Target: ₹1,200
CMP: ₹700.00
Yash Highvoltage (YASHHV) is structurally positioned to benefit from India’s largest-ever power infrastructure build-out. The National Electricity Plan targets addition of 1,274 GVA of transformation capacity and 191,474 circuit km of transmission lines by FY32, supported by aggregate T&D investments of over ₹9 lakh crore. A significant portion of this capex is directed towards expansion of the 220 kV and above transmission network.
Yash HV’s ₹153-crore greenfield facility marks a major strategic investment, enabling backward integration into high-margin RIP core manufacturing along with addition of about 6,000 units of annual capacity. The expansion will increase ITS manufacturing capacity to about 15,000 units annually, supporting the management’s long-term guidance of about 40 per cent revenue CAGR over the next four-five years.
Yash HV operates in one of the most specialised and qualification-intensive segments in the global power equipment industry and holds an estimated 18 per cent share of the domestic addressable bushing market.
We initiate coverage with a Buy rating and a one-year DCF-based target price of ₹1,200. .
Unpriced optionality: A potential migration to the NSE mainboard within the next 1.5-2 years could improve liquidity, enhance investor visibility and support a valuation re-rating.
Key risks: Customer concentration, possible qualification delays, probable power capex slowdown, greenfield project execution delays, import dependence, slower-than-expected RIP adoption and competitive pricing risks.