Skipper Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Skipper Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Skipper Limited reported record Q4 FY26 revenue of Rs 1,666 crores, up 29.4% year-on-year, with EBITDA growing 40.2% and PAT growing 70% year-on-year. For the full year, the company posted revenue of Rs 5,552.8 crores, up 20%, with EBITDA margin at 10.3% and PAT of Rs 207.3 crores, up 42% year-on-year. Management discussed order book of Rs 8,501.9 crores, a bidding pipeline of over Rs 33,000 crores, and gave FY27 guidance of 15% revenue growth and approximately 30% growth in bottom line, citing export market challenges due to geopolitical issues as a key constraint.
Numbers mentioned
Revenue: INR1,666 crores (Q4 FY26)
p. 3
“We delivered highest ever quarterly revenue of INR1,666 crores, registering a growth of 29.4% year-on-year, driven by strong execution across business segments.”
Sharan Bansal, page 3 of the filed PDF · View the filing
Engineering segment revenue: INR1,248 crores (Q4 FY26)
p. 3
“The Engineering segment continued to lead growth with revenue of INR1,248 crores, up over 33% year-on-year, reflecting strong demand and improved throughput.”
Sharan Bansal, page 3 of the filed PDF · View the filing
EBITDA: INR173.4 crores (Q4 FY26)
p. 3
“EBITDA increased 40.2% year-on-year to INR173.4 crores.”
Sharan Bansal, page 3 of the filed PDF · View the filing
EBITDA margin: 10.4% (Q4 FY26)
p. 3
“EBITDA margins expanded to 10.4% compared to 9.6% last year.”
Sharan Bansal, page 3 of the filed PDF · View the filing
PAT: INR75.6 crores (Q4 FY26)
p. 3
“PAT increased 70% year-on-year to INR75.6 crores, with margins improving to 4.5%.”
Sharan Bansal, page 3 of the filed PDF · View the filing
Finance costs as percent of sales: 3.3% (Q4 FY26)
p. 3
“we continued to strengthen our financial profile with finance costs as a percent of sales reducing to 3.3% versus 4.4% last year quarter, reflecting better working capital efficiency and improved balance sheet discipline.”
Sharan Bansal, page 3 of the filed PDF · View the filing
Revenue: INR5,552.8 crores (FY26)
p. 4
“we achieved highest ever annual revenue of INR5,552.8 crores, representing a growth of 20% year-on-year.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Engineering segment revenue: INR4,359 crores (FY26)
p. 4
“The Engineering segment grew 24% year-on-year to INR4,359 crores, reflecting strong demand in transmission infrastructure.”
Sharan Bansal, page 4 of the filed PDF · View the filing
EBITDA margin: 10.3% (FY26)
p. 4
“Profitability improved consistently during the year. EBITDA margin expanded to 10.3%, driven by operating leverage and higher quality order execution.”
Sharan Bansal, page 4 of the filed PDF · View the filing
PAT: INR207.3 crores (FY26)
p. 4
“We delivered our highest ever PAT of INR207.3 crores, a growth of 42% year-on-year with margins expanding to 3.7%.”
Sharan Bansal, page 4 of the filed PDF · View the filing
ROE: 14.1% (FY26)
p. 4
“ROE improved to 14.1% compared to 12.3% last year.”
Sharan Bansal, page 4 of the filed PDF · View the filing
ROCE: 21% (FY26)
p. 4
“ROCE, return on capital employed remained stable at 21%.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Debt-to-EBITDA: 1.6x (FY26)
p. 4
“Debt-to-EBITDA remained stable at 1.6x.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Debt equity: 0.62x (FY26)
p. 4
“Debt equity at 0.62x, indicating controlled leverage.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Order book: INR8,501.9 crores (FY26 closing)
p. 4
“we closed the year with our highest ever order book of INR8,501.9 crores, supported by record annual inflows of INR5,678 crores.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Q4 order inflow: INR1,029 crores (Q4 FY26)
p. 4
“Quarter 4 order inflow stood at INR1,029 crores.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Bidding pipeline: over INR33,000 crores
p. 4
“Our bidding pipeline remains strong at over INR33,000 crores, providing strong visibility for future order inflows.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Manufacturing capacity: 450,000 tons per year (June 2026)
p. 4
“we are on track to reach 450,000 tons per year capacity by June '26.”
Sharan Bansal, page 4 of the filed PDF · View the filing
Capacity utilization: above 85% (FY26)
p. 4
“Utilization levels has remained strong and are above 85%, indicating strong demand and execution momentum.”
Sharan Bansal, page 4 of the filed PDF · View the filing
World record tower testing weight: 293 tons (Q4 FY26)
p. 13
“we set the world record of testing the heaviest tower ever tested, which was a single tower of 293 tons.”
Sharan Bansal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 15% · FY27
stated firmly by Sharan Bansal
p. 6
“For FY '27, we are giving a guidance of 15% growth on revenue and approximately a 30% growth in bottom line.”
Sharan Bansal, page 6 of the filed PDF · View the filing
Capex — INR250 crores · FY27
stated firmly by Sharan Bansal
p. 7
“We have -- For FY '27, our capex guidance will be similar to previous years. It will be about INR250 crores.”
Sharan Bansal, page 7 of the filed PDF · View the filing
Capacity expansion — 75,000 tons · FY27 and FY28
stated firmly by Sharan Bansal
p. 7
“the new capacity expansion, post this 4,50,000, we'll be taking on another 75,000 plus 75,000 in the next 2 financial years in FY '27 and '28.”
Sharan Bansal, page 7 of the filed PDF · View the filing
Revenue growth rate — 20% to 25% · from FY28 onwards
stated as an aspiration by Sharan Bansal
p. 9
“I think with both the things opening up, for sure, we can expect to come back to the 20% to 25% growth run rate from next year onwards.”
Sharan Bansal, page 9 of the filed PDF · View the filing
EBITDA margin — 12%
stated as an aspiration by Sharan Bansal
p. 10
“Obviously, our effort will be to continue to improve our margins and achieve our long-term aspirational margins of 12%.”
Sharan Bansal, page 10 of the filed PDF · View the filing
Export order book share — 25% and then eventually 50%
stated as an aspiration by Sharan Bansal
p. 8
“our long-term trajectory of increasing our export order book to about 25% and then eventually 50%.”
Sharan Bansal, page 8 of the filed PDF · View the filing
Order awarding activity — approaching FY25 levels · from FY27
stated as an aspiration by Sharan Bansal
p. 5
“Order awarding is expected to accelerate significantly from FY '27, approaching FY '25 levels.”
Sharan Bansal, page 5 of the filed PDF · View the filing
Additional capacity revenue contribution — INR1,000 crores to INR1,200 crores
stated firmly by Sharan Bansal
p. 18
“Approximately INR1,000 crores to INR1,200 crores, yes.”
Sharan Bansal, page 18 of the filed PDF · View the filing
Manufacturing capacity — 6 lakh metric tons · FY28
stated firmly by Sharan Bansal
p. 7
“Correct. That's right.”
Sharan Bansal, page 7 of the filed PDF · View the filing
Polymer business margins — double-digit margins
stated as an aspiration by Sharan Bansal
p. 17
“As we get closer to, I think, a number of INR700 crores, INR80 crores INR1,000 crores, definitely, we will be much closer to the double-digit margins, which is our aspiration.”
Sharan Bansal, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the rise to a technical delay in receiving Rs 260 crores that came in early April instead of March, plus higher domestic revenue mix with longer realization cycles.
Answered by Sharan Bansal
Asked by Balasubramanian: Why did trade receivables almost double despite 20% growth?
p. 5
“there are 2, 3 reasons for that. Number one was, due to a technical reason, close to about INR260 crores of funds, which was supposed to receive on the last week of March was received on the 1st and the 2nd of April.”
Sharan Bansal, page 5 of the filed PDF · View the filing
Management said historically the conversion ratio has been 20-25% and they hope to maintain that.
Answered by Sharan Bansal
Asked by Disha: What conversion ratio is expected from the bidding pipeline to order inflow?
p. 6
“In the past, we have achieved a conversion ratio of anywhere between 20% to 25%, and we hope to definitely maintain that with this bidding pipeline as well.”
Sharan Bansal, page 6 of the filed PDF · View the filing
Management cited export market challenges from ongoing geopolitical issues as the main reason for conservative guidance.
Answered by Sharan Bansal
Asked by Disha: Why is guidance only 15% growth despite strong order book visibility?
p. 6
“exports are a concern right now as because of the ongoing geopolitical challenges, export growth has been a concern last year, and it continues to remain a concern”
Sharan Bansal, page 6 of the filed PDF · View the filing
Management said freight costs don't materially impact them due to low export share and contract mix, and firm price contracts have buffers for commodity cost increases.
Answered by Sharan Bansal
Asked by Abhijeet Singh: Will increased input and freight costs affect margins?
p. 8
“we have a healthy mix of variable price and firm price contracts. And firm price contracts come with significant amounts -- sufficient buffer to take care of the commodity price increase. So, we don't expect much of an impact on our margins.”
Sharan Bansal, page 8 of the filed PDF · View the filing
Management cited PGCIL's own guidance for future capex and bid volumes.
Answered by Sharan Bansal
Asked by Naman Parmar: What is PGCIL's capex guidance and bid volume outlook?
p. 11
“they themselves did capex of INR35,000 crores in FY '26. And they have guided for INR37,000 crores in FY '27 and INR45,000 crores in FY '28.”
Sharan Bansal, page 11 of the filed PDF · View the filing
Management said the infra business overall is lower margin but substation margins are similar to Engineering on a project basis.
Answered by Sharan Bansal
Asked by Bharat Sharma: Does the substation business fall under a lower-margin infrastructure EPC category?
p. 12
“It's similar margins to our Engineering business. The infra business itself, yes, of course, is lower margins. But overall, for a project basis, yes, it's similar margins.”
Sharan Bansal, page 12 of the filed PDF · View the filing
Management clarified their raw materials are fully domestic with no import content and no disruption.
Answered by Sharan Bansal
Asked by Komal Iyer: Is raw material supply constrained similarly to critical equipment shortages?
p. 14
“our raw material, there's no constraint because we only -- our raw materials are 100% indigenous. We don't have any import content.”
Sharan Bansal, page 14 of the filed PDF · View the filing
Management said the company addresses roughly 50% of overall transmission capex on the lines side.
Answered by Sharan Bansal
Asked by Soumil Jain: What is the addressable market size per line for transmission products?
p. 15
“we cater to 50% of the overall transmission capex, which is, let's say, if the transmission capex is INR1 lakh crores annually, then our addressable market is INR50,000 crores on the lines front.”
Sharan Bansal, page 15 of the filed PDF · View the filing
Management said volumes grew about 40% despite a challenging market, with margins kept steady in low single digits, targeting eventual double-digit margins.
Answered by Sharan Bansal
Asked by Abhijeet Singh: What is the outlook for the Polymer Products business growth and margins?
p. 17
“We have grown our volumes by close to about 40% due to lower commodity prices, perhaps the actual growth has been lower in terms of value.”
Sharan Bansal, page 17 of the filed PDF · View the filing
Management said non-T&D is now a small portion of order book, mainly linked to an O&M project, with most revenue coming from T&D.
Answered by Sharan Bansal
Asked by Abhijeet Singh: What is the trajectory for the infra projects (non-T&D) business given declining order book?
p. 18
“the non-T&D is not a significant portion in our order book now. It's a very -- yes, it's only about 14%.”
Sharan Bansal, page 18 of the filed PDF · View the filing
Management expects significant utilization from Q3 after commercialization, following a couple of quarters ramp-up.
Answered by Sharan Bansal
Asked by Pranjal Mukhija: When will the new 75,000 MTPA capacity reach optimum utilization?
p. 18
“normally, to achieve full capacity utilization, it takes a couple of quarters. So I would say from quarter 3, perhaps we can expect to see a significant use of this capacity.”
Sharan Bansal, page 18 of the filed PDF · View the filing
Risks flagged
Geopolitical challenges affecting export markets, particularly Middle East
p. 8
“Middle East definitely is a concern right now. However, we expect that the situation should ease up soon there.”
Sharan Bansal, page 8 of the filed PDF · View the filing
Increased sea freight costs due to war affecting customer decision-making timelines
p. 8
“There is an impact not on the demand side, but there is an impact because of the freight -- the sea freight increasing.”
Sharan Bansal, page 8 of the filed PDF · View the filing
Extended delivery cycles for critical equipment like transformers and HVDC
p. 5
“extended delivery cycles for critical equipment such as transformers and HVDC, which resulted in slower-than-expected bidding activity by CEA”
Sharan Bansal, page 5 of the filed PDF · View the filing
Right-of-way and forest clearance delays affecting project execution timelines
p. 16
“project time lines on the ground are getting extended because of the right-of-way constraints.”
Sharan Bansal, page 16 of the filed PDF · View the filing
Global shortage of critical transmission equipment constraining project execution
p. 12
“It is a constraint not just in India, but all over the world, I would say. We are seeing the same shortages of critical equipment in pretty much every market where we are active in.”
Sharan Bansal, page 12 of the filed PDF · View the filing
Lower than expected domestic bidding activity in FY26 due to equipment and ROW constraints
p. 9
“FY '26, we saw lower-than-expected bidding. A lot of key projects, transmission projects for which we were expecting to be bid last year, they have shifted to this year.”
Sharan Bansal, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.