Skipper Limited Powers Ahead: Record Q2 and H1 FY26 Performance Driven by Strategic Execution

Skipper Limited, a leading player in India's power transmission and distribution sector, has announced a stellar performance for the second quarter and first half of fiscal year 2026. The company reported its highest-ever Q2 revenue and record quarterly EBITDA, underscoring robust execution and the effectiveness of its growth strategy. This strong showing positions Skipper Limited for continued expansion in both domestic and international markets, reinforcing its commitment to becoming a globally dominant infrastructure solutions provider.

For Q2 FY26, Skipper Limited achieved a revenue of 1261.8 crore, marking a significant 14% year-on-year growth. This was complemented by an all-time high EBITDA of 130.7 crore, representing a 16% increase year-on-year, with margins expanding to 10.4%. The profit before tax (PBT) before exceptional items surged by 37% year-on-year to 62.2 crore, while profit after tax (PAT) before exceptional items rose 32% to 44.9 crore. The company also successfully resolved a long-pending entry tax matter, recognizing a one-time exceptional item of 10.6 crore, which has no recurring impact on financial performance.

Segmental Performance Highlights

The company's growth was broad-based, with strong contributions from both its Engineering and Polymer businesses. The engineering business achieved its best-ever second-quarter revenue of 997.4 crore, an 18% increase over the previous year. Export revenue also demonstrated robust growth, climbing 24% year-on-year to 198 crore, reflecting strong international demand and contributing 20% to overall engineering revenue in Q2 FY26.

For the first half of FY26, Skipper Limited reported its highest-ever H1 revenue of 2515.65 crore, a 14% year-on-year growth. Export revenues for H1 grew 27% year-on-year to 523.4 crore. Standalone EBITDA margins improved to 10.3% from 9.9% in the previous year, driven by a higher quality T&D contract mix, operating leverage, and efficient execution. PBT before exceptional items for H1 grew 39% year-on-year to 122 crore, with PAT before exceptional items rising 37% to 89.5 crore.

Strategic Initiatives and Future Outlook

Skipper Limited's robust performance is underpinned by strategic capacity expansion and operational enhancements. The company's new 75,000 MTPA capacity is now fully operational, and an additional 75,000 MTPA expansion is underway, targeting a total capacity of 600,000 MTPA by FY28. This expansion is crucial for meeting the growing demand in both domestic and international markets.

A key milestone achieved during the quarter was the commissioning of its second test bed facility, which strengthens the company's engineering excellence and global competitiveness by enabling full-scale testing of lattice towers and monopoles. Furthermore, Skipper's R&D division has signed an MOU with IIT Kharagpur for collaborative research on galvanizing processes and predictive modeling, fostering innovation.

In line with its digital transformation journey, the SAP S/4 HANA RISE UAT Phase has commenced, with a Go-Live planned for December 2025. This initiative aims to streamline operations, enhance efficiency, and provide real-time insights for informed decision-making. The company has also reinforced its commitment to sustainability by installing waste heat recovery systems and bag filters, aligning operational efficiency with ESG goals.

Order Book and Market Position

The company's order book reached an all-time high of 8820 crore as of September 2025, representing a 34% year-on-year increase. This includes significant wins from PGCIL and key export markets, reinforcing Skipper's leadership in the power T&D sector. The bidding pipeline remains robust, exceeding 3000 crore, indicating strong visibility across T&D and infrastructure opportunities. The EPC division is currently executing approximately 5,000 circuit kilometers of EHV & HVDC transmission line work.

Skipper Limited is well-positioned to capitalize on the structural upcycle in Power T&D, driven by energy transition and grid expansion. The company aims for a 25% YoY revenue growth for FY26, with a stronger performance expected in the second half. Management also targets improving operating margins and reducing finance costs to around 4% of sales by year-end.

Conclusion: A Defining Year for Growth

Skipper Limited's Q2 and H1 FY26 results demonstrate a company in an earnings compounding zone, where margin stability and volume expansion coexist. With a record order book, expanding capacity, strong visibility in Power T&D, and a growing international presence, FY26 is set to be a defining year for Skipper Limited as it continues its journey to build a globally dominant and trusted infrastructure solutions company.