Yash Highvoltage Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Yash Highvoltage Ltd filed with BSE on 19 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Yash Highvoltage reported FY26 revenue of INR235.1 crores, up 57% year-on-year, with EBITDA growing 75% to INR60.4 crores and PAT growing 75% to INR37.4 crores. Management said the order book stood at over INR400 crores as of 31st March 2026, and reported progress on its Greenfield RIP bushing facility, the Sukrut acquisition, and its new US subsidiary. Management also answered analyst questions on capacity expansion, export plans, margins, and supply chain constraints.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR235.1 crores (FY26)
p. 6
“For financial year ‘26, revenue from operations stood at INR235.1”
Darshan Thakkar, page 6 of the filed PDF · View the filing
Revenue growth: 57% year-on-year (FY26)
p. 7
“reflecting a year-on-year growth of 57% over the previous year revenue of INR150 crores”
Darshan Thakkar, page 7 of the filed PDF · View the filing
EBITDA: INR60.4 crores (FY26)
p. 7
“EBITDA for the year stood at INR60.4 crores, a growth of 75% year-on-year”
Darshan Thakkar, page 7 of the filed PDF · View the filing
EBITDA margin: 25.7% (FY26)
p. 7
“EBITDA margins stood at 25.7% compared to 23.1% in FY25, a growth of almost 260 basis points”
Darshan Thakkar, page 7 of the filed PDF · View the filing
Profit after tax: INR37.4 crores (FY26)
p. 7
“Profit after tax stood at INR37.4 crores, a growth of 75% year-on-year, translating into a PAT margin of 15.9%, while basic EPS for the year stood at INR13.08”
Darshan Thakkar, page 7 of the filed PDF · View the filing
H2 revenue: INR135.5 crores (H2 FY26)
p. 6
“The revenue from operations in H2 stood at INR135.5 crores, registering a strong 46% year-on-year growth over H2 of FY25”
Darshan Thakkar, page 6 of the filed PDF · View the filing
H2 EBITDA: INR37.2 crores (H2 FY26)
p. 6
“H2 EBITDA came in at INR37.2 crores, while PAT stood at INR23.7 crores, reflecting our continued operational momentum during the second half of the year”
Darshan Thakkar, page 6 of the filed PDF · View the filing
Debt-to-equity ratio: 0.17 times (as on 31 March 2026)
p. 7
“Our debt-to-equity ratio stands at a comfortable 0.17 times, a testament to our disciplined capital management and the inherent financial strength of the business”
Darshan Thakkar, page 7 of the filed PDF · View the filing
Order book: over INR400 crores (as on 31 March 2026)
p. 7
“as on 31st March 2026, our order book stood at over INR400 crores, INR400 crores plus, providing healthy execution visibility over the next one to two years”
Darshan Thakkar, page 7 of the filed PDF · View the filing
Repeat order rate: 96%
p. 5
“supported by repeat order rate of 96%”
Keyur Shah, page 5 of the filed PDF · View the filing
Bushings produced: 7,000 plus bushing (FY26)
p. 10
“our present capacity of 9,000 to 10,000 bushing, we have been able to produce 7,000 plus bushing this year”
Keyur Shah, page 10 of the filed PDF · View the filing
Sukrut revenue: around INR25 crores, INR26 crores (FY26)
p. 17
“presently it is around INR25 crores, INR26 crores revenue financial year '26”
Keyur Shah, page 17 of the filed PDF · View the filing
Retrofit revenue share: close to 6% or 7% (FY26)
p. 26
“So, I understand it should be close to 6% or 7% of our overall revenue”
Keyur Shah, page 26 of the filed PDF · View the filing
Bushing capex spent: close to INR80 crores
p. 27
“So, close to INR80 crores is already done and balance is now getting done in next two or three months”
Keyur Shah, page 27 of the filed PDF · View the filing
Bushing cost as share of transformer revenue: approximately 5%
p. 28
“Approximately 5% of the transformer revenue is a bushing cost”
Keyur Shah, page 28 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 40%-42% CAGR · next four or five years
stated as an aspiration by Keyur Shah
p. 8
“I feel that this growth momentum should continue next five, six years, and we should be able to grow at around 40%, 42% for next four or five years minimum”
Keyur Shah, page 8 of the filed PDF · View the filing
EBITDA margin — 24% to 25% · this ongoing year
stated firmly by Keyur Shah
p. 8
“This year also we should be able to maintain around 24%, 25% EBITDA”
Keyur Shah, page 8 of the filed PDF · View the filing
EBITDA margin — from next year onwards
stated as an aspiration by Keyur Shah
p. 8
“But from next year onwards, we will see gradual increase in the profitability and reduce our import dependency, our margin expansion should begin”
Keyur Shah, page 8 of the filed PDF · View the filing
Order booking target — INR500 plus crores · this year
stated as an aspiration by Keyur Shah
p. 10
“Yes. So, we, we have a target to book at least INR500 plus crores order this year also”
Keyur Shah, page 10 of the filed PDF · View the filing
Revenue invoicing target — INR360 crores to INR400 crores · this year
stated conditionally by Keyur Shah
p. 20
“between INR360 crores to INR400 crores is our target to invoice this year”
Keyur Shah, page 20 of the filed PDF · View the filing
Capacity utilization — 65% to 70% · this year
stated as an aspiration by Keyur Shah
p. 10
“capacity in this ongoing year, we should still be able to utilize at least 65% to 70% this year also”
Keyur Shah, page 10 of the filed PDF · View the filing
Total bushing capacity — close to 15,000 bushings
stated firmly by Keyur Shah
p. 11
“our total capacity will be moving to close to 15,000 bushings”
Keyur Shah, page 11 of the filed PDF · View the filing
Export revenue share — at least 20% plus · next two to three years
stated as an aspiration by Keyur Shah
p. 15
“Our target would be that eventually in next two to three years, we at least do 20% plus from exports”
Keyur Shah, page 15 of the filed PDF · View the filing
Fundraise amount — INR100 to INR110 crores
stated conditionally by Keyur Shah
p. 11
“Around INR100 to INR110 is what we are eyeing”
Keyur Shah, page 11 of the filed PDF · View the filing
Sukrut revenue — at least INR150 to INR160 crores · next four to five years
stated as an aspiration by Keyur Shah
p. 17
“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”
Keyur Shah, page 17 of the filed PDF · View the filing
Greenfield facility commissioning — October · H2 FY27
stated firmly by Keyur Shah
p. 17
“We, we are targeting October”
Keyur Shah, page 17 of the filed PDF · View the filing
HVDC/765 kV expansion — next 18 to 24 months
stated as an aspiration by Keyur Shah
p. 19
“And beyond that for 765 kV or the HVDC, immediately we would not plan next 18 to 24 months before we stabilize this factory”
Keyur Shah, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there is no direct impact from the war and expects continued growth of around 40-42% CAGR.
Answered by Keyur Shah
Asked by Akshay: What top-line growth is expected over the next two to three years and is the Middle East war affecting operations?
p. 8
“I believe that the growth this year was much better than our historical growth. And I feel that this growth momentum should continue next five, six years”
Keyur Shah, page 8 of the filed PDF · View the filing
Management attributed it to seasonal demand patterns and cyclic purchasing/pricing dynamics rather than a specific one-off factor.
Answered by Keyur Shah
Asked by Disha: What drove the meaningful margin improvement in H2?
p. 9
“historical it has always been like that that the third and the fourth quarter brings us always a higher portion of the turnover”
Keyur Shah, page 9 of the filed PDF · View the filing
Management said funds would be used for capex for higher voltage production capability, testing infrastructure, brownfield expansion, and possibly working capital.
Answered by Keyur Shah
Asked by Hussain: What is the purpose of the planned INR150 crore fundraise?
p. 11
“Around INR100 to INR110 is what we are eyeing. And that will be mainly for the capex for the increased production range up till 550 kV and the testing infrastructure”
Keyur Shah, page 11 of the filed PDF · View the filing
Management said it does not expect margin pressure given rising global demand and its own localization-driven margin expansion.
Answered by Keyur Shah
Asked by Hussain: Could overcapacity in lower kV bushings compress margins?
p. 11
“I don't believe that we would fall in that trap because capacity addition is happening largely at the transformer side, but the demand is also increasing globally”
Keyur Shah, page 11 of the filed PDF · View the filing
Management confirmed OIPs are in shortage due to capacity constraints, not because RIP demand fell.
Answered by Keyur Shah
Asked by Vineet Khatri: Are OIP bushings facing shortage while RIP demand has cooled, as suggested by a transformer company?
p. 13
“the feedback what you got is right that OIPs are in shortage. It is not that the RIP demand has reduced”
Keyur Shah, page 13 of the filed PDF · View the filing
Management said this year's revenue guidance does not depend on successful in-house core localization.
Answered by Keyur Shah
Asked by Rushin Shah: Could type-testing issues delay RIP core production and affect this year's revenue guidance?
p. 16
“our, this year's revenue is not dependent on the success of the localization of core from the new facility. Even if it is delayed for two, three months, our -- this year's planned revenue is not going to get affected”
Keyur Shah, page 16 of the filed PDF · View the filing
Management said it is too early to comment and would provide more insight in a later call.
Answered by Keyur Shah
Asked by Tejash Thakkar: What is the expected Sukrut EBITDA for FY27/28?
p. 21
“It will be too early for me to comment. Let me just go through one or two more quarters over there”
Keyur Shah, page 21 of the filed PDF · View the filing
Management said Chinese bushings have not actually been restricted and Indian suppliers have retained business due to pricing, availability and service.
Answered by Keyur Shah
Asked by Hussain: What is the risk if the government allows Chinese bushings back into India?
p. 23
“Chinese bushings are never restricted in India since last 6 years, 7 years. There is always an option available with an Indian buyer to buy bushings from China and they have not been doing”
Keyur Shah, page 23 of the filed PDF · View the filing
Management identified supply chain and people as the key constraints to scaling.
Answered by Keyur Shah
Asked by Lakshminarayanan: What would be the limiting constraint as the company scales up?
p. 24
“Supply chain and people.”
Keyur Shah, page 24 of the filed PDF · View the filing
Management said there is no recovery yet, a police complaint has been filed, and the cost has already been expensed.
Answered by Keyur Shah
Asked by Akshay: Is there recovery from the recent cyber incident?
p. 28
“No, there is no recovery. We have filed a police complaint and there is an investigation which is happening”
Keyur Shah, page 28 of the filed PDF · View the filing
Risks flagged
Indirect cost escalation from oil and gas price impact due to Middle East conflict
p. 8
“there is an indirect cost escalation to us because of the oil and the gas situation which has come up and the vendors have been asking us for revised prices”
Keyur Shah, page 8 of the filed PDF · View the filing
Uncertainty over how the Middle East war situation develops in coming months
p. 8
“For sure, going forward in next two or three months, how the development goes, we will be able to understand”
Keyur Shah, page 8 of the filed PDF · View the filing
Autoclave capacity constraint on OIP bushings
p. 16
“In our OIP bushings, we have a bottleneck. That is the reason we are adding capacity over there, no?”
Keyur Shah, page 16 of the filed PDF · View the filing
Supply chain constraint from vendors prioritizing other customers or export orders
p. 24
“So, sometimes they might not give us priority. So, we need to expand our supplier base continuously”
Keyur Shah, page 24 of the filed PDF · View the filing
Difficulty developing new vendors quickly without affecting product quality
p. 24
“it is always a difficulty that overnight you cannot add a vendor because their quality is going to be eventually reflecting on your overall product quality”
Keyur Shah, page 24 of the filed PDF · View the filing
High attrition and scarcity of skilled people in the niche bushing sector
p. 25
“there is a huge amount of attrition happening in the entire sector. And our product being niche, very few people are there in this field”
Keyur Shah, page 25 of the filed PDF · View the filing
Unexpected abrupt disruption such as a worsening war scenario
p. 25
“we don't know what happens with the war scenario if there is something abruptly going very wrong and if something comes which is totally out of the box unexpected”
Keyur Shah, page 25 of the filed PDF · View the filing
Cyber incident leading to a police complaint and expensed loss
p. 28
“we, we have already expensed it out”
Keyur Shah, page 28 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.