Yash Highvoltage Reports 95% Revenue Surge in H1 FY27; Order Book Hits ₹760 Crore

Key numbers

H1 Revenue	₹194.5 Cr95% YoY Growth
Order Book	₹760 Crvs ₹400 Cr in March
Net Profit	₹36 Cr157% YoY Growth
EBITDA Margin	28.1%480 bps Expansion

Key highlights

• Revenue from operations grew 95% YoY to ₹194.5 crore in H1 FY27
• EBITDA margins expanded to 28.1% from 23.3% in the previous year
• Order book stood at ₹760 crore as of September 2026, providing 18-month visibility
• Completed string seismic qualification testing for IEEE-compliant 138kV and 230kV bushings
• Greenfield Jarod facility commenced commercial production for RIP/RIS bushings on September 30, 2026

Domestic Demand and Product Mix Drive Explosive Growth

The company reported a 95% increase in revenue to ₹194.5 crore for H1 FY27, significantly outpacing the ₹99.6 crore reported in H1 FY26. Domestic sales accounted for 95% of total revenue, driven by aggressive infrastructure spending in the Indian utility sector. The product mix shifted heavily toward Resin Impregnated Paper (RIP) bushings, which contributed 86% of total revenue by value.

This transition, combined with 40% volume growth and improved price realization, pushed gross margins to 48.3%. Management highlighted that the EBITDA margin of 28.1% exceeded their previous guidance of 25%, aided by operational efficiencies and higher economies of scale.

Manufacturing Milestones and Order Book Visibility

• Order book surged to ₹760 crore by September 30, 2026, up from ₹400 crore at the start of the fiscal year.
• Total capex for the Greenfield Jarod facility in Vadodara is pegged at ₹220 crore, with ₹106 crore already deployed.
• The Jarod plant commenced commercial production for RIP/RIS bushings on September 30, 2026, targeting a capacity ramp-up.
• Successfully tested first-in-house 245kV wall-through transformer bushings for a major public sector undertaking.
• The company became the first Indian OEM to achieve seismic qualification for IEEE compliant 138kV and 230kV bushings.
• Execution timeframe for the current order book is estimated at 15 to 18 months.

Global Expansion and Long-Term Targets

Yash Highvoltage is aggressively expanding its international footprint, specifically in the United States through its subsidiary Yash HV USA. The company entered into representation agreements covering 27 states, aiming to tap into the ageing power infrastructure replacement cycle. This strategic move aligns with management's long-term goal of capturing 5% of the global market share within the next five years.

To support this growth, the company raised approximately ₹106 crore through a preferential allotment of shares and warrants from marquee investors. Management targets reaching ₹1,000 crore in total revenue by FY31, supported by the integration of its Greenfield and Brownfield facilities.

Operational Leadership on Technical Superiority

The company has become the first Indian OEM and one of a select group of global OEMs to achieve this qualification. This milestone reinforces our capabilities to serve customers in North and South American regions. The planned expansion of RIP bushing capabilities up to 550kV is on track.

What to watch next

• Full capacity ramp-up of the Jarod facility to include 550kV bushings by FY28
• Impact of US representation agreements on export revenue starting H2 FY27
• Execution of the ₹760 crore order book over the next 15-18 months

“Revenue was primarily driven by the domestic market which accounted for 95% of sales while exports contributed to 5%.”

“During the period, we completed a preferential allotment of equity shares and warrants aggregating to approximately 151 crore from marquee investors.”

Yash Highvoltage · financial snapshot

Share price	₹1149.45
Market capitalisation	₹3,288.58 Cr
Revenue (annual)	₹235.16 Cr
Net profit (annual)	₹37.32 Cr
P/E (TTM)	88.11×Sector 50.01×
Promoter holding	53.79%
FII holding	2.26%Current quarter

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