Yash Highvoltage Limited specializes in the manufacturing and distributing a wide range of transformer bushings. Yash Highvoltage IPO is set to raise Rs 110.01 crores. The issue is a combination of fresh issue aggregating to Rs 93.51 crores and offer for sale aggregating to Rs 16.50 crores.

About Yash Highvoltage Limited

• Company is engaged in the manufacturing and distribution of wide range of transformer bushings – Oil Impregnated Paper [OIP] condenser bushing, Resin Impregnated Paper [RIP] / Resin Impregnated Synthetic [RIS] condenser bushing, High Voltage and High Current bushing, OIP Wall bushing and Oil to Oil bushing.
• The Company also undertakes repairing, retrofitting and replacement services of old bushings.
• Their manufacturing facility has an annual installed capacity to produce 7,000 bushings bifurcated into 3,700 units of OIP Bushings, 3,000 units of RIP Bushings and 300 units of High Current Bushings.
• Existing manufacturing facilities and Proposed Manufacturing Facility are situated at Vadodara, Gujarat.
• The factory is fully equipped with in-house quality testing facilities.
• Mr. Keyur Girishchandra Shah is the Promoter of our Company.
• Yash Highvoltage Ltd. (YASH), established in 2002, is an ISO 9001 company and an independent, indigenous manufacturer of HV and EHV Condenser graded transformer bushings (High voltage and High current) with more than 35,000 bushings performing satisfactorily globally.

Financials: Yash Highvoltage Limited

Anchor: Yash Highvoltage IPO

Yash Highvoltage IPO : Salient Points

• Global transformer bushing market was valued at ₹26,960 crores, and is expected witness a CAGR of 5.6% during 2024-2034.
• The global shift towards the development of new renewable energy projects, large scale implementation of smart grids across several countries, and modernization power distribution network will surge the demand for transformer bushing used as a critical component of transformers during the commissioning of projects.
• As of CY’ 24, RIP is the most prominent form of bushing type, accounting for a share of 61.9% revenue share in the global transformer bushing market. The rising demand for RIP bushings is mainly attributed to higher customer preference to RIP bushings.
• While many Large Transformer manufacturers make their own bushings, Yash Highvoltage Ltd. (YASH), is an independent, indigenous manufacturer of HV and EHV Condenser graded transformer bushings. Some prominent players are:

• Most of the proceeds from IPO will go towards setting up a new factory to manufacture RIP/RIS transformer condenser graded bushings. Presently Company is engaged mainly in the business of manufacturing of capacitive type transformer bushings including oil impregnated paper bushing, high current bushing and assembling of resin impregnated paper/resin impregnated synthetic bushings..
• RIP bushings are designed to be oil-free, significantly reducing the risk of leaks and fire hazards. Moreover, the solid insulation structure of RIP bushings also provides excellent mechanical strength and resistance to environmental factors, such as moisture and pollution, further extending their lifespan and performance in harsh conditions.
•  Product range of YASH:

• Peers indicated are not comparable as they are into much larger domain.

• Power Grid approved manufacturer in India for import substitute Resin Impregnated Paper (RIP) & Resin Impregnated Synthetic (RIS) bushings, locally made by YASH under a technological collaboration with a Swiss based company.
• Power Grid Corporation of India Limited (PGCIL) stands out as a major player for major demand for transformer bushings. This is followed by state transmission utility players like GETCO, MSETCL, UPPTCL etc. In the distribution sector, state distribution companies (DISCOMs) are the primary players driving the demand for transformer bushings.
• Exporting Indian made bushings at par with European and American quality standards,
• Only Indian company offering retrofit/interchangeable bushing solutions for reputed global bushing makes.
• Company is a dominant market player in manufacturing OIP condenser bushings up to 245kV and high current bushings up to 25,000 Amperes. They have pioneered the localization of explosion-proof and advanced RIP/RIS bushings through a technology partnership with a Switzerland company who pioneers in the field of solid insulation. They import RIP/RIS bushing cores from Switzerland and use them to produce similar branded bushings for regional markets.
• The growth of India’s power infrastructure and renewable energy adoption will drive the transformer bushing market. Integrating solar and wind energy requires advanced bushings for variable loads and harsh conditions, while expanding building infrastructure demands reliable bushings for efficient power distribution.
• In May 24 some prominent investors have invested in the company.
• PE (annualized) 33.3x ; PE Fy24: 34.68x
• I intend to apply in Yash Highvoltage IPO. It is in a niche segment and a supplier to Transformer industry which is witnessing explosive growth. Good collaborations and sizable repeat business. Valuations are rich but sector is witnessing good demand. New plant will take time to come up and so revenue jump can be expected there after only.
• GMP as reported on social media is around Rs. 100 (68%).
• Lead Manager Indorient Financial Services Ltd  Services Private Limited has a fair track record based on past listings.
• Market Maker Alacrity Securities Ltd too has a fair record if we go by past listings.
• SME IPOs are quite volatile and new retail investors need to exercise considerable caution in my view.
• This post is exploratory and educational purposes only. Please do your own diligence before investing in SME IPOs like this.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.