This article first appeared on GuruFocus .
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Quarterly Revenue:INR1,370 crore, a growth of 21% year-on-year.
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Quarterly EBITDA:INR141 crore, up 28% year-on-year.
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EBITDA Margin:Improved to 10.3%.
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Profit After Tax (PAT):INR50.2 crore, increased by 40% year-on-year.
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Nine-Month Revenue:INR3,886 crore, growing 17% year-on-year.
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Nine-Month EBITDA Margin:Expanded to 10.3% from 9.8% last year.
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PBT Before Exceptional Items:INR187 crore, a growth of 38% year-on-year.
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PBT Margin:Improved to 4.8% from 4.1% last year.
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Operating PAT Before Exceptional Items:INR139.7 crore, up 38% year-on-year.
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PAT Margin:Improved to 3.6% from 3% last year.
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Order Book:Approximately USD1 billion or INR9,009 crore.
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New Orders Secured in Q3 FY26:INR1,428 crore.
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Nine-Month Order Inflows:INR4,649 crore, reflecting a growth of 24% year-on-year.
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Capacity Expansion:New 75,000 tonnes capacity operational; total capacity to reach 450,000 tonnes by end of FY26.
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Release Date: January 29, 2026
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 quarterly revenue of INR1,370 crore, marking a 21% year-on-year growth.
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The company recorded its highest ever quarterly EBITDA of INR141 crore, with a 28% year-on-year increase and an improved EBITDA margin of 10.3%.
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Profit after tax increased by 40% year-on-year to INR50.2 crore, showcasing strong bottom-line performance.
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The order book reached an all-time high of approximately USD1 billion, providing strong revenue visibility with a healthy mix of domestic and export orders.
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Skipper Ltd ( BOM:538562 ) has successfully gone live with SAP S/4HANA RISE, enhancing process control and data visibility as part of its digital transformation journey.
Negative Points
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The T&D sector is facing challenges related to right of way land acquisition and power demand issues, which could impact future growth.
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There was a delay in capacity enhancement due to heavy monsoon, affecting execution timelines.
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The company's revenue guidance was adjusted from 25% to a range of 20% to 25% growth, indicating potential challenges in meeting higher targets.
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Commodity price volatility, particularly in steel and zinc, could impact margins, although the company has a mix of firm and variable price contracts.
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The export order book, while growing, still represents a smaller portion of the overall order book, indicating a need for further international market penetration.
Q & A Highlights
Q: Do you still hold the revenue, CapEx, and EBITDA margin guidance given the challenges in the T&D sector? A: Shiv Shankar Gupta, CFO: We maintain our guidance of 20% to 25% revenue growth and INR800 crore CapEx over the next four years. The T&D sector presents robust opportunities, and we do not foresee long-term challenges. Our order inflows have increased by 24% year-on-year, indicating strong business prospects.
Q: What is the status of the additional 75,000 tonnes capacity expansion, and what is the expected utilization rate? A: Shiv Shankar Gupta, CFO: The capacity expansion is partially delayed but expected to be fully operational by Q2 FY27. We anticipate achieving an optimal utilization rate of 85% to 90% by then.
Q: How will the recent increase in copper prices impact your EPC segment? A: Shiv Shankar Gupta, CFO: Copper is not a major raw material for us; we primarily use steel, zinc, and aluminum. Therefore, the increase in copper prices does not significantly impact our margins.
Q: Can you provide insights into the execution timeline for your USD1 billion order book? A: Shiv Shankar Gupta, CFO: Our orders are typically executed over a two-year timeframe, with some shorter-term and some longer-term projects. This provides a steady revenue stream over the period.
Q: What is the outlook for export growth and achieving a 50-50 balance between domestic and export orders? A: Shiv Shankar Gupta, CFO: We aim to increase our export share progressively, with a long-term goal of achieving a 50-50 balance. While it's challenging to set a precise timeline, we are expanding our presence in key markets like North America and Europe.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
