Yash Highvoltage Starts Commercial Production at New Vadodara RIP/RIS Plant

Key numbers

Market Cap	₹3,095.6 CrGeneral Industrials
Annual Revenue	₹235.16 Cr58.99% YoY Growth
Annual Net Profit	₹37.32 Cr74.02% YoY Growth
Day RSI	63.02Neutral Zone

Key highlights

• Commercial production began effective September 30, 2026, at the Suncity Industrial Park facility
• First commercial invoice from the new plant was raised on the launch date
• Facility focuses on Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) technologies
• Expansion targets high-voltage and EHV condenser graded bushings and accessories
• Company reported annual revenue growth of 58.99% and net profit growth of 74.02% in FY26

Production Commenced — What It Means

Yash Highvoltage Limited has operationalised its new manufacturing site at Suncity Industrial Park in Savli, Vadodara. The facility is dedicated to producing transformer condenser graded bushings using Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) technologies. Unlike traditional oil-impregnated designs, these dry-type bushings offer superior thermal stability, reduced fire risk, and lower maintenance requirements.

The company confirmed that the first commercial invoice was raised on September 30, 2026, marking the official transition from development to commercial revenue generation at this specific site. This expansion is designed to produce components critical for extra-high-voltage grid infrastructure.

Path to This Milestone

The commencement of production follows a period of strategic capital expenditure aimed at indigenising high-spec electrical components. The company has been working to localise the manufacturing process of RIP cores in India to reduce import dependency and improve overall cost competitiveness. By establishing this dedicated RIP/RIS unit, the company addresses previous capacity constraints and frees up its existing facilities for other product lines like Oil Impregnated Paper (OIP) bushings.

This move aligns with the company's objective of scaling its technological capabilities up to the 550 kV range, positioning it as a leading domestic manufacturer in a niche market segment.

Revenue Impact

This capacity addition comes as the company maintains a strong growth trajectory, with annual operating revenue rising to ₹235.16 crore. Transitioning towards RIP and RIS products is significant because these dry-type bushings typically command a higher market premium compared to traditional oil-filled variants. With an annual net profit growth of 74.02 percent, the new facility is expected to bolster margins as the company ramps up output of high-value components.

Furthermore, the ability to manufacture these advanced bushings locally may open new export channels, as global demand shifts toward environmentally resilient and maintenance-free electrical infrastructure.

Business Overview

Headquartered in Vadodara, Yash Highvoltage is a specialist manufacturer in the heavy electrical equipment sector, focusing primarily on transformer bushings. The company has a global footprint with over 45,000 installations across more than 60 countries. Its product portfolio covers the spectrum of power transmission needs, including high-current and extra-high-voltage applications.

The company’s operational efficiency is highlighted by an annual Return on Equity of 20.28 percent, which is slightly above the sector average. Following its listing on the BSE, the company has prioritised capacity expansion and the backward integration of critical components to solidify its market position.

Sector Tailwinds

• Rising demand for grid modernisation and renewable energy integration across the Indian power sector
• Strategic shift toward dry-type RIP/RIS technology due to its explosion-proof and eco-friendly characteristics
• National focus on 'Make in India' for EHV components to reduce high-value import dependency
• The global electrical bushing market is projected to reach $6.12 billion by 2034, driven by urbanisation
• Increased investments in substations and EHV transformers requiring high-performance capacitive bushings

Yash Highvoltage · financial snapshot

Share price	₹1082
Market capitalisation	₹3,095.60 Cr
Revenue (annual)	₹235.16
Net profit (annual)	₹37.32
P/E (TTM)	82.94×Sector 55.38×
Promoter holding	54.79%
FII holding	2.17%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.