Depreciation and amortization: ₹4.4 crore (69% YoY increase)
Finance cost: ₹2.4 crore (9% YoY increase)
Tax expenses: ₹11.7 crore (144% YoY increase)
Balance Sheet Position (as of September 2026)
Assets
Total assets: ₹453.2 crore (up from ₹264.5 crore in March 2026)
Property, plant & equipment: ₹112.3 crore (up from ₹45.2 crore)
Capital work in progress: ₹17.2 crore (down from ₹42.5 crore)
Intangible asset under development: ₹10.3 crore (up from ₹9.6 crore)
Inventories: ₹71.8 crore (up from ₹66.7 crore)
Trade receivables: ₹69.5 crore (up from ₹30.6 crore)
Cash and bank balance: ₹69.2 crore (up from ₹20.1 crore)
Other financial assets: ₹26.4 crore (new)
Liabilities and Equity
Total shareholders' funds: ₹319.6 crore (up from ₹184.0 crore)
Equity share capital: ₹14.9 crore (up from ₹14.3 crore)
Other equity: ₹304.7 crore (up from ₹169.7 crore)
Borrowings (non-current): ₹5.4 crore (down from ₹6.4 crore)
Lease liability (non-current): ₹4.9 crore (down from ₹6.1 crore)
Borrowings (current): ₹4.9 crore (down from ₹24.7 crore)
Trade payables: ₹46.4 crore (₹3.0 crore to micro/small enterprises, ₹43.4 crore to others)
Cash Flow Statement H1FY27
Net profit before tax: ₹47.9 crore
Cash generated from operations: ₹55.8 crore
Direct taxes paid: ₹10.6 crore
Net cash from operating activities: ₹45.2 crore
Net cash used in investing activities: ₹69.9 crore
Net cash from financing activities: ₹73.8 crore
Net increase in cash and equivalents: ₹49.2 crore
Cash and equivalents at period end: ₹69.2 crore
Operational Highlights H1FY27
International Expansion
Entered representation agreements through Yash HV USA Inc. with Ensales Electrical Associates, Inc and Gateway Power Sales covering 22 US states
Achieved seismic qualification for IEEE compliant 138 kV and 230 kV OIP condenser transformer bushings, becoming first Indian OEM with this certification
Technical Milestones
Successfully tested and supplied first 245 kV wall-through transformer bushing to a premier public sector undertaking (PSU)
Generated first invoice from new greenfield facility at Jarod for RIP bushings assembled using imported cores
System Implementation
Completed migration to SAP S/4HANA while maintaining seamless business operations
Greenfield Facility Development
Project Details
Location: Vadodara, Gujarat
Area: 2.5 lakh sq. ft. land; 1.5 lakh sq. ft. built-up
Investment: ₹220 crore
Commissioning: H2 FY27 (Q3 of current financial year)
Focus: RIP/RIS transformer bushings expansion and backward integration
Capacity addition: ~6,000 units annually
Strategic Impact
Backward integration: Localized production of RIP/RIS cores (currently imported)
Export growth: Unlocks export potential for RIP/RIS bushings, currently sold only in India
Projected 3x-4x revenue growth within five years of full-scale operations
Products engineered to international specifications for Americas, Europe and other markets
Current Progress
Mobile stores rack completed and functional
Oil handling system inspection completed and functional
Prototype trials ongoing
IMPL winding machine received and commissioned
Menzel machine received and under commissioning (ETA October 2026)
Bushing assembly hall with PU filling machine completed
Bushing assembly with imported core commenced
Fundraising Activity
Raised ₹151 crore through preferential issue to support indigenous core manufacturing for 550 kV bushings and working capital requirements
₹60 crore in the form of warrants, with 25% received till date and balance callable between 6 to 18 months
Participation from marquee investors
Acquisition Update
Acquired Sukrut Electric, a transformer components manufacturing company
Sukrut Electric turned profitable within 9 months from acquisition
Profitability improved from loss of ₹2.19 crore in FY26 to PAT of ₹55 lakh in H1FY27
Business Overview
India's leading pure-play transformer bushing specialist with over 20 years of experience
50,000+ transformer bushings installed worldwide
Listed on BSE SME platform on December 19, 2024
29,650+ OIP transformer bushings supplied to date
Order book: ₹760+ crore
Debt-to-equity ratio: 0.03
Global footprint: 60+ countries
1,000+ customers including all Indian utilities and nuclear power generation utilities
Manufacturing Capacity
Annual installed capacity of both manufacturing plants will be 15,000 units after ongoing expansion
NABL accredited in-house testing labs with impulse testing capability of 1500kVp
Industry Outlook
India's transformer industry growing at 7-8% CAGR through FY30
Grid expansion, renewables, data centers and industrial load driving demand
Government outlay of ₹3.03 lakh crore for FY22-FY28
Renewable integration target of 500 GW (currently at 263 GW)
Peak demand expected to reach 400+ GW by 2030 from current 243 GW
