The Indian power sector is facing a structural transformation in 2026. With the nation accelerating towards its renewable energy targets and solidifying its transmission backbone, a quiet but critical evolution is underway in the transformer bushing technology itself – the transition from traditional Oil Impregnated Paper (OIP) bushings to Resin Impregnated Paper (RIP) bushings. This transition is not only a technological upgrade but also an opportunity for Yash® to position themselves at the forefront of this trend.
The RIP Shift: Why RIP Bushings are Emerging in 2026
RIP bushings are gaining a strong demand all over the world due to their safety profile, lower maintenance requirements, and explosion-proof characteristics compared to oil-filled alternatives. RIP bushings are dry-type and oil-free and much lighter than traditional Oil Impregnated Paper (OIP) bushings, making them ideal for modern grids.
In India, this shift is accelerated by:
Renewable energy expansion: India aims to install 500 GW of non-fossil capacity by 2030, which will require huge upgrades of the grid
Grid modernization: The government’s focus on strengthening transmission infrastructure to handle renewable influx is driving demand for advanced components
Import dependency reduction: India remains highly dependent on imported transformer bushings, particularly for Extra High Voltage (EHV) applications. Thus, making localization now a strategic priority
The RIP bushings are expected to grow at the fastest rate in the electrical bushing market, with a CAGR of 7.33% in the coming years. The global electrical bushing market itself is projected to grow from $3.96 billion in 2026 to $6.12 billion by 2034. This is the environment in which Yash Highvoltage® is executing its next growth phase strategy.
Yash Highvoltage® Strategic Response:
Recognizing this momentum early, Yash Highvoltage® is very close to commissioning one of India’s largest greenfield RIP bushing manufacturing plants at Jarod, near Vadodara, Gujarat. The facility is targeted for commercial production in H2 FY27, with trials expected in H1 FY27. This plant will be capable of manufacturing RIP bushings up to 550 kV, a major technological step in the indigenization efforts.
What Yash Highvoltage® is Doing
Capex Investment: The company has made an investment worth approximately INR 153 crores towards the new plant, out of which it has spent around INR 80 crores, and the rest is to be completed in the coming months.
Advanced Infrastructure: The facility will be equipped with new wideband winding machines, SCADA-controlled autoclaves, dosing machine, and with testing infrastructure for bushings up to 550 kV, the products, will satisfy all international standards requirements.
Capacity Expansion: The new dedicated RIP/RIS bushings plant will take our installed capacity for RIP bushings up to a turnover of around 900 crores, opening the dedicated bandwidth for OIP bushings in existing facility. This addresses existing capacity constraints and positions the company to meet even stronger order inflows.
Localisation of RIP Core Manufacturing: Another critical strategic priority is to localise the manufacturing process of RIP core in India, reducing import dependency and improving cost competitiveness.
Fundraising for Growth: The company is planning a fundraising of INR 151 crores for capex investments in the greenfield plant and partly for brownfield expansion at the existing unit
How Yash Highvoltage® is Contributing to Sector Growth
First MSME to Localise RIP/RIS in India: Yash Highvoltage® is the first MSME to localise RIP and RIS technology in India up to 245 kV in 2016. This offered an import substitute product to the market, reducing India’s dependence on imports and setting a benchmark for domestic manufacturing.
Export Potential: With the new facility, we are expanding export opportunities. In particular, there is an international demand for dry-type, oil-free bushings. Currently, our order mix consists of 82–85% RIP bushings and 15–18% OIP bushings.
Aggressive Growth Targets: We intend to maintain our growth momentum and plan to achieve a target of 40–42% CAGR in the coming 4–5 years. The order book stands at over INR 400 crores as of March 31, 2026, with a target of booking INR 500+ crores in new orders this year.
Supporting Renewable Integration: As India accelerates its renewable energy ambitions and expands transmission infrastructure to integrate large-scale solar, wind, and hybrid power projects, utilities are increasingly seeking reliable, environmentally responsible, and maintenance-friendly grid components. Yash's upcoming state-of-the-art RIP/RIS bushings facility will support this growing demand for advanced high-voltage equipment required to connect renewable energy generation with load centres across the country. With manufacturing capabilities up to 550 kV, the facility will strengthen domestic supply chains, reduce import dependence, and support India's journey toward a resilient, future-ready, and sustainable power grid.
Global Market Presence: The company has also established a sales office in the US – Yash HV USA Inc. – and has been delivering bulk orders for global customers, including a 300-unit IEEE transformer bushing order (34.5 kV, 10,000 A) for a leading Internet company’s US data centres. This demonstrates our capability to contribute to satisfying global demands.
The Bigger Picture: India’s Energy Transition and Bushing Demand
The energy dynamics of India are shifting rapidly. The country imports roughly 85–90% of its crude oil needs, 45–50% of its fossil gas requirements, and substantial quantities of coal, and therefore, making energy security a critical national priority. With immense potential in renewable energy, India will need an effective transmission infrastructure and advanced components like RIP bushings to ensure reliability and safety.
Asia Pacific was recorded as the largest market for electrical bushings in 2025, valued at USD 1.58 billion. Additionally, the region will witness strong growth due to grid expansion, urbanisation, and increasing demand for power from India, China, and Southeast Asia. Significant investments in renewable energy integration, ultra-high voltage systems, and industrial infrastructure upgrades will boost the adoption of advanced RIP/dry-type, and polymer-housed bushings across the region.
Yash Highvoltage® is not merely responding to this trend – it is facilitating it. In localising the manufacturing of high-voltage RIP bushings, Yash® is:
Reducing India’s import dependency
Improving cost competitiveness for Indian and international transformer manufacturers
Building export-ready capacity for global markets
Supporting the government’s efforts towards local manufacturing under initiatives like Make in India, Atmanirbhar Bharat and Bharat Nirbhar Vishwa
Looking Ahead: Yash Highvoltage® Vision for 2026 - 2030
The goal is clear: to grow the global market share from 1% to 5–7% over the next decade. The greenfield RIP plant is the basis of this vision. With trials expected in H1 FY27 and commercial production by H2 FY27, the company will be among the first Indian manufacturers to offer RIP bushings up to 550 kV with in-house core production.
The company anticipates achieving around 40–45% revenue growth in the ongoing year, without taking into account the effect of the new facility’s contribution. Once the plant is operational, it expects accelerated volume growth, improved margin performance, and increased export capability.
The RIP transformer bushing segment is a decisive technology shift for Indian electrical manufacturing. Yash Highvoltage® is ready to lead this wave – not just as a supplier, but as a strategic partner in India’s energy transition and global competitiveness.