This article first appeared on GuruFocus .
Release Date: November 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Skipper Ltd ( BOM:538562 ) achieved its highest ever second quarter revenue at 1,262 crores, marking a 14% year-on-year growth.
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EBITDA reached an all-time high at 131 crores, up 16% year-on-year, with margins expanding to 10.4%.
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The company successfully resolved a long-pending entry tax demand, eliminating potential future contingencies.
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Order book reached its highest ever level of 8,820 crores, providing a strong foundation for future growth.
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Skipper Ltd ( BOM:538562 ) is expanding its manufacturing capacity, with a new 75,000-ton capacity now fully operational and plans for an additional 75,000-ton expansion.
Negative Points
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Revenue growth was slightly below expectations due to exceptional heavy monsoon in Rajasthan, causing temporary execution delays.
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Export orders have been slow to take off, with domestic orders dominating the order book.
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The polymer business faces challenges due to volatile and falling commodity prices, impacting value growth.
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The company's ambitious target to achieve a 50/50 domestic to export order mix may take 2-3 years to realize.
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Finance costs as a percentage of sales remain a focus, with a target to reduce it closer to 4% from the previous year's 4.7%.
Q & A Highlights
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Q: Are you on track to achieve the 25% growth target for FY26, given the current revenue figures? A: Yes, we are on track. Historically, our revenue split is 40% in H1 and 60% in H2, so we expect to achieve the required revenue to meet the 25% growth target for the year. (Respondent: Unidentified_3)
Q: What is the current capacity utilization, and how are you addressing export market opportunities? A: We are operating at about 85% capacity utilization. We are exploring new markets, including the Middle East, North America, and Europe, and are in the process of obtaining plant audits and approvals in these regions. (Respondent: Unidentified_3)
Q: Can you provide insights into the order book and expected order inflows by the end of FY26? A: We expect the order book to be between 9,000 to 10,000 crores by the end of the year. Our bidding pipeline is robust at over 30,000 crores, and we are targeting an intake of 6,000 crores plus for the year. (Respondent: Unidentified_3)
Q: What is the company's strategy for the polymer business, and what are the growth expectations? A: We aim to make the polymer business a 1,000 crore brand in the next couple of years, targeting double-digit EBITDA margins. Despite challenges in commodity prices, we have seen a 21% growth in net sales. (Respondent: Unidentified_3)
Q: How do you view the geographical mix of orders, and what is the long-term target for export orders? A: Currently, export orders are about 11% of the total. Our long-term aspiration is to achieve a 50/50 mix between domestic and export orders. We see significant opportunities in global markets, particularly in North America, Europe, and the Middle East. (Respondent: Unidentified_3)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
