SKIPPER Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,371 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹141 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Skipper Limited delivered a strong Q3 FY26 with record quarterly revenue of 1,370 crore (+21% YoY) and EBITDA of 141 crore (+28% YoY), translating to a 10.3% EBITDA margin. PAT grew 40% YoY to 82.2 crore, marking the strongest quarterly bottom-line performance. The company secured new orders worth 428 crore during the quarter, with 9-month order inflows at 4,649 crore (+24% YoY). The closing order book stands at an all-time high of USD 1 billion (~9,090 crore), providing robust revenue visibility over a 2-year execution horizon. A new 75,000-tonne capacity is now fully operational with an additional 75,000-tonne expansion underway, targeting total capacity of 450,000 tonnes by FY26-end. Management maintains its 20-25% revenue growth aspiration for FY26 and targets 10%+ EBITDA margins, with long-term aspirations of 11-12%. Export traction is improving with ~900 crore in export order book, though the 50/50 domestic-export mix remains a longer-term target. The key risk is that industry order flows have moderated versus last year's elevated levels, and the bidding pipeline dropped from 30,000 crore to 27,000 crore.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained its aspiration for 20-25% revenue growth for FY26, with Q4 expected to deliver 25-30% growth. Full-year growth expected at 21-22%.
- Management targets 10%+ EBITDA margins with long-term aspirations of 11-12%. Margins improved from 9.8% in 9M FY25 to 10.3% in 9M FY26.
- New 75,000-tonne capacity will achieve 85-90% optimal utilization by Q2 FY27, with partial commissioning before March 2026.
- Management reiterated annual capex guidance of approximately 800 crore for the next four years, aligned with capacity expansion plans.
Risks flagged
- Despite Skipper's strong order inflows, the broader transmission T&D sector saw lower ordering activity this year versus last year. Management acknowledged this is a sector-wide trend but expects recovery.
- Analyst pressed management repeatedly on interim milestones for achieving the 50/50 domestic-export target. Management deflected, stating only that exports are 'progressively increasing' but declined to provide specific timelines, creating uncertainty for investors modeling export revenue.
- While management attributed the ~10% drop to normal variation and noted the pipeline has grown from under 10,000 crore a few years ago, this data point was flagged by an analyst and management's response was defensive rather than detailed.
- The additional 75,000-tonne capacity will partially slip to Q1 FY27 and reach full utilization only by Q2 FY27. Extended ramp-up could impact near-term margins and capacity utilization metrics.
Key quotes
- We recorded our highest ever quarterly revenue of 1,370 crores, registering a growth of 21% year-on-year driven by strong execution across engineering products and EPC business.
- Our order book stood at an all-time high level of approximately US dollar 1 billion or 9,090 crores with a healthy mix of 90% domestic and 10% export orders providing strong revenue visibility.
- Look, there are a lot of short-term orders also that come in during the year and because we now have a good amount of capacity available so we are targeting that order book that you are seeing is only the closing order book but there are short-term orders that are received during the year which get executed during the year itself so that will also help the business volume.
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