Yash Highvoltage
Book Building issueSMEBSE₹110 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹110 Cr
1 lot at cut-off
₹1,46,000
Lot size
1,000shares
Open
12 Dec 2024
Close
16 Dec 2024
Allotment
17 Dec 2024
Listing
19 Dec 2024
Listing performance
Issue price
₹146
Listed at
₹277.40
Listing-day close
₹291.25
Latest price
₹1,163.90
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+697.19%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Dec 2024 – 16 Dec 2024
- Listing date
- 19 Dec 2024
- Face value
- ₹1 per share
- Issue price
- ₹146 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹110 Cr
- Market cap at offer price
- ₹417 Cr
- Promoter holding
- 79.48% → 57.70% pre-issue → post-issue
- ISIN
- INE00GK01023
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- 84/1B, PO Khakharia, Taluka Savli, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 21,46,000 | — | — |
| Market maker | 3,77,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹146
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,46,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,92,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,76,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,22,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
21,46,000
Anchor portion
₹31.33 Cr
at ₹146 per share
Valuation and performance
Valuation at offer price
₹146 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.45 | 4.38 |
| P/E (×) | 26.79 | 33.33 |
| Price to book (×) | 1.07 | — |
| Market cap | — | ₹417 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.51%
- ROCE
- 44.07%
- Debt / equity
- 0.17
- PAT margin
- 11.12%
- NAV per share
- ₹136.98
- Price to book
- 1.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Yash Highvoltage
Yash Highvoltage Limited is a manufacturing company incorporated in 2002 (originally as Yash Highvoltage Insulators Private Limited) and converted to a public company in 2018. The company is engaged in the manufacturing and distribution of transformer bushings—Oil Impregnated Paper (OIP) condenser bushings, Resin Impregnated Paper (RIP)/Resin Impregnated Synthetic (RIS) condenser bushings, High Voltage and High Current bushings, OIP Wall bushings, and Oil to Oil bushings. The company also provides repairing, retrofitting and replacement services for old bushings. With a manufacturing facility in Vadodara, Gujarat, the company has an annual installed capacity of 7,000 bushings comprising 3,700 OIP units, 3,000 RIP units, and 300 High Current units, all equipped with in-house quality testing facilities. The company generates revenue primarily from the sale of these transformer bushing products to customers in the power transmission and distribution sector.
Company Analysis
from RHPYash Highvoltage Limited manufactures and distributes transformer bushings across oil impregnated paper, resin impregnated paper/synthetic, and high voltage/current variants, serving the power transmission and distribution industry.
Yash Highvoltage Limited is a manufacturing company incorporated in 2002 (originally as Yash Highvoltage Insulators Private Limited) and converted to a public company in 2018. The company is engaged in the manufacturing and distribution of transformer bushings—Oil Impregnated Paper (OIP) condenser bushings, Resin Impregnated Paper (RIP)/Resin Impregnated Synthetic (RIS) condenser bushings, High Voltage and High Current bushings, OIP Wall bushings, and Oil to Oil bushings. The company also provides repairing, retrofitting and replacement services for old bushings. With a manufacturing facility in Vadodara, Gujarat, the company has an annual installed capacity of 7,000 bushings comprising 3,700 OIP units, 3,000 RIP units, and 300 High Current units, all equipped with in-house quality testing facilities. The company generates revenue primarily from the sale of these transformer bushing products to customers in the power transmission and distribution sector.
Electrical components manufacturingPower transmission and distributionTransformer equipment
Objects of the Issue
- Setting up a new factory to manufacture RIP/RIS transformer condenser graded bushings ₹7,033.98 lakhs p.29
- General Corporate Purposes p.29
- Setting up a new factory to manufacture Resin Impregnated Paper (RIP) / Resin Impregnated Synthetic (RIS) transformer condenser graded bushings ₹ 7,033.98 lakhs p.104
- General Corporate Purposes [●] p.104
- Setting up a new factory to manufacture RIP/RIS transformer condenser graded bushings (upto 420 kV) ₹6,849.50 lakhs (comprising Building & Civil Works: ₹2,257.06 lakhs, Plant & Machinery: ₹3,587.80 lakhs, EHV Testing Lab: ₹787.66 lakhs, Project Management Consultancy: ₹172.20 lakhs, net of amounts already deployed) p.113
- General corporate purposes Up to 25% of Gross Proceeds from Fresh Issue (subject to SEBI ICDR Regulation 230(2)) p.115
- Funding capex for the new manufacturing facility p.313
Issue Structure
- Total Issue
- Up to 75,35,000 Equity Shares of face value of ₹5/- each, aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 64,05,000 Equity Shares of the face value of ₹ 5/- each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 11,30,000 Equity Shares of the face value of ₹ 5/- each aggregating up to ₹ [●] Lakhs by Mr. Keyur Girishchandra Shah (Promoter Selling Shareholder)
- Price Band
- Floor Price: ₹ 138 per Equity Share; Cap Price: ₹ 146 per Equity Share
- Lot Size
- 1,000 equity shares and in multiples of 1,000 equity shares thereafter
- Face Value
- ₹ 5 per Equity Share
Business Model
Yash Highvoltage generates revenue through the manufacturing and distribution of transformer bushings (OIP condenser bushings, RIP/RIS condenser bushings, High Voltage and High Current bushings, OIP Wall bushings, and Oil to Oil bushings), as well as through providing repairing, retrofitting and replacement services for old bushings.
Business Segments
Manufacturing and distribution of Oil Impregnated Paper (OIP) condenser bushings, Resin Impregnated Paper (RIP)/Resin Impregnated Synthetic (RIS) condenser bushings, High Voltage and High Current bushings, OIP Wall bushings, and Oil to Oil bushings, as well as repairing, retrofitting and replacement services.
Manufactures high voltage and high-current transformer bushings used in transformers and power transmission equipment. In India, a transition from OIP to RIP and Epoxy Resin bushings is being witnessed, reflecting upon the need for more robust, maintenance-free, and environmentally resistant solutions.
Oil-impregnated paper or oil-filled bushings used in Generator step-up (GSU) transformers with rated voltage 24kV to 52kV and rated current up to 25,000 A, conforming to IEC 60137:2017 and IEEE C.57.19.00/01 standards
Oil-impregnated paper hermetically sealed condenser bushings used in power transformers with rated voltage 24-245 kV (IEC) or 25-230 kV (IEEE) and rated current 400-3,150 A (customized higher ratings available), with porcelain or composite silicone insulators conforming to IEC 60137:2017 and IEEE C57.19.00/01
Resin Impregnated Paper or Synthetic bushings used in power transformers with rated voltage 24-245 kV and rated current 400-6,300 A (customized higher ratings available), oil-to-air dry type conforming to IEC 60137:2017
Specialized bushing types for power transformers with rated voltage 24-245 kV (IEC) or 25-161 kV (IEEE), rated current 400-3,150 A (customized higher ratings available), oil-impregnated paper hermetically sealed, conforming to IEC-60137:2017 and IEEE C.57.19.00/01
On-site/off-site bushing technical testing, analysis, repair, and replacement services with in-house electromagnetically shielded laboratories capable of routine and type testing up to 245 kV
Oil Impregnated Paper condenser bushings up to 245kV for transformers
Resin Impregnated Paper and Resin Impregnated Synthetic dry-type bushings; company imports cores from Switzerland and produces branded bushings for regional markets
High current bushings up to 25,000 Amperes for power applications
Repairing, retrofitting and replacement services for old bushings; offers 1:1 replacement and upgrade from OIP to advanced dry type bushings; on-site Capacitance and Tan Delta testing services for bushings
Manufacturing and sale of high-voltage and high-current transformer bushings including RIP/RIS condenser bushings, High current bushings, OIP condenser bushings, OIP wall bushings, and FRP Cylinders compliant with IEC, IEEE and ANSI standards
Design, manufacture, engineering, conversion, reconditioning, repair, and testing of extra high voltage products used in power transmission and distribution
Import, export, buying, selling of iron and steel, copper, brass, aluminum, and other ferrous and non-ferrous metals; buying, selling and processing of insulating materials such as electrical porcelain, kraft paper, press board, epoxy resin, polyester resin, plastics, capacitor tissue paper, transformer oil, silica, silicon rubber
SWOT Analysis
Strengths
- • Established quality management system with ISO 9001 certification since 2009(p.51)
- • Products meet multiple global standards including IEC/IEEE and ANSI(p.51)
- • Strong revenue growth trajectory(p.52)
- • Diversified product portfolio across multiple bushing types(p.28)
- • In-house quality testing facilities(p.28)
- • Unique positioning as verticalized player focused solely on transformer bushings with customization and retrofit capabilities(p.178)
- • Positioned to capture fastest-growing voltage segment (>72.5 kV to <145 kV)(p.178)
- • Fully equipped in-house testing facilities up to 245 kV with advanced equipment(p.175)
- • Strong revenue growth and market share expansion in high-demand RIP bushing segment(p.178)
- • Approved vendor status with major Indian government enterprises and power sector companies(p.168)
- • Dominant market position in OIP condenser and high current bushings with pioneering RIP/RIS technology localization(p.179)
- • Strong 15+ year track record creating entry barriers for competitors(p.179)
- • High customer retention with 96% repeat revenue and growing client base(p.179)
- • State-of-the-art manufacturing facility with advanced testing and R&D capabilities(p.180)
- • Strong quality management system matured over 15 years with ISO 9001 certification(p.180)
- • Experienced management team with 15+ years of industry expertise(p.180)
- • Strong export growth momentum with 53% CAGR and presence in ~24 countries(p.181)
- • Leading manufacturer of transformer bushings with 20+ years of operational history(p.279)
- • ISO 9001:2015 accreditation with compliance to international standards (IEC, IEEE, ANSI)(p.279)
- • Global export presence across ~28 countries with ~13,000 bushings sold over 3 years(p.279)
- • Presence in critical infrastructure including Indian nuclear power plants and major transmission utilities(p.279)
- • Pioneer in localization of RIS Bushings in India (2018-19) and OIP polymeric insulators(p.279)
- • Revenue growth from ₹30 lakhs (2010) to ₹10,000+ lakhs (FY24), with 178% growth (2010-2021) and 97% growth (2021-2022)(p.279)
- • Strategic location in Vadodara, known as the transformer hub of India(p.279)
- • Installed manufacturing capacity of 7,000 bushings with 65,000 sq ft facility(p.279)
- • Registered intellectual property portfolio in transformer bushing domain(p.300)
- • Strong brand identity with multiple registered trademarks across product classes(p.301)
- • Positive operating profitability and consistent net worth growth(p.304)
- • Robust net tangible asset base meeting regulatory thresholds(p.305)
- • Conservative leverage ratio well below regulatory limits(p.305)
Weaknesses
- • High dependence on limited supplier base for raw materials(p.39)
- • Top supplier accounts for over 55% of purchases(p.40)
- • Concentration in single geographic region(p.42)
- • Heavy dependence on single business segment(p.42)
- • Heavy customer concentration with top 10 clients(p.42)
- • Negative cash flows from investing and financing activities(p.49)
- • Missing corporate records and regulatory documents(p.49)
- • History of regulatory compliance delays and errors(p.50)
- • Lack of non-compete agreement with competing group company(p.50)
- • Contingent liabilities from tax disputes(p.53)
- • Restrictive covenants from lenders limiting business flexibility(p.54)
- • Inadequately stamped and unregistered property agreements(p.53)
- • Dependence on owner's personal guarantees for borrowings(p.60)
- • Significant promoter control and potential shareholder conflicts(p.62)
- • High attrition rate among employees(p.56)
- • Heavy dependence on key personnel, particularly the promoter(p.56)
- • No alternate funding sources arranged for IPO proceeds(p.54)
- • High production costs and margin pressure due to rising raw material costs(p.157)
- • Dependency on imported RIP active parts/cores, limiting vertical integration(p.175)
- • Limited capacity in high-current bushing segment with only 300 unit annual capacity utilization at 30%(p.177)
- • Exposure to raw material supply constraints and quality inconsistencies(p.157)
- • Relatively small scale compared to global horizontal competitors with consolidated product portfolios(p.178)
- • High customer concentration with top 10 customers representing 84% of revenue(p.182)
- • High supplier concentration with top 10 suppliers representing 82% of purchases(p.183)
- • Single manufacturing facility concentrated at one location creating operational risk(p.199)
- • Limited product portfolio concentrated in transformer bushings with nascent RIP/RIS capabilities(p.180)
- • Small workforce of 157 full-time employees limiting execution capacity(p.184)
- • Heavy customer concentration with top 3 customers representing 45.63% of revenue (as of June 30, 2024)(p.285)
- • Top 5 customers account for 64.22% of revenue, indicating significant concentration risk(p.285)
- • High personal guarantee exposure by Director for banking facilities of ₹4,439 lakhs (sanction limit)(p.292)
- • Declining net profit margin from 13.39% (FY22) to 11.12% (FY24)(p.280)
- • EBITDA margin compression from 22.31% (FY22) to 18.58% (FY24)(p.280)
- • Return on Net Worth declining sharply from 42.02% (FY22) to 32.51% (FY24)(p.280)
- • GST litigation pending against company for ₹40.82 lakhs GST liability (excluding interest) covering July 2017 to March 2022(p.295)
- • Concentration risk with limited customer base dependency(p.38)
- • Plant and facility concentration in single location(p.323)
- • First-time public company with no listed predecessor track record(p.313)
- • No investor complaint resolution history(p.316)
Opportunities
- • Global transformer bushing market growth expected at 5.6% CAGR through 2034(p.28)
- • Rising global demand for renewable energy projects(p.28)
- • Growing preference for RIP bushings with 61.9% market share(p.28)
- • Planned expansion with new RIP bushing manufacturing facility(p.39)
- • Strategy to diversify customer base and geographic footprint(p.52)
- • Market transition from OIP to RIP/RIS bushings(p.106)
- • Setting up new manufacturing facility for RIP/RIS bushings(p.106)
- • Massive growth in India's renewable energy capacity and smart grid integration driving bushing demand(p.151)
- • India transformer bushing market projected to grow from ₹1,528 crore (FY'24) to ₹2,993 crore (FY'34F) at 7.0% CAGR(p.163)
- • Global shift from OIP to RIP bushings creating supply gap and export opportunity(p.167)
- • Government capex on infrastructure, transmission and distribution expansion requiring new transformer installations(p.136)
- • Global transformer bushing market valued at ₹26,960 crore (2024) expected to reach ₹46,469 crore by 2034F at 5.6% CAGR(p.144)
- • Growing demand for rural electrification and distribution transformer upgrades(p.154)
- • RIP bushing market share in India projected to increase from 59.6% (FY'24) to 66.0% (FY'34F)(p.164)
- • Strong industry tailwinds from India's power demand growth, urbanization, and renewable energy integration(p.179)
- • Global bushing market growth at 5.6% CAGR driven by renewable energy and grid modernization(p.181)
- • Growing market demand for indigenous RIP/RIS bushings expected to reach 70.6% of global market by 2034(p.180)
- • Significant retrofit and replacement market driven by high transformer failure rates in India(p.181)
- • Opportunity to expand global footprint with low current export penetration at 4.62% of revenue(p.181)
- • Plan to launch indigenous RIP/RIS bushings up to 245kV to capture growing dry-type bushing segment(p.181)
- • Opportunity to expand complementary product lines and sales agents network(p.182)
- • Expansion into RIP transformer bushings manufacturing with new greenfield facility acquisition(p.285)
- • Growing power sector demand globally, with 28 countries as current export markets(p.279)
- • Domestic market growth with addition of 16 new clients in Q1 FY25 (continuing trend: 81 clients in FY22, 50 in FY23, 48 in FY24)(p.279)
- • Custom engineering capabilities enabling differentiation and market penetration(p.279)
- • Import substitution opportunity with high-current bushings now accepted in Indian market(p.279)
- • Significant share of domestic OIP bushings market with continuous global expansion potential(p.279)
- • Capital expansion for new manufacturing facility(p.313)
- • Migration pathway to BSE main board with increased capital base(p.323)
- • Enhanced market access through SME platform listing(p.302)
- • Proceeds from fresh issue for business expansion(p.325)
Threats
- • Delays or cost overruns in commissioning new manufacturing facility(p.38)
- • Significant raw material cost volatility(p.40)
- • High exposure to imported raw materials from Switzerland(p.41)
- • Cyclical nature of power sector demand(p.51)
- • Product quality and compliance risks(p.51)
- • Dependence on third-party logistics providers(p.51)
- • Regulatory and licensing dependencies(p.51)
- • Lack of firm supply agreements with customers(p.52)
- • Customers place orders on short notice, making revenue forecasting difficult(p.53)
- • Order cancellations and delivery disruptions from external factors(p.53)
- • Risk of customer default on payments(p.53)
- • Competition from rivals with greater resources(p.53)
- • Competitors able to produce similar products at lower costs(p.53)
- • Failure to anticipate technological changes and regulatory standards(p.53)
- • Exposure to foreign exchange rate fluctuations(p.58)
- • Risk of power/electricity shortages affecting operations(p.61)
- • Changes in regulatory framework could adversely affect operations(p.65)
- • Risk of changes in tax laws and their interpretation(p.65)
- • High market consolidation with presence of large global players (GE, Hitachi Energy, Siemens) with superior resources(p.157)
- • High entry barriers limiting new competition but also creating market concentration risks(p.157)
- • Significant transformer failure rates (12-17% in India vs 2-3% in developed countries) due to infrastructure quality issues(p.156)
- • Insufficient testing infrastructure and NABL-accredited labs constraining quality assurance across industry(p.157)
- • Supply chain vulnerability and import dependency for critical bushing components affecting cost and delivery(p.164)
- • Regulatory and policy risks affecting power sector investment and transformer procurement(p.140)
- • Fluctuation in electricity demand and sector cyclicality impacting transformer and bushing sales(p.139)
- • Intense competition from established players in HV transformer bushing market(p.182)
- • High capital intensity and material expertise requirements create barriers but also competitive threats(p.182)
- • Long order-to-delivery cycle of 3-12 months creates market timing and demand risks(p.182)
- • Commodity price volatility exposure through LME/BME rate linkages for raw materials(p.183)
- • Compliance with stringent national and international standards creates regulatory complexity(p.182)
- • Insurance coverage may be inadequate for major business interruptions(p.184)
- • Dependence on few customers creates vulnerability to customer losses; top 10 customers represent 84.03% of revenue(p.285)
- • Global power transmission cyclicality and economic downturns could reduce transformer OEM demand(p.281)
- • Regulatory compliance risks across multiple jurisdictions (28 countries) with varying standards(p.279)
- • Foreign exchange volatility risk with significant import procurement (₹1,080.60 lakhs imports in Q1 FY25, ₹4,061.97 lakhs in FY24)(p.260)
- • Input price volatility and supply chain risks given dependence on imported raw materials(p.257)
- • Intense competition in transformer bushings market from global and domestic competitors(p.285)
- • Regulatory change risk post-RHP approval(p.321)
- • Small and Medium Enterprise sector cyclicality and market maturity risk(p.323)
- • Foreign exchange exposure from international transactions(p.342)
- • Capital market listing permission uncertainty(p.312)
- • Compulsory market maker exit after three-year lock-in period(p.323)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Keyur Girishchandra Shah | Promoter/Promoter Selling Shareholder | 73.61% | — |
| Mr. Keyur Girishchandra Shah | Promoter | 73.61% | [●]% |
| Mrs. Twinkle Keyur Shah | Promoter Group | 2.93% | [●]% |
| MGC MOSER-GLASER A.G. | Promoter | 25.70% (as of April 16, 2024 transaction, transferred to Keyur Girishchandra Shah) | — |
| Keyur Girishchandra Shah | Promoter | — | — |
| Mr. Keyur Girishchandra Shah | Promoter | 73.61% | — |
| Keyur Shah | Promoter | 74.24% | — |
| Keyur Girishchandra Shah | Promoter/Promoter Selling Shareholder | — | — |
| Keyur Girishchandra Shah | Promoter Selling Shareholder | — | — |
Leadership
Mr. Keyur Girishchandra Shah · Chairman/Managing Director
Mr. Tushar Janardan Lakhmapurkar · Company Secretary and Compliance Officer
Mr. Sumit Poddar · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Yash Highvoltage IPO FAQs
What is the lot size of Yash Highvoltage IPO?
The minimum lot size of Yash Highvoltage IPO is 1,000 shares. One lot costs ₹1,46,000 at the cut-off price.
When does Yash Highvoltage IPO open and close?
Yash Highvoltage IPO opened for subscription on 12 Dec 2024 and closed on 16 Dec 2024.
What is the listing date of Yash Highvoltage IPO?
Yash Highvoltage IPO listed on 19 Dec 2024.