Yash Highvoltage shares surged 14% on Thursday, 22 October, after the company reported a strong financial performance for the first half of FY27, with revenue, EBITDA and profit after tax (PAT) registering robust year-on-year growth.
Yash Highvoltage reported consolidated revenue from operations of ₹194.5 crore in H1 FY27, marking a 95% increase from ₹99.6 crore in the corresponding period last year.
EBITDA rose 136% year-on-year to ₹54.7 crore, while the EBITDA margin expanded to 28.1% from 23.3% in H1 FY26.
The company’s net profit surged 165% year-on-year to ₹36.2 crore, compared with the year-ago period. The PAT margin improved to 18.6% from 13.7% in H1 FY26. Earnings per share (EPS) increased to ₹12.5 from ₹4.8 a year earlier.
Yash Highvoltage expands international presence
During the first half of FY27, Yash Highvoltage advanced its international expansion strategy through its US subsidiary, Yash HV USA Inc. The company entered into representation agreements with Ensales Electrical Associates Inc. and Gateway Power Sales, covering 22 US states.
The company also completed seismic qualification testing for its IEEE-compliant 138 kV and 230 kV oil-impregnated paper (OIP) condenser transformer bushings. According to the company, this achievement positions it among a select group of global original equipment manufacturers (OEMs) capable of supplying these products for seismically active regions of the US.
In another milestone, Yash Highvoltage successfully tested and supplied its first 245 kV wall-through transformer bushing to a leading public sector undertaking (PSU), expanding its product portfolio and technical capabilities.
The company also migrated to SAP S/4HANA during H1 FY27, maintaining uninterrupted business operations throughout the transition.
What did the management say?
Keyur Shah, Managing Director of Yash Highvoltage, said the first half of FY27 marked a significant period for the company, driven by strong financial performance, international expansion and improvements in product capabilities.
He highlighted the growth in revenue, EBITDA and profitability, alongside the expansion of the company’s presence in the US market and the successful qualification and testing of new products.
Looking ahead, Shah said the company remains on track to commission end-to-end manufacturing of resin-impregnated paper (RIP) and resin-impregnated synthetic (RIS) bushings at its new greenfield facility in Jarod during the third quarter of FY27.
The facility is expected to strengthen manufacturing capabilities, expand the product portfolio and improve cost efficiencies, while enabling the company to meet evolving customer requirements.
Shah added that the industry outlook remains encouraging, supported by sustained investments in transmission and distribution infrastructure, renewable energy integration, grid modernisation and electrification across India and global markets.
He said the company’s expanding product capabilities, planned capacity additions and growing international presence position it to capitalise on emerging opportunities in the power infrastructure sector and create long-term shareholder value.
Should you buy?
Choice Institutional Equities said Yash Highvoltage delivered a strong performance in H1 FY27, with revenue rising 95% year-on-year to ₹194.5 crore, supported by nearly 40% volume growth and robust domestic demand. The brokerage attributed the improvement in margins to a favourable product mix, higher realisations, cost efficiencies and operating leverage.
The brokerage noted that the company’s order book of ₹760 crore and the ramp-up of its greenfield facility at Jarod support its growth outlook.
Choice Institutional Equities expects Yash Highvoltage’s revenue, EBITDA and adjusted profit after tax (PAT) to grow at compound annual growth rates (CAGRs) of 49%, 62% and 58%, respectively, over FY26–FY29, driven by volume growth, an improving product mix, higher realisations and operating leverage.
The brokerage remains positive on the medium-term outlook for transformer bushings, citing investments in grid expansion and replacement, renewable energy integration, data centres and industrial electrification.
Based on its discounted cash flow (DCF) valuation, Choice Institutional Equities has raised its target price on Yash Highvoltage to ₹1,500 from ₹1,200 and retained its ‘Buy’ rating. The revised target price implies a price-to-earnings (P/E) multiple of 38 times the average estimated earnings per share for FY28 and FY29.
As of 21 October 2026, the stock’s market close price stood at ₹1,149, implying a potential upside of 30.6%, according to the brokerage.
Yash Highvoltage share today opened at ₹1,300 apiece on the BSE, the stock touched an intraday high of ₹1,310 per share, and an intraday low of ₹1,220.10 per share.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
