Yash Highvoltage Shares Jump 14% After Strong H1 FY27: Should You Buy?
- October 22, 2026
- Posted by: Ankit Jaiswal
- Category: News
Yash Highvoltage shares were at Rs 1,288.95 on the BSE (up 12.14%) at about 11:20 am IST on 22 Oct 2026, after touching Rs 1,310, up about 14% from Rs 1,149.45 (my calculation). H1 FY27 revenue rose 95% to Rs 194.5 crore, EBITDA 136% to Rs 54.7 crore and profit after tax 165% to Rs 36.2 crore, and the order book was Rs 760 crore. The stock trades at about 103 times trailing earnings (my calculation).
Quick Answer
Yash Highvoltage shares jumped up to 14% on 22 Oct 2026 after the company reported H1 FY27 revenue of Rs 194.5 crore, up 95%, EBITDA of Rs 54.7 crore, up 136%, and profit after tax of Rs 36.2 crore, up 165%. The order book rose to Rs 760 crore from Rs 400 crore at March, and the company plans to start RIP and RIS bushing manufacturing at its Jarod facility in Q3 FY27. At Rs 1,288.95 the stock trades at about 103 times trailing earnings by my calculation, so much of the good news looks priced in. I could not find the expert behind the 31% upside figure in the headline, so I give no target.
Yash Highvoltage shares rallied after the company announced results for the half year ended 30 Sep 2026 on 21 Oct, with revenue almost doubling and profit more than doubling. The company makes high-voltage bushings for transformers, and its stock has moved from Rs 1,149.45 to as high as Rs 1,310 in one session.
This article on Yash Highvoltage shares covers the H1 FY27 numbers, the order book, the new RIP and RIS plant, the balance sheet, valuation and the risks. Where sources disagree I say so. It is educational and not a recommendation to buy or sell.
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Yash Highvoltage Shares: H1 FY27 Results
| Yash Highvoltage shares: H1 FY27 measure | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | Rs 194.5 crore | Rs 99.6 crore | Up 95% |
| Gross profit | Rs 93.9 crore | Rs 42.2 crore | Gross margin 48.3% against 42.4% |
| EBITDA | Rs 54.7 crore | Rs 23.0 crore | Up 136%; margin 28.1% against 23.3% |
| Profit after tax | Rs 36.2 crore | Rs 13.7 crore | Up 165%; margin 18.6% |
The numbers behind Yash Highvoltage shares are strong on every line. Sources differ slightly: one report uses Rs 194.51 crore revenue against a base of Rs 95.59 crore, which would be growth of about 103.5%, and profit of Rs 36.37 crore against Rs 13.68 crore. I use the company-style figures above and flag the difference. Also, one headline calls the Rs 36 crore profit a Q2 figure, but the figures are for the half year, not the quarter. H1 FY27 profit alone is about 97% of the whole of FY26’s Rs 37.4 crore (my calculation).
Margins explain much of the reaction to Yash Highvoltage shares. The EBITDA margin rose to 28.1% from 23.3% and the PAT margin to 18.6% from 13.7%, which means each rupee of sales left more profit even as sales doubled (my reading). Gross margin also improved to 48.3%, so the gain is not only from lower overheads. The H1 FY27 results also show that FY26’s full-year EBITDA margin was 25.7%, so the first half is above last year’s average. Management gave no numeric margin guidance in the sources I read, so the H1 FY27 results should not be extended into a forecast.
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Yash Highvoltage Shares and the Order Book
| Yash Highvoltage shares: order book and mix | Detail |
|---|---|
| Order book at 30 Sep 2026 | Rs 760 crore |
| Order book at 31 Mar 2026 | Rs 400 crore |
| Order book at 31 Mar 2025 | Rs 150 crore |
| Product mix in H1 FY27 | RIP 86%, OIP 9%, high current 2%, others 3% |
| Segment mix in H1 FY27 | Domestic 86%, exports 6%, repair and services 8% |
The order book of Rs 760 crore is about 3.2 times FY26 revenue of Rs 235.1 crore (my calculation), which gives visibility for Yash Highvoltage shares over the next year if orders convert on time. Almost the whole mix is resin-impregnated paper (RIP) bushings sold in India, which is why RIP and RIS bushings are the focus of the expansion, so the company depends on domestic utilities and transformer makers. Exports at 6% are small.
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Risk: A large order book does not guarantee revenue, because delivery depends on customer schedules and on qualification cycles, which can be long.
RIP and RIS Bushings at Jarod: What Yash Highvoltage Shares Are Pricing In
| Yash Highvoltage shares: new plant point | What the sources say |
|---|---|
| Plan | End-to-end RIP and RIS bushing manufacturing at the new greenfield facility |
| Timing | Company says Q3 FY27; another source says H2 FY27 |
| Location | Jarod per the company-style release; Vadodara, Gujarat per another source |
| Investment | About Rs 220 crore (one source) |
| Capacity | About 6,000 units a year (one source) |
| Progress | Factory building complete; a 900 kV AC test lab commissioned; first invoicing begun |
| Funding | Preferential issue of Rs 151 crore, including Rs 60 crore of warrants; 25% of warrant money received |
The new plant is the main growth story for Yash Highvoltage shares because RIP and RIS bushings are the core product and because it lets the company make cores and insulation in-house and cut its reliance on imported capacitive cores from Europe and China. The sources are consistent that commissioning is in the second half of FY27, with the company saying Q3. Investment and capacity figures come from a single source, so verify them. The preferential issue’s stated uses were Rs 80 crore for capex, Rs 30 crore for general purposes and Rs 36.75 crore for working capital.
Risk: Commissioning delays or a slow ramp-up would push out the benefit, and the remaining warrant money is only callable over 6 to 18 months.
Balance Sheet and US Expansion
| Yash Highvoltage shares: balance sheet item | 30 Sep 2026 | 31 Mar 2026 |
|---|---|---|
| Cash and bank | Rs 69.2 crore | Rs 20.1 crore |
| Property, plant and equipment | Rs 112.3 crore | Rs 45.2 crore |
| Total assets | Rs 453.2 crore | Rs 264.5 crore |
| Trade receivables | Rs 69.5 crore | Rs 30.6 crore |
Receivables rose about 127% in six months (my calculation), faster than revenue, which could squeeze working capital. H1 operating cash flow was positive at Rs 45.2 crore, but investing outflow was Rs 69.9 crore and financing inflow Rs 73.8 crore, so growth is being funded partly by new capital. On the international side, Yash HV USA signed representation agreements covering 22 US states and tested its first 245 kV wall-through bushing supplied to a public sector undertaking.
Valuation of Yash Highvoltage Shares
| Yash Highvoltage shares: valuation measure | Value | Note |
|---|---|---|
| Price (BSE, about 11:20 am) | Rs 1,288.95 | Day range Rs 1,220.10 to Rs 1,310 |
| Trailing EPS | Rs 12.49 | From my data pull |
| P/E at today’s price | About 103 | My calculation; the data pull shows 92.03 at the previous close |
| Industry P/E | 43.91 | From my data pull |
| Book value and price to book | Rs 92.02 and about 14 | My calculation |
| Return on equity | 20.29% | From my data pull |
| Market value | About Rs 3,853 crore | 2,98,96,880 shares times Rs 1,288.95 (my calculation); the data pull shows Rs 3,435 crore |
| RSI and 20-day average | 65.9 and Rs 1,157.18 | Price about 11% above the average (my calculation) |
At about 103 times trailing earnings and 14 times book, Yash Highvoltage shares are priced for continued fast growth against an industry P/E of 43.91. Growth of 95% in revenue supports a premium, but it leaves little room for a miss. The headline says an expert sees 31% upside after raising the target, but I could not find the expert or the target. For reference only, 31% above Rs 1,288.95 would be about Rs 1,688 and 31% above the previous close would be about Rs 1,506 (my calculation), and I do not know which base was used.
What to Watch Next for Yash Highvoltage Shares
- Commissioning of the RIP and RIS plant in Q3 or H2 FY27, which matters most for Yash Highvoltage shares
- Order inflows after the Rs 760 crore book
- Receivables and working capital in the next results
- Progress of the US representation network and export share above 6%
- Whether Yash Highvoltage shares hold above their 20-day average of Rs 1,157
Conclusion
Yash Highvoltage shares are reacting to a very strong half year, a larger order book and a new plant, but valuation near 103 times earnings and rising receivables call for care. The expert target in the headline could not be verified. Read the filing and size any position to your own risk.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why did Yash Highvoltage shares jump today?
Ans. The company reported strong H1 FY27 results: H1 FY27 revenue of Rs 194.5 crore, up 95%, EBITDA of Rs 54.7 crore, up 136%, and profit of Rs 36.2 crore, up 165%. The shares touched Rs 1,310, about 14% above the previous close.
What is the Yash Highvoltage order book behind the shares?
Ans. For Yash Highvoltage shares, the order book was Rs 760 crore at 30 Sep 2026, against Rs 400 crore at 31 Mar 2026 and Rs 150 crore a year earlier. That is about 3.2 times FY26 revenue by my calculation.
Are the Q2 profit and H1 profit the same figure?
Ans. No. Some headlines call Rs 36 crore a Q2 profit, but the figure is for the half year ended 30 Sep 2026. I could not find a separate Q2 breakdown in the sources I read.
When will the RIP and RIS plant start?
Ans. The company says end-to-end RIP and RIS manufacturing at its Jarod facility is on track for Q3 FY27, and another source says H2 FY27. The plant is reported to cost about Rs 220 crore, from one source.
Are Yash Highvoltage shares expensive?
Ans. At about Rs 1,289 Yash Highvoltage shares trade at about 103 times trailing EPS of Rs 12.49 by my calculation, against an industry P/E of 43.91. Strong growth supports a premium, but expectations are high.
What is the expert target price for Yash Highvoltage shares?
Ans. The headline mentions a raised target and 31% upside, but I could not find the expert or the number. I therefore give no target. Check the original research note before relying on it.
What are the risks of owning Yash Highvoltage shares?
Ans. For Yash Highvoltage shares, risks include a rapid rise in receivables, long customer qualification cycles, dependence on imported cores until the new plant runs, an export share of only 6% and commissioning delays.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.
