Yash Highvoltage H1 FY27: net profit up 166% to ₹36 crore, income up 92%
Earnings
Capital Goods
Blacklitt Research5 min read
Yash Highvoltage (BSE: YASHHV) reported consolidated net profit of ₹36.37 crore for the half year ended 30 Sep 2026, up 165.7% from ₹13.68 crore a year earlier, in a filing on 21 Oct 2026. Total income was ₹195.58 crore, up 92.4%. At ₹1,149.45 a share on 21 Oct 2026, the market value was ₹3,282 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹195.58 crore, up 92.4% from ₹101.63 crore in H1 FY26.
Net profit: ₹36.37 crore, up 165.7%; includes ₹0.28 crore share of joint venture profit.
EPS: ₹12.55 basic against ₹4.77 in H1 FY26.
Tax: 24.52% of profit before tax, against 26.02% a year earlier.
Standalone
The company on its own, without its subsidiaries
Total income: ₹195.58 crore, up 92.4% from ₹101.63 crore.
Net profit: ₹36.19 crore, up 165.6%.
EPS: ₹12.48 basic against ₹4.77.
Summary
Consolidated ₹ crore
Particulars
H1 FY27
H1 FY26
YoY
195.58
101.63
+92.4%
Revenue from operations
194.51
99.59
+95.3%
Other income
1.07
2.04
-47.4%
36.37
13.68
+165.7%
Finance costs
2.45
2.15
+13.9%
Depreciation
4.40
2.63
+67.5%
Tax expense
11.73
4.81
+143.6%
Net profit margin
18.59%
13.47%
+5.13 pp
Tax as share of profit before tax
24.52%
26.02%
-1.50 pp
EPS (₹)
12.55
4.77
+163.1%
Figures are in ₹ crore except EPS; YoY compares with H1 FY26.
Net profit more than doubled, on income up 92.4%. Tax was 24.52% of profit before tax, against 26.02%. Profit includes ₹0.28 crore from the joint venture Sukrut Electric Company Private Limited, which the company jointly acquired control of in December 2025.
Revenue from operations rose 95.3% to ₹194.51 crore, while other income fell 47.4% to ₹1.07 crore. Depreciation rose 67.5% to ₹4.40 crore and finance costs 13.9% to ₹2.45 crore. The filing does not explain the rise in depreciation.
Total assets rose to ₹453.45 crore at 30 Sep 2026 from ₹264.42 crore at 31 Mar 2026. Property, plant and equipment rose to ₹112.30 crore from ₹45.52 crore, while capital work-in-progress fell to ₹17.17 crore from ₹43.03 crore. The filing does not say how much of that shift is a transfer between the two lines. Cash and cash equivalents were ₹69.29 crore against ₹20.07 crore, and current borrowings fell to ₹4.86 crore from ₹24.74 crore. Trade receivables rose to ₹69.51 crore from ₹30.57 crore; the filing gives no reason.
Operating cash flow was ₹45.27 crore, above net profit of ₹36.37 crore. Purchase of property, plant and equipment took ₹44.42 crore. Financing brought in a net ₹73.81 crore, mainly from ₹85.78 crore of securities premium net of transaction costs and ₹15.00 crore of warrant proceeds, while ₹19.88 crore of short-term borrowings was repaid. Dividend paid in the half was ₹4.01 crore.
The company made a preferential issue of 12,62,131 equity shares and 8,32,177 convertible warrants, each at ₹721 including premium, to identified non-promoter investors, aggregating ₹151.00 crore. Each warrant converts into one equity share within 18 months of allotment, with 25% paid upfront and 75% on conversion.
Neither half carries an exceptional item. The ₹2.10 crore exceptional item in the year to 31 Mar 2026 came from a cyber fraud: an email purporting to come from a China-based raw material supplier changed its bank details, and the company paid the revised account. Of the ₹2.10 crore, ₹1.36 crore relates to material received and ₹0.74 crore to goods not received. The company says no officer or employee was involved, has complained to the National Cyber Crime Reporting Portal and the police, and is pursuing recovery.
Shah Mehta & Bakshi, Vadodara, reviewed both statements. The standalone review found nothing to report. On the consolidated statement the conclusion is not modified, but the auditor did not review one subsidiary, whose total income was ₹0.20 crore before consolidation adjustments, and relied on other auditors' reports for the joint venture. The results notes do not mention a dividend declaration.
Two notes affect comparison. The year-ago half was restated to Ind AS from the Indian GAAP figures the company had published earlier. The company also changed inventory costing from first-in-first-out to moving average cost, which it says is not material.
Standalone ₹ crore
Particulars
H1 FY27
H1 FY26
YoY
195.58
101.63
+92.4%
Revenue from operations
194.51
99.59
+95.3%
Other income
1.07
2.04
-47.4%
36.19
13.62
+165.6%
Finance costs
2.45
2.15
+13.9%
Depreciation
4.40
2.63
+67.5%
Tax expense
11.73
4.81
+143.6%
Net profit margin
18.50%
13.41%
+5.10 pp
Tax as share of profit before tax
24.47%
26.11%
-1.64 pp
EPS (₹)
12.48
4.77
+161.6%
Figures are in ₹ crore except EPS; YoY compares with H1 FY26.
Standalone net profit rose 165.6% to ₹36.19 crore, from ₹13.62 crore. Tax was 24.47% of profit before tax, against 26.11%. Standalone profit excludes the joint venture share.
What the results mean for shareholders
Basic EPS rose to ₹12.55 from ₹4.77 on the consolidated figures, and diluted EPS is ₹12.37. The filing does not state the share count after the preferential shares are issued or the warrants convert, so the per-share effect of the issue cannot be measured from it.
The filing does not say how much of the ₹151.00 crore issue has been received beyond the warrant money and share premium shown in the cash flow, or when the warrants will be allotted. The next dated step it sets is conversion within 18 months of allotment.
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YASHHVYash Highvoltage Ltd.
