Skipper Limited delivered a landmark financial performance in the fourth quarter and full year ended 31st March 2026, recording its highest-ever quarterly and annual revenues, driven by strong execution across business segments. The company's management shared these results during an earnings conference call held on 28th April 2026, hosted by ICICI Securities.

Q4 FY26: Strongest Quarter on Record

The fourth quarter of FY26 emerged as the company's strongest quarter to date across all key financial metrics. Revenue reached INR1,666 crores, registering a growth of 29.4% year-on-year. The Engineering segment led growth with revenue of INR1,248 crores, up over 33% year-on-year, reflecting strong demand and improved throughput. Profitability scaled meaningfully during the quarter, with EBITDA rising 40.2% year-on-year and PAT growing 70% year-on-year.

The following table summarises the key financial metrics for Q4 FY26:

FY26 Full Year: Record Performance Across All Metrics

FY26 marked a record year for Skipper across growth, margins, and capital efficiency. The company achieved its highest-ever annual revenue of INR5,552.8 crores, representing a growth of 20% year-on-year. The Engineering segment grew 24% year-on-year to INR4,359 crores, while the Polymer segment crossed INR500 crores for the first time, delivering its highest-ever revenue with strong volume growth.

The table below captures the full-year financial highlights:

Order Book and Inflows

Skipper closed FY26 with its highest-ever order book of INR8,501.9 crores, supported by record annual inflows of INR5,678 crores. Q4 FY26 order inflow stood at INR1,029 crores. The order book remains well diversified, with a 90% domestic and 10% export mix. A significant milestone during the year was securing a large multimillion dollar order from a leading North American utility. The company is currently executing approximately 5,000 circuit kilometers of EHV and HVDC transmission projects and is active in 25 projects with PGCIL. The bidding pipeline stands at over INR33,000 crores, of which approximately 60% to 65% is domestic and the balance is exports.

Capacity Expansion and Operational Milestones

The company made significant progress in manufacturing capabilities during FY26. The ongoing capacity expansion of 75,000 tons is on track to bring total capacity to 450,000 tons per year by June 2026. Capacity utilization levels remained above 85%. Post this expansion, the company plans to add a further 75,000 tons in each of FY27 and FY28, targeting a total capacity of 6 lakh metric tons by FY28. Each 75,000-ton capacity addition is expected to contribute approximately INR1,000 crores to INR1,200 crores in annual revenue.

Key operational milestones during FY26 included:

• Test Bed 2 commissioned: Making Skipper the only company globally with dual test bed facilities at the same location, with the capability to test the highest voltage and heaviest towers in the world
• World record set: Testing of the heaviest tower ever tested, a single tower of 293 tons
• SAP S/4HANA RISE: Successfully went live, enabling better process control and real-time visibility
• Plant audits completed: Across North America, Middle East, LatAm, Australia, and Europe, strengthening global qualification base
• Great Place to Work certification: Received for the fifth consecutive year
• High-voltage substations: Currently executing close to 4 high-voltage substations, expanding total addressable market

FY27 Guidance and Outlook

For FY27, management guided for 15% revenue growth and approximately 30% PAT growth. Capex guidance for FY27 is approximately INR250 crores. On EBITDA margins, management indicated continued improvement towards a long-term aspirational margin of 12%, though an exact guidance figure was not provided. The conservative revenue guidance reflects near-term headwinds from geopolitical challenges impacting export markets, particularly the Middle East, as well as elevated sea freight costs. On the domestic front, while bidding activity in FY26 was lower than expected due to right-of-way constraints and delays in critical equipment such as transformers and HVDC, management expects order awarding to accelerate significantly from FY27, approaching FY25 levels. PGCIL has guided for annual bids of INR90,000 crores to INR1 lakh crores and has indicated capex of INR37,000 crores in FY27 and INR45,000 crores in FY28. Management also noted that trade receivables were elevated at the close of FY26 primarily due to a technical delay of approximately INR260 crores in collections and a 45% year-on-year increase in domestic revenue in Q4, with approximately INR600 crores to INR700 crores already recovered in April. Raw materials remain 100% indigenous with no supply disruptions reported.

Skipper Limited has received an ESG score of 51 from ESG Risk Assessments & Insights Limited, as disclosed to stock exchanges on May 5, 2026. The rating was assigned pursuant to an ESG Risk Assessment dated May 4, 2026, and was communicated to the exchanges under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ESG Rating Details

The ESG score was provided by ESG Risk Assessments & Insights Limited on a voluntary basis, using publicly available information. Skipper Limited clarified that it had not engaged the agency for the provision of any services related to such ratings. The following table summarises the ESG rating update:

Regulatory Disclosure

The intimation was filed by Anu Singh, Company Secretary & Compliance Officer of Skipper Limited, in compliance with applicable SEBI listing regulations. The company requested the stock exchanges to take the information on record. The disclosure underscores the growing relevance of ESG assessments in India's listed company ecosystem, as regulators and market participants increasingly monitor sustainability-related metrics.