Yash Highvoltage Ltd

- Yash Highvoltage is planning a fundraising of up to INR150 crores but may raise around INR100 to INR110 crores. - The primary purpose is to fund capex for the new Greenfield plant focused on RIP bushings up to 550 kV and related testing infrastructure. - Part of the fundraise may also be used for Brownfield expansion at the existing unit. - An option is being explored to use some of the raised funds to reduce working capital debt (~INR28-30 crores). - The company prefers raising equity over debt to remain nearly debt-free and have good investors on the cap table. - Currently, the debt-to-equity ratio is low at 0.17 times, reflecting conservative capital management.

- Greenfield expansion facility for resin-impregnated (RIP) bushings at Jarod, near Baroda, targeted for commercial production in H2 of FY26 (around October 2026). This plant will have testing capacity up to 550 kV and includes new winding machines, autoclaves, and dosing equipment. - Capex of around INR153 crores for the new plant, with approximately INR80 crores already spent and remaining to be done in next 2-3 months. - Brownfield expansion at existing facility to increase capacity and address autoclave bottlenecks, partly funded through a planned equity fundraise of INR100-110 crores (part of an approval up to INR150 crores). - Investment aimed at reducing import dependency by localizing RIP core manufacturing, improving cost competitiveness, increasing production capacity to ~15,000 bushings (from current 9,000-10,000), and expanding export opportunities. - Additional spend on testing infrastructure, including high-speed winding machines and SCADA-controlled autoclaves.

- Yash Highvoltage aims to sustain a strong growth momentum with a target to grow at around 40%-42% CAGR over the next 4-5 years. (Page 8, 16) - Revenue from Sukrut integration is expected to grow from around INR 25-26 crores in FY26 to INR 150-160 crores in 4-5 years, representing a 5x to 6x growth. (Page 17) - The new Greenfield facility starting production by H2 FY27 (targeting October) will enable increased capacity, especially for resin-impregnated bushings up to 550 kV. (Pages 16, 18) - The company targets a 40%-45% revenue growth in the ongoing year even without considering the new facility’s in-house RIP core production. (Page 16) - Order inflows target is INR 500+ crores for the year, with an opening order book of INR 400+ crores providing execution visibility for 1-2 years. (Page 9) Overall, Yash Highvoltage is poised for accelerated volume and revenue growth driven by capacity expansion, localization, and international market penetration.

- Yash Highvoltage expects to sustain a strong revenue growth momentum of around 40-42% CAGR over the next 4-5 years (Page 8, 18). - Sukrut Electric subsidiary anticipates 5x-6x growth in revenue, targeting INR150-160 crores within 4-5 years from current INR25-26 crores (Page 17). - EBITDA margins are currently around 25%, expected to maintain 24-25% this year with gradual improvement from next year onwards due to margin expansion and reduced import dependency (Page 7, 18). - Profit After Tax (PAT) grew 75% to INR37.4 crores with a PAT margin of 15.9% in FY26 and is expected to improve along with EBITDA going forward (Page 6). - The new greenfield plant operational from H2 FY27 is expected to support volume growth and better margin realization, contributing positively to future profits (Page 8, 26). - EPS growth aligned with revenue and profit growth; basic EPS stood at INR13.08 in FY26 (Page 6).

- As of March 31, 2026, Yash Highvoltage's order book stands at over INR 400 crores, providing healthy execution visibility for the next 1-2 years. - The company targets booking at least INR 500+ crores in new orders for the current year. - Orders include a mix of RIP (approximately 82-85%) and OIP (around 15-18%) bushings. - The company continues aggressive order booking and weekly/monthly reviews to maintain a healthy pipeline. - Customers (transformer companies) provide blanket orders for 24 to 36 months, enabling long-term planning and execution. - Capacity constraints, especially in OIP bushings, are being addressed through new facility commissioning to meet strong order inflows.