Yash HighvoltageShare price, financial results, shareholding and management
- Market cap
- ₹3,594 cr
- Stock P/E
- 96.3peers 24.3
- Book value
- ₹61.6
- Price to book
- 19.52
- EV / operating profit
- -
- Market cap to sales
- 15.28
- ROCE · FY26
- 27.5%
- ROE · FY26
- 22.5%
- ROE, 3-year average
- 25.7%
- Operating margin · FY26
- 24.0%peers 14.5%
- Sales growth, 3 years
- 37.7%
- Profit growth, 3 years
- 50.3%
- Debt to equity
- 0.21peers 0.43
- Borrowings
- ₹38 cr
- Interest cover
- 13.5×
- Cash from business / op. profit
- 16%
- Debtor days
- 47
- Pledged
- 0.00%
- Promoter holding
- 53.79%
- Change in promoter holding
- -1.00 pts
- Shareholders
- 6,362
- 52-week high / low
- ₹1,310 / ₹366
- Dividend yield
- Paid
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Yash Highvoltage share price chart
Close on 6 Nov 2026 · -5.29% on the day · Vol 1.22 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +0.7%
- 3 months
- +25.7%
- 6 months
- +72.4%
- 1 year
- +145.5%
- Traded a day, 20 days
- ₹16.23 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +57% | +78% |
| 3 years, a year | +38% | +50% |
| Latest half, H2 FY26 | +46% | +58% |
About Yash Highvoltage: business, products and customers
Yash Highvoltage makes transformer bushings, the insulated parts that carry high voltage power safely into and out of a transformer, for transformer makers and power utilities in India and abroad. Its shares trade on BSE SME.
Yash Highvoltage designs and makes condenser bushings for power transformers: oil impregnated paper (OIP), resin impregnated paper and synthetic (RIP and RIS), high current, wall and oil-to-oil types, plus retrofits, testing and repair of old bushings. The company says every transformer needs five to seven bushings and no substitute exists.
It sells mainly to transformer makers and utilities, says it is approved by all generation, transmission and distribution utilities in India, and reports more than 1,000 customers in over 60 countries. RIP bushings gave 83% of FY26 revenue, and exports 7%.
Read more about the business
The company was set up in 2002, came under its current management in 2008 and listed on BSE SME in December 2024. It makes bushings at two units, at Halol and Jarod in Gujarat, and until now has imported the resin cores for its RIP bushings from Europe.
What is new: a plant at Savli, Vadodara for RIP and RIS bushings and their cores, which began commercial production on 30 September 2026; a 50% stake in Sukrut Electric, Pune, taken with Quality Power; a US sales subsidiary; and distribution partners for Europe, North Africa and the UK. On 12 October 2026 the company announced that its subsidiary had entered into a representation agreement with EHV Solutions LLC from that day; only the announcement's subject line was available, and it gives no terms.
From the offer document (December 2024), the FY26 annual report, the May 2026 investor presentation, the June 2025 and May 2026 earnings calls and the announcements of 30 September and 12 October 2026 (the latter read from its subject line only).
Read the deeper study ↓In its favour
- Sales have grown fast: 38% a year over three years.
- It earns a high return on the money it uses: ROCE 28% in FY26.
- It has little debt for its size: debt to equity 0.21.
- It paid a dividend in the past year.
To watch
- Ramp-up of the new Savli plant, where commercial production began on 30 September 2026, and the first fully local RIP bushings (Announcement, 30 Sep 2026, p.1; Earnings call, May 2026, p.9).
- The planned raise of ₹100 to 110 crore within a ₹150 crore approval (Earnings call, May 2026, p.11).
- The aim to book at least ₹500 crore of new orders in FY27 (Earnings call, May 2026, p.10).
- Settling in the Sukrut Electric stake, where the company says its focus is stabilisation (Earnings call, May 2026, p.6).
- Its borrowings rose a lot last year: ₹38 cr, from ₹24 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Yash Highvoltage revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Yash Highvoltage half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 48 | 60 | 57 | 93 | 100.14 | 135.57 |
| Expenses | 37 | 50 | 46 | 71 | 78.88 | 100.12 |
| Operating profit | 11 | 10 | 11 | 21 | 21.27 | 35.45 |
| OPM | 23.0% | 17.0% | 20.0% | 23.0% | 21.2% | 26.1% |
| Interest | 1 | 1 | 1 | 2 | 1.98 | 1.83 |
| Depreciation | 1 | 1 | 1 | 2 | 2.40 | 3.71 |
| Profit before tax | 9 | 9 | 9 | 19 | 18.92 | 31.58 |
| Net profit | 6 | 6 | 6 | 15 | 14.02 | 23.64 |
Yash Highvoltage profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 38 | 37 | 65 | 90 | 108 | 150 | 235.16 |
| Expenses | 32 | 30 | 51 | 71 | 87 | 117 | 178.16 |
| Operating profit | 6 | 7 | 15 | 19 | 22 | 33 | 57 |
| OPM | 16.0% | 20.0% | 22.0% | 21.0% | 20.0% | 22.0% | 24.0% |
| Other income | 0 | 0 | 0 | 0 | 1 | 2 | 5.80 |
| Interest | 1 | 1 | 1 | 1 | 2 | 3 | 4 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 3 | 6 |
| Exceptional and other items | · | 1 | -1 | · | -1 | -1 | -2.72 |
| Profit before tax | 4 | 6 | 12 | 16 | 18 | 28 | 50.08 |
| Tax rate | 25.0% | 33.3% | 25.0% | 31.2% | 33.3% | 25.0% | 25.5% |
| Net profit | 3 | 4 | 9 | 11 | 12 | 21 | 37.32 |
| EPS ₹ | 1.27 | 1.76 | 3.92 | 5.14 | 5.55 | 7.51 | 13.07 |
| Dividend payout | 38.0% | 67.0% | 30.0% | 29.0% | 0.0% | 13.0% | 11.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Yash Highvoltage profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 16.0% | 20.0% | 22.0% | 21.0% | 20.0% | 22.0% | 24.0% |
| Tax rate | 25.0% | 33.3% | 25.0% | 31.2% | 33.3% | 25.0% | 25.5% |
| ROCE | · | 40.0% | 52.0% | 47.9% | 44.9% | 28.2% | 27.5% |
| ROE | · | 26.7% | 43.9% | 39.3% | 32.4% | 22.2% | 22.5% |
| Dividend payout | 38.0% | 67.0% | 30.0% | 29.0% | 0.0% | 13.0% | 11.0% |
Yash Highvoltage debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Yash Highvoltage balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 14 | 14 |
| Reserves | 10 | 14 | 21 | 29 | 39 | 133 | 170 |
| Net worth | 13 | 17 | 24 | 32 | 42 | 147 | 184 |
| Borrowings | 3 | 2 | 7 | 8 | 7 | 24 | 38 |
| Other liabilities | 10 | 12 | 12 | 19 | 22 | 33 | 42 |
| Total liabilities | 26 | 31 | 43 | 59 | 71 | 204 | 264 |
| Fixed assets | 0 | 8 | 14 | 17 | 18 | 42 | 52 |
| Capital work in progress | 0 | 1 | 0 | 0 | 5 | 8 | 52 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| Other assets | 26 | 22 | 29 | 42 | 48 | 154 | 155 |
Yash Highvoltage cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 3 | 7 | 7 | 9 | 14 | 10 | 9 |
| Cash from investing | -1 | -3 | -10 | -4 | -9 | -84 | -15 |
| Cash from financing | -1 | -2 | 3 | -5 | -5 | 96 | 1 |
| Net cash flow | 1 | 2 | 0 | 0 | 0 | 22 | -5 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 68 | 66 | 53 | 66 | 42 | 68 | 47 |
| Inventory days | 133 | 193 | 130 | 126 | 143 | 138 | 201 |
| Days payable | 90 | 132 | 81 | 110 | 103 | 93 | 62 |
| Cash conversion cycle | 111 | 127 | 102 | 82 | 82 | 112 | 187 |
| Working capital days | 80 | 68 | 45 | 47 | 45 | 44 | 69 |
Yash Highvoltage peers and competitors
Listed SME companies in the same industryBy sales, Yash Highvoltage is number 13 of the 34 listed SME companies in electrical equipment.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| INDO SMC | 1,183 | 37.0 | 310 | 32 | 15.0% | 0.31 |
| Sugs Lloyd | 569 | 19.6 | 301 | 29 | 14.0% | 0.50 |
| Smarten Power Systems | 111 | 12.6 | 243 | 8.8 | 4.9% | 0.07 |
| Yash Highvoltage | 3,594 | 96.3 | 235 | 37.3 | 24.0% | 0.21 |
| Vivid Electromech | 1,510 | 47.2 | 200 | 32 | 23.0% | 0.45 |
| Parth Electricals & Engineering | 802 | 56.4 | 198 | 14.2 | 10.5% | 0.15 |
| Supreme Power Equipment | 732 | 34.9 | 182 | 21 | 18.0% | 0.42 |
| Himalayan Solar | 187 | 8.9 | 170 | 21 | 18.0% | 0.77 |
| G V Electricals | 139 | 13.9 | 156 | 10 | 12.0% | 0.48 |
| Shivalic Power Control | 165 | 14.0 | 155 | 11.8 | 12.1% | 0.30 |
| Anawil Wire and Engineering | 1,069 | 28.9 | 143 | 37 | 43.0% | 1.42 |
| Median of the 10 others | 651 | 24.3 | 190 | 21 | 14.5% | 0.43 |
Yash Highvoltage shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Yash Highvoltage shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | Aug 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 57.70% | 57.89% | 57.94% | 57.94% | 57.24% | 54.79% | 53.79% |
| Foreign investors (FIIs) | 2.19% | 1.15% | 0.18% | 0.05% | 0.62% | 2.17% | - |
| Indian institutions (DIIs) | 12.79% | 10.64% | 10.13% | 11.06% | 9.50% | 8.99% | - |
| Number of shareholders | 3,407 | 2,566 | 2,501 | 3,741 | 5,190 | 6,341 | 6,362 |
Yash Highvoltage study: the business from its own documents
Read from 11 of the company's own documentsYash Highvoltage key facts from the filings
Each figure with the document it comes from
- Order book
- Over ₹400 cr
- Orders in hand at 31 March 2026, up from ₹150 cr a year earlier; the company says this covers the next one to two years.Investor presentation, May 2026, p.14; Earnings call, May 2026, p.7
- New plant running
- 30 Sep 2026
- Commercial production and first invoice at the new Savli, Vadodara plant for RIP and RIS bushings and their parts.Announcement, 30 Sep 2026, p.1
- Repeat orders
- 96%
- Share of orders that come from customers who have bought before, as the company reports it.Earnings call, May 2026, p.5; Investor presentation, May 2026, p.8
- Capacity used
- 75% to 80%
- Use of the existing plants in FY26, which made over 7,000 bushings against a capacity of 9,000 to 10,000.Earnings call, May 2026, p.10 to 11
- Few rivals
- Under 12
- Independent bushing makers worldwide, by the company's count; it says it is the only independent one from India.Investor presentation, May 2026, p.8
Show 5 more facts
- RIP bushings
- 83%
- Share of FY26 revenue from RIP bushings; OIP gave 10% and high current bushings 4%.Investor presentation, May 2026, p.14
- Imported cores
- Over 95%
- Share of RIP cores used in India that are imported, the company says, including its own from Europe; the new plant is meant to make them locally.Investor presentation, May 2026, p.37
- Exports
- 7%
- Share of FY26 revenue sold abroad, up from 5% in FY25; RIP bushings have so far been sold only in India.Investor presentation, May 2026, p.14 and p.16
- Growth said and seen
- 57%
- FY26 revenue growth, to ₹235.1 cr, against the company's June 2025 aim of about 30% a year.Investor presentation, May 2026, p.20; Earnings call, Jun 2025, p.3
- Fresh capital
- ₹100 to 110 cr
- Amount the company says it is looking to raise within a ₹150 crore approval, for 550 kV capacity, testing and expansion at the existing unit.Earnings call, May 2026, p.11
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call, Chairman and Managing Director Keyur Shah said the company expects to grow around 40% to 42% a year for at least the next four to five years, to hold EBITDA margin around 24% to 25% in FY27 while the new plant adds costs, and to book at least ₹500 crore of new orders in FY27. The company says total capacity will rise to close to 15,000 bushings, of which it aims to use about 65% in FY27, and that it plans to raise ₹100 to 110 crore.
| What management said | When | What happened |
|---|---|---|
| Grow about 30% a year over the next five years | Jun 2025 call | FY26 revenue up 57%, to ₹235.1 cr |
| Commercial production at the new plant in H2 FY27 | May 2026 call | Commercial production began on 30 September 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Yash Highvoltage earns its money making a small but vital transformer part that few companies in the world can make and that buyers take years to approve.
Its weak spots are a reliance on imported cores for its main product until the new plant settles in, and the cost and cash a fast expansion needs.
StrongCan it set its own prices?Demand for bushings is running ahead of supply, and the company says it can pass higher input costs on to customers.
StrongHow strong is it against rivals?There are very few independent bushing makers, and a new supplier takes years to win approval because a failed bushing can set a transformer on fire.
StrongWho are its customers?Transformer makers and power utilities across India and many other countries, who mostly come back for more.
WatchDoes it need a lot of money?Yes, for now. Stock more than doubled in the latest year, a new plant has just been built, and the company plans to raise more money.
StrongCan it keep finding new work?Orders in hand have grown fast, and transformer makers are placing orders for two to three years ahead.
AverageDo good and bad years swing a lot?Yearly sales have grown steadily, but the second half of each year is bigger, and margins move with the price of materials.
Who runs Yash Highvoltage?
Promoters, directors and officers; tap a name for the background
KGKeyur Girishchandra ShahPromoter, Chairman and Managing Director
Holds a Diploma in Civil Engineering from Maharaja Sayajirao University of Baroda. A director since March 2008 and Managing Director since July 2011, with over 25 years in the industry; chairs the company's technical advisory board.
Offer document, p.210 and p.212; Annual report FY26, p.36TKTwinkle Keyur ShahNon-Executive Director
Holds a Bachelor of Commerce from Maharaja Sayajirao University of Baroda and has been with the company since September 2017, with experience in administration and training for human resource development; earlier ran an independent business in Vadodara. The offer document states that Twinkle Keyur Shah is the spouse of Keyur Girishchandra Shah.
Offer document, p.210 and p.230; Annual report FY26, p.36HFHartmuth FethkeNon-Executive Director
Studied electronics technology at Engineering College, Wismar, and has more than 40 years in high voltage equipment and bushings with ABB Micafil, Switzerland, and HSP (Siemens), Germany. Has worked with Yash Highvoltage for over a decade on product quality and processes.
Offer document, p.210; Annual report FY26, p.37RNRabindra Nath NayakIndependent Director
Holds a B.Sc. in Electrical Engineering from NIT Rourkela and has more than four decades in the power sector, including senior roles at POWERGRID, NTPC and SAIL; a former Chairman and Managing Director of POWERGRID.
Offer document, p.210; Annual report FY26, p.37SSSuril S. MehtaIndependent Director
A Chartered Accountant and partner at K C Mehta & Co LLP, leading tax and regulatory advisory, restructuring and valuation work, with over 12 years in M&A transactions.
Offer document, p.210; Annual report FY26, p.37Yash Highvoltage latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹136 cr (+46%), net profit ₹23.6 cr (+58%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 54.79% to 53.79%.
Yash Highvoltage announcements
8 on record, latest first; each opens the filing on the exchange
- Company UpdateIntimation of Execution of Representation Agreement entered by the CompanyPDF ↗
- Company UpdateWe would like to inform you that the Subsidiary of the Company has entered in to Representation Agreement with EHV Solutions LLC w.e.f 12th October, 2026PDF ↗
- Company UpdateFind attached herewith Reg 74(5) for the quarter ended 30th September, 2026PDF ↗
- Company UpdateWe hereby enclose a Press Release that Yash Highvoltage Limited announced that its subsidiary, YASH HV USA INC. strengthen US Footprints that expands reach froPDF ↗
- Company UpdateWe would like to inform you that the subsidiary of the Company has entered in to Representation Agreement with GATEWAY POWER SALES w.e.f 29th September, 2026PDF ↗
- Company UpdateWe wish to inform the Stock Exchange that the Company has commenced commercial production at its new manufacturing facility, and the first commercial invoice frPDF ↗
- Insider Trading / SASTIntimation of Closure of trading window for the half year ended 30th September, 2026PDF ↗
- Company UpdateFind attached herewith Intimation of Analyst Meet for 23rd September, 2026PDF ↗
Yash Highvoltage annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 31 Oct 2025 ↗read
- 30 Sept 2024 ↗read
Yash Highvoltage share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 1.4000ex-date 27 Aug 2026
- DividendFinal Dividend - Rs. - 1.0000ex-date 3 Sept 2025
Checks we ran on Yash Highvoltage's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,98,87,680 shares).
- !The FY26 results imply 2,80,00,000 shares at face value ₹5, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Yash Highvoltage
What does Yash Highvoltage do?
Yash Highvoltage makes transformer bushings, the insulated parts that carry high voltage power safely into and out of a transformer, for transformer makers and power utilities in India and abroad. Its shares trade on BSE SME.
What is the share price of Yash Highvoltage?
₹1,202 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Yash Highvoltage?
₹3,594 cr at the close on 6 Nov 2026, on 2,98,87,680 shares.
What is the P/E of Yash Highvoltage?
96.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Yash Highvoltage's revenue and profit?
Revenue ₹235 cr and profit after tax ₹37 cr in FY26.
Who are the promoters of Yash Highvoltage?
Keyur Girishchandra Shah; promoters held 53.79% at 30 Sept 2026.
What is Yash Highvoltage's website?
www.yashhv.com
More SME companies like Yash Highvoltage
Other listed SME companies in electrical equipment, the closest in size first, each read from its own documents.
- Oriana PowerORIANA · NSE Emerge · Electrical Equipment · listed 2023Market cap ₹2,417 cr
- Danish PowerDANISH · NSE Emerge · Electrical Equipment · listed 2024Market cap ₹1,857 cr
- Alpex SolarALPEXSOLAR · NSE Emerge · Electrical Equipment · listed 2024Market cap ₹1,814 cr
- KP Green EngineeringKPGEL · BSE SME · Electrical EquipmentMarket cap ₹1,425 cr
- Vivid ElectromechVIVIDEL · NSE Emerge · Electrical Equipment · listed 2026Market cap ₹949 cr
- Anawil Wire and EngineeringANAWIL · NSE Emerge · Electrical Equipment · listed 2026Market cap ₹919 cr
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 2 press releases, 1 offer document, 8 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.