Yash Highvoltage Q3 FY25 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
N/A
Order
Yes
Capex
Yes
2 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 2- Current revenue is approximately Rs. 140 Crore with a CAGR of around 25% over past 5-7 years.
- Post new RIP capacity expansion (6000 units), expected revenue can reach Rs. 400 to Rs. 500 Crore over the next 5 years.
- Capacity planned to scale to 10,000 units of RIP Core and 10,000 units of RIP bushings over 7 years.
- Growth driven by increased domestic demand and gradual replacement of imported bushings, supported by strong order book projecting growth beyond current sales.
- Export currently 40% of sales in OIP and High Current Bushings, with RIP currently not exported due to market restrictions.
- Market share expected to expand, consolidating position among top 5 global transformer bushing players.
- Lead time for orders is 9-12 months, with booking aligned with transformer manufacturers’ 1.5-2 years order horizon.
See what Yash Highvoltage management said on margin guidance — free account, 30 seconds.
Fundraise plans
- There is no explicit mention of any ongoing or planned fundraising through debt or equity in the provided transcript.
- The company mentioned that the previous roadblock was money, but now they have the necessary funds ("UpƟl now only roadblock was money, we have that now").
- They are optimistic about growth and expansions funded through existing resources.
- No specific details about new equity issuance or debt raising were discussed.
- The focus is on organic growth, capacity expansions (OIP by Feb 2025, RIP by March 2026), and leveraging government schemes like PLI for incentives rather than external fundraising.
- The company highlighted a healthy order book and self-funded expansions over the next 3-5 years.
See what Yash Highvoltage management said on order book — free account, 30 seconds.
Capex plans
Yes- YASH Highvoltage is undertaking an OIP bushing capacity expansion expected to go live by end of February 2025.
- A Greenfield expansion for RIP bushings is planned, with the facility ready for commissioning by March 2026.
- The new RIP capacity aims to scale up to 6,000 units initially, with a longer-term goal of 10,000 units over 7 years.
- This expansion is critical due to high demand and supply constraints globally.
- The company is actively engaging with the Ministry of Power & CEA to avail benefits under the Government of India’s Production Linked Incentive (PLI) scheme for RIP bushing.
- The expansion is expected to drive revenue growth, potentially reaching Rs. 400-500 crore over 5 years.
- Initial scaling will be gradual due to stringent product testing and approval requirements.
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Margin guidance
Category 3- YASH Highvoltage aims to grow revenue from the current ~Rs. 140 Crore to Rs. 400-500 Crore over the next 5 years, driven primarily by capacity expansions in RIP bushings.
- The new RIP bushing greenfield facility is expected to start commissioning by March 2026, enabling scale-up from 6,000 units to potentially 10,000 units over 7 years.
- Sales growth projection for next year is based on the current healthy order book, indicating growth beyond this year's sales.
- EBITA margins: High current bushings ~45%, RIP bushings ~20-22%, OIP bushings ~13-15%.
- Material to sales ratio (gross margin): RIP ~60%, OIP 70-75%, high current bushings 30-35%.
- The company has maintained ~25% CAGR over past 5-7 years reflecting healthy, proportional growth alongside the transformer industry.
- Export share currently 40% in OIP and high current bushings; RIP export currently restricted but expected to grow post expansion.
Order book
Yes- The company does not disclose explicit order book numbers.
- It reports having a "very healthy order book."
- Current order book covers next year's sales and revenue budget projections and beyond.
- Orders are generally booked for 1.5 to 2 years ahead.
- RIP bushing manufacturers have a lead time of 9 to 12 months from order to availability.
- Transformer manufacturers’ orders are booked for 1.5 to 5 years (India: 1.5 to 2 years; Europe/USA: 3 to 5 years).
- Demand is well locked-in, with new capacity expansions expected to contribute to future orders.
- Expansion for OIP bushings to be completed by end Feb 2025; RIP core expansion commissioning ready by March 2026, followed by testing and development.
How does Yash Highvoltage rank vs peers in Electrical Equipment?
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