own capacity constraints, they frequently purchase bushings from Yash, positioning them as both competitors and customers. This dynamic underscores Yash’s competitive cost structure and validated technical capabilities. As an Indian manufacturer, Yash enjoys a competitive pricing advantage over these global players, allowing it to capture market share while still generating strong margins.

Management Quality

• Promoter Background:

• Promoter Holding: 57.94%
• Key Management: Mr. Keyul Shah (man behind the show), a first-generation entrepreneur. Brings in the necessary high-level expertise, rather than relying solely on internal development. He engineered a significant transformation by bringing in critical technology that the company “could not have developed themselves”. He initially collaborated with the Swiss major MGC Moser Glaser to introduce and localize RIP bushing technology in India . This move was strategically timed to capitalize on market shifts away from older technology.

Investment Thesis

This is just to capture your attention. Details will follow later

Let’s get into the how of it

• Based on FY 25, export : domestic revenue split is 5:95
• RIP/RIS Conventional Bushings: 82% of revenues
• OIP Bushings:13.08% of revenues
• Exports already accounted for 40% of the company’s total sales in OIP.

Price Comparison of RIP vs OIP bushings
Domestic: RIP is 4x that of OIP
Export: RIP is 2x or 3x that of OIP

To sum up the above points, currently company is only exporting OIP bushings which represents only 5% overall. Majority sales come from RIP (higher premium than OIP) which is only sold domestically at present. They can’t export RIP because of license restrictions.

Phase 1 (Current): Yash is currently exporting its OIP products to over 60 countries. This strategy serves to establish the Yash brand, build sales channels, and cultivate customer relationships in key international markets.

Phase 2 (Post-2026): Capex will go live by 2nd half of FY 26-27 where company will produce the RIP core domestically which is currently being imported (part of license). The company will have the right to export its high-margin RIP bushings. This will allow Yash to leverage the channels built in Phase 1 to introduce its premier products into lucrative developed markets.

To support this global push, Yash has already made key strategic moves, including the establishment of Yash HV USA Inc. to serve the Americas, and signing agency agreements with Weidmann to cover major European and North African markets, and Electrolink for the United Kingdom.

Rough Base Case Valuation

Concerns & Risks:

• Reliance on External Technology for Core Product (RIP): Till capex goes live, company still currently relies on importing RIP/RIS cores from overseas manufacturers.
• Capex delay
• Forex: The company has a significant reliance on imports for RM
• Market Competition: Its in highly competitive market.
• Transformer sector dependency: Any change in transformer sector will impact drastically.
• SME risk

Disclosures:
Invested. No transaction in past 6 months

Disclaimer
SME stocks carry higher risks due to their smaller size, limited operating history, and relaxed regulatory requirements. This analysis is for educational purposes only and should not be considered as investment advice. Always conduct your own research or consult with sebi registered financial advisors before making investment decisions.

[VarunA]

What sort of revenue generating through US only and what will be the impact of the current tariff scenarios.

[Debojit_Kangsa_Banik]

Currently only 5% export. Once new capex goes live, export will increase.

Tariff issue won’t come as there are only 12 or so global bushing companies. And biggies are kind of competitors and also customer of Yash.

Bushings contributes very less in a transformer and its a core part and so majority companies likes to outsource to Yash as they are dedicated into it.

[Sudarsan93]

Bushing is a highly skilled specialised part which Yash does well so far. capacity expansions export focus and fewer specialised bush makers when compared to no of transformer makers all should make Yash high voltage a global MNC bushing player. US sales if they crack it will be a big win.
disc: Invested and willing to hold to play the transformer cycle

[Debojit_Kangsa_Banik]

CEA Pushes for Localization of Power Transmission and Distribution Components...

[rajpanda]

The Future Growth Drivers. (Extracted from H126 Call)

Product Contribution: RIP 80-85%, OIP 15-20%

Market Structure and growth avenues: Current transformer Bushing Market size is 25,000 Cr., and projected to grow at 5.6% for the next decade. Yash’s current product line address 10-12k Cr. out of that. With the new greenfield capex going live in H227, their addressable market will go up to 15-16k Cr.
Total of 12-13 players globally address this market. Hitachi, Trench and GE in Italy control 80% of the market and rest is controlled by Crompton Greaves, Moser Glaser, Russian-Mehru Izolyator, a couple of Chinese players and Yash. Yash’s existing portfolio maps to about 30-35% of Indian market share. Only 4-4.5% of current revenue is from export. Company currently holds about 1.5% of the global market share at 150 Cr. Topline for FY25. The aspiration is to capture 5-7% of global market share. Company has launched strategic distribution partnership with Weidmann (https://www.weidmann-electrical.com/) for selected European and Noth African market and Electrolink UK https://electrolinkpowersolutions.com/ for UK, Wales and Ireland. Price realization in export market for same k class product market are typically 30-40% higher than domestic market.

Competitive Intensity: Costs only 2-3% of the transformer cost. So, while some transformer manufacturers like Hitachi, Siemens, GE Crompton do manufacture their own and supply outside also for the vast majority of rest of the transformer players it doesn’t make sense to get into this high skill product only for internal consumption. A good car company is not likely to put up a tire manufacturing unit kind of analogy fits here. In a way, this could be little isolated from the transformer over capacity that we may see in sometime in future.

Customers : OEM and end customer are two legs of the customer base. Company has identified countries which have strong OEM network. At same time, bushing is a pre-approved product for many projects like Solar& data centers etc. Company is appointing local people in those relevant markets.

Aspirational Growth rate: Possible to grow 8-10x in 10 years. Which translates to ~5% global market share. Current Capacity addition with potential to do 600-700 Cr. Topline, mgmt hopes to reach in next 2-3 years.

Capex : Brownfield - Addition in next 4-5 months to keep current growth momentum. Greenfield - On track for trial production start by Mar’26. Inspection & approval process etc in H127and commercial production to start in H2-27. Caapex is for 100 Cr. Indicating that 3-4x asset turns possible. Combined facility has revenue potential in the range of 500-700 Cr.

Margin Growth Drivers: RIP products have much better price realization. Greenfield capex helps to localize components which were so far imported. FY26-27 may see moderate margin growth but FY27-28 may see much better margins.

Sukrut Acquisition: Very old company with good product basket but hasn’t grown well. Newer competitor is at least -7x their size. With the global reach of Quality and Yash, hope to grow them to 8-10x in next 5-6 years.

Order Book : It’s an order book driven business but mgmt. isn’t willing to reveal exact nos. suffice to say it’s 300 Cr+

[anigup]

Yash HighVoltage is an example of a picks & shovels business, doing one super niche thing (~ bushings) and doing it damn well for a sunrise sector (~ transformers).

Main risks are 1) execution risk of growing order book, 2) SME quality of disclosures (they’re already doing mgmt. concalls at this market cap so that’s a positive sign), and 3) receivables timeline extension

Disclosure : invested since November '25 and bullish.

[Sudarsan93]

Recent Interview of Yash high voltage Promoter
Long way to go

[Sudarsan93]

One more useful Interview of Yash Senior Management
good business overview and regarding Bushings

[Paulbiplab]

This is the true value of this website. Very nicely documented idea which gives the users a guidance whether to invest or not. I believe multibaggers are generated from such deep understanding of the companies business.
The CMP is slightly overpriced but if we see the TTM comes to fruition, may be well justofied.

[Sudarsan93]

when in Doubt always refer to Valuepickr comments.very good forum and we can see both side views practically
coming to Yash ,it is a Niche Player capacity expansions and good export potential
need to give some time for execution and New Plant coming up

[Debojit_Kangsa_Banik]

Yash current bushing capacity total 7000

RIP : 3000

These are upto 245kv

TARIL in q3 concall 26 mentioned

• there is shortage of bushings
• coming up with bushing capacity Jun 26,
  • 7000 qty RIP 245kv 1st phase
  • 400 kv 2nd phase
  • by 2nd year capacity utilisation should be 70-80%

Although TARIL is coming up with capacity, as of now doesn’t seem to impact Yash as demand is high and everybody is booked already.

[Sudarsan93]

this is overall Understanding of Transformer and Bushing players:
atleast indian context:
India hosts more standalone transformer manufacturing companies compared to standalone transformer bushing companies. Transformer makers number in the dozens to over 100, while bushing specialists remain far fewer, often limited to a handful of dedicated players.

some transformer companies do Bushings for inhouse consumption
Yash key triggers are RIP/Exports/capacity expansion

as of now demand is there for next few years from Yash Perspective
Yash do some specialised replacement solutions for bushings
which transformer companies will not have bandwidth

disc: Invested ,kindly do your own study