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Yash Highvoltage share price & financials
- Price
- ₹835.25
- Market cap
- ₹2.8k Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Yash Highvoltage Q4 FY26
What went well
- FY26 Revenue from operations grew 57% YoY to INR235.1 crores, achieving highest ever revenue.
- FY26 EBITDA grew 75% YoY to INR60.4 crores, with margins expanding to 25.7% (up 260 bps from FY25).
- FY26 PAT grew 75% YoY to INR37.4 crores, also a record high.
What to watch
- Indirect cost escalation due to Middle East war impacting oil/gas prices, though currently transferable to customers.
- Potential for initial teething challenges and delays in RIP core production from the new facility, though FY27 revenue is not dependent on it.
What Yash Highvoltage does
Yash Highvoltage designs and manufactures transformer bushings (OIP, RIP/RIS, high-current, oil-to-oil and wall-through types) that serve as the insulated entry/exit conductor for high-voltage, high-current power transformers used across power generation, transmission and distribution. It earns from supplying these bushings to transformer OEMs and utilities domestically and in export markets, and from retrofit, testing and repair services for bushings already in service. The company is one of fewer than a dozen independent manufacturers of condenser-graded bushings worldwide and the only one based in India.
Segments
- OIP (Oil Impregnated Paper) condenser bushings
- RIP/RIS (Resin Impregnated Paper) condenser bushings
- High Current (HC) transformer bushings
- Retrofit and testing/repair services
- Transformer bushings installed globally
- 45,000+
- Countries served
- 60+
- Customers served (over two decades)
- 1,000+
- Manufacturing plants
- 2 (Unit-1 Halol, Unit-2 Jarod, Vadodara, Gujarat)
- Combined installed manufacturing capacity
- 15,000 units/year (post ongoing expansion)
- Greenfield facility under construction
- Vadodara, Gujarat - 2.5 lakh sq. ft. land, 1.5 lakh sq. ft. built-up, adds ~6,000 units/year capacity, commissioning H2FY27
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 3 delivered 0 missed 5 open- Revenue Growth delivered said Q4 FY25 Promised: 30% +/- over next half decade Q4 FY26: FY26 revenue grew 57% YoY, significantly exceeding the 30% target. Management subsequently raised guidance to 40-42%.
- Revenue Growth CAGR revised up said Q2 FY26 Promised: targeting a minimum CAGR of 35% for the next five years Q4 FY26: Management raised guidance: 'we should be able to grow at around 40%, 42% for next four or five years minimum.'
- Greenfield Commercial Production on track said Q2 FY26 Promised: Start of commercial production by H2 FY27 Q4 FY26: Commercial production of indigenous RIP cores targeted for H2 FY27 (October 2026), which is consistent with the original timeline.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 126.7%, net profit up 300.0% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 48 | 60 | 57 | 93 | 100 +108% | 136 +127% |
| EBITDA | 11 | 10 | 11 | 21 | 21 +91% | 36 +260% |
| Net profit | 6 | 6 | 6 | 15 | 14 +133% | 24 +300% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +95.3% 1Y
1Y: ₹484.2 on 10 Sept 2025 → ₹945.7. High ₹1,003.7 (5 Aug 2026), low ₹369.1 (9 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.7%
- 14 May
- Q2 FY26
- +3.1%
- 15 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹14 Cr | ₹14 Cr |
| Reserves | ₹14 Cr | ₹21 Cr | ₹29 Cr | ₹39 Cr | ₹145 Cr | ₹170 Cr |
| Borrowings | ₹2 Cr | ₹7 Cr | ₹8 Cr | ₹7 Cr | ₹28 Cr | ₹38 Cr |
| Other liabilities | ₹12 Cr | ₹11 Cr | ₹19 Cr | ₹22 Cr | ₹31 Cr | ₹43 Cr |
| Total liabilities | ₹31 Cr | ₹43 Cr | ₹59 Cr | ₹71 Cr | ₹218 Cr | ₹264 Cr |
| Fixed assets | ₹8 Cr | ₹14 Cr | ₹17 Cr | ₹18 Cr | ₹50 Cr | ₹52 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹12 Cr | ₹52 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr |
| Other assets | ₹22 Cr | ₹28 Cr | ₹42 Cr | ₹47 Cr | ₹156 Cr | ₹156 Cr |
| Total assets | ₹31 Cr | ₹43 Cr | ₹59 Cr | ₹71 Cr | ₹218 Cr | ₹264 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Aug 2026
Since Sep 2025, promoters trimmed −3.15 pp while the public added +2.32 pp. The shareholder count grew 154% to 6,341.
- Promoters
- 54.8%
- FIIs
- 2.2%
- DIIs
- 9.0%
- Public
- 34.1%
Since Sep 2025
- Promoters −3.15 pp
- Public +2.32 pp
- FIIs +1.99 pp
How it drifted, 6 quarters
Over this window the public went from 27.3% to 34.1% — +6.8 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 57.7%, FIIs 2.2%, DIIs 12.8%, Public 27.3%.Mar '25: Promoters 57.9%, FIIs 1.1%, DIIs 10.6%, Public 30.3%.Sep '25: Promoters 57.9%, FIIs 0.2%, DIIs 10.1%, Public 31.7%.Mar '26: Promoters 57.9%, FIIs 0.1%, DIIs 11.1%, Public 31.0%.Jun '26: Promoters 57.2%, FIIs 0.6%, DIIs 9.5%, Public 32.6%.Aug '26: Promoters 54.8%, FIIs 2.2%, DIIs 9.0%, Public 34.1%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Valuequest India G.I.F.T. Fund FPI fund newly disclosed 1.35% held
- Whiteoak Capital India Opportunities Fund Mutual fund newly disclosed 1.09% held
The same filing shows 9 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Aug 2026 filing
Every holder of Yash Highvoltage above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Keyur Girishchandra Shah | 50.77% | −2.26 pp |
| Negen Undiscovered Value Fund AIF | 3.06% | −0.14 pp |
| Mncl Capital Compounder Fund 2 AIF | 2.64% | −0.12 pp |
| Reina R Jaisinghani | 1.85% | −0.09 pp |
| Navin Mahavirprasad Dalmia | 1.84% | −0.08 pp |
| Twinkle Keyur Shah | 1.83% | −0.09 pp |
| Valuequest India G.I.F.T. Fund FPI fund | 1.35% | newly disclosed |
| Whiteoak Capital India Opportunities Fund Mutual fund | 1.09% | newly disclosed |
| Kunjal Lalitkumar Patel | 1.03% | −0.34 pp |
| Zea Keyur Shah | 1.00% | −0.05 pp |
| Rishi Shah | 1.00% | −0.05 pp |
| Bhavin G Shah | 0.13% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 28.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Yash Highvoltage
Guides on how to read this kind of business and the numbers that matter.