Yash Highvoltage LtdQ3 FY25Electrical Equipment

Yash Highvoltage Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

→Yash Highvoltage Limited targets a minimum CAGR of around 35% for the next 5 to 10 years, continuing historic growth rates.
→The company expects 8x to 10x growth in annual revenue over 8 to 10 years, driven by expanding addressable market (INR 15,000-16,000 crores).
→The upcoming greenfield plant is expected to increase capacity 2.5x to 3x of current production, supporting steep sales growth from FY 2026-27 onwards.
→Order book is healthy at over INR 300 crores, with execution timelines of 1.5 to 2 years, and strong order inflows ongoing.
→Export contribution currently ~4-5%, with plans to scale globally across 50-60 countries.
→Growth supported by rising domestic and global power infrastructure investments, grid expansions, retrofit opportunities, and renewable energy projects.

Margin guidance

Category 2

→Yash Highvoltage targets a minimum CAGR of 35% over the next 5 years, maintaining historically high growth rates.
→EBITDA margins are expected to be maintained or slightly improved over the next 1.5 to 2 years.
→From FY 2027-28 onwards, a steep increase in EBITDA margins is anticipated due to local production replacing imports, reducing costs and import duties.
→Export markets, especially for RIP bushings, offer substantially better price realizations, which will further boost margins.
→With the commissioning of the new greenfield plant in H2 FY 2026-27, capacity will increase 2.5x to 3x, supporting multi-fold revenue growth.
→The company expects to grow 8x to 10x its current annual revenue over 8-10 years without exceeding 5% market share, indicating significant upside potential.
→Profit after tax margin showed strong growth with a YoY increase of 256 basis points to 13.7%, reflecting improving profitability trends.

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Fundraise plans

- Currently, Yash Highvoltage Limited is comfortable with internal accruals and does not have an immediate plan for fresh debt. - The existing debt is around INR 27-28 crores, and its repayment or further borrowing depends on demand and capex needs. - The company may consider taking additional debt or raising equity in the future if needed for further capex beyond the current IPO-funded projects. - No definitive decision has been made yet; the management will decide based on business and market conditions closer to year-end. - The IPO proceeds raised are primarily focused on capacity expansion and related capex, with no immediate plans for new fundraising. (Keyur Shah's responses from Q&A on pages 19-21)

Order book

Yes

→As of September 2025, Yash Highvoltage Limited has a healthy order book valued at over INR 300 crores.
→The execution timeline for the current orders is approximately 1.5 to 2 years.
→The company continues to add new orders daily, indicating strong ongoing demand.
→Management stated that the order flow is "unlimited," and the capacity to take orders is limited by their ability to execute rather than demand.
→For the Sukrut acquisition, revenue impact is expected to start from the next financial year, as the acquisition is not yet complete.
→Yash is cautious to avoid over-commitment to ensure timely order fulfillment without overextending capacity.

Capex plans

Yes

→Yash Highvoltage is undertaking a new greenfield plant project with a capex of over INR100 crores.
→Full utilization of the new plant is expected in 2.5 to 3 years, with incremental ramp-up starting at 30%-40%.
→The greenfield facility will expand capacity to 15,000-16,000 units, roughly 2.5x to 3x current revenue.
→Capex covers infrastructure including buildings, machinery, tools for winding, autoclaves, material movement, and high voltage test laboratories.
→Additional capex may be required for the acquisition of Sukrut Electrical, with professionals assessing future investment needs.
→Inventory build-up and strategic stocking for future orders might also contribute to capex.
→IPO proceeds are primarily allocated for capacity build-up including civil works, equipment, and labs.
→Future capital requirements including working capital or further capex will depend on demand growth, with possible additional debt or equity considered as needed.

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