Yash Highvoltage Limited · BSE:YASHHV
Yash Highvoltage — H1 FY27 Earnings Presentation
45 slides from Yash Highvoltage's earnings presentation, Oct 21, 2026
Slide 1: BSE filing cover letter
Date: 21-10-2026 Corporate Relations Department BSE Limited 2nd Floor, P. J. Towers Dalal Street Mumbai – 400 001 Scrip Code: 544310 ISIN- INE00GK01023 Sub: Investor Presentation on Unaudited Financial Results (Standalone & Consolidated) for the Half year ended September 30, 2026. Dear Sir/Madam, Pu
Slide 2: Yash Highvoltage Ltd. H1 FY27 Investor Presentation
YASH HIGHVOLTAGE LTD. H1 FY27 Investor Presentation
Slide 3: Table of Contents
01 COMPANY OVERVIEW 02 H1FY27 RESULT HIGHLIGHTS 03 BUSINESS OVERVIEW TABLE OF 04 YASH INFRASTRUCTURE CONTENTS 05 INDUSTRY OVERVIEW 06 HISTORICAL FINANCIALS
Slide 4: Company Overview
COMPANY OVERVIEW
Slide 5: Company at a Glance
COMPANY AT A GLANCE India’s Leading Pure-Play Transformer Bushing Specialist with Expanding Presence Across the Diversified T&D Landscape Yash Highvoltage Ltd. (Yash®) is a leading manufacturer of condenser- ISO Year of Establishment graded high voltage and high current transformer bushings, serving
Slide 6: Vision, Mission, Quality Principles
VISION To be recognised among the top 5 transformer bushing manufacturers in the world with global manufacturing facilities. MISSION We are steadfastly committed to delivering superior quality products, highly customised solutions and exceedingly responsive services to customers; thus, offering benc
Slide 7: Yash Milestones
YASH® MILESTONES 2002 2008 2009 2011 2012 2013 2016 Incorporated Takeover by current 1st export New Major approvals Representation agreement 1st MSME to localize dry type management manufacturing bay with NTPC & with SWISS MAJOR M/s. MGC RIP/RIS Transformer bushings manufacturing of Moser Glaser for
Slide 8: What Sets Us Apart?
WHAT SETS US APART? ONLY INDEPENDENT INDIAN MANUFACTURER A BUSINESS THAT COMPOUNDS Condenser-graded transformer bushing manufacturing is Revenue at ~45% CAGR over five years among the most specialised niches in power equipment. Yash EBITDA expanding to 28.1% in H1FY27 from 25.7% in FY26. is one of f
Slide 9: Board of Directors
BOARD OF DIRECTORS MS. TWINKLE SHAH MR. HARTMUTH FETHKE Director Non-executive Director As a director at Yash®, she brings a wealth of experience Mr. Fethke brings over 40 years of industry experience & passion for excellence to our team. With a diverse with leading European majors including ABB Mic
Slide 10: Sr. Management Team
SR. MANAGEMENT TEAM MR. DARSHAN THAKKAR MR. NIRAV PATEL MR. GAUTAM NIKAM MS. BHOOMI TALATI Executive Director Executive Director – Executive Director – Company Secretary – Finance Global business Operations Darshan is a finance and governance Nirav is an electrical engineer with 18+ years With 17+ y
Slide 11: Sr. Consultants Team
SR. CONSULTANTS TEAM MR. DAVID STOCKTON MR. PRAMOD RAO MR. Y. V. JOSHI MR. VINCENT LIOTTA Advisor – Global Strategies Sr. Technical Advisor Sr. Expert – Power Utilities Business Development Manager & Advisor - Europe Mr. Stockton advises Yash® on global Mr. Rao is an electrical engineer with Mr. Jos
Slide 12: H1 FY27 Key Highlights
H1 FY27 KEY HIGHLIGHTS
Slide 13: Management commentary on first half
“The first half of the current financial year marked a significant period for Yash Highvoltage, characterized by strong financial performance, progress in international market expansion and continued enhancement of our product capabilities. Revenue from operations grew 95% year-on-year to ₹194.5 cro
Slide 14: H1FY27 Financial Snapshot
H1FY27 FINANCIAL SNAPSHOT Revenue from Operations (Rs. Cr) EBITDA* (Rs. Cr) & EBITDA Margins % 28.1% 23.1% 25.7% 235 60 195 57% 55 71% 95% 150 139% 23.3% 35 100 23 H1FY26 H1FY27 FY25 FY26 H1FY26 H1FY27 FY25 FY26 PAT (Rs. Cr) & PAT Margins % Basic EPS 18.6% 13.7% 14.3% 15.9% 36 37 12.48 13.08 46% 76%
Slide 15: Operational Highlights H1FY27
OPERATIONAL HIGHLIGHTS H1FY27 Order Book (Rs. Cr.) 760 400 150 As on 31st March 2025 As on 31st March 2026 As on 30th Sept 2026 Product Mix H1FY26 Segment Mix H1 FY 26 H1 FY 27 H1FY27 3% 3% 2% 3% 4% 8% 5% 9% 9% 6% 91% 86% 85% 86% RIP OIP HC Others RIP OIP HC Others Domestic Export R&S Domestic Expor
Slide 16: Highlights of H1 FY27
HIGHLIGHTS OF H1 FY27 2. Seismic Qualification of IEEE Range 1. US Representation Agreements Yash® became the first Indian OEM and amongst select few Entered in Representation Agreement through Yash HV USA Inc. distinguished global OEMs to have completed stringent with Ensales Electrical Associates,
Slide 17: RIP/RIS Greenfield Facility
RIP/RIS GREENFIELD FACILITY SCALING WITH PURPOSE At Yash Highvoltage®, ambition is more than a driving force - it’s a transformative ethos. It shapes our decisions, drives innovation, & defines how we create long-term impact. We are charting a bold path toward 2030, driven by operational excellence,
Slide 18: Progress: Greenfield Facility
PROGRESS: GREENFIELD FACILITY RM STORES BUSHING PACKING AREA AUTOCLAVE & RESIN MIXING MACHINE 900 kV AC/2400 kVp UHV EM shielded Test Lab Mobile Stores rack completed and functional Oil handling system inspection done, Prototypes trials ongoing Commissioned and operational competed and functional Bu
Slide 19: Phase 2: Greenfield Facility, Preferential Issue
PHASE 2: GREENFIELD FACILITY OBJECTS OF PREFERENTIAL ISSUE • Raised ₹151 crore through a preferential issue to support indigenous core • manufacturing for 550 kV bushings and meet working capital requirements. Of the total issue, ₹60 crores is in the form of warrants, of which 25% is 80 Cr Capex rec
Slide 20: Strategic Partnership Announcement
STRATEGIC PARTNERSHIP ANNOUNCEMENT ACQUISITION OF SUKRUT ELECTRIC · TRANSFORMER COMPONENTS MANUFACTURING SUKRUT ELECTRIC Transformer Components · Pune, India 50% YASH HIGHVOLTAGE • Strengthens high-voltage equipment ecosystem 50% QUALITY POWER Equity Stake Equity Stake • Global manufacturer of • Enh
Slide 21: Yash HV USA Inc.
YASH HV USA INC. Our USA Sales & Marketing Office – a direct connect to USA’s transformers build out The US grid is entering its largest modernization cycle in 40 years. Yash HV USA puts us inside the room, closer to the OEMs, engineers and buyers shaping the decade ahead. 01 SCALE OF OPPORTUNITY –
Slide 22: Profit & Loss Statement
PROFIT & LOSS STATEMENT (Rs In Cr) Particulars H1FY27 H1FY26 Y-o-Y H2FY26 H-o-H FY26 Revenue from operations 194.5 99.59 95% 135.5 44% 235.1 Other Income 1.1 2.0 -45% 3.8 -71% 5.8 Total income 195.6 101.6 139.2 240.9 COGS 93.4 54.864 70% 70.5 32% 125.4 Direct Manufacturing Expenses 6.1 2.6 135% 4.1
Slide 23: Balance Sheet
BALANCE SHEET (₹ In Cr) (₹ In Cr) Particulars Sep-26 Mar-26 Particulars Sep-26 Mar-26 Property Plant & Equipment 112.3 45.2 Equity Share capital 14.9 14.3 Intangible Asset 1.1 0.2 Other Equity 304.7 169.7 Capital Work in Progress 17.2 42.5 Total Shareholders Funds 319.6 184 Intangible Asset under De
Slide 24: Cashflow Statement
CASHFLOW STATEMENT (₹ In Cr) Particulars H1FY27 H1FY26 Net Profit Before Tax 47.9 18.9 Adjustments for: Non Cash Items / Other Investment or Financial Items 13.7 4 Operating profit before working capital changes 61.6 22.9 Changes in working capital (5.8) (13.9) Cash generated from/(used in) operatio
Slide 25: Business Overview
BUSINESS OVERVIEW
Slide 26: Business at a Glance
BUSINESS AT A GLANCE Leading Indian transformer bushing manufacturer to have developed & supplied transformer bushings as per the IEEE/ANSI standard for USA & European markets. 50,000+ Products Installed globally The first Indian manufacturer of 25,000 A High Current transformer bushing 1,000+ Custo
Slide 27: Transformer Bushings in Power Transmission Value Chain
TRANSFORMER BUSHINGS – A critical component in power transmission value chain Primary Transmission Power Generation Station Primary Distribution Step-Up Transformer Step-down Transformer (Generator Transformer) (Power Transformer) Transformer Bushings Distribution End – User Transformer (Residential
Slide 28: Comprehensive Product Range
COMPREHENSIVE PRODUCT RANGE OIP, RIP/RIS, High Current, Oil-to-Oil, Wall-through – Engineered to Global Standards OIP CONDENSER OIP WALL & RIP/RIS CONDENSER HIGH CURRENT BUSHINGS RETROFIT SOLUTIONS BUSHINGS OIL-OIL BUSHINGS BUSHINGS Voltage Voltage Voltage Voltage Voltage 15 kV – 245 kV 24 kV – 245
Slide 29: Comprehensive Retrofit Solutions
COMPREHENSIVE RETROFIT SOLUTIONS o Transformer Bushings, having an average lifespan of 30 years, depending on service conditions, may require Retrofit solutions offered to the customers maintenance/retrofit (replacement) earlier than 30 years due to several ageing factors e.g., Temperature, Voltage,
Slide 30: Made to Order for Global Standards
MADE TO ORDER FOR GLOBAL STANDARDS OIP CAPACITIVE BUSHINGS AS PER IEC 60137:2017 OIP CAPACITIVE BUSHINGS AS PER IEEE RATED VOLTAGE: CURRENT: RATED VOLTAGE: CURRENT: 24 kV – 245 kV Upto 3150 Amp 25 kV – 230 kV Up to 3000 Amp* INSULATOR: Porcelain 30,000+ INSULATOR: Porcelain – 20kV Potential Tap – Br
Slide 31: A Trusted Supplier
A TRUSTED SUPPLIER OF MNCS & INTERNATIONAL STANDARDS COMPLIANT LICENSES • Yash® holds statutory licenses, including a factory license & GPCB (Gujarat Pollution Control Board) approval INTERNATIONAL STANDARDS • Yash Highvoltage® is an ISO 9001 accredited leading manufacturer of HV condenser-graded tr
Slide 32: Installed in 60+ Countries
INSTALLED IN 60+ COUNTRIES HIGHVOLTAGE | | = BULGARIA LEBANON AUSTRIA ALBANIA GERMANY CANADA fl foo — “mmm russia UNITED KINGDOM i “ Sy AZERBAUAN TURKEY “ Benn, Se. , SPAIN Tes a c- | KUWAIT nepal BS Licdesuran SS | fz pa S “IRAN usa ITALY ; Wa | Morocco SLOVENIA, » !RAQ BANGLADESH MExicogl Lk: ISRA
Slide 33: Key Esteemed Patrons
KEY ESTEEMED PATRONS TRANSFORMER OEMs END CUSTOMERS GLOBAL CUSTOMERS
Slide 34: Yash Infrastructure
YASH INFRASTRUCTURE
Slide 35: Manufacturing Capacity
MANUFACTURING CAPACITY UNIT-1 (Halol) UNIT-2 (Jarod) With the ongoing expansion scheduled to complete in this calendar year, the annual installed capacity of both manufacturing plants will be 15,000 units. Preferential Issue: OIP Bushing Greenfield and Brownfield Expansion PROCUREMENT OF PLANT DEVEL
Slide 36: World-Class Infrastructure
WORLD-CLASS INFRASTRUCTURE High Speed - Condenser Core Winding machines having Fully integrated Oil Storage & Handling system with online re- SCADA Controlled Autoclave system for fully automated combined output capacity upto 500 active parts each month for filtration for efficient oil management to
Slide 37: NABL Accredited Inhouse Labs
NABL ACCREDITED INHOUSE LABS Impulse lab High voltage Oil Test Lab for with capability (Dry Power checks like, of 1500kVp for Frequency) Breakdown testing testing up to voltage (BDV), Lightning 600kV PPM, Tan δ & Impulse & Resistivity Chopped / before active Switching part Impulse as per impregnatio
Slide 38: Industry Overview
INDUSTRY OVERVIEW
Slide 39: The Tailwind Is Structural, Not Cyclical
THE TAILWIND IS STRUCTURAL, NOT CYCLICAL GRID REPLACEMENT – RDSS RENEWABLE INTEGRATION TRANSMISSION EXPANSION – NEP ₹3.03 L Cr 237 GW ₹9.15 L Cr Government outlay FY22–FY28 Still to be added by 2030 NEP transmission outlay to 2032 – 590,369 transformers sanctioned for replacement – India at 263 GW r
Slide 40: The Technology Shift from OIP to RIP
THE TECHNOLOGY SHIFT FROM OIP TO RIP Why the transformer bushing industry is changing and what it means for India OIP – OIL IMPREGNATED PAPER RIP – RESIN IMPREGNATED PAPER ← THE SHIFT MAINTENANCE FIRE RISK MAINTENANCE FIRE RISK Regular oil checks required Higher – oil is flammable Maintenance-free f
Slide 41: Historical Financials
HISTORICAL FINANCIALS
Slide 42: Historic Financial Trend
HISTORIC FINANCIAL TREND (₹ in Cr) Revenue from Operations EBITDA & EBIDTA Margin PAT & PAT Margin 25.7% 60 15.9% 235 37 23.1% 12.6% 14.3% 150 11.3% 18.6% 34 108 21.2% 21 90 19 20 11 12 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Debt-to-Equity (x) Return on Net Worth (%) Return on C
Slide 43: Profit & Loss Statement
PROFIT & LOSS STATEMENT (₹ in Cr) Particulars FY26 FY25 FY 24 Revenue from operations 235.1 149.6 108.5 Other Income 5.8 2.0 0.6 Total income 240.9 151.6 109.1 COGS 125.4 81.9 58.9 Direct Manufacturing Expenses 6.7 4.6 3.8 Direct labour cost 4.5 3.2 2.7 Gross Profit 104.4 61.9 43.7 Gross Profit Marg
Slide 44: Balance Sheet
BALANCE SHEET (₹ in Cr) Particulars Mar-26 Mar-25 Mar-24 Particulars Mar-26 Mar-25 Mar-24 Property Plant & Equipment 45.16 40.61 18.18 Equity Share capital 14.28 14.28 3.08 Intangible Asset 0.24 0.11 0.18 Other Equity 169.72 133.12 38.66 Capital Work in Progress 42.50 2.39 4.95 Total Shareholders Fu
Slide 45: For more information, please contact
For more information, please contact For Investor Relations: Investor Relations Advisors: investors@yashhv.com ADFACTORS PR PVT. LTD. Ms. Disha Shah / Mr. Yash Sanghavi disha.shah@adfactorspr.com / yash.sanghavi@adfactorspr.com +91 9699060134 / +91 8369881109 https://yashhv.com/ @yash_highvoltage /c