This Small Company Sits at the Entry Point of Every Transformer

A Mission-Critical Niche in Global Power Infrastructure

Dec 23, 2025

1. Company Overview

Yash Highvoltage Ltd is a specialised power engineering company focused exclusively on high voltage and high current transformer bushings. Founded in 2002, the company operates in one of the most critical yet least visible components of the power transmission value chain. Transformer bushings act as the insulated gateway between high voltage equipment and transmission lines and any failure can lead to transformer damage, grid outages, and large financial losses.

With more than 40,000 bushings installed globally, Yash has established itself as a trusted supplier to major Indian utilities including NTPC and PGCIL. The company holds ISO 9001 and ISO 14001 certifications and manufactures in compliance with IEC and IEEE standards.

2. Industry Context and Opportunity

India operates one of the largest synchronous power grids in the world with installed capacity exceeding 400 GW. Globally, grid expansion, renewable integration, and replacement of ageing transformers are driving sustained demand for high quality bushings.

Key structural tailwinds
• Ageing global power infrastructure requiring retrofit and replacement
• Rising transformer capacity and voltage levels
• Renewable energy evacuation and grid strengthening
• High entry barriers due to safety critical nature and qualification requirements

Transformer bushings are not a discretionary purchase. Reliability and certification matter more than price, giving incumbents strong pricing power once approved.

3. Product Portfolio and Technology Edge

Yash offers one of the most comprehensive bushing portfolios from a single Indian manufacturer.

Key products
• RIP and RIS dry type condenser bushings
• OIP condenser bushings
• Oil to oil and wall bushings
• High current bushings up to 25,000A
• Retrofit, testing, and repair services

Strategic advantages
• First Indian company to localise RIP and RIS technology
• First Indian supplier of 25,000A high current bushings
• Interchangeable solutions compatible with global OEMs up to 245kV and 25kA
• Technical collaboration with Swiss major MGC for RIP technology

Product mix is heavily skewed towards higher margin RIP bushings which now form over 80 percent of revenues.

4. Manufacturing and Capacity

• Manufacturing facility at Vadodara
• Installed capacity of around 7,000 bushings per year
• Strong engineering base with over 250 employees including 70 plus engineers

Given the niche nature, scaling is disciplined and order led rather than capacity led, reducing execution risk.

5. Customers and Revenue Profile

• FY24 revenue mix approximately 95 percent domestic and 4 percent exports
• Top 10 customers contribute close to 80 percent of revenues
• Approved vendor status with large utilities creates repeat orders and high switching costs

While customer concentration exists, it is typical for this segment and partly offset by long approval cycles and sticky relationships.

6. Global Footprint and Expansion

• Installations across more than 60 countries including US, Europe, LATAM, Middle East, and Africa
• Supplied over 12,500 RIP and 25,000 OIP bushings till date
• Incorporated Yash Highvoltage USA Inc in 2025 to directly address the Americas market

This marks a transition from exporter to local presence driven growth, which can structurally improve margins and brand recall.

7. Financial Snapshot and Growth Drivers

• FY24 25 revenue reported at around USD 17.5 million
• Consistent growth driven by RIP adoption and retrofit demand
• High operating leverage due to specialised manufacturing

Key growth triggers
• Replacement cycle of ageing transformers in India and abroad
• Increasing share of dry type RIP bushings
• Export scale up through US subsidiary
• Retrofit and service revenue expansion

8. Risks to Track

• Customer concentration risk
• Dependence on power capex cycles
• Technological obsolescence risk though mitigated by continuous certification
• Execution risk in overseas expansion

9. Our Viewpoint

Yash Highvoltage operates in a niche with high entry barriers, long approval cycles, and mission critical products. Its early localisation of RIP technology, strong domestic approvals, and expanding global footprint position it well to benefit from the multi decade grid modernisation theme.

While not a volume driven story, it is a quality engineering play where consistency, reliability, and trust matter more than scale. For long term investors seeking exposure to power infrastructure through a specialised and under tracked segment, Yash Highvoltage represents a compelling structural growth story.

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Bottom Line

A niche champion quietly compounding behind India and the world’s power grids with technology depth, customer stickiness, and expanding global relevance.