YASHHIGHVOLTAGE Q4 FY26 earnings call.
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Revenue
₹235.1 Cr
verification pending
Revenue YoY
57%
reported change
EBITDA
₹60.4 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Yash Highvoltage delivered a landmark FY26 with ₹235.1 crore revenue (+57% YoY) and ₹60.4 crore EBITDA (+75% YoY), with margin expansion of 260bps to 25.7%. The company operates at 75-80% capacity utilization with 7,200 bushings sold versus 5,752 in prior year. The ₹400+ crore order book provides 1-2 years execution visibility. Key near-term catalyst is the Jajar greenfield facility entering final commissioning stage for RIP bushing localization up to 550KV, with commercial production targeted H2 FY27. Sukrut acquisition (currently ₹25-26 crore revenue) targets ₹150-160 crore in 4-5 years. Management guided 40-42% CAGR growth for next 4-5 years with 24-25% EBITDA margin maintenance in FY27 before margin expansion resumes. Export target of 20%+ in 2-3 years. Key risks include geopolitical-driven input cost inflation being passed through, vendor capacity constraints as sector scales, and technology transition dynamics from OIP to RIP bushings. The company maintains a conservative balance sheet with debt-to-equity of 0.17x.
Colored figures show movement against the previous available record.
Guidance to track
- Management expressed confidence in sustaining 40-42% CAGR growth driven by robust demand, capacity expansion, and international market penetration. Historical growth has been 30-40% over past 5-6 years.
- FY27 margins expected at 24-25% with new factory expenses offsetting gains. Margin expansion anticipated from FY28 onwards as RIP localization reduces import dependency and improves cost structure.
- Management targets booking at least ₹500 crore orders in FY27 to maintain healthy execution pipeline and sustain 40-45% growth while ensuring opening order book for next year.
- New Jajar facility to commence RIP bushing assembly and testing from next month with type testing completed within the year. Fully indigenous RIP production expected by end of FY27.
Risks flagged
- Oil and gas price escalation has prompted vendors to request revised prices. Management successfully passing costs to customers but acknowledges uncertainty over next 2-3 months on how geopolitical situation develops.
- As industry scales rapidly, suppliers receiving multiple opportunities may not prioritize Yash's orders. Vendor development takes 6+ months and quality validation is critical given niche product requirements.
- While technology transfer from Swiss partner is complete, initial trial challenges and type testing delays could push indigenous RIP revenue beyond FY27. Management has built this buffer into guidance but execution remains critical path.
- Management acknowledged OIP bushings face capacity shortage with extended timelines. Brownfield investments underway to address this constraint but competitive dynamics if Chinese imports increase at lower price points remain a watch item.
Key quotes
- We should be able to grow at around 40 to 42% for next four or five years minimum. So that's what we are confident for that.
- We 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. So as such we are seeing margin expansion at the input stage also and also RIP once we start export we'll definitely see some better prices on the export side.
- Our target would be that eventually in next 2 to 3 years, we at least do 20% plus from exports.
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