Skipper Limited announced on May 15, 2026, the receipt of fresh orders aggregating to ₹1,265 crores for several domestic and international Power Transmission & Distribution (T&D) projects. The order wins span both India and export markets, reinforcing the company's position as one of the world's leading manufacturers for Power Transmission & Distribution structures and a major EPC player in 765 Kv transmission lines and substations. The company currently carries a market capitalisation of ₹5,700 crores.

New Order Details

The newly secured orders cover power T&D projects across India and international markets. The following table summarises the key details of the order wins:

The order inflows reflect Skipper's growing footprint across both high-voltage domestic transmission projects and international supply contracts, particularly in Latin America.

Director's Commentary

Commenting on the development, Mr. Sharan Bansal, Director of Skipper Limited, stated that the receipt of new orders aggregating to ₹1,265 crores across domestic and international markets marks another significant milestone for the company and underscores the strength of its diversified T&D business model. He noted that these order wins reflect the company's strong technical capabilities, proven execution track record, and growing customer confidence across geographies, and are a testament to its growing capabilities in the high-complexity segment of India's power infrastructure build-out.

Mr. Bansal further added that the continued momentum in order inflows aligns with the increasing investments being witnessed domestically and globally in transmission infrastructure, grid expansion, and renewable energy integration. He emphasised that with a robust order pipeline and improving opportunities across key markets, the company remains focused on disciplined execution, operational efficiency, and prudent project selection while creating long-term value for stakeholders.

About Skipper Limited

Skipper Limited, established in 1981, is one of the leading companies in the Power Transmission & Distribution and the Polymer segment. Key highlights of the company include:

• Over 44+ years of domain knowledge, with the largest manufacturing capacity in India and tenth globally
• International footprint spanning Latin America, Europe, and Africa, with presence across 65+ countries
• Operations across sub-segments including Towers, EPC, Monopoles, Poles, and Railway Electrification Structures
• A national presence in the Polymer pipe business under the brand name 'Skipper', manufacturing premium quality polymer pipes & fittings for agricultural and plumbing sectors

The company differentiates its offerings with high-quality, cost-effective solutions for infrastructure providers and telecom operators.

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.