⚡ Yash Highvoltage Ltd Q2 FY26 — The Bushing Boss That’s Electrifying the Grid and Investors Alike! 🔌
1. At a Glance
When your product is called a bushing but your margins scream blushing, you know something’s sparking. Yash Highvoltage Ltd (YHVL), India’s freshly-listed power-engineering specialist, makes those unsung heroes of transformers — the porcelain-and-polymer bridges that let 400 kV of chaos flow safely through steel.
At ₹ 530 a share (10 Oct 2025), Yash is humming with a ₹ 1,512 cr market cap, TTM EPS ₹ 7.5, and a dizzy P/E ≈ 70×. Revenue ≈ ₹ 150 cr, PAT ₹ 21.4 cr, OPM 21 %, NPM 14 %, and a stock that’s up 194 % in six months since IPO.
Q2 FY26 turned heads: ₹ 100 cr revenue, ₹ 14 cr profit, up 75 % YoY. For a company that sells bushings, the only insulation investors need right now is against over-excitement.
2. Introduction – The Voltage Revolution from Vadodara
Founded in 2002 by engineers who probably dream in kilovolts, Yash Highvoltage has quietly become India’s Transformer Bushing Guru. From its Vadodara plant — now a shrine of precision winders, epoxy chambers, and test bays — the company manufactures both OIP (Oil Impregnated Paper) and RIP / RIS (Resin Impregnated Paper / Synthetic) bushings up to 400 kV.
These are not glamorous products. Nobody posts “#OOTD in RIP bushing.” Yet every power substation, every renewable farm, every transformer owes its safe current transfer to this invisible component.
Yash supplies to Power Grid, BHEL, NTPC, private utilities, and 25 foreign markets. In short: if electricity is flowing, Yash has probably blessed it first.
But post-IPO, the company’s also learning another form of high current — investor enthusiasm. The question: can those margins withstand market heat without tripping the breaker?
High Current & Wall Bushings – niche, customized heavy-duty units.
🔧 Services
Repair & retrofitting of old bushings
Field testing, diagnostics, on-site replacement
🏭 Manufacturing Capacity
7,000 units / year: 3,700 OIP + 3,000 RIP + 300 High Current. Each piece is individually tested — this isn’t shirt-stitching; it’s microns + megavolts.
🌍 Markets
Exports only 4 % now but reach 20+ countries (US, Italy, Brazil, Korea …). 95 % still domestic — a huge runway as global utilities de-China their supply chains.
⚙️ Revenue Concentration
Top 10 clients = ~80 % revenue. The same way you depend on your power board at home — Yash depends on a few.
In short: they sell safety devices for electricity — and their business model is shockingly safe too, with recurring replacement and service orders built in.
4. Financials Overview
Source table
Metric
Latest Qtr (Q2 FY26)
YoY Qtr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue
₹ 100 Cr
₹ 57 Cr
₹ 50 Cr (est)
+75 %
+100 %
EBITDA
₹ 21 Cr
₹ 11 Cr
₹ 10 Cr
+91 %
+110 %
PAT
₹ 14 Cr
₹ 6 Cr
₹ 7 Cr
+119 %
+100 %
EPS (₹)
4.91
2.89
2.60
+70 %
+89 %
Commentary: Revenue doubled, profit more than doubled — the only thing not doubling is humility. OPM ≈ 21 %, NPM ≈ 14 %.
