Yash Highvoltage Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Yash Highvoltage Ltd trades at ₹920, in a confirmed uptrend and 26 weeks into that stage. That is +38.1% against its own 200-day average. It sits at 92% of a 52-week range of ₹176 to ₹987. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 9 straight weeks.

Today the stock is in a confirmed uptrend — week 26 of stage 2, confirmed. At ₹920 it trades +38.1% versus its 200-day average and sits at 92% of its 52-week range (₹176–₹987).

Against the market, two honest reads. Cumulative: over the last 1.7 years the stock moved +201% while the NIFTY 500 moved +5% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 9 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Yash Highvoltage Ltd trades at 70.6× P/E, at the pricey end of its own range (97th percentile). Its long-run median P/E is 46.0×, measured across 1.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 70.6× is at the pricey end of its own range (97th percentile), against a long-run median of 46.0× measured over 1.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +74.2% against a +74.9% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Yash Highvoltage Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — Yash Highvoltage Ltd is not present in the sector comparison for Electric Equipment - General.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Yash Highvoltage Ltd reported ₹136 Cr of revenue in the Mar 26 quarter, +46.2% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 35.5% a year. The last full year, FY26, came in at ₹235 Cr. The last four reported quarters add to ₹386 Cr.

FY26 revenue came in at ₹235 Cr (+56.7% on the year), capping 6 years at 35.5% compound. The latest quarter (Mar 26) printed ₹136 Cr, +46.2% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +48.8% growth against the decade's 35.5% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Yash Highvoltage Ltd's operating margin is 26.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +9.0 percentage points. Across 7 fiscal years the operating margin has ranged 16.0% to 24.0%.

The latest quarter's operating margin is 26.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 16.0%–24.0%, and FY26's 24.0% is the top of that band — a record year.

Why the margin moved: operating margin went +7.3 pp year on year while gross margin went +3.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Yash Highvoltage Ltd earned ₹24.0 Cr of net profit in the Mar 26 quarter, +60.0% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹37.0 Cr. The 6-year compound rate is 52.0%. That is 17.6% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr.

Mar 26 profit was ₹24.0 Cr, +60.0% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹37.0 Cr (+76.2%), and the 6-year compound rate is 52.0%.

Why profit moved: revenue contributed +46.2% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +85.8% vs revenue +48.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 47% of Yash Highvoltage Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹9.0 Cr of operating cash against ₹37.0 Cr of profit. After ₹60.0 Cr of capital spending, ₹−51.0 Cr was left as free cash.

FY26: operating cash of ₹9.0 Cr against reported profit of ₹37.0 Cr, leaving free cash of ₹−51.0 Cr after ₹60.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 47% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 47%: the cash cycle stretched 60 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 60 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Yash Highvoltage Ltd's cash conversion cycle runs 187 days in FY26, up from 127 days in FY21. Capital spending ran ₹98.0 Cr over the last 3 years. At FY26 sales of ₹235 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹120 Cr sits inside the business at any moment.

FY26: debtors at 47 days, inventory at 201 days — roughly 6.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 187 days, looser than FY21's 127.

The full loop: cash goes out to suppliers and production on day 0; stock waits 201 days to sell; customers pay about 47 days after that; and suppliers themselves are paid at 62 days — netting out to the 187-day cycle.

In money terms: at FY26 sales of ₹235 Cr, each day of the cycle holds about ₹0.6 Cr — so the 187-day loop keeps roughly ₹120 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹98.0 Cr over the last 3 fiscal years against ₹11.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹52.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Yash Highvoltage Ltd earns a ROCE of 29% in FY26. That is up from a trough of 28% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 15.7% net margin on 0.89× asset turns.

FY26 ROCE is 29%, recovered from a FY25 trough of 28% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 15.7% net margin × 0.89× asset turns × 1.43× balance-sheet leverage ≈ 20.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Yash Highvoltage Ltd carries ₹38.0 Cr of borrowings against ₹184 Cr of equity in FY26, a debt-to-equity of 0.21. Operating profit covers the interest bill 14×. Over 5 years borrowings went from ₹2.0 Cr to ₹38.0 Cr. Capital spending ran ₹98.0 Cr across the last 3 of those years.

FY26: borrowings of ₹38.0 Cr against equity of ₹184 Cr — a debt-to-equity of 0.21. Operating profit covers the interest bill 14×. Over 5 years borrowings went from ₹2.0 Cr to ₹38.0 Cr while capital spending ran ₹98.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 3.8 points of Yash Highvoltage Ltd over 5 quarters, the biggest move on the register. That takes domestic institutions to 9.0% of the company. Promoters moved −2.9 points over the same window, to 54.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −3.8 points over 5 quarters to 9.0%; Promoters: −2.9 points over 5 quarters to 54.8%; Foreign institutions: +0.0 points over 5 quarters to 2.2%.

🚨 Why the register moved: domestic institutions drove it (−3.8 points), alongside promoters (−2.9 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Yash Highvoltage Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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