Yash Highvoltage Limited

As per financial performance, Yash Highvoltage Limited has posted total income / net profits of Rs 65.38 Cr / Rs 8.71 Cr (FY22), Rs 90.61 Cr / Rs 11.42 Cr (FY23), Rs 109.12 Cr / Rs 12.06 Cr (FY24) and Rs 27.78 Cr / Rs 3.13 Cr (Q1 FY25). So as per previous financials data, company has shown good growth. Company has posted an average EPS of Rs 5.1 and average RoNW of 36.71% for last three fiscals. Issue is priced at a P/BV of 3 as per NAV of 48.61 as on post issue. If we attribute latest earnings of FY23, FY24 and annualised FY25 on fully diluted equity post issue, then asking price is at a P/E of around 36.49, 34.56 and 33.32 respectively, which looks fully priced. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Indorient Financial Services Limited is associated with this SME IPO and handled 6 Mainboard / SME IPOs in last 3 years. From last 6 IPOs, all opened above issue price or at par on the day of listing. As of now from last 6 IPOs, one is trading below issue price and remaining are trading above issue price as on today. ( As on 09.12.24 ) As per financials, Yash Highvoltage Limited has shown good growth, RoNW is 32.51% and P/E is respectively 36.49, 34.56 and 33.32 as per FY23, FY24 and annualized FY25 earnings. So, issue looks fully priced. Company is engaged in the manufacturing and distribution of wide range of transformer bushings. Performance of BRLM is very good. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. Keyur Girishchandra Shah