Yash Highvoltage Ltd Management Discussions

An Overview of the Economy

global economy:

Global GDP Growth in 2024

The global GDP growth reached 3.3%, driven by emerging economies, fiscal stimulus in China and a strong US economy. However, challenges such as strict monetary policies, geopolitical tensions and weak demand in key markets hindered broader global growth. The US economy grew at 2.8%, while Europe saw approximately 0.9% growth due to energy shocks. Chinas growth slowed to 5% because of issues in the property sector and weak exports.

Inflation & Monetary Policy

Global Inflation moderated while remaining above the central banks targets, averaging 5.8% globally. The Federal Reserve, European Central Bank and Bank of England maintained elevated interest rates prior to implementing cautious reductions in late 2024. Emerging markets such as Brazil and India also initiated earlier rate cuts to stimulate economic growth.

Manufacturing & Commodities

Global manufacturing PMIs hovered near contraction (4850), affected by high borrowing costs, weak global demand, supply chain adjustments, energy volatility and the transitions toward technology and green initiatives. After years of extreme volatility, commodity prices have broadly stabilised in 2024.

Global Trade

Trade growth hit a record US$33 trillion, expanding by 3.7% compared to the previous year. While most regions saw positive growth, Europe and China lagged. However, momentum slowed in the second half of the year.

Outlook

Headline inflation is anticipated to decrease to 4.3% in 2025 and 3.6% in 2026. Significant upward revisions are projected for advanced economies, while slight downward revisions are expected for emerging and developing economies in 2025. Although rate reductions may stimulate investment, geopolitical risks, particularly those associated with the United States and China, as well as tensions in the Middle East and debt crises in emerging markets, remain major concerns.

Nevertheless, growth is anticipated to decline to 2.8%, a reduction of 0.5 percentage points from the IMFs January 2025 estimate. This is primarily attributable to the recently imposed United States tariffs, which may disrupt trade, elevate costs, and incite retaliatory measures, thereby hindering global economic growth and diminishing supply chain efficiency.

Indian economy

Resilience Amid Global Turbulence

The Indian economy exhibited notable resilience during the fiscal year 2024-25, achieving an estimated GDP growth of 6.5% despite confronting various global challenges. This performance was primarily bolstered by government expenditures on infrastructure and robust domestic demand, particularly from private consumption, played a crucial role in this performance. Consumption expenditure rose by 6.9%, with a strong recovery in rural markets, while urban demand also remained strong. Nevertheless, the growth trajectory encountered obstacles due to escalating global trade tensions, particularly the repercussions of US tariff increases by the conclusion of the fiscal year on significant export commodities, which expanded at a moderate rate.

External Sector and Fiscal Indicators

Indias merchandise trade, excluding petroleum, attained a total of US$374.1 billion, exhibiting a growth rate of 6% compared to the previous financial year. Nevertheless, Indias trade deficit widened to US$282.82 billion, as opposed to US$241.14 billion in FY24. On the fiscal front, annual Goods and Services Tax (GST) collections surpassed Rs.22.08 Lakh Crore, representing a year-on-year increase of 9.4%, indicating enhanced compliance and the formalisation of the economy. Concurrently, net direct tax collections experienced a year-on- year rise of 13.57%.

Inflation and Monetary Policy Balancing Act

Headline inflation averaged 4.6% for the full year in FY25, the lowest since FY19. The RBI reduced its repo rate to 6% by the end of the financial year through two consecutive repo rate cuts. This decision carefully balanced growth support with price stability amid global commodity price volatility, while also injecting liquidity into the system.

Industry sector faced Challenges

The IIP (Index of Industrial Production) showed a sluggish expansion of 3.9% on a year-on-year basis, hindered by the weaker performance of the manufacturing sector, which holds the highest weight in the index and the mining sector. Conversely, the eight core industries expanded by 4.4%, driven by electricity, steel and cement.

Indias manufacturing sector has been experiencing sustained growth, with the Manufacturing Purchasing Managers Index (PMI) remaining above 50 for 44 consecutive months. This indicates a continuous expansion in manufacturing activity.

Outlook for FY 2025-26: Cautious Optimism

For FY 2025-26, Indias growth is projected at 6.3%, contingent on navigating multifaceted global risks, including prolonged geopolitical tensions, US-China trade decoupling spillovers and commodity market volatility.

While domestic demand and public capex will remain key growth pillars, the economys ability to diversify exports and attract manufacturing investments amid rising protectionism will be crucial. Prudent fiscal and monetary policies, along with structural reforms, will determine whether India can maintain its growth momentum in an increasingly fragmented global economy.

Sources: The Hindu, The Economic Times, India Tracker, Fibre2Fashion, Deccan Herald, The Financial Express

https://www.thehindu.com/opinion/editorial/battle-for-growth-on-

indias-economic-trajectory/article69286198.eee

https://economictimes.indiatimes.com/news/economy/foreign-trade/

indias-total-exports-grow-6-01-to-reach-record-824-9-bln-in-fy25/

articleshow/120822675.cmsRs.from=mdr

https://economictimes.indiatimes.com/news/economy/finance/ net-direct-tax-collect ions-rise-13-57-year-on-year-for-fy25/ articleshow/120623355.cmsRs.from=mdr

https://www. i nd i atracker. i n/story/gst-collect i on- i n-fy-2024-25- stands-at-22-Lakh-Crore-up-9.4-year-on-year#:~:text=smaller%20 GST%2 0inflows. -,The⁰%20gross%o20GST%o20revenue?%20 collected⁰/o20from%o20April%o202024%o20to⁰/o20March,was%o20 %E2%82%B911%2C25%2C335%20crore.

https://www.fibre2fashion.com/news/retail-results/india-s- reta i l-i nflat i on-h i ts-6-year-low-falls-to-4-6-i n-fy25-govt-302067- newsdeta ils.htm

https://www.deccanherald.com/business/industrial-output-growth-

slips-to-4-year-low-of-4-in-fy25-3514832

https://www.financialexpress.com/policy/economy-core-sector- output- grows-3-8-in-march-44-in-fy25-3817179/

Increasing Energy Demand Worldwide

In 2024, the global energy demand surged by 2.2%, nearly double the average annual increase of 1.3% from 2013 to 2023, driven largely by a 4.3% rise in electricity consumption, according to the International Energy Agencys Global Energy Review.

Emerging economies, especially India and China, accounted for over 80% of this growth, driven by industrial expansion, transport electrification and cooling needs amid record-high temperatures. Renewable energy and natural gas satisfied most of the increased demand, with solar and wind sources contributing three-quarters of electricity growth. At the same time, fossil fuels like coal and oil experienced slower increases.

Despite global GDP growth of 3.2%, energy intensity improvements slowed to 1%, indicating challenges in decoupling energy use from economic activity, particularly in developing nations.

Looking forward, global energy demand is expected to grow steadily, with electricity demand projected to rise by approximately 4% annually until 2027, driven by energyintensive sectors such as data centres, artificial intelligence and electric vehicles. The International Energy Agency (IEA) projects that renewable energy sources, particularly solar power, will lead the expansion of new capacity and may potentially exceed coal generation by 2025.

However, fossil fuels are expected to persist, meeting 40-60%

of demand by 2050 under current scenarios, as renewables encounter scaling challenges like permitting delays and grid integration. Geopolitical tensions and trade policies, such as potential US tariffs, could further complicate the transition, affecting commodity demand and clean energy investments.

Source: International Energy Agency

https://www.iea.org/news/growth-in-global-energy-demand-surged-in-

2024-to-almost-twice-its-recent-average

Global Electrical Bushing Industry

The substantial escalation in electricity consumption has strained power grids, thereby amplifying the demand for electrical transformers to regulate voltage and enable efficient energy distribution. Furthermore, there exists a burgeoning necessity for transformers that can integrate renewable energy sources, including solar and wind.

The burgeoning transformer market has consequently increased global demand for bushings, vital for insulating high-voltage transformer systems. This trend is anticipated to continue in the forthcoming years. The Global transformer bushing market was valued at INR 26,960 Crores and is expected witness a CAGR of 5.6% during 2024-2034F. The global shift towards the development of new renewable energy projects, large scale implementation of smart grids across several countries and modernization power distribution network will surge the demand for transformer bushing used as a critical component of transformers during the commissioning of projects.

Market with opportunities: The Asia-Pacific region represents the most substantial segment of the global electrical bushings market. This growth is attributed to rapid industrialisation, considerable investments in power infrastructure, an increase in renewable energy initiatives and the development of transmission and distribution networks to accommodate the rising electricity demand.

Europe commands the second-largest share of the global electrical bushings market, driven by significant investments in renewable energy programs, enhancements in grid infrastructure and robust regulatory support for energy efficiency and modernisation.

Source:https://www.marketsandmarkets.com/Market-Reports/ electrical-bushing-market-219476017.html

Indian Electrical Bushing Industry The backdrop: Since Indias independence, electricity demand has risen drastically due to industrialisation, urbanisation and population growth. Initially, the installed capacity was just 1.36

GW, serving a few urban centres, leaving rural areas mostly un-electrified.

The 1960s Green Revolution and industrial policies drove increased demand as agriculture adopted electric pumps and manufacturing expanded. By the 1980s, capacity reached 30 GW, but supply shortages continued, with frequent outages impeding growth.

Economic liberalisation in 1991 further boosted demand as the IT, telecom and consumer goods sectors developed and increased household consumption driven by appliances and urban lifestyles. Rural electrification, though slow, began to close the energy access gap.

Recent years: In the 21^st century, Indias electricity demand surged, with installed capacity reaching 446.2 GW by 2024, as per the Central Electricity Authority, making the country the third largest in the world. Urbanisation, now at ~36% of the population and industrial corridors drove consumption, particularly manufacturing and services. Renewable energy, especially solar and wind, grew significantly, contributing ~46% of capacity by 2024, spurred by climate goals.

The segments: The Indian market is divided by insulation type into Resin-Impregnated Paper (RIP)/Resin-lrnpregnated Synthetic (RIS), Oil-Impregnated Paper (OIP), Oil Communicating and others. The market is primarily led by RIP/RIS, owing to its excellent performance in high-voltage applications, low maintenance demands and the growing uptake of renewable energy projects, making it a favoured choice among end-users.

The markets: The Indian transformer bushing market has witnessed steady growth, with the market size increasing from INR 1020.4 Crore in FY19 to INR 1,528.2 Crore by FY24. This growth is driven by several key factors. Firstly, the governments aggressive push towards electrification and renewable energy integration has significantly boosted demand. Initiatives like the Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and the Integrated Power Development Scheme (IPDS) have enhanced the transmission and distribution network, necessitating more transformer bushings. Additionally, the modernization of aging power systems and the increasing demand for electricity due to urbanization and industrialization have contributed to market growth. The market also benefits from technological advancements, with smart transformers and advanced monitoring systems becoming more prevalent.

Primary drivers for the demand for electrical bushings

1. Industrialisation: Rapid industrial growth in the country increases the demand for reliable power, necessitating high-quality electrical bushings for stable transmission and distribution systems.

2. Urbanisation and Grid Expansion: Urbanisation drives the need for the expansion and upgradation of ageing electrical grids, which are heavily reliant on bushings for power transformers, circuit breakers and other critical equipment.

3. Renewable Energy Integration: The rise in wind and solar energy production challenges grid stability, creating opportunities for suppliers to develop advanced bushings tailored for renewable energy systems.

4. Applications in Key Industries: Bushings are essential for safe high-voltage power transmission in automotive, manufacturing, oil & gas and heavy equipment industries, supporting their widespread adoption and market growth.

5. Electrification of Transport: The rising adoption of electric vehicles and railway electrification, supported by government policies, escalates the demand for additional electricity, increasing the need for electrical bushings.

6. Digital society:The rise of mobile phones, computers and the Internet in India, with over a billion users, significantly increases electricity demand. Data centres and 5G networks further raise consumption, straining grids and increasing demand bushings.

7. Rural Electrification: Government programs for rural electrification boost rural demand for power, including irrigation pumps. They expand power grids and install transformers, increasing demand for bushings needed for high-voltage transmission, supporting reliable electricity in rural areas.

8. Climate-driven cooling needs: Record-high temperatures and climate change drive demand for efficient air conditioning in residential and commercial sectors. This increases the need for reliable electrical bushings to support the infrastructure.

Government initiatives creating opportunities

• The initiatives undertaken by the Indian government are substantially improving rural electrification and modernising power infrastructure. These efforts are broadening Indias power demand and directly stimulating the electrical bushings market through an augmented necessity for transformers and related components.

Key programs include:

• Indias power sector has seen transformative growth through key government schemes, creating significant opportunities for electrical equipment manufacturers. The Saubhagya Scheme (2017-2019) achieved nearuniversal household electrification, driving demand for grid infrastructure, transformers and high-voltage bushings. Complementary programs like Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) strengthened rural electrification, necessitating substations and reliable transmission components.

• Modernisation initiatives like the Revamped Distribution Sector Scheme (RDSS) and smart grid adoption are upgrading distribution networks, increasing the need for advanced bushings with real-time monitoring capabilities. The Integrated Power Development Scheme (IPDS) further enhances urban and rural grids, requiring efficient bushings for upgraded substations and transmission lines.

• Renewable energy integration is another major driver. Green Energy Corridors and Indias 500 GW renewable target by 2030 demand specialised transformers and bushings to manage variable solar and wind inputs. The Production-Linked Incentive (PLI) Scheme boosts domestic manufacturing of high- efficiency electrical components, fostering innovation and exports.

• The National Electricity Plan (2023-2027) projects peak demand growth, accelerating investments in transmission infrastructure and creating sustained demand for bushings, cables and switchgear. Additionally, the PM Surya Ghar: Muft Bijli Yojana promotes rooftop solar, expanding opportunities for grid-tied equipment manufacturers.

Challenges: However, challenges like coal dependency, grid inefficiencies and rising cooling needs amid climate change persist. The industry further faces supply chain bottlenecks from import reliance, limited R&D stifling innovation and high regulatory compliance costs. A skilled labour shortage slows production, while grid integration issues for renewables and volatile raw material prices strain budgets. Environmental regulations demand costly, sustainable manufacturing and challenging growth despite opportunities.

Source: Press Information Bureau, World Bank, MarketsandData,

IBEF, The Economic Times https://pib.gov.in/PressReleaselframePage,

aspxRs.PRID=2038501#:~:text=in%20the%20country:%20%2D-,The%20

installed%20capacity%20which%20was%202%2C48%2C554%20

MW%20in%20March,95%2C013%20MW%20in%20June%202024.

https://data.worldbank.org/indicator/SRURBTOTL.IN.ZSRs.locations=IN

https ://p ib.gov. in/PressReleasePage.aspxRs.PRID=2073038#:~:text=In

dias%20total%20electricity%20generation%20capacityjndias%20

rivers%20and%20water%20systems.

https://www.marketsandata.com/industry-reports/india-electrical- bush ings-market

https://www.india-briefing.com/news/indias-power-sector-in-2025-

investor-outlook-36367.html/

https://www.ibef.org/industry/power-sector-india

https://energy.economictimes.indiatimes.com/news/renewable/indias-

power-demand-to-exceed-700-gw-by-2047-ey-cii-report/116399978

Future Market Segmentation of India Transformer Bushing Market, FYRs. & FY34F - A Way Forward

The transformer bushing market in India is poised for significant growth, with projections indicating a market size of INR 2,993 Crore by FY34, achieving a CAGR of 7.0% from FY24 to FY34. This growth is driven by the rapid expansion of Indias power infrastructure and the adoption of renewable energy. As the country integrates solar and wind energy, the need for advanced bushings capable of handling variable loads and harsh conditions will become essential. Government initiatives focused on grid modernization and the commissioning of new transformers to reduce transmission and distribution losses will also generate fresh demand for bushings.

The bushing market would benefit from vertical players that could offer integrated solutions. Such players would gain from cost efficiencies, streamlined production processes and the ability to quickly adapt to new technologies, making them well- positioned to meet the increasing demands and advancements in the transformer bushing sector.

For Yash Highvoltage Ltd., the voltage ranges up to 245 kV serves as a suitable target segment matching its product offerings. In 2024, the global market for transformer bushings under 245 kV range was 15,638 Crores (SAM for 2024). As the company aims to tap into market up to 440 kV range in future, the global serviceable addressable Market (SAM for 2029F) for Yash Highvoltage Ltd. will expand to 27,121 Crore (Global Transformer Bushings Market up to 440 kV). Currently, the company occupies ~1% share of SAM.

Yash Highvoltage is poised to expand and indigenously develop the core for RIP technology in India that will enable it to export and meet demand internationally with lean supply chain management and power voltage expansion to up to 440 KV in next 5 years. We believe as the niche vertical portfolio players expands into higher voltage transformer bushings, there is an opportunity to obtain 5% of global SAM by 2029, offering an opportunity to expand its business to 1,356 Crore.

Within the targeted voltage range, RIP bushings will serve as a sweet spot for the company as global market is rapidly transitioning from OIP to RIP bushings, leading to global shortages of RIP bushings. This demand-supply gap can be addressed by Yash Highvoltage Ltd. by scaling-up its RIP production to meet domestic and international demand.

About the Company

Yash Highvoltage Limited, established in 2002 in Vadodara, Gujarat, is a leading ISO 9001-certified Indian manufacturer of high voltage and high current transformer bushings that are critical for power transmission. Originally known as Yash Highvoltage Insulators Pvt. Ltd., it became a public company in 2018 and was listed on the BSE SME platform in December 2024, raising funds at a significant premium to fuel innovation and expansion.

Yash has produced Oil-Impregnated Paper (OIP), Resin- Impregnated Paper (RIP) and Resin-Impregnated Synthetic (RIS) bushings, supplying over 40,000 units globally, across 60 plus countries including European as well as American continents in addition to others. These products serve the upper segment of the power transformer industry, offering reliable performance. Furthermore, Yash provides repair, retrofitting and replacement services, all supported by a state-of-the-art facility.

Yash aligns with Indias soaring electricity demand, projected to double by 2047, while contributing to rural electrification and smart grid initiatives such as Saubhagya and RDSS. Despite challenges like supply chain disruptions and reliance on imports, Yashs commitment to world-class quality, positions it as a preferred partner for generation and transmission needs throughout India and overseas.

Thus, by powering Indias infrastructure with indigenous, high- quality components aligned with the ‘Make in India movement,

Yash supports the nations energy transformation and growing export markets, ensuring a brighter, sustainable future for the power sector.

Business Segments Review

We atYashHighvoltageLimitedare engagedin the manufacturing and distribution of a wide range of transformer bushings, including Oil Impregnated Paper (OIP) condenser bushings, Resin Impregnated Paper (RIP) and Resin Impregnated Synthetic (RIS) condenser bushings, High Voltage and High Current bushings, OIP Wall bushings and Oil to Oil bushings. In addition to our product offerings, we also provide specialised services such as repairing, retrofitting and replacing old bushings. Our experienced team of engineers enables us to offer both on-site and off-site technical testing, analysis and repair services for bushings. We began our journey in 2002 as Yash Highvoltage Insulators Private Limited, founded by a group of technocrats with a focus on manufacturing Fibre Reinforced Polymer Cylinders and High-Current bushing products.

In 2008, under the leadership of Mr. Keyur Shah, a first-generation entrepreneur and our Promoter and Managing Director, we transformed into a profitable and growth-driven organisation. With a clear vision to become one of the leading transformer bushing manufacturers globally, we took a significant step forward in 2018 by converting into a public limited company and adopting the name Yash Highvoltage Limited.

Financial Performance

(A) Analysis of Statement of Profit and Loss (Amount in INR Lakhs)

? Total Income: 15,215.46

? Revenue from Operations: 15,014.13

? Depreciation: 271.32

? Finance Cost: 315.26

? Other Income: 201.33

? Net Profit: 2140.76

(B) Analysis of Balance Sheet (Amount in INR Lakhs)

? Net Worth: 14755.64

? Long Term Borrowing: 634.78

? Short Term Borrowing: 1,631.82

? Total Assets: 20,267.74

? Inventories: 2,966.54

? Current Liabilities: 4,795.29

? Non-Current Liabilities: 716.81

Gross Revenue increased by 40.74% to H152 crs from H108 crs in FY24, materials to sales ratio remained at same level of around 54%, whereas EBITDA improved by 2.1% to 22.4% from 20.3% in FY24, EPS increased, notably, from 5.57 per share to 8.92 per share.

In tandem, PAT increased from H 12.32 crs to H 21.40 crs in CY denoting 14.26% of sales, significantly, higher than 11.36% in PY. ROCE was robust at 20.23%. Working capital continues to be our focus and we are well below industry average, average Inventory Holding Period at 62 days while receivables stand at 49 days. Our DE Ratio improved further from 0.17 to 0.15 with improving collection period.

Sales of Bushing increased by 16% whereas per unit realization increased by 19% due to increase presence of high value products and export sales compared to previous year.

SWOT Analysis:

Strengths

• Distinct Global Positioning: Over 40,000 transformer bushings supplied across more than 60 countries, highlighting our robust international footprint.

• Comprehensive Product Offering: Capability to design and manufacture bushings to suit a wide variety of international standards, applications and insulation technologies ? positioning the company as a one-stop solution provider.

• Trusted Brand: An established brand with rapidly growing stakeholder trust and long-term value creation.

• High Entry Barriers: Technical complexity and capital- intensive processes act as natural deterrents to new entrants.

• Specialized Retrofit Solutions: One of the few manufacturers offering customized retrofit solutions for transformer bushings, adding niche capabilities.

• Global Sales Network: Strong international market presence through a dedicated overseas marketing team and a vast network of agents and representatives.

• Strategic Alliances: Collaborations with leading industry players such as the Weidmann Group (Switzerland) enhance market access and credibility.

• Client Retention: Long-standing relationships with reputed global clients contribute to a high percentage of repeat business.

• State-of-the-Art Facilities: Advanced manufacturing infrastructure, R&D capabilities and strict adherence to global quality standards.

• Experienced Leadership: A highly skilled management team supported by a well-trained and motivated workforce.

• Positive Industry Outlook: Structural growth trends in global power infrastructure and transmission are driving increased demand for transformer bushings.

Weaknesses

• Lack of Captive Demand: Unlike larger integrated players, the company does not have internal transformer manufacturing capabilities to ensure base-load demand.

• Business Concentration: Limited diversification beyond the transformer bushings segment.

• Voltage Range Limitations: Comparatively narrower voltage range offerings vis-a-vis multinational competitors serving ultra-high-voltage applications.

• Supply Chain Vulnerabilities: Exposure to global supply chain disruptions for select critical raw materials.

• Talent Retention Challenges: Retaining and attracting top-tier technical and managerial talent remains a key focus area.

• Comparative Financial Scale: Relatively smaller financial base and resource pool compared to global MNC competitors.

Opportunities

• Talent Acquisition & Development: Strengthening leadership and technical teams to support future growth.

• Business Diversification: Expansion into allied product segments within the transformer and power transmission ecosystem.

• Vertical Integration: Backward integration into key components to improve supply chain reliability and reduce dependence on external vendors.

• Technological Advancement: Development of globally compatible RIP (Resin Impregnated Paper) and RIS (Resin Impregnated Synthetic) bushings to serve next-generation grid applications.

Threats

• Rising Input Costs: Increasing global raw material prices could impact margins.

• Foreign Exchange Volatility: Unpredictable

Forex fluctuations may affect profitability if not effectively hedged.

• Supply Chain Disruptions: Dependency on critical raw materials sourced globally poses risks to timely delivery and cost stability.

• Cash Flow Pressures: Extended payment cycles from customers can strain liquidity.

• Operational Risks: Field performance and failure risks of power transformers and bushings can have reputational and financial implications.

Internal Control & Adequacy

At Yash Highvoltage Limited, we prioritise robust internal governance that encompasses a range of financial safeguards, thereby ensuring adherence to our policies and regulations tailored to our expanding operations. Our framework is meticulously designed to continuously identify and evaluate all potential risks associated with our ongoing initiatives alongside our corporate landscape, including challenges in scientific development, risks relating to partnerships, as well as uncertainties in financial markets.

Furthermore, the organisation implements management reporting measures and internal control strategies that facilitate oversight of performance metrics, strategic objectives, operational dynamics, organisational structures, methodologies, funding mechanisms, risks and governance frameworks. Our internal audit team conducts comprehensive reviews throughout the year across all our locations and operational divisions, with findings presented to the Audit Committee for oversight.

Human Resource

At Yash Highvoltage Limited, an ethos of equity is instilled, wherein every team member enjoys equitable opportunities, respect and dignified treatment. The company is committed to fostering the professional development of its employees. To accomplish this objective, the organisation provides a variety of initiatives aimed at skill enhancement and knowledge acquisition.

Our employees and contract staff are our greatest assets. We believe that the quality and dedication of our people are central to our success and our competitive advantage. Our team comprises skilled engineers, technicians, specialists and both semi-skilled and unskilled workers who play a critical role in ensuring the precision, reliability and high performance of our products. By leveraging deep expertise in materials science, electrical engineering and manufacturing processes, our workforce contributes significantly to our operational excellence. We are committed to continuous training and development, especially in cutting-edge technologies and safety practices. This focus not only enhances product quality and optimizes production efficiency but also fosters innovation across our operations. Our culture encourages teamwork, effective problem-solving and strict adherence to industry standards, enabling us to consistently meet client expectations and remain agile in an evolving market landscape.

Risk Management

Every business confronts unavoidable risks. At Yash Highvoltage Limited, we prioritise the proactive management of these risks. Although it is impossible to eliminate risks, a robust risk management approach enables us to effectively reduce, avoid, retain, or share these risks.

The Board assesses and classifies risks across various domains such as operations, finance, marketing, regulatory compliance and corporate affairs. The Internal Auditor, Statutory Auditor, and Company Secretary provide their insights on risk levels while auditing specific areas, reporting to the Audit Committee. The company is proactively implementing immediate and future-oriented measures to minimize any potential risks that might emerge.

Cautionary Statement

The Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, plans, industry, conditions and events are “forwardlooking” statements within the meaning of the applicable laws or regulations.

The statements are based on certain assumptions and expectations of future events.

The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance, or achievements could thus differ materially from those projected in any such forward looking statements.

The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.