Skipper FY26 exports +30% as order book hits ₹9,009 cr

Skipper Ltd is sharpening its export focus while continuing to win large domestic transmission contracts, led by Power Grid Corporation of India (PGCIL). The company reported that engineering export revenue grew 30% year-on-year to ₹325.4 crore in Q1, with exports accounting for 32% of engineering revenue. Alongside that export momentum, Skipper’s order book has moved to record territory, supported by both domestic EPC activity and overseas orders.

A key operational signal has been Skipper’s push to build a local presence outside India. The company said it has formed subsidiaries in three global regions - the Middle East, Latin America, and Asia Pacific - to deepen market penetration. Management commentary and recent order wins indicate that the strategy is aimed at building a steadier international order funnel while retaining a strong domestic base.

Export traction and what changed in Q1

Skipper said engineering export revenue grew 30% year-on-year to ₹325.4 crore in Q1, and exports now account for 32% of engineering revenue. The company also flagged a notable export milestone: it secured a major tower testing and design order from the Middle East’s largest utility. Skipper positioned this as evidence of growing acceptance of its in-house design capability in overseas markets.

The company’s commentary also ties export growth to deeper on-ground coverage. By setting up subsidiaries in the Middle East, Latin America, and Asia Pacific, Skipper is attempting to move from opportunistic export orders to a repeatable regional playbook across multiple geographies.

Record order book and a larger bidding pipeline

Skipper reported that its order book has crossed ₹9,000 crore, describing it as an all-time high. It also specified that as of December 25, the closing order book stood at ₹9,009 crore, which it described as approximately $1 billion. The company said the order book had a healthy mix of 90% domestic and 10% export orders, indicating that the near-term revenue base remains India-led.

What stood out in the same update was the bidding pipeline. Skipper pegged its pipeline at about ₹27,000 crore, described as approximately $1 billion. The company framed this pipeline as a key driver of revenue visibility, especially in engineering, product supplies and EPC works.

Q3 FY26 wins led by PGCIL and export markets

During Q3 FY26, Skipper said it secured new orders worth ₹1,428 crore, primarily for engineering, product supplies and EPC works, including significant domestic EPC contracts from PGCIL and international customers. The company also said that during the quarter it secured fresh orders of ₹1,429 crore led by PGCIL and key export markets.

Skipper highlighted multiple wins in the 765 kV segment, positioning these as an important technical validation. It said PGCIL awarded three 765 kV transmission line projects in Rajasthan and Andhra Pradesh in Q3 FY26. Separately, Skipper also said it secured two prestigious 765 kV transmission line projects in Uttar Pradesh and Karnataka, reinforcing its credentials in complex transmission projects.

Order inflow momentum and nine-month FY26 numbers

Skipper reported that in Q1, order inflows surged 158% over the previous year quarter. For the broader year-to-date picture, it said cumulative nine-month FY26 order inflows stood at ₹4,649 crore, reflecting a growth of 24% year-on-year.

The company reiterated that it continues to see strong traction across domestic and international markets, supported by the bidding pipeline of approximately ₹27,000 crore.

FY25: highest-ever annual order inflow and new categories

For FY25 (April 1, 2024 to March 31, 2025), Skipper said it received new orders worth ₹5,335 crore, its highest annual order inflow so far. It added that order inflows in FY25 were 24% higher than FY24, with traction across both domestic and export markets.

Skipper also flagged category expansion in FY25. It said it received its first substation EPC order during the year. On the export side, the company said it received its first major pole supply order from the USA, calling it a breakthrough that opens growth avenues in North America.

FY25 order mix and closing order book comparisons

Skipper provided a split of FY25 order inflows by segment and geography. Of the total FY25 order inflow, 71% represented domestic power T&D orders. Another 17% was attributed to non-power T&D domestic mandates including telecom, railways, solar, water EPC and other steel structural items. The remaining 12% came from export mandates relating to both power T&D and non-power T&D.

As of March 31, 2025, Skipper said its outstanding order book was around ₹7,458 crore, again a record closing order book for the company. It stated that 88% of this order book was domestic. Sharan Bansal said, “With 88 per cent of the order book from domestic markets, we remain deeply aligned with India’s infrastructure growth and the Government’s transmission expansion initiatives under the National Electricity Policy.”

Q2 FY25 update and management commentary

In a separate update for Q2 FY25, Skipper said it recorded its highest-ever closing order book of ₹6,590 crore, with 85% domestic and 15% exports. It reported order inflow of ₹1,660 crore in Q2 FY25, with significant domestic contracts from PGCIL and state electricity boards, and export orders largely from North and South American markets.

Commenting on Q2 FY25, Sharan Bansal, Director, Skipper Ltd, said, “Our highest-ever closing order book of ₹6,590 crore, with 85 per cent coming from the domestic market and 15 per cent from exports, reaffirms Skipper as the preferred partner in the transmission & distribution sector. With significant domestic contracts from PGCIL and SEBs, alongside expanding footprints in North and South America, we are poised for continued momentum. Our strong order inflow of ₹1,660 crore during the quarter is a testament to the confidence our clients place in our capabilities.”

Q1 FY25: export revenue jump, PAT growth and pipeline detail

Skipper also disclosed detailed Q1 FY25 metrics. It reported order inflow of ₹765 crore for engineering product supplies and EPC works, and a closing order book of ₹5,844 crore, comprising 86% domestic and 14% export.

On financial performance, it said export revenue almost doubled to ₹251.0 crore from ₹127.4 crore in the same quarter last year. It also reported PAT doubled to ₹32.4 crore from ₹16.2 crore, with PAT margin improving to 3.0% of sales.

The company also disclosed its bidding pipeline at that time, stating an international pipeline of ₹11,500 crore and a domestic pipeline of ₹6,550 crore.

Key numbers at a glance

Market impact: what the data signals

Skipper’s disclosures point to two clear demand pools. First, the domestic pipeline remains anchored by PGCIL-led EPC and transmission line awards, with multiple 765 kV projects referenced across states such as Rajasthan, Andhra Pradesh, Uttar Pradesh and Karnataka. Second, export growth is being supported by a widening geographic footprint and the ability to win design and testing-related work, such as the order from the Middle East’s largest utility.

The order book mix disclosed for December 25 - 90% domestic and 10% exports - indicates that near-term execution will still be driven largely by India. But the company’s repeated references to export milestones, regional subsidiaries, and increasing export share of engineering revenue suggest that exports are becoming a more structural part of the engineering business.

Analysis: why the 765 kV wins and export design order matter

Skipper repeatedly highlighted high-voltage qualifications, specifically in 765 kV transmission line projects, alongside overseas design-led mandates. In transmission EPC, higher voltage projects typically come with stricter qualification and execution requirements, so repeated awards from PGCIL are used by contractors to signal technical standing.

On exports, the Middle East design and testing order is notable because it references acceptance of in-house design capabilities, not only tower and pole supply. Coupled with the establishment of subsidiaries across three regions, the company is pointing to a move up the value chain in some overseas markets.

Conclusion

Skipper’s recent updates show a combination of stronger export contribution in engineering, repeat order wins in high-voltage domestic transmission, and a record order book of ₹9,009 crore as of December 25. The company also reported a bidding pipeline of about ₹27,000 crore, supporting visibility for future order intake. Investors will track subsequent quarterly disclosures for how quickly the pipeline converts into firm orders, and how the domestic-export mix evolves as the new overseas subsidiaries scale operations.