“Our decision to remain an independent manufacturer focused solely on transformer bushing has been central to our ability to outperform much larger, diversified transformer groups. By dedicating ourselves to a single product category, we have developed an agility and depth of engineering expertise that larger companies, often spread across multiple divisions, cannot match.” Keyur Shah, Managing Director, Yash Highvoltage
In the evolving landscape of global power distribution, the technical precision behind high-voltage equipment often goes unnoticed. As countries race to upgrade aging grids and integrate renewable energy sources, the demand for reliability and specialized engineering has never been higher. In this exclusive dialogue with Niranjan Mudholkar, Founder & Editor-in-Chief of The Manufacturing Frontier, Keyur Shah, Managing Director of Yash Highvoltage offers a unique look into the complexities of manufacturing high-performance bushings and instrument transformers—components that must withstand extreme electrical stress for decades. Beyond the hardware, the discussion focuses on three key aspects: localization advantage, grid resilience and operational excellence. By mastering niche engineering and stringent quality standards to prevent catastrophic failures, Yash Highvoltage has successfully transitioned from a local manufacturer to a global player. This operational strength now supports critical grid resilience, providing the specialized components necessary to manage the power fluctuations inherent in renewable energy sources.
Overall, this interview provides an insightful view of the energy transition from a leader who understands that the “green” future is only as strong as the physical infrastructure supporting it.
Taking charge in 2008, you have transformed Yash® into one of the fastest-emerging leaders in the field. What were the most critical—and perhaps riskiest—decisions you made in the early years that fundamentally set the company on its current path of consistent, high-growth?
When I took charge of Yash Highvoltage in 2008, the Indian power sector was still largely dependent on imported high voltage bushings, and there was limited confidence that a domestic manufacturer could match global standards. One of the boldest decisions I made early on was to position Yash as a pure play bushing specialist rather than diversify into broader transformer components. It was a risky choice because it meant betting our future entirely on a highly technical, niche product. Alongside this, we committed to building world class manufacturing and in-house testing capabilities.
Establishing our additional manufacturing bay, adopting global standards and taking on complex custom orders in the early years were all decisions that required conviction. But these choices became foundational; helping us build deep expertise, win the trust of utilities in India and abroad, and ultimately setting Yash on a path of consistent high-quality growth.
Yash Highvoltage’s strategy is to be an independent specialist focused solely on transformer bushings. How has this dedicated, niche approach enabled the company to out-compete larger, diversified transformer manufacturing groups in terms of customization, quality, and lead time?
Our decision to remain an independent manufacturer focused solely on transformer bushing has been central to our ability to outperform much larger, diversified transformer groups. By dedicating ourselves to a single product category, we have developed an agility and depth of engineering expertise that larger companies, often spread across multiple divisions, cannot match. This also allowed us to respond quickly to customized requirements, offer short lead times, and provide flexible engineering solutions for new installations as well as ageing assets. Our customers value the fact that when they work with Yash, bushings are not a side business- they are the core of who we are. This focus is reflected in our quality, our service responsiveness, and our ability to design, test, and deliver specialized bushings at a pace and precision that few large manufactures can offer. This dedicated approach has allowed Yash to carve out a strong competitive position despite the scale advantage of major transformer OEMs.
What specific technological or operational milestones have been key to achieving world-class quality and breaking the reliance on foreign suppliers in the highly specialized condenser graded high-voltage bushings segment?
Achieving world class quality required us to taken on serval technological and operational milestones that fundamentally changed the landscape for Indian-made bushings. Localizing the assembly of Resin- Impregnated Paper (RIP) and Resin-Impregnated Synthetic (RIS) bushings- technologies that were almost entirely at the time- was a turning point. Through strong Swiss technical collaboration and sustained in house R&D, we were able to indigenize these products and bring them to Indian utilities with full type-testing and international standard compliance. Alongside this, we invested heavily in comprehension in house testing facilities, including high voltage test bays, impulse test setups, partial discharge equipment and helium leak detection systems. These capabilities gave us the confidence to develop bushings High Voltage up to 245kV and High Current 25,000 A entirely in India. Over the years, thousands of successful installations and rigorous testing cycles have built a track record that allows customers to treat Yash as a credible and dependable alternative to any global supplier.
With over 40,000 bushings installed globally, your ethos is “Made in India for the World”. What is your strategic roadmap to be recognized among the top global manufacturers?
“Made in India for the World” is more than a philosophy for us- it is a direction we have been steadily pursing. With over 40,000 bushings installed across 60+ countries, our next phase of growth focuses on deeper international engagement, stronger utility approvals and expanding operations to sever large global orders. Our roadmap includes scaling manufacturing capacity, strengthening R&D and continuously upgrading our testing infrastructure so we can deliver bushings that meet or exceed the most stringent global standards. We are also investing in teams and systems that support faster global deliveries, more advanced product development and deeper collaborations with international transformer OEMs and EPCs. Our aim is to position Yash among the top names worldwide by building a company that is technologically competitive, operationally agile, and trusted for quality across continents.
The listing on the BSE-SME segment in December 2024 was a significant corporate event. What does this listing mean for the company’s future growth and capital expenditure plans?
Our listing on BSE-MSE platform in December 2024 marked an important milestone in the evolution of Yash Highvoltage, Beyond the visibility and credibility it provides, the listing strengths our financial base and enables us to accelerate our capital expenditure plans. The funds raised are being channelled towards expanding our RIP/RIS production capacity, upgrading our high-voltage test facilities, enhancing automation across our lines, and deepening R&D for next generation busing technologies. The listing also reinforces our governance framework and provides us the platform to engage with long term investors who believe in our vision. For us, this event is not merely a financial milestone- it is a catalyst that allows Yash to scale faster, innovate more aggressively, and strengthen its global footprint.
Yash® is recognized for its retrofit solutions. What common challenges do your custom retrofit solutions address for older transformers in the utility sector?
Many utilities struggle with ageing transformers where the original bushing have deteriorated, become unsafe or no longer comply with modern reliability standards. In several cases, OEM designs are outdated or spare parts are no longer available. Our retrofit solutions address exactly these challenges by providing fully engineered, interchangeable bushings- whether OIP-to-OIP, OIP-to-RIP, or OIP-to-RIS-designed to fit seamlessly onto older transformers without requiring structural changes. We conduct on-site assessments, reverse engineering, and custom design work to ensure the new bushing interfaces perfectly with legacy transformer geometries. This helps utilities extend the life of their assets, avoid the enormous cost of transformer replacement, and significantly improve operational safety. Retrofit solutions have become a defining capability for Yash because it reflects our ability to engineer, customize and support full lifecycle of transformer fleets.
The generation and transmission sectors in India are undergoing massive change with the integration of renewable energy and grid modernization. How is Yash Highvoltage adapting its product portfolio to support a smarter, more complex and reliable national power grid?
India’s grid is transforming rapidly with the integration of renewable energy, higher transmission loads and the shift towards digital, smarter infrastructure. At Yash, we are adapting by expanding product portfolio to support more demanding voltage and current requirements across new-generation transformers. Our OIP, RIP, RIS, and high current bushings are engineered to perform reliably under fluctuating loads, higher temperatures, and the dynamic stresses associated with renewable injection. We are also helping utilities upgrade legacy transformers through retrofit solutions so they can remain compatible with modern grid standards. Our strong in-house testing and compliance with IEC and IEEE norms ensure that our bushings meet global reliability expectations, making them suitable for both traditional and renewable heavy networks.
In essence, we see our role as enabling a more stable, secure, and future ready grid by providing high quality bushings that match India’s evolving power landscape.
Looking ahead to the next five to seven years, what is your ultimate vision for Yash Highvoltage?
Over the next five to seven years, my vision is for Yash Highvoltage is to firmly establish itself as one of the top global names in the transformer bushings- known not only for manufacturing excellence but for innovation, reliability, and customer centric engineering. We aim to scale our capacity significantly, deepen our footprint in international markets and continue investing in advanced materials and testing technologies that set new benchmarks for performance. We want Yash to become a partner of choice for utilities and transformer OEMs across the world, contributing meaningfully to grid reliability, renewable integration, and asset longevity. At the same, we remain committed to building a company that reflects the best of Indian manufacturing- technologically modern, globally competitive, and deeply trusted. Ultimately, we want Yash Highvoltage to be a company that strengthens power networks worldwide while representing India’s capabilities on the global stage.
