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    Skipper Limited

    SKIPPERGood
    Capital Goods·29 Jan 2026
    Management Summary

    Skipper delivered a strong Q3 FY26, achieving record revenue, EBITDA, and PAT, driven by robust execution and improved profitability. The company's order book reached an all-time high, supported by healthy domestic and international inflows. Capacity expansion is on track, reinforcing the manufacturing-led growth model and positioning Skipper for continued profitable growth in the T&D sector.

    Highlights

    7

    • Highest ever quarterly revenue of ₹1,370 crores, up 21% YoY.

    • Highest ever quarterly EBITDA of ₹141 crores, up 28% YoY, with a margin of 10.3%.

    • Profit after tax increased by 40% YoY to ₹50.2 crores, marking the strongest quarterly bottom line performance.

    • 9-month FY26 revenue reached ₹3,886 crores, growing 17% YoY, with EBITDA margin expanding to 10.3%.

    • Closing order book stood at an all-time high of ₹9,009 crores (USD1 billion) as of December '25.

    • 9-month FY26 order inflows were ₹4,649 crores, reflecting a 24% YoY growth.

    • Total installed capacity to reach 450,000 tons by end of FY26, with 75,000 tons already operational and another 75,000 tons underway.

    What Changed2

    vs Q4 FY26

    Guidance items9 → 17 (+8)Q&A highlights8 → 3 (-5)
    Key financials

    Metrics

    7

    Periods

    3

    Headline

    1
    • Order Book (Dec '25)
      ₹9,009 Cr

    Q3 FY26

    4
    • Revenue
      ₹1,370 Cr
      YoY+21%
    • EBITDA
      ₹141 Cr
      YoY+28.0%
    • EBITDA Margin
      10.3%
    • PAT
      ₹50.2 Cr
      YoY+40%

    9M FY26

    2
    • Revenue
      ₹3,886 Cr
      YoY+17%
    • Order Inflow
      ₹4,649 Cr
      YoY+24%

    Guidance & targets

    17
    CategoryTargetPriority
    Revenue
    Revenue Growth
    20-25%
    		Medium
    Revenue
    Revenue Growth
    25-30%
    		High
    Revenue
    Revenue Growth
    21-22%
    		High
    Revenue
    Revenue CAGR
    20%
    		High
    Capex
    Capex
    ₹800 crores
    		Medium
    Margin
    EBITDA Margin
    10-10.5%
    		Medium
    Capacity
    Total Installed Capacity
    450,000 tons
    		High
    Capacity
    Additional 75 KTPA plant commissioning
    Partially before March, partially spill over to Q1 FY27
    		High
    Capacity
    Capacity Utilization (for new 75 KTPA)
    Fully by Q2
    		High
    Capacity
    Optimum Capacity Utilization
    85-90%
    		High
    Order Book
    Order Book Execution Timeframe
    2 years
    		High
    Order Book
    Bidding Pipeline
    USD3 billion / ₹27,000 crores
    		High
    Order Book
    Order Inflow Trend
    Increasing, in range of 20% plus
    		Medium
    Other
    Transmission Capex Plan (India)
    ₹9 lakh crores
    		High
    Other
    Arunachal Hydro Project Transmission Investment
    ₹6.5 lakh crores
    		High
    Market Share
    Domestic vs Export Order Book Mix
    50-50
    		Medium
    Profitability
    Finance Charges
    4.1-4.2%
    		High

    Risks & concerns

    4
    RiskSeverity

    T&D sector challenges (Right of Way, land acquisition, power demand issues).

    Management believes opportunities are robust, citing INR9 lakh crores transmission capex plan up till 2032 and INR6.5 lakh crores for Arunachal Hydro project. — Analyst downplayed

    low

    Lifting restrictions on Chinese products in the power sector.

    Management states Chinese competition is not a threat for their specific transmission line products. — Analyst downplayed

    low

    Commodity price volatility (specifically zinc and steel).

    Prices have been range-bound, raw materials make up only 60% of selling price, and they have a mix of firm and variable price contracts. — Analyst downplayed

    low

    Slight drop/slowdown in bidding pipeline.

    Bidding pipeline is still robust at INR27,000 crores, significantly higher than INR10,000 crores a couple of years ago, and normal variations are expected. — Analyst downplayed

    low

    Q&A highlights

    3

    “Regarding T&D sector, see, as such, there are no challenges. There are a good amount of business opportunities, both at the interstate level and at the intrastate level also... So all in all, we don't see any kind of challenge in the long run.”

    Addresses potential sector headwinds and confirms management's continued confidence in their long-term targets.

    asked by Keval Barot

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Q3 FY26 Performance and Profitability

    Skipper reported its highest ever quarterly revenue of INR1,370 crores in Q3 FY26, marking a 21% year-on-year growth. EBITDA also reached a record INR141 crores, up 28% YoY, with the EBITDA margin improving to 10.3%. Profit after tax saw a significant increase of 40% YoY, reaching INR50.2 crores, making it the strongest quarterly bottom line performance to date. For the 9-month period of FY26, revenue stood at INR3,886 crores (17% YoY growth), and the EBITDA margin expanded to 10.3% from 9.8% last year.

    02

    Robust Order Book and Inflows

    As of December 2025, Skipper's closing order book reached an all-time high of approximately USD1 billion or INR9,009 crores, comprising a healthy mix of 90% domestic and 10% export orders. During Q3 FY26, the company secured new orders worth INR1,428 crores, including significant EPC contracts and two prestigious 765 kV transmission line projects. Cumulatively, 9-month FY26 order inflows were INR4,649 crores, reflecting a strong 24% year-on-year growth, supported by a robust bidding pipeline of approximately USD3 billion or INR27,000 crores.

    03

    Capacity Expansion and Utilization Targets

    The company's new 75,000 tons capacity is now fully operational, and an additional 75,000 tons expansion is underway, which will increase the total installed capacity to 450,000 tons by the end of FY26. This additional capacity is expected to be partially commissioned before March 2026 and fully utilized by Q2 FY27. Management anticipates achieving an optimum capacity utilization rate in the range of 85-90% for its expanded asset base.

    04

    Strategic Growth Outlook and Market Opportunities

    Skipper maintains an aspiration for 20-25% year-on-year revenue growth, confident in the robust opportunities within the T&D sector. The Government of India has a transmission capex plan of INR9 lakh crores until 2032, with an additional INR6.5 lakh crores expected from projects like Arunachal Hydro up to 2035. The company is also focused on expanding its international footprint, with a long-term aspiration to achieve a 50-50 domestic-export order book mix, currently holding an export order book of INR900 crores.

    05

    Cost Management and Digital Transformation

    The company demonstrated tighter cost discipline, leading to a continued reduction in finance cost intensity. Finance charges have come down from 4.8% last year to 4.1% this time, aligning with the aspiration of 4.1-4.2%. Operationally, Skipper has received the 'Great Place to Work' certification for the fifth consecutive year and successfully implemented SAP S/4HANA RISE across key business functions, enhancing process control, data visibility, and enabling scalable growth.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.