Yash High voltage: Powering the Grid’s Backbone
From EHV cable joints to global exports, building the unseen links in power transmission
Electricity is the lifeline of modern infrastructure from lighting up homes and running factories to powering data centers and trains. At the heart of this vast power network are transformers, and within every transformer lies a small but critical component: the bushing. It’s this silent hero that ensures safe and reliable transfer of electricity from the transformer to the grid. A single fault in a bushing can bring an entire power system to a halt.
COMPANY OVERVIEW
Yash Highvoltage Limited, founded in 2002 and led by entrepreneur Mr. Keyur Shah since 2008, is a leading Indian manufacturer of transformer bushings including Oil Impregnated Paper (OIP), Resin Impregnated Paper (RIP), and High Current bushings.
Based in Vadodara, Gujarat, the company has an annual production capacity of 7,000 bushings with advanced in-house testing facilities. It serves major Indian government enterprises and private power companies, playing a key role in powering India’s growing energy infrastructure with high-quality, reliable products and repair services.
Product Portfolio
Understanding Bushings
Bushings are critical safety components in transformers, enabling electricity to pass from inside to outside without causing damage or short circuits. They perform two essential functions providing insulation to prevent leakage and ensuring a secure electrical connection.
Yash Highvoltage focuses on precision engineering in this domain, using advanced design software and multiple in-house testing laboratories to ensure each product meets stringent global standards, including those in the US, Europe, and Russia. Significant investments in manufacturing technology reinforce the company’s commitment to quality and reliability.
To manage operational risks, liability in case of product failure is limited to the product cost, excluding consequential damages. Additionally, the company maintains Corporate General Liability Insurance as a safeguard.
The product range includes High Current Bushings, OIP Condenser Bushings, RIP/RIS Condenser Bushings, and OIP Wall Bushings. All these play a vital role in transformer performance by carrying high electrical loads safely while providing robust insulation. They help transformers operate reliably under heavy loads and in challenging environmental conditions, protect internal components from electrical damage, and minimize power loss. Their durable construction extends transformer life and reduces maintenance needs — making them indispensable for safe, efficient, and long-lasting transformer operations
Retrofit Solutions – Extending Transformer Life
Yash Highvoltage Ltd. offers end-to-end retrofit solutions for transformer bushings, enabling the seamless replacement of old or faulty units with fully interchangeable options, such as OIP to RIP or RIS. Backed by site evaluation, engineering design, customized fabrication, rapid in-house testing, and a full standard warranty, this solution delivers flexibility, reliability, and extended service life.
With OIP bushings lasting about 15–20 years and RIP bushings lasting 30–35 years, timely retrofitting is critical especially as voltage spikes, harsh weather, and over-voltage can shorten lifespan. Targeting this segment as a key growth area, the company is well-positioned to capture rising demand for efficient, long-lasting transformer upgrades.
Factory Expansion, CapEx Planning, and Capacity Utilization Overview
The company is investing ₹90 crore in a greenfield plant at Vadodara, spread over 1.6 lakh sq. ft. of land with a 1.2 lakh sq. ft. built-up area. The facility is slated to be operational by the second half of the next fiscal year, with major CapEx expected to be completed by March 2026.
This plant will localize production of Resin Insulated Paper (RIP) cores and other key components, which are currently imported. By doing so, the company aims to cut import costs, improve supply chain control, enhance quality, and boost margins. Over 80% of the company’s business comes from RIP bushings, presently supplied exclusively within India.
Currently, the company has a production capacity of 9,000–10,000 bushings annually, operating at ~50% utilization. The new facility will add 5,000 RIP bushings per year, raising total capacity to about 15,000–16,000 units. Production is expected to ramp up gradually over 1–2 years, with the revenue impact visible from 2027. Once fully operational, the output mix is projected to be roughly 50–60% OIP bushings and 40–50% RIP bushings.
The company’s relationship with its Swiss technology partner has evolved significantly, shifting from being a sales agent to conducting localized assembly with imported RIP cores. Between 2018 and 2024, the Swiss partner held equity in the company, but a buyback has now restored full operational control to the Indian entity. At present, the Swiss supplier provides 70–75% of RIP core demand under a non-exclusive contract, with the balance sourced from other global suppliers to diversify risk.
Although the Swiss supplier holds exclusive rights to supply the Indian market for the next three years, this arrangement ensures supply stability during the transition to localized manufacturing. Pricing remains flexible, being adjusted dynamically in line with market conditions and competitive benchmarks, a strategy aligned with the company’s ambition to meet growing international demand once local RIP production scales up.
Price Differential Analysis: RIP vs OIP Bushings
In India, Resin Insulated Paper (RIP) bushings are priced 4 to 5 times higher than Oil Impregnated Paper (OIP) bushings. For example, if an OIP bushing costs ₹100, an RIP bushing costs around ₹400–₹500.
Globally, the price gap is smaller, with RIP bushings priced about twice (plus 10–15%) that of OIP bushings. Additionally, Indian exports of OIP bushings sell at roughly 2.5 times their local Indian prices due to shipping, duties, and global market factors.
These price differences are key for forecasting revenues and positioning products strategically in different markets.
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Order Book and Growth Outlook
The company maintains a strong order book, supporting revenue targets for fiscal year 2025-26. This backlog is sufficient to drive a projected invoicing growth of 25-30% over the previous year. The robust demand reflected in the order book underpins confidence in the company’s ability to sustain and scale operations in the near term.
Domestic vs Export Mix & Market Position
Around 35–40% of the Oil Impregnated Paper (OIP) bushings produced are exported, developed entirely in-house without external collaboration showcasing strong capability to serve both domestic and global markets. In contrast, over 80% of the company’s business comes from Resin Insulated Paper (RIP) bushings, which are supplied exclusively within India.
With import dependence steadily declining. Backed by a strong order book, it expects 25–30% growth in the near term.
Indian Industry Expansion and Competitive Landscape
The Indian transformer industry is undergoing significant expansion, with over 15 companies investing ₹300-500 crore each to enhance capacity. This growth is fueled by rising domestic demand and increasing global recognition of Indian manufacturers. Beyond the top 20 players, smaller firms are also entering larger power generation segments, signaling broad-based industry growth and increased opportunities for bushing suppliers.
Within the bushing segment, 2-3 additional manufacturers in India are actively expanding capacity, indicating heightened competition. The company remains vigilant and well-prepared to maintain its competitive edge.
Globally, major transformer manufacturers typically produce their own bushings, whereas in India, many rely on external suppliers. The company primarily competes with both domestic and international bushing manufacturers within this landscape.
Financial outlook
Global Demand, Market Strategy & Growth Outlook
The company is experiencing rising demand both in India and overseas, with the US, EU, and Middle East prioritized for their high-margin potential. Exports nearly doubled in FY25, driven by growth in key developed markets. Persistent supply shortages in regions like the USA, Europe, Middle East, Australia, and Israel continue to support demand. India’s stable diplomatic ties reduce risks from sanctions or trade barriers, though export restrictions on RIP bushings remain a regulatory factor.
By FY29, the company aims to capture ~5% of its serviceable addressable market excluding ultra-high ratings (400 kVA, 765 kV, 1200 kV) and target revenues of ₹1,300 crore, positioning itself among the world’s top bushing manufacturers. Growth plans include a “Local in Global” approach through a 100% US subsidiary, initially for sales, then services, and later local assembly/production. Additionally, YASH HV POWER COMPONENTS PVT LTD has been launched to diversify the product portfolio via partnerships with manufacturers.
Post-commissioning of its new plant, management expects revenues to rise 3–4x by 2030, with near-term growth of 25–35% sustained by existing capacities and a strong order book. Continuous investments in technology, capacity expansion, and leveraging schemes like the PLI for power products will drive the company’s ambition to be among the top five global transformer bushing players.
Key Strengths and Risks
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Disclosure
This article is for educational purposes only and does not constitute investment advice. Readers should consult a SEBI-registered advisor before making investment decisions.
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