1. At a Glance
Yash Highvoltage Ltd has quietly shocked the market — with a 50% profit CAGR, a ₹1,690 Cr market cap, and transformer bushings that sound more like Iron Man upgrades than electrical parts. But with a PE nearing 79, has it already “charged” too far ahead?
2. Introduction with Hook
Picture this: You’re not making transformers. You’re making the nerves of transformers. Yash Highvoltage doesn’t just plug into India’s power story — it surgically inserts itself into it.
- FY25 revenue up 38% to ₹150 Cr
- PAT up 78% to ₹21 Cr
- Stock up 4x from 52-week low
- No dividends, but explosive growth
It’s the smallcap that gets no media love but delivers shockingly consistent numbers. Pun intended.
3. Business Model (WTF Do They Even Do?)
Yash makes transformer bushings, the highly engineered component that connects the transformer to the power grid — while insulating high-voltage like a boss.
Main revenue channels:
- Bushings Manufacturing: OIP, RIP/RIS, HV/HV bushings
- Testing + Maintenance: On-site/off-site diagnostics
- Retrofitting: Replacing aging bushings
- Vendor status: Listed with major PSUs and private power giants
- Global certifications: IEC, IEEE, ANSI compliant
They’re also venturing into exports and USA operations (via YASH HV USA Inc.) and M&A (buying Sukrut Electric).
4. Financials Overview
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue (₹ Cr) | 150 | 108 | 90 |
| EBITDA (₹ Cr) | 32 | 20 | 19 |
| PAT (₹ Cr) | 21 | 12 | 11 |
| Net Worth (₹ Cr) | 147 | 42 | 32 |
| Borrowings (₹ Cr) | 23 | 7 | 8 |
| ROCE (%) | 29% | 42% | 48% |
Highlights:
- PAT margins at ~14%
- Working capital tight, but stable
- Strong growth despite zero dividend
5. Valuation
| Metric | Value |
|---|---|
| CMP | ₹592 |
| PE Ratio | 78.93x |
| EPS (FY25) | ₹7.50 |
| Market Cap | ₹1,690 Cr |
| P/B Ratio | 11.45x |
| ROE | 22.6% |
Fair Value Estimate (EduGyaan):
Assuming a sane smallcap industrial PE of 35–45x on FY25 EPS ₹7.5:
FV Range = ₹262–₹337
Trading 2x above comfort zone. Growth priced in. And then some.
6. What’s Cooking – News, Triggers, Drama
- Acquired Sukrut Electric with Quality Power
- New Subsidiary: YASH HV Power Components
- USA Expansion: YASH HV USA Inc. registered
- ₹11.46 Cr order from WBSETCL
- New Plant at Vadodara under construction
- Signed MOU with Electrolink UK
This isn’t a sleepy Gujarat manufacturer anymore. It’s going global — fast and loud.
7. Balance Sheet
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Assets | 203 | 70 | 59 |
| Net Worth | 147 | 42 | 32 |
| Borrowings | 23 | 7 | 8 |
| Fixed Assets | 46 | 18 | 17 |
Takeaway:
- Massive equity base expansion from IPO
- Cash rich, yet borrowing modestly for capex
- Balance sheet healthy, no red flags
8. Cash Flow – Sab Number Game Hai
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Flow |
|---|---|---|---|---|
| FY25 | 9 | -84 | 97 | +22 |
| FY24 | 10 | -5 | -5 | 0 |
| FY23 | 9 | -4 | -5 | 0 |
Translation:
- Heavy investing in new infra
- Fresh capital (likely from IPO) funds everything
- Operating cash stable
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 29% |
| ROE | 22.6% |
| OPM | 21% |
| PAT Margin | 14% |
| Inventory Days | 132 |
| Debtor Days | 68 |
| CCC | 111 days |
Note:
- ROCE still respectable, but trending down from 48%
- Cash conversion cycle elongated — room to optimize working capital
10. P&L Breakdown – Show Me the Money
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Sales (₹ Cr) | 150 | 108 | 90 |
| Expenses (₹ Cr) | 118 | 88 | 71 |
| EBITDA (₹ Cr) | 32 | 20 | 19 |
| Net Profit (₹ Cr) | 21 | 12 | 11 |
Margins are good. Growth is real. But FY25 was clearly juiced by IPO momentum + infra spending cycle.
11. Peer Comparison
| Company | P/E | ROCE | OPM | PAT (₹ Cr) | Sales (₹ Cr) |
|---|---|---|---|---|---|
| Yash Highvoltage | 79x | 29% | 21% | 21 | 150 |
| Shilchar Tech | 42x | 71% | 29% | 147 | 623 |
| Waaree Renewables | 44x | 85% | 19% | 232 | 1597 |
| Genus Power | 37x | 19% | 19% | 293 | 2442 |
Verdict:
Yash is the only one among these that’s SME-listed and under ₹2,000 Cr MCAP — it’s still small, still nimble… and grossly overvalued.
12. Miscellaneous – Shareholding, Promoters
| Category | % Holding |
|---|---|
| Promoters | 57.89% |
| FIIs | 1.15% |
| DIIs | 10.64% |
| Public | 30.32% |
| Shareholders | 2,566 (down from 3,407) |
- Steady promoter stake
- Institutions just started nibbling
- Public shareholding growing — hype incoming?
Also… they’re not paying dividends. All profits plowed back.
13. EduInvesting Verdict™
Yash Highvoltage is that electric engineer from your college who now runs a ₹1,600 Cr company while quietly building global subsidiaries. Their niche bushing biz has huge TAM, and they’ve scaled from ₹38 Cr to ₹150 Cr in 5 years with PAT CAGR of ~50%.
But…
- Valuation is stratospheric
- CCC and working capital are bloated
- Growth has been priced in… twice
Final Thought:
It’s a beautiful business and a stretched stock. Long-term investors can track dips. Traders? You’re already late unless the next “shock” is a 100% order book explosion.
Metadata
Written by EduInvesting | July 13, 2025
Tags: Yash Highvoltage, Transformer Bushings, SME Multibagger, Electrical Components, Infra Stocks, Capex Boom, Gujarat Manufacturers
