Yash Highvoltage Limited IPO

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Yash Highvoltage Limited is a leading manufacturer and distributor specializing in a comprehensive range of transformer bushings. The company also provides services such as repairing, retrofitting, and replacement of old bushings, as well as on-site and off-site technical testing and analysis.

Product Portfolio:

i. Oil Impregnated Paper (OIP) Condenser Bushings
ii. Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) Condenser Bushings
iii. High Voltage and High Current Bushings
iv. OIP Wall Bushings
v. Oil to Oil Bushings

Services:

i. Repairing, retrofitting, and replacement of transformer bushings.
ii. Technical testing and analysis through experienced engineers, both on-site and off-site.

Market and Approvals

i. The company is an approved vendor for multiple Indian Government Enterprises and leading private power sector companies.
ii. Its products and services are integral to the power sector, addressing critical needs in high voltage and current applications.

Objects of the Yash Highvoltage Limited IPO:

The Net Proceeds of the Fresh Issue, i.e. Gross Proceeds of the Fresh Issue less Issue expenses apportioned to the Company ("Net Proceeds") are proposed to be utilised for the following objects: i. Setting up a new factory to manufacture Resin Impregnated Paper (RIP) / Resin Impregnated Synthetic (RIS) transformer condenser graded bushings ii. General Corporate Purposes.
DRHP of Yash Highvoltage Limited IPO
RHP of Yash Highvoltage Limited IPO

Yash Highvoltage Limited IPO Details:

Open Date: Dec 12 2024
Close Date: Dec 16 2024
Total Shares: 7,535,000
Face Value: ₹ 5 Per Equity Share
Issue Size: 110.01 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 138 - 146 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 19 2024

Promoters And Management:

Mr. Keyur Girishchandra Shah, Chairman and Managing Director of Yash Highvoltage Limited, holds a Diploma in Civil Engineering from Maharaja Sayajirao University of Baroda. With over 16 years of experience in the electrical and power industry, he has led the company since 2008, managing operations, administration, and finance. He also oversees ventures like Yash Swisstech Private Limited and Upscale Developers. In 2024, he was the 1st Runner-up in the Leadership (Entrepreneur) category at the 2nd Geo Excellence Awards. Mrs. Twinkle Keyur Shah, a Non-Executive Director of Yash Highvoltage Limited, holds a Bachelor of Commerce from Maharaja Sayajirao University of Baroda. Associated with the company since 2017, she brings 7 years of experience in administration, upskilling, and human resource development training. Mr. Suril Saumil Mehta, an Independent Director of Yash Highvoltage Limited, is a Chartered Accountant with over 12 years of expertise in M&A transactions, negotiation, structuring, and transaction support across various industries. Currently, he is a Partner at K C Mehta & Co LLP, leading teams in taxation, regulatory advisory, restructuring, strategy, and valuation services. He joined the company on March 24, 2024.

Financials of Yash Highvoltage Limited IPO:

Particulars (in cr) 3MFY24 FY24 FY23 Fy22
REVENUE FROM OPERATIONS 27.62 108 90 65
EBITDA 5.22 20.15 19.15 14.51
EBITDA MARGIN 18.91% 18.58% 21.20% 22.31%
PAT 3.12 12.06 11.42 8.71
PAT MARGIN 11.32% 11.12% 12.64% 13.39%
NET WORTH 45.26 42.13 32.08 24.50
RETURN ON NET WORTH (RoNW) 7.16% 32.51% 40.37% 42.02%
DEBT-EQUITY RATIO (times) 0.28 0.17 0.24 0.3
BUSHINGS SOLD (Units) 1,109 4,538 4,576 3,108

Comparison With Peers:

Companies Revenue EBITDA PAT D/E Ratio MCap P/E
Yash Highvoltage (FY 2024) 108.48 Cr. 20.15 (18.58%) 12.06 (11.12%) 0.28 416.85 Cr. 34.56
Crompton Greaves Power and Industrial Solutions (TTM) 8,811 Cr. 1,166 Cr (13%). 1,442 Cr. (16.37%) 0.01 1,20,830 Cr. 135
Hitachi Energy India (TTM) 5,850 Cr. 408 Cr. (7%) 199 Cr. (3.40%) 0.25 52,502 Cr. 263

Recommendation on Yash Highvoltage Limited IPO:

Review and Recommendation of Yash Highvoltage IPO by team IZ is 4/10.

Lead Manager of Yash Highvoltage Limited IPO:

  1. Indorient Financial Services

Registrar of Yash Highvoltage Limited IPO:

  1. Bigshare Services Private Limited

Company Address:

Yash Highvoltage Limited 84/1B PO Khakharia, Taluka-Savli, Vadodara 391510, Phone: +91 74900 28892 Email: cs@yashhv.com Website: https://www.yashhv.com/

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