Yash Highvoltage shares surged 14% on Thursday, 22 October, following the company's robust financial performance for the first half of FY27. According to reports from LiveMint, the company 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. The company's EBITDA rose 136% year-on-year to ₹54.7 crore, while the EBITDA margin expanded to 28.1% from 23.3% in H1 FY26. Net profit surged 165% year-on-year to ₹36.2 crore, with the PAT margin improving to 18.6% from 13.7% in H1 FY26. Earnings per share increased to ₹12.5 from ₹4.8 a year earlier, demonstrating strong profitability growth across all key metrics. The company's Cash Conversion Cycle improved to 63 days from 81 days at the end of FY26, with operating cash flow surging to ₹45.2 crore in H1FY27, compared to ₹4.8 crore in H1FY26. The company holds a net cash position of ₹95 crore as of September 30, 2026, with a near debt-free Debt-to-Equity ratio of 0.03.
During the first half of FY27, Yash Highvoltage advanced its international expansion strategy through its US subsidiary, Yash HV USA Inc. As reported by LiveMint, 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, positioning it among select global original equipment manufacturers capable of supplying these products for seismically active regions of the US. In another milestone, the company successfully tested and supplied its first 245 kV wall-through transformer bushing to a leading public sector undertaking, expanding its product portfolio and technical capabilities. The company also launched its first CMO product in the US market on October 20, 2026, with the product manufactured at its finished dosage facility in Vadodara, Gujarat. The company sold 35.6% more bushings, reaching 4,000 in H1FY27 compared to 2,950 in H1FY26, with RIP bushings contributing 86% of total revenue by value in H1FY27.
According to LiveMint reports, Yash Highvoltage migrated to SAP S/4HANA during H1 FY27, maintaining uninterrupted business operations throughout the transition. Looking ahead, Keyur Shah, Managing Director, 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 noted 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. The company is also commissioning a greenfield plant in H2FY27 that will add 6,000 units of annual capacity and increase the voltage rating to 550 kV, paving the way for peak combined revenue of ₹1,000 crore.
The company's order book reached ₹760 crore as of September 30, 2026, representing a 90% increase from ₹400 crore in March 2026. As reported by LiveMint, the order book has grown 5.1 times from ₹150 crore in March 2025, demonstrating strong demand momentum. The company successfully raised ₹652.5 crore from 39 anchor investors at ₹693 per equity share on October 19, 2026, with marquee investors including Government Pension Fund Global (Norges Bank), Integrated Core Strategies Asia Pte. Ltd. (Millennium), SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, WhiteOak Capital, Abu Dhabi Investment Authority (ADIA), BlackRock Global Funds, and Eastspring Investments. The retail individual investors portion was fully subscribed by 11:00 am on the same day. The order book provides revenue visibility of about 15-24 months, with domestic sales accounting for 86%, exports 6%, and Retrofit & Services 8%.
