Skipper Limited Q2FY26 Concall Decoded – Wires, Towers & Margins That Refuse to Fall!

1. Opening Hook

When most EPC firms pray for clear skies, Skipper Limited just shrugs and says, “Rains delayed us, but margins stayed dry.” While others were whining about logistics chaos in Rajasthan’s monsoon, Skipper casually posted its highest-ever second-quarter revenue. This Kolkata-based transmission tower titan seems to have found its groove—balancing exports, expansion, and ambition in equal measure.

They’re building towers, substations, and soon, global bragging rights. And yes, their “China Plus One” strategy isn’t just a PowerPoint slide—it’s backed by real tonnage. Read on, because the only thing more electrifying than their order book is the CFO’s calm confidence about hitting 25% growth in an economy where even Wi-Fi drops mid-sentence.

2. At a Glance

• Revenue ₹1,262 Cr – Up 14% YoY; the monsoon tried, Skipper delivered.
• EBITDA ₹131 Cr – Up 16%; margin at 10.4%, proving good mix beats good luck.
• PAT ₹45 Cr – Up 32%; even tax settlements couldn’t dampen the charge.
• Order Book ₹8,820 Cr – “Highest-ever” is now their favorite phrase.
• Exports ₹523 Cr (H1) – 27% jump; Middle East loves Indian steel.
• Debt-Equity 0.61x – Controlled voltage on leverage.
• Guidance: 25% revenue growth FY26 – CFO says “On track, boss.”

3. Management’s Key Commentary

“This was our highest-ever Q2 revenue at ₹1,262 crores.”
(Translation: We didn’t just weather the storm—we invoiced through it. 😏)

“EBITDA margins improved to 10.4% due to efficiency and mix.”
(Or maybe because steel prices stopped doing backflips.)

“Our order book is ₹8,820 crores, up 33% YoY.”
(Sounds impressive—until you realize the CFO treats that as “comfortable.”)

“The monsoon delayed some projects but execution is back on track.”
(For Indian infra companies, monsoon is just nature’s annual performance review.)

“We are doubling capacity to 6 lakh tonnes by FY28.”
(Translation: ‘Largest in the world’ is now an official KPI.)

“Debt levels stable, finance costs down from 4.7% to 4.1%.”
(Skipper doesn’t kill debt—it keeps it on a tight leash.)

“Exports to reach 50% of order book in 2–3 years.”
(Ambitious? Yes. Audacious? Definitely. Achievable? Ask 2028.)

4. Numbers Decoded