Yash Highvoltage Ltd.

What Yash Highvoltage Ltd. does

Yash Highvoltage Ltd. is India's only listed pure-play transformer bushing manufacturer, founded in 2004 (firmographics cite 2002) and headquartered in Vadodara, Gujarat. The company designs and manufactures high-voltage and extra-high-voltage (EHV) condenser-graded transformer bushings using three core insulation technologies: Oil-Impregnated Paper (OIP), Resin Impregnated Paper (RIP), and Resin Impregnated Synthetic (RIS). Its product portfolio includes OIP Condenser Bushings for standard HV transmission, RIP/RIS Condenser Bushings for modern power systems requiring low-maintenance and environmentally resilient insulation, High Current Bushings (24 kV-52 kV, 4000 A-25,000 A) for generation transformers, OIP Wall Bushings for transformer cable boxes, and Retrofit Solutions enabling interchangeable OIP-to-RIP/RIS upgrades. Manufacturing is conducted across two Vadodara plants (Halol-Savli Road and the new Jarod facility) with ILAC/NABL accredited testing laboratories and ISO 9001:2015 certification; products comply with IEC 60137:2017 and IEEE C.57.19.00/01 standards. The company has installed 45,000+ units across 60+ countries and serves 1,000+ customers including Indian national and state transmission utilities, power producers, transformer OEMs (original equipment manufacturers), and EPC (engineering, procurement, and construction) contractors.

The business operates a sales-led, project-based model with revenue generated from one-time product sales and professional services for retrofits, condition assessment, and on-site capacitance/tan delta testing. Pricing is quote-based, calibrated to detailed specifications (rated voltage, current, BIL/basic insulation level, creepage, insulation type, IEC/IEEE standard compliance, altitude corrections). Distribution is direct to enterprise customers in India, supplemented by distribution partnerships across Europe and the UK and a wholly-owned US sales office in Houston. The company is publicly listed on BSE SME (ticker 544310) following its December 2024 IPO, with Keyur Shah as Chairman & Managing Director and Nirav Patel as Executive Director – Global Business.

FY26 was the company's strongest year in its two-decade history: revenue of Rs 2,351 million grew 57% year-over-year, net profit reached Rs 374 million (+75% YoY), EBITDA margin expanded to 25.7%, 7,272 units were sold, and ROCE (return on capital employed) reached 29%. The company is executing a Rs 153 crore greenfield expansion in Vadodara to scale capacity from 9,000 to 15,000 units and backward integrate RIP core manufacturing, plus a Rs 151 crore preferential equity raise (June 2026) to enter the 550 kV EHV bushing segment and build advanced high-voltage testing infrastructure. Strategic expansion includes a 50% joint venture with Quality Power Electrical Equipments in Sukrut Electric Company, positioning the business to participate in India's National Electricity Plan grid buildout (targeting Rs 9 lakh crore in investment and 1,274 GVA of transformation capacity by FY2032).

Name

Yash Highvoltage Ltd.

Legal name

Yash Highvoltage Ltd.

Website

https://yashhv.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

Yash Highvoltage is India's only listed pure-play transformer bushing manufacturer, designing and producing OIP, RIP, and RIS condenser bushings for high-voltage and EHV power transmission, serving transmission utilities, power producers, transformer OEMs, and EPC contractors across 60+ countries from manufacturing facilities in Vadodara, Gujarat.

Ownership category

akta.pro rank

Product category

Transformer Bushings and High-Voltage Electrical Insulation

NAICS

Power, Distribution, and Specialty Transformer Manufacturing (335311)

SIC

Power, Distribution & Specialty Transformers (3612)

akta.pro primary industry

Transformers (Power, Distribution, Instrument, Specialty) (IMAGAAAA)

akta.pro secondary industries

Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC)

Keywords

• Transformer bushings
• High voltage equipment
• Condenser bushings
• Power transmission components
• Electrical insulation products

Headquarters

HQ city

Vadodara

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Transformer Bushing Products: Revenue generated from the manufacture and sale of high-voltage and EHV transformer bushings, including OIP Condenser Bushings, RIP/RIS Condenser Bushings, High Current Bushings, and OIP Wall Bushings. Products are sold to utilities, OEMs, EPC contractors, and industrial customers. FY26 total revenue of Rs 2,351 million (Rs 235.1 crore) representing 57% YoY growth.
2. Services, Retrofit & Solutions: Revenue from retrofit solutions, condition assessment, repairing services, and smart replacements for transformer bushings of any global make. Full-service engineering consultation including on-site capacitance and tan delta testing.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Yash Highvoltage Ltd. designs and manufactures high-voltage and extra-high-voltage (EHV) transformer bushings, including Oil-Impregnated Paper (OIP), Resin Impregnated Paper (RIP), and Resin Impregnated Synthetic (RIS) condenser bushings, along with high current bushings and OIP wall bushings. The company also provides retrofit solutions, condition assessment, and repairing services for transformer bushings of any global make. Products are sold primarily to power transmission utilities, transformer OEMs, and EPC contractors for high-voltage power infrastructure.

Product overview

Yash Highvoltage Ltd. is India's only listed pure-play transformer bushing manufacturer, delivering a comprehensive portfolio of OIP (Oil-Impregnated Paper), RIP (Resin Impregnated Paper), and RIS (Resin Impregnated Synthetic) condenser bushings along with High Current Bushings and OIP Wall Bushings. The core product line includes OIP Condenser Bushings for standard high-voltage transmission applications and RIP/RIS Condenser Bushings for modern power systems requiring enhanced durability and low-maintenance operations. The company also offers High Current Bushings (24 kV-52 kV, 4000 A-25000 A) for generation transformers and specialized OIP Wall Bushings for oil-oil installations. Complementing the product portfolio are Retrofit Solutions providing interchangeable upgrade paths (OIP-to-OIP, OIP-to-RIP, OIP-to-RIS) with consultation, customization, and site services to extend transformer service life.

Differentiator

Problem solved

Functional benefit

Products and services

• OIP Condenser Bushings Oil-Impregnated Paper (OIP) condenser bushings are the most widely used bushing type in the high-voltage transmission industry worldwide, designed to meet varying voltage and current requirements with flexible insulator options (porcelain and silicone), adhering to IEC, IEEE, and other international standards. Sold to power utilities, transformer OEMs, and EPC contractors.
• RIP/RIS Condenser Bushings Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) condenser bushings designed for modern power systems, ensuring long-term durability and efficiency with resin-impregnated crepe paper or synthetic insulation. Features include leakage-free operation, non-flammability, excellent thermal and electrical performance, and environmental sustainability. Designed for renewable energy and data center infrastructure.
• High Current Bushings High current bushings engineered for superior performance in generation transformer applications, available in voltage classes from 24 kV to 52 kV and current ratings from 4000 A to 25000 A, designed to meet IEC-60137:2017, IEEE C.57.19.00/01, and equivalent international standards.
• OIP Wall Bushings / Oil to Oil Bushings Comprehensive range of Oil-Impregnated Paper bushings designed for wall-through applications and oil-oil installations within transformer cable boxes, with extensive customization options tailored to specific customer requirements.
• Retrofit Solutions Blanket interchangeable solutions for OIP-to-OIP, OIP-to-RIP, and OIP-to-RIS transformer bushings designed to extend transformer service life while ensuring seamless integration and operational efficiency. Includes retrofit consultation, customization, site visit evaluation, and standard warranty services. Services cover transformer bushings of any global make.

Quantifiable outcome

• FY26 revenue of Rs 2,351 million, up 57% YoY; Net profit up 75% to Rs 374 million; EBITDA margin of 25.7%; 7,272 units sold (record); ROCE of 29%
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• Sukrut Electric CompanycoreStrategic or Co-development PartnerQuality Power Electrical Equipments completed acquisition of a 50% equity stake in Sukrut Electric Company, forming a joint venture with Yash Highvoltage. The JV expands product portfolio and improves access to OEMs and utility customers. Sukrut Electric acquisition was announced in the context of Quality Power's Q3 FY26 results.
• European and UK Distribution PartnerscoreChannel Partner/ Reseller/ DistributorExpanded distribution partnerships across Europe and the UK as part of strategic international growth initiatives, providing local market coverage and customer support for Yash Highvoltage bushing products.

Scale indicators17 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• ABB India: Indian arm of ABB that manufactures power transformers, components, and related substation equipment serving the same Indian utilities and OEMs as Yash Highvoltage; a broad incumbent competing across bushing-adjacent categories.
• GE Vernova: GE's grid solutions business producing transformers, switchgear, and T&D components globally. Competes with Yash Highvoltage in the supply of grid-side equipment and as a potential source of bushings for OEMs and utilities.
• BHEL: India's largest power equipment OEM manufacturing transformers, switchgear, and other T&D equipment for state and central utilities. Comparable as a broad incumbent on the demand side of Yash's bushing products in the Indian grid buildout.
• Hitachi Energy: Global T&D leader manufacturing power transformers, switchgear, and transformer bushings across the full voltage range. A direct competing supplier of EHV bushings to the same utility/OEM customers Yash serves, with vastly broader portfolio and deeper R&D.
• CG Power and Industrial Solutions: Indian manufacturer of power transformers and electrical equipment for utilities, industries, and OEMs. Comparable as a broad Indian incumbent in the same EHV transformer and substation equipment category where Yash supplies bushings.
• Siemens Limited (India): Indian operation of Siemens manufacturing power transformers and T&D equipment for utilities and EPC contractors. Comparable as a broad incumbent in the Indian grid supply chain where Yash also participates.
• Schneider Electric: Global electrical equipment and grid solutions provider with significant transformer, substation, and T&D portfolios. Broad incumbent overlapping with Yash Highvoltage in T&D infrastructure supply for utilities and EPC contractors.

Direct peers

• Moser Glaser (GBE Group): Swiss/European bushing specialist producing RIP and OIP condenser bushings for HV/EHV transformers. Directly comparable to Yash Highvoltage in product range, voltage class, and standards compliance (IEC 60137, IEEE C57.19).
• Pfiffner Group: Swiss-headquartered specialist manufacturer of high-voltage transformer bushings (OIP, RIP/RIS) for utilities and OEMs globally. Most direct comparable to Yash Highvoltage given its pure-play focus on EHV bushings serving the same IEC/IEEE-compliant standards and customer base.

Regional players

• Elsewedy Electric: Middle East/Africa-based transformer and electrical equipment manufacturer serving utility and EPC customers. Adjacent peer to Yash Highvoltage in transformer-based T&D markets, mainly outside Yash's India-anchored geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Yash Highvoltage Ltd.