New Delhi, June 23 -- Yash Highvoltage Limited, a Vadodara-based maker of high-voltage transformer bushings, has approved a plan to raise Rs.151 crore (nearly $16 million) from institutional investors and family offices to expand its manufacturing capacity, the company said in a regulatory filing on Monday.
Among those set to participate are Madhusudan Kela's Anantroop Financial Advisory, WhiteOak Capital, Motilal Oswal and Value Quest India GIFT Fund, according to information shared by the company.
The company is raising the money through the issue of equity shares and convertible warrants at Rs.721 per security. The stock closed at Rs.836.60 on Monday, the day the board approved the fundraise, valuing the company at around Rs.2,500 crore.
The money from the institutional fundraise will go towards two expansion initiatives. The primary one will be extending the company's resin-impregnated paper (RIP) bushing manufacturing capability from 245 kilovolts (kV) to 550 kV - a voltage class used in extra-high-voltage transmission infrastructure where India has limited domestic supply and has long depended on imports.
The second will be for a brownfield expansion of its oil-impregnated paper (OIP) bushing facility to cater to growing demand from transformer makers and utilities.
Founded in 2002, Yash Highvoltage has over 35,000 bushing units in service globally and counts BHEL and GE Vernova among its customers. Transformer bushings are critical components that allow high-voltage electrical conductors to pass safely through a transformer's casing - and the higher the voltage, the fewer the global suppliers.
"The proposed capital raise will provide the company with the flexibility to execute its strategic growth initiatives. Our planned expansion into the 550 kV RIP bushing segment represents a transformational opportunity for the Company," said Keyur Shah, chairman and managing director, Yash Highvoltage Ltd.
The company listed on the BSE SME platform in December 2024 through a Rs.110 crore IPO that was subscribed over 181 times.
It has been using those proceeds to build a greenfield RIP bushing plant at Suncity Industrial Park in Savli, Vadodara, which is expected to add around 6,000 units of annual capacity. The new plant will also make certain components in-house that the company currently imports. The fresh raise will fund advanced assembly and high-voltage testing facilities needed to qualify products for the 550 kV segment.
Monarch Networth Capital acted as exclusive financial adviser and investment banker for the transaction.
Yash Highvoltage reported FY26 revenue of Rs.235 crore with an operating margin of 24%. In the second half of FY26, net profit rose approximately 60% year-on-year to Rs.24 crore. Its order book stood at Rs.400 crore as of March 31, 2026 - more than double the Rs.150 crore a year earlier.
Beyond India, the company has set up a US subsidiary and signed distribution partnerships with Weidmann for parts of Europe and North Africa, and Electrolink for the UK and Ireland. In January 2026, it acquired a 50% stake in Sukrut Electric in partnership with Quality Power Electrical Equipments.
Published by HT Digital Content Services with permission from VC Circle.