The demand is quite strong for bushings.
If they have necessary certificates in place and quality testing, then with a lower pricing, they should be able to gain market share.
Remember the size of this company. Even a small market share gain will be huge profit for Yash.
They have been marketing their brand quite well. They are quite active in social media
Recent video on their manufacturing facility
It is expected that In forward 1.5 -2 years, revenue will get double as greenfield capacity units will get live.
PAT margin % will definitely improve as greenfield capacity includes production of capacitive core which is currently being imported in India. Capacitive core is a one of the parts of RIP bushing which is more than 80% product mix of Yash Highvoltage.
Concall Q4FY26 Insights
No impact of current war as no exports in those areas
No impact on RM side as well, able to pass on the price
Capable to grow at 40-42% for next 4-5 years
This year Ebitda to remain around 24-25% coz of new factory
Margin expansion likely from next year
Revenue for totally indigenous made RIP bushings from our own factory might be towards the end of this year financial
The revenue from this plant will still begin as we would be able to utilize the facility for assembly and testing from next month itself
Present capacity of 9,000 to 10,000 bushing, we have been able to produce 7,000 plus bushing this year. After capex, our total capacity will be moving to close to 15,000 bushings. 65% we will be able to use in the year 2026-2027 (~9750 bushings, 40% growth)
On 150 Cr fund raise, only availed the approval for now. Targeting 110 Cr for HV bushings and some working capital
Our target would be that eventually in next two to three years, we at least do 20% plus from exports.
So, Sukrut, we assume that in next four to five years, we should be able to cross at least INR150 to INR160 crores of revenue. And presently it is around INR25 crores, INR26 crores revenue financial year '26 (10% of Yash revenue)
Competition: There are three or four players in India who are putting up facility for localized RIP. Apart from us, CG Power, Hitachi India, and MIM, in Bhiwadi, Massa Izolyator Mehru, the Russian subsidiary in India. So, there are four people who are investing in the capacity for localized RIP bushings.
The order booking is of the almost same proportion as of what we have been invoicing. Okay. So, close to 15% to 18% is combination of OIP and high current and balance is of RIP.
On Chinese bushings
On debt over equity dilution
On biz risk
