Global economy
The global economy grew marginally at 3.4% in 2025 compared to 3.3% in the previous year, influenced by the US tariff shock of April 2025. Despite being partially unwound through subsequent trade deals, it left effective tariff rates well above pre-2025 levels and heightened trade policy uncertainty.
Advanced economies witnessed a marginal growth from 1.8% in 2024 to 1.9% in 2025, while emerging market and developing economies demonstrated relative resilience, expanding by 4.4% in 2025 compared to 4.3% in 2024.
Global inflation continued its multi-year downward trend in 2025, declining to an estimated 4.1% from 5.8% in 2024.
| Regional growth (%) | 2025 | 2024 |
| World output | 3.4 | 3.3 |
| Advanced economies | 1.9 | 1.8 |
| Emerging and developing economies | 4.4 | 4.3 |
(Source: IMF, un.org)
Performance of the major economies, 2025
United States: GDP growth of 2.1% in 2025 compared to 2.8% in 2024.
China: GDP growth was 5.0% in 2025 compared to 5.0% in 2024.
United Kingdom: GDP growth was 1.3% in 2025 compared to 1.1% in 2024.
Japan: GDP growth was 1.2% in 2025 compared to (0.2)% in 2024.
Germany: GDP growth was 0.2% in 2025 compared to (0.5)% in 2024.
(Source: IMF April 2026 Outlook, World Bank)
Outlook
Given the challenge of forming stable, real-time assumptions for projections, the IMF World Economic Outlook report adopted a reference forecast instead of a conventional baseline, assuming the war remains contained in duration, intensity, and reach, with disruptions easing by mid-2026, in line with commodity futures as of March 10, 2026.
Under this reference view, global growth is projected at 3.1% in 2026 and 3.2% in
2027. Global inflation is expected to rise to 4.4% in 2026 before easing to 3.7% in 2027.
(Source: OECD Interim Economic Outlook, IMF, World Economic Forum, Federal Reserve, Bank of England, European Central Bank, Bank of Japan)
Indian economy
The Indian economys real GDP grew at 7.7% in FY26, compared to 7.1% in
FY25. This growth was driven by strong consumption and increasing investments, reaffirming Indias position as the fastest- growing major economy.
Indias real GDP at Constant Prices was estimated at T323.12 lakh crore in FY 2025-26, compared with H299.89 lakh crore in FY 2024-25.
Growth of the Indian economy
FY23
Real GDP growth (%) 7.0*
E: Estimated. Note: FY24 figure restated under new base year 2022-23. (Source: MoSPI)
* The FY23 figure (7.0%) is from the old base year series (2011-12) as the new series back-data for FY23 will only be available after December 2026.
FY26
Growth of the Indian economy quarter by quarter, FY 2025-26
Q1FY26
Q2FY26
Q3FY26
Q4FY26
Real GDP growth (%) 6.7 8.4 7.8 7.8
Note: Q2 revised upward from 8.2% and Q3 from 7.35% under the new base year 2022-23 series released February 27, 2026. Q4 remains an estimate. (Source: MoSPI)
Inflation, policy and currency dynamics
Inflation remained benign through much of FY26, with full-year CPI estimated at an exceptionally low 2.1%. This created room for 125 basis points of cumulative rate cuts, supporting consumption and investment.
However, macro stability was accompanied by currency volatility.
The Indian rupee depreciated sharply by 9.88% during FY26 - its steepest fall since FY12 - touching T94.83 against the US dollar. This reflected global capital flows, a strong dollar environment, and geopolitical uncertainties.
Capital flows and market behaviour
Foreign portfolio investors remained risk-averse, withdrawing a record Rs.1.8 trillion during FY26 - the largest outflow in 36 years. However, strong domestic institutional inflows of T8.50 trillion provided a crucial counterbalance, highlighting the growing maturity and depth of Indias domestic capital markets.
Indias market capitalisation declined 8% year on year in FY26 to $4.5 trillion from $4.83 trillion in FY25, marking the sharpest drop since FY23. The BSE Sensex declined 7% or 5,467 points in FY26, against a gain of 5.1% or 3,763 points, in FY25. Similarly, the Nifty 50 fell 5%, or 1,188 points, in FY26, compared to a gain of 5.3% or 1,192 points, in FY25.
The downturn was largely driven by the ongoing West Asia conflict and concerns around potential tariff measures under Donald Trump, which weighed on global investor sentiment.
Gold prices surged 64.1% during FY26 reflecting global risk aversion and safe- haven demand.
Indias net direct tax collections rose 5.12% y-o-y to T23.40 lakh crore in FY26, though this fell short of the Revised Estimate of T24.21 lakh crore by approximately T80,000 crore. Corporate tax collections came in at T10.99 lakh crore against a target of T11.09 lakh crore, while personal income tax (including STT) stood at T12.41 lakh crore against a target of T13.12 lakh crore - the larger of the two misses, partly reflecting the income tax relief extended to the middle class in the Union Budget 2025-26
Banking sector
Indias banking sector reflected improving financial health, with the gross nonperforming asset ratio declining to a robust 2.1% as of September 2025, indicating stronger asset quality and disciplined lending practices. This stability was mirrored in profitability metrics, as scheduled commercial banks reported a return on assets of 1.3% and a return on equity of 12.5% during the first half of 2025-26, underscoring sustained operational efficiency and a healthier balance sheet trajectory.
Indias growth story
Real Gross Value Added (GVA), which measures economic output excluding taxes and subsidies, grew 7.9% in FY26, compared with 7.3% in FY25. At current prices, nominal GVA rose 9.1% to H314.87 lakh crore from H288.54 lakh crore a year earlier.
The tertiary services sector remained a key growth driver, expanding by 9.0% in FY26 and increasing its share in nominal gross value added to 54.3% from 52.8% in FY25, supported by broad-based momentum across segments.
During FY26, financial, real estate, IT and professional services grew by 9.9%, while trade, hotels, transport, communication and broadcasting recorded a strong 10.1% growth, and public administration and other services expanded by 5.8%.
The secondary sector grew 9.1%, accelerating from 8.0% in the previous year, driven by manufacturing alongside construction growth of 7.1%. This combination of services-led scale and manufacturing acceleration is shaping a more balanced and resilient economic structure.
Consumption and investment
During FY26, Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) maintained above-7% growth, reflecting a well- balanced demand composition across household spending and investment activity.
Growth catalysts
Policy-led consumption boost: The
Union Budget FY27s tax relief measures - particularly income tax exemptions up to Rs.12 lakh - are expected to stimulate discretionary spending and reinforce consumption-led growth.
Anticipatory Pay Commission impact:
The 8 th Pay Commission, though expected to be implemented from FY28, is already shaping consumer sentiment, creating a forward consumption impulse.
Monetary stability: The Reserve Bank of Indias calibrated stance, with the repo rate at 5.25%, balances inflation
Global transmission and distribution T&D industry
The global power transmission and distribution (T&D) industry is undergoing a structural transformation, supported by accelerating electricity demand, rapid renewable energy adoption, grid modernisation, electrification of transportation and industry, and the emergence of power-intensive technologies such as Artificial Intelligence (AI) and data centres. As countries pursue energy transition and decarbonisation goals while strengthening energy security, investments in transmission and distribution infrastructure have become a strategic priority worldwide.
Global electricity demand continues to witness sustained growth and is projected to increase at an average annual rate risks with growth support, ensuring macroeconomic stability.
Credit expansion: Improved banking health and liquidity conditions are expected to sustain strong credit growth across MSMEs, housing, and retail segments.
Fiscal prudence with growth focus: The
Union Budget maintains fiscal discipline while prioritising infrastructure, MSME support, skilling, and innovation - key levers for long-term productivity.
Outlook
The year under review underscores a defining divergence: a world grappling with uncertainty, and an India navigating it with confidence.
In a global environment marked by fragmentation and caution, India stands out as a rare convergence of stability, scale and structural opportunity. The World Bank has revised its FY27 growth estimate upward to approximately 6.6%, reflecting resilient domestic momentum even as growth moderates from the previous year. India is expected to retain
of around 3.6% through 2030, driven by industrial expansion, urbanisation, rising cooling requirements, electric mobility and digital infrastructure. This pace of demand growth is significantly higher than the average recorded during the previous decade, highlighting the increasing importance of expanding and modernising power transmission networks.
The global power infrastructure investment cycle is expected to remain robust over the coming decades. According to PwCs Global Infrastructure Outlook, annual investment in power infrastructure is projected to increase from approximately USD 631 billion in 2024 to nearly USD 1.1 trillion by 2050, representing cumulative investments of nearly USD 25 trillion. A substantial its position as the fastest-growing major economy.
Growth will be shaped by a combination of strong domestic demand and resilient private consumption, supported by low inflation and GST rationalisation, alongside stable export performance with improved access to key markets. This momentum is further reinforced by sustained policy support, ongoing economic reforms, and a favourable demographic advantage.
While risks persist, particularly from elevated energy prices, subsidy pressures on government spending, and uncertainty in global demand, Indias macroeconomic fundamentals remain strong.
Over the medium term, sustained consumption, gradual investment recovery, and expanding global trade linkages are expected to reinforce Indias position as a key driver of global economic growth.
(Source: Upstox, Economic Times, India Today, 5paisa, Livemint, The Logical Indian) share of this investment will be directed towards strengthening transmission and distribution networks, renewable energy integration, energy storage systems and grid digitalisation.
Global investment in electricity grids has accelerated significantly in recent years, reaching nearly USD 450 billion in 2025 and continuing its upward trajectory. The investment cycle is being supported by increasing government spending, utility capital expenditure programmes and private sector investments aimed at enhancing grid resilience, reliability and efficiency.
Global inflation continued its multi-year downward trend in 2025, declining to an estimated 4.1% from 5.8% in 2024.
Regional snapshot
North America
North America remains one of the worlds largest and fastest-growing transmission and distribution markets. Investments are being driven by accelerating electricity demand from AI-enabled data centres, electrification of transport and industry, renewable energy integration and replacement of ageing grid infrastructure. Utilities across the United States continue to undertake record capital expenditure programmes focused on expanding transmission capacity, improving grid resilience, strengthening substations and modernising distribution networks.
AI / Data-centre Load Growth (the dominant new driver)
Data centres have become the single most-cited driver of incremental grid capex globally. US data-centre electricity demand is projected to reach ~75.8 GW by 2026 (up from ~53 GW in 2023), representing nearly half of all projected US power demand growth through 2030. Goldman Sachs projects a 15% CAGR in US datacentre power demand through 2030, with data centres consuming ~8% of total US electricity by then. Hyperscaler capex (Amazon, Microsoft, Google, Meta) is running at a ~USD 600 bn+ annualised rate, a large share of which cascades into utility transmission upgrades, dedicated substations and, increasingly, captive/behind- the-meter generation to bypass. The region is expected to remain a key driver of global T&D investments over the coming decade.
Middle East
The Middle East continues to emerge as an important growth market for transmission infrastructure. Countries across the Gulf Cooperation Council (GCC), particularly Saudi Arabia and the UAE, are investing heavily in renewable energy integration, urban development, industrial expansion and regional grid interconnections. Large-scale power infrastructure projects and ambitious energy diversification programmes continue to create strong opportunities for transmission equipment manufacturers and EPC companies.
Europe
Europe is entering a significant grid investment cycle as electricity demand returns to growth following years of relative stagnation. The region is witnessing increasing investments to integrate renewable energy, strengthen cross-border interconnections, modernise ageing transmission assets and support electrification across transportation and industry. Large-scale policy initiatives and energy security measures are expected to sustain transmission investments over the medium to long term.
Latin America
Latin America continues to accelerate investments in renewable energy and associated transmission infrastructure. The regions abundant renewable resources, particularly solar and wind, require substantial expansion of transmission networks to improve connectivity, reliability and grid stability. Governments across the region continue to prioritise investments supporting clean energy transition and cross-border electricity interconnections.
Africa
Africas transmission sector is witnessing steady growth driven by increasing electrification, renewable energy integration and regional power connectivity initiatives. Investments supported by governments, development institutions and multilateral agencies aim to improve electricity access while strengthening regional power networks, positioning the continent as an attractive long-term opportunity.
Australia
Australias ambitious renewable energy targets are driving significant investments in transmission infrastructure to connect renewable energy zones with demand centres. Large-scale transmission corridors, network expansion and grid strengthening initiatives are expected to support the countrys transition towards a cleaner and more resilient power system.
Regional Snapshot
| Region | Commitment | Primary driver |
| China | RMB ~5tn (State Grid + Southern Grid) 2026-30; USD 100bn approved for 2026 alone | UHV build-out, renewable evacuation, west-east transmission |
| United States | ~USD 1.3tn utility capex, 2026-30 | Data centres / AI load, grid ageing, reliability |
| Europe (ex-UK) | \u20ac 1.2-1.4tn T&D capex, 2026-35; \u20ac800bn+ transmission need to 2050 | Electrification, RE integration, cross-border interconnection, 40-50yr-old grids |
| United Kingdom | USD 13.6bn approved (Ofgem) | Transmission reinforcement, reliability, electrification |
| India | T9.2 trillion National Electricity Plan (NEP) capex outlay on high Volatge till FY 2032 | Demand growth, RE integration, HVDC corridors, exports |
| Middle East (Saudi) | USD ~126bn/yr power-sector investment by 2035 (3x 2023) | Diversification, renewables, data centres, urban/ industrial growth |
| Latin America & Caribbean | ~USD 30bn/yr grid investment through 2035 | Clean-energy build-out, Chile & Brazil leading |
| Australia | 10,000 km new transmission lines planned | 82% renewables-by-2030 target, remote generation connection |
Key growth drivers
Escalating electricity network investments: The global transmission and distribution infrastructure market is expanding significantly, with utilities and governments prioritizing grid expansion and upgrade capital expenditures. Networks are being modernized to support both growing load needs and integration of intermittent renewable generation. In many regions, investment is accelerating sharply, with infrastructure spending projected to increase substantially through 2030.
Renewable energy integration: The
global transition towards renewable energy continues to be one of the largest drivers of transmission infrastructure investment. Solar and wind generation capacities are expanding rapidly across developed and emerging economies, requiring extensive transmission networks to evacuate power from generation sites, which are often located far from demand centres. In addition, increasing deployment of Battery Energy Storage Systems (BESS), High Voltage Direct Current (HVDC) transmission corridors and smart grid technologies is strengthening grid flexibility and supporting higher renewable penetration.
Grid modernisation and infrastructure replacement: A significant portion of transmission infrastructure across developed economies is over three decades old and requires replacement or refurbishment. Utilities are investing extensively in modernising transmission networks through digital monitoring systems, smart grid technologies, advanced substations and automation
solutions. At the same time, increasing climate-related events are driving investments in resilient grid infrastructure capable of withstanding extreme weather conditions.
Electrification of transportation, industry and digital infrastructure:
The growing adoption of electric vehicles, industrial electrification and rapid expansion of AI-driven data centres are significantly increasing electricity demand. Hyperscale data centres require uninterrupted, high-quality power supply, leading to substantial investments in transmission corridors, substations and distribution infrastructure. Similarly, electrification across manufacturing and transportation sectors continues to strengthen long-term demand for reliable power networks.
Urban growth and emerging market expansion: Urbanization and industrialization in developing regions are driving new T&D buildouts. For many emerging countries, expanding reliable access to power remains a priority, accelerating investment in transmission lines, substations, and distribution automation.
Adoption of HVDC and long-distance power links: High-Voltage Direct Current (HVDC) systems are being deployed broadly to enable efficient long-distance transfer of bulk power, connect offshore wind and large renewable clusters, and link power markets across borders. This trend is enhancing grid flexibility and supporting regional energy trade.
Public-private collaboration and policy incentives: Governments and regulators
are supporting T&D growth through funding frameworks, incentive schemes, and regulatory mandates that promote smart grid rollout, rural electrification, and renewable integration targets, driving further infrastructure development.
(Source: Grand view research, Markets and markets, Fortune business insights, Global growth insights, Global news wire)
Industry outlook
The global transmission and distribution industry is entering a prolonged structural growth cycle supported by favourable long-term fundamentals. Rising electricity demand, renewable energy integration, electrification of transportation and industry, AI-led digital infrastructure, energy security initiatives and ageing grid assets are collectively driving unprecedented investments across power infrastructure.
Although supply chain constraints, equipment shortages, longer lead times and permitting delays continue to present execution challenges, these factors are simultaneously encouraging capacity expansion, localisation of manufacturing and long-term procurement programmes by utilities worldwide.
The convergence of these structural trends is expected to sustain healthy demand for transmission infrastructure, engineering solutions and EPC services over the coming decades, providing significant growth opportunities for established companies with proven execution capabilities, manufacturing scale and strong global customer relationships.
Indian transmission and distribution T&D industry
The transmission system plays an important role in supply of power to the consumers through the vital link between the generating stations and the distribution system. The growing emphasis on renewable energy and regional development signals a future that provides equitable, widespread, and sustainable energy access to the country, making it one of the leading nations in the power and energy sector.
In the beginning of 2026, Indias transmission network surpassed 500,000 circuit kilometres (ckm) for 220 kV and above lines, marking a major expansion milestone. Total transformation capacity (220 kV and above) reached 1,450 GVA, reflecting significant enhancement in the ability to move power efficiently across voltage levels.
Under the National Electricity Plan (2023-2032), India plans to increase transmission to around 648,000 ckm by 2032 to handle rising electricity flows and renewables. Over the next decade, 191,000 ckm of lines and 1,270 GVA of transformation capacity are planned to match growing grid needs.
Indias National Electricity Plan (NEP; FY23-32) has outlined an ambitious investment plan of ~H9 tn in transmission, driving structural highlights in orders inflows over the past few years, supported by large-scale renewable energy integration.
Strong growth in the length of high-voltage transmission lines (220 kV and above) (ckm)
| Year | 220kv | 400kv | 765kv |
| FY21 | 1,86,446 | 1,89,910 | 46,090 |
| FY22 | 1,92,340 | 1,93,978 | 51,023 |
| FY23 | 2,01,538 | 1,97,750 | _^^(52,678 |
| FY24 | 2,07,045 | 2,03,838 | 54,797 |
| FY25 | 2,11,252 | 2,06,792 | 56,955 |
| FY26 | 2,15,216 | 2,09,856 | 62,066 |
Sector-wise share of transmission line additions (ckm)
| Year | Central | State | Private | Total |
| FY21 | 7,166 | 7,657 | 1,927 | 16,750 |
| FY22 | 4,676 | 8,939 | 1,280 | 14,895 |
| FY23 | 3,926 | 6,816 | ,3,883 | 14,625 |
| FY24 | 3,938 | 6,993 | 3,272 | 14,203 |
| FY25 | 2,586 | 4,761 | 1,483 | 8,830 |
| FY26 | 4,801 | 5,280 | 2,058 | 12,139 |
India has crossed 50% of installed power capacity from non-fossil sources ahead of its 2030 target, driven by strong solar and wind capacity growth. As the countrys global primary energy consumption share is projected to grow from 6% to 11% by 2040, the sector is embracing advanced technologies like smart grid, renewable energy integration, automation, energy management systems, Extra High Voltage (EHV) cables, High Tension-Low Sag (HTLS) conductors, subsea cables, OPGW etc. to ensure power efficiency, timely fault detection, and reducing operational losses.
The Governments visionary Transmission System for Integration of over 500 GW
Indias energy transition
India continues to accelerate its renewable energy transition, guided by its net-zero commitment by 2070 and an increasingly ambitious clean-energy roadmap. By FY26, renewables account for over 50% of installed power capacity, with solar energy remaining the primary growth driver, supported by sustained double-digit capacity expansion.
Significant investments are being channelled into solar, wind, electric mobility, green hydrogen, and battery energy storage systems, reflecting Indias shift toward a diversified and resilient clean-energy ecosystem. Grid-scale storage and hybrid renewable projects are gaining momentum to address intermittency and improve reliability.
To achieve its long-term climate and energy objectives, India is strengthening its focus on innovation, green technologies, and transparent climate- related disclosures, enabling greater access to global and domestic sustainable finance. Flagship programmes such as the Green Energy Corridor, National Transmission Expansion Plan, and the Revamped Distribution Sector Scheme (RDSS) are enhancing renewable evacuation, grid modernisation, and last- mile connectivity.
The increasing adoption of digitalisation, automation, advanced forecasting, and smart grid technologies is improving grid efficiency, flexibility, and resilience. Together, these measures are positioning India as a globally significant leader in the energy transition, balancing rapid economic growth with long-term sustainability goals.
Major policy initiatives and capital deployment
Accelerated renewable energy expansion: India remains committed to achieving 500 GW of non-fossil fuel-based installed capacity by 2030. To stay aligned with this target, renewable energy capacity additions have been scaled up, with annual installations of around 45-50 GW planned through the latter half of the decade, supported by utility-scale solar, wind-solar hybrid projects, and storage- linked renewable capacity.
Biomass co-firing in thermal power plants: Biomass co-firing continues to be a key decarbonisation measure for Indias coal-based power fleet. The government has mandated progressive biomass blending, with levels rising to 7% by FY26, aimed at reducing emissions, managing agricultural residue, and lowering coal consumption.
National Green Hydrogen Mission:
The National Green Hydrogen Mission is being implemented with strong policy and fiscal backing. The mission targets 5 million metric tonnes per annum of green hydrogen production by 2030, alongside the development of large-scale domestic electrolyser manufacturing capacity, positioning India as a competitive global supplier of green hydrogen and derivatives.
Ethanol Blending Programme (EBP):
The Ethanol Blending Programme continues to strengthen Indias bioenergy ecosystem by supporting higher ethanol blending levels in petrol, improving farmer incomes, reducing crude oil imports, and lowering emissions. India has already achieved ethanol blending levels ahead of earlier timelines, reinforcing the programmes role in energy security.
Production-Linked Incentive (PLI) schemes: PLI schemes remain central to Indias clean-energy manufacturing strategy, promoting domestic production
RE Capacity by 2030 identifies potential renewable energy sites, aligning with sustainable goals. The Revamped Distribution Sector Scheme further solidifies reliable power supply, with a significant budget allocation support from the Central Government. of solar PV modules, advanced chemistry cell (ACC) batteries, and green hydrogen technologies. These incentives are reducing import dependence, strengthening supply-chain resilience, and enabling large-scale deployment of clean-energy infrastructure.
Sector growth catalysts
Renewable energy expansion: Solar energy continues to spearhead Indias clean-energy growth, complemented by large-scale wind projects and hybrid solar-wind-storage deployments.
Programs such as PM-KUSUM, PM Surya Ghar, and state-level rooftop solar initiatives are enhancing decentralised energy generation while improving grid reliability.
Energy storage and battery technology: Rapid advancements in battery storage technology, along with the scaling of domestic manufacturing, are reducing costs and enabling widespread adoption of electric vehicles (EVs) and renewable integration. Grid- scale storage projects are increasingly supporting load balancing and enhancing system resilience.
Green hydrogen development: India remains committed to producing 5 million metric tonnes of green hydrogen annually by 2030, supported by targeted investments, domestic electrolyser manufacturing, and emerging export opportunities. Green hydrogen is increasingly being integrated into industrial applications, transport, and fertiliser production, creating a new clean- energy ecosystem.
Policy and regulatory support: Robust reforms and incentives continue to drive domestic manufacturing of solar modules, advanced chemistry cell (ACC) batteries,
and green hydrogen technologies. Measures such as production-linked incentive (PLI) schemes, viability gap funding (VGF), and 100% FDI provisions are attracting global capital and fostering a resilient supply chain.
Digitalisation and smart technologies:
Advanced technologies including AI, machine learning, IoT, and smart metering (AMI) are improving grid efficiency, enabling predictive maintenance, optimising energy distribution, and supporting demand-side management. Smart grids and real-time analytics are becoming key enablers of a reliable and flexible power system.
Investments and capital mobilisation:
Both public and private sector investments continue to flow into renewable infrastructure, storage, and green hydrogen projects. International financing, climate funds, and public- private partnerships are accelerating deployment and innovation across the energy sector.
Emerging drivers: FY26 has also seen growing interest in hybrid renewable parks, green ammonia, and offshore wind, reflecting Indias commitment to diversifying its clean-energy portfolio. Additionally, carbon markets and ESG-linked financing are increasingly influencing investment decisions, supporting the countrys long-term net- zero ambitions.
Outlook
Indias achievements in building one of the worlds largest synchronized grids provide valuable lessons for emerging economies. The ability to integrate renewables at scale while ensuring grid stability is a model, other nations are keen to study. With the right mix of investment, innovation, and policy, India has the opportunity not just to meet its domestic needs but also to emerge as a global leader in green energy transmission solutions.
As India marches towards becoming a $5 trillion economy, ensuring universal access to electricity is non-negotiable.
Every citizen, irrespective of geography, caste, or background must have access to reliable power. Transmission expansion is not just about wires and towers, it is about energizing equality, opportunity, and ambition.
According to the National Electricity Plan (NEP)- Transmission, 2024, India aims to expand its transmission network to 6.48 lakh ckm, enhance transformation capacity to 23.45 lakh MVA, and increase HVDC capacity to 66,750 MW by 2032. Achieving these targets will require an estimated investment of Rs.9 lakh crore in transmission infrastructure.
Policy-level reforms have played a crucial role in making this sector investment- friendly: faster approvals, public-private partnership models, and strong state collaboration have paved the way. Private investment has brought in technology, efficiency, and cost-effectiveness, and its role will only grow with the rise of renewable integration and digital solutions.
(Source: Electronics media, Indiainvestmentgrid.gov. in, Wire and cable India, IBEF, Tata power)
Indian telecom tower industry
Indias telecom sector has transformed into one of the most dynamic pillars of the economy, shaping how people connect, communicate, and access services. Over the last decade, the industry has expanded at an unprecedented pace, driven by affordable tariffs, rapid mobile penetration, and the rising demand for digital connectivity.
This progress has made India the worlds second-largest telecommunications market as of 2025, with a total subscriber base of 1.21 billion and a tele-density of 86.09%.
The country also ranks among the largest internet markets globally, with 979 million subscribers as of June 2025, underscoring its fast-growing digital ecosystem. According to a report by the GSM Association (GSMA) in collaboration with Boston Consulting Group (BCG), the Indian mobile economy is set to contribute significantly to GDP in the years ahead.
Indias telecom sector continues to demonstrate strong momentum, with gross revenue rising from US$ 39.22 billion in FY24 to US$ 43.42 billion in FY25. India boasts a vast network of 749,127 telecom towers, playing a pivotal role in the wireless telecommunications industry.
The 5G infrastructure market is set to soar from H1,19,966 crores in 2025 to H49,18,606 crores by 2035, growing at a 45% CAGR on the back of rapid adoption, heavy investments, and large-scale rollouts.
Telecom Sector Gross Revenue (US$ billion)
40.29% 40.93% 39.49% 33.97% 35.87% 37.36% 30.28% 37.33% 39.22% 43.42%
Investments and developments
¦ India accounted for 7.9% of the global smartphone market by value in H1 CY25, up from 7.7% a year earlier, making it the third-largest market worldwide, even as China and the UK saw their shares decline.
¦ Under the draft National Telecom Policy 2025, the government aims to double annual investment in the telecom sector, targeting H 1,00,000 crores by 2030.
¦ India added a record 6,450 new 5G base stations (BTS) in July 2025, its strongest monthly rollout in 2025, bringing the nationwide total to 4,92,520 BTS.
¦ Independent telecom tower companies are expected to spend H21,000 crore for the period between FY25 and FY26 to support the telecom companies in expanding rural networks and improving service quality in urban areas, stated a report by CRISIL Ratings.
¦ Indias Bharat 6G alliance and the European telecom industry organization Industry are planning to establish a partnership. This partnership will facilitate cooperation between the two groups in the development of 6G technology.
Government initiatives
¦ Indias draft National Telecom Policy 2025 (NTP-25) aspires to achieve 100% 4G coverage and 90% 5G population coverage by 2030 underscoring a bold vision to elevate digital inclusion and infrastructure.
¦ In the Union Budget FY26 the Department of Telecommunications and IT was allocated H81,005.24 crore.
¦ The CCI has granted approval for Data infrastructure trust to acquire 100% of the share capital of ATC telecom infrastructure Private Limited, along with certain related transactions.
¦ The India government allows 100% foreign participation via the Automatic Route.
¦ Nyaya Maha Abhiyan, a three-year mission with a H24,000 crore project outlay was launched.
Key growth drivers
5G deployment is accelerating the need for additional tower infrastructure: The shift to 5G requires denser networks, leading to increased construction of new towers as well as higher co-location on existing sites.
Indias mobile data usage is expanding at a rapid pace: Rising data consumption is pushing operators to add network
capacity, directly supporting growth in tower tenancies.
Policy support from the government is enabling faster telecom expansion:
Easier Right-of-Way approvals and recognition of telecom infrastructure as essential are helping reduce rollout delays.
Operators are increasingly adopting asset-light strategies: Rather than owning towers, telecom companies prefer leasing, creating sustained demand for independent tower providers.
Sector consolidation is improving industry stability: A smaller number of operators leads to more predictable contracts and better utilisation of tower assets over time.
Tower sharing continues to gain traction: Increased co-location enhances utilisation levels and contributes to stronger profitability margins for tower companies.
Leasing-led models are strengthening tower businesses: The growing preference for leasing over ownership reinforces the long-term viability of tower companies operating model.
Outlook
Indias telecom tower sector is expected to maintain a steady growth trajectory in 2025-26, driven by the continued expansion of 5G networks, surging wireless data usage, and digital initiatives such as Digital India and BharatNet. As of late 2025, 5G coverage has reached nearly all districts and serves an expanding base of subscribers, supporting deeper network penetration across urban and rural areas. Nationwide deployment now includes hundreds of thousands of 5G base stations, and operators are also investing in densification through small cells and additional infrastructure to meet high data demands.
Rural broadband efforts under BharatNet have significantly increased optical fiber connectivity to gram panchayats, boosting access in previously underserved regions and underpinning broader digital inclusion. Fiber-to-the-home and backhaul expansion remain central to supporting high-capacity networks and future upgrades.
Green energy adoption at tower sites is rising, and planned investments by tower companies are focused on strengthening rural connectivity, enhancing network quality, and supporting enterprise and industrial digital use cases. Taken together, these trends position the telecom tower ecosystem as a foundational pillar of Indias digital infrastructure growth through 2025-26 and beyond.
(Source: IBEF, TRAI, Outlook business, Tele.net, ICRA, Invest India grid)
Indias draft National Telecom Policy 2025 (NTP-25) aspires to achieve 100%
4G coverage and 90% 5G population coverage by 2030 underscoring a bold vision to elevate digital inclusion and infrastructure.
Indian railway electrification
Indias Railways, once powered largely by diesel, are now rapidly shifting to electric trains. This marks a major leap towards a modern and sustainable future. With wires spreading across the network under Mission 100% Electrification, the rail system is becoming faster and more efficient. This transformation represents Indias strong commitment to reducing pollution. It ensures a cleaner environment and smarter transport for the nation.
Skipper Limited is a trusted partner in Indias railway infrastructure sector, delivering high-quality galvanized steel structures for railway electrification and allied applications. As one of
Indian polymer pipes and fittings industry
The Indian polymer pipes and fittings industry continues to witness strong structural growth, supported by sustained investments in water infrastructure, urbanisation, housing, irrigation and industrial development. Increasing replacement of conventional materials such as GI, ductile iron and concrete with polymer-based piping solutions has further accelerated market expansion owing to their superior durability, corrosion resistance, lower lifecycle costs and ease of installation.
India remains one of the fastest- growing polymer pipe markets globally, benefiting from low per-capita plastic pipe consumption relative to developed markets, providing significant long-term headroom for growth. The organised sector continues to gain market share, supported by stricter BIS quality standards, expanding distribution networks and increasing customer preference for branded products.
Globally, the PVC pipes market stood at approximately 26.9 million tonnes in 2025 and is projected to reach 37.6 million tonnes by 2034, driven by rising investments in water and sanitation infrastructure, urbanisation, agricultural modernisation and construction activities
Indias leading manufacturers of railway infrastructure solutions, the Company offers a comprehensive range of products engineered to meet the stringent quality, safety, and durability standards of modern railway networks. Backed by in-house rolling capabilities for channels and other hot-rolled sections, Skipper provides integrated, end-to-end solutions for railway electrification projects. Its products are manufactured in accordance with RDSO (Research Designs & Standards Organisation) and CORE (Central Organisation for Railway Electrification) specifications, making them well-suited for overhead electrification systems, substations, and protective wire mesh barriers.
across both developed and emerging economies. The India plastic pipes market is estimated at approximately USD 5.46 billion in FY2025 and is expected to grow at a healthy CAGR of 10-12% through FY2027.
Government-led water infrastructure programmes continue to remain the largest demand catalyst for the Indian polymer pipe industry. Under the Jal Jeevan Mission, more than 15.7 crore rural households have already been provided Functional Household Tap Connections, significantly improving rural water connectivity. The extension of Jal Jeevan Mission 2.0 until 2028, with an enhanced outlay of approximately Rs.8.69 lakh crore, is expected to sustain robust demand for water transmission and distribution pipelines over the medium term. Complementary programmes such as AMRUT 2.0, Smart Cities Mission, Pradhan Mantri Awas Yojana (PMAY) and Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) continue to support demand across municipal, residential and irrigation applications.
Key Growth Drivers
Infrastructure-led demand: Continued investments in water supply, sewerage, urban infrastructure, industrial corridors and smart cities are driving strong demand for polymer piping systems.
69,873
kilometres, railways electrified in 2025-26
99.6%
Government policy support: Flagship programmes including Jal Jeevan Mission, AMRUT 2.0, PMKSY and PMAY continue to create long-term demand visibility across rural and urban markets.
Rapid urbanisation and housing growth: Expansion of residential, commercial and industrial construction is increasing demand for plumbing, drainage and utility piping solutions.
Shift towards advanced polymer solutions: Growing adoption of CPVC, HDPE, PPR, PEX and multilayer composite pipes is expanding applications across premium plumbing, industrial and infrastructure segments.
Agricultural modernisation: Increased adoption of micro-irrigation, drip and sprinkler systems is supporting sustained demand for PVC and HDPE pipes.
Replacement of ageing infrastructure:
Ongoing replacement of legacy GI, CI and concrete pipeline networks with polymer- based alternatives is creating a steady replacement market.
Organised sector gaining share:
Increasing quality awareness, stricter regulatory standards and wider distribution reach are accelerating the transition from unorganised to organised manufacturers.
Technological innovation: Product innovations including UV-resistant, antimicrobial, multilayer and higher- pressure piping systems are enhancing performance while expanding addressable applications.
Sustainability focus: Recyclability, lower carbon footprint and longer service life are driving greater acceptance of polymer pipes in sustainable infrastructure projects.
Outlook
The long-term outlook for the Indian polymer pipes and fittings industry remains highly favourable. Sustained government investments in waternfrastructure, expanding urbanisation, rising housing demand, agricultural modernisation and increasing industrial capex are expected to support healthy industry growth over the coming decade.
The industry is also witnessing a structural shift towards value-added products such as CPVC, HDPE, PEX and multilayer piping systems, enabling manufacturers to improve product mix and margins. Simultaneously, consolidation within the organised sector, capacity expansions by leading players and increasing adoption of branded products are expected to strengthen industry profitability.
Despite periodic volatility in PVC and polymer resin prices, the sector remains well positioned to benefit from Indias long-term infrastructure development cycle, growing water management requirements and rising replacement demand, providing a strong foundation for sustained growth over the medium to long term.
(Source: GII research, IMARC group, Research and markets, Motilal oswal, Markets and data)
Company overview
Founded in 1981, Skipper Limited has grown into a leading presence in the power transmission and distribution and polymer products industries. As Indias largest manufacturer of transmission towers and ranked among the top five globally, the Company has reinforced its market leadership through integrated manufacturing operations, adoption of advanced technologies, and a strong commitment to quality excellence.
Skippers engineering division manufactures a diverse range of products, including transmission towers, monopoles, Telecom Towers and railway electrification structures, while its polymer division produces PVC pipes and fittings for a broad spectrum of applications.
Years of excellence
Revenue mix
business segments and operational overview
Business segment: Engineering products
Skipper Limited is a prominent manufacturer of Transmission and Distribution (T&D) structures and is ranked among the top five players globally. The Company serves a broad range of international markets, addressing requirements across power transmission and distribution, telecom, solar, railways, and fasteners. Its diversified product portfolio comprises transmission towers, monopoles, power distribution poles, telecom towers, railway structures, and solar mounting systems.
With four Power Grid-approved manufacturing plants and seven galvanizing units, Skipper stands as one of Indias largest and most efficient tower manufacturers. The Company operates captive rolling mills and hosts Eastern
Indias first dedicated tower testing facility. In addition, Skipper actively engages in railway electrification projects.
Skipper Limited is equipped with a NABL-certified testing laboratory, where it performs full-scale load testing of towers and poles to ensure maximum performance, safety, and efficiency. As the first company in India to implement barcoding for tower supplies, Skipper continues to develop innovative solutions to enhance material management, inventory control, and logistics efficiency.
Skipper Limited has introduced two fully independent transmission tower test beds at a single site, a pioneering setup designed for full-scale testing of both lattice towers and monopoles. This facility allows simultaneous testing, accelerating project timelines while providing exceptional reliability and performance validation.
Years of manufacturing experience
Countries of global reach
375,000
Metric ton per annum (MTPA) Engineering
We manufacture a range of power transmission structures, telecom towers, and railway electrification infrastructure
Year-wise performance of engineering segment
2025-26 Export revenue (Engineering segment)
MTPA, Engineering products capacity as of 2025-26
¦ Net Sales (H Mn) EBITDA Margin
Key achievements
Revenue
Engineering business segment achieved its best ever annual revenue performance of Rs.43,590 Million against Rs.35,185 Million
in the previous year period, registering a growth of 24%.
Exports
Export revenue stood at Rs.71,000 Million against contributing 16% to the engineering business revenue.
Export performance was moderated during the year as manufacturing capacities were largely committed to strong domestic order execution, while geopolitical tensions in the middle east temporarily impacted export shipments. The company nevertheless continued
to expand its international footprints through strategic customer acquisitions and order wins across key overseas markets.
Market expansion
Achieved a landmark breakthrough in the USA market by securing a multi-million- dollar pole supply order from one of the largest EPC players in the region, laying the foundation for sustained growth and market expansion.
Product innovation
Skipper was the first Indian manufacturer to supply transmission monopole
Key strengths in the engineering products segment
Innovation and global milestones:
Skipper became the first Indian company to design and supply transmission monopoles and guyed towers to North America, demonstrating its advanced engineering capabilities on a global stage. The company also successfully conduct Indias first ever testing of CICA (Composite Insulated Cross Arms) and set a new industry benchmark by prototyping and testing the worlds heaviest transmission tower, weighing 293 MT.
Quality and certifications: The company maintains approvals from demanding clients and agencies, including Power Grid Corporation of India (PGCIL) approvals and international quality accreditations, underscoring its commitment to performance and reliability.
During the year, the company completed successful plant audits by new potential customers from North America, Middle East, LATAM, Australia and Europe.
Export reach: Skipper has a strong international footprint, serving customers in over 65+ countries across the Americas, Europe, Africa, the Middle East, and Asia. Engineering exports contribute structures and guyed towers to North America.
Manufacturing capabilities
Integrated facilities with 7 galvanizing plants and 3750k MTPA capacity, supported by R&D and testing stations.
Indias largest and worlds only integrated T&D company
Indias leading integrated T&D company, strategically positioned to benefit from renewable-led global grid modernisation and accelerated project execution.
significantly to its revenue, driven by long standing relationships with more than 300+ global EPC clients and utilities.
Market leadership: The Company is the largest transmission tower manufacturers in India and holds a significant share in high voltage transmission tower segments (400 kv and above), with exports and domestic orders both contributing to its leadership position.
Integrated manufacturing model:
Skippers engineering business features a high degree of backward integration, sourcing about 90% of raw materials in house and operating extensive facilities including four Power Grid approved plants and seven galvanizing units, resulting in competitive cost structures and enhanced margins.
Advanced manufacturing technology:
A significant portion of production is executed on automated CNC machinery and modern fabrication lines, ensuring precision, productivity, and quality consistency across the product range.
Achieved global differentiation with commissioning of Test Bed 2 - becoming the worlds only company with dual test bed facilities - along with a first of its kind
¦ Engineering 79%
¦ Polymer 9%
¦ Infra 12% integrated tower testing set up for lattice towers and monopoles.
Robust capacity and testing infrastructure: With an installed engineering production capacity of approximately 3,75,000 MTPA expanded further from FY26 onwards, additional
75.000 MTPA capacity expansion underway, taking total capacity to
4.50.000 MTPA and state of the art testing facilities including full scale load testing beds. Skipper supports large volume commitments and reliable quality assurance.
Outlook
Skipper Limiteds engineering products segment is positioned for significant growth, supported by a strong order book, integrated manufacturing capabilities, and advanced technological adoption. With promising opportunities across North America, Asia-Pacific, and the Middle East, the Company is concentrating on high-margin transmission and distribution and telecom tower projects. Over the next two years, Skipper aims to increase the contribution of export revenues, driven by international expansion and enhanced profitability.
Business division: Polymer products
The Company provides a wide portfolio of premium polymer pipes and fittings marketed under the Skipper brand. Its range includes UPVC, CPVC, and SWR pipes, catering to varied requirements across agricultural, plumbing, and sanitation sectors. Produced with advanced manufacturing technology, Skipper products are recognized for their long-lasting performance and adherence to rigorous Indian and international quality standards.
Skipper Pipes has emerged as one of Indias most trusted manufacturers of lead-free, high-performance piping systems. Engineered to ensure superior safety, durability, and operational efficiency, its solutions cater to a broad spectrum of applications, ranging from residential plumbing to large-scale infrastructure and agricultural projects.
Backed by an extensive pan-India distribution and service network, Skipper Pipes empowers engineers, developers, farmers, and homeowners to build with confidence, delivering dependable performance and long-term reliability.
MTPA, production capacity
Leading manufacturer of polymer pipes and fittings, catering to both plumbing and agricultural sectors with expanding reach and strengthening market share.
One of the largest manufacturers of polymer pipes and fittings products in West Bengal and in East India
The Company offers a comprehensive range of high-quality polymer pipes and fittings under the Skipper brand. The product line-up includes UPVC, CPVC and SWR pipes, designed to meet the diverse needs of agricultural, plumbing and sanitation applications. Manufactured using state-of-the-art technology, Skipper products are known for their durability and compliance with stringent Indian and international standards.
With a growing national presence and a strong retail distribution network, Skipper engages with over 31,000 retail touchpoints across India. With the Company focusing on innovation, quality and customer satisfaction, it has established itself as a leading player in the polymer pipes and fittings industry, ready to meet the evolving needs of its customers.
The Companys polymer business achieved the highest ever annual sales volume of 39,686 MT in FY 26 against 33,176 MT in FY 25, registering 20% YoY growth.
Key achievements
Prestigious certification: Skipper was certified for Green Pro certification by the Confederation of Indian Industry and Indian Green Building Council (CII-IGBC), validating the Companys commitment to environmental sustainability.
Product portfolio expansion: Skipper has further diversified its product offerings with the introduction of new products, including CP bath fittings and water storage tanks, under its Marina brand. This strategic move enables Skipper to cater to a wider range of customers, expanding its presence in the market.
Brand campaign success: The Indias Safest Pipes brand campaign launched by Skipper saw excellent market acceptance, contributing to higher growth and brand recognition.
Strategic partnership: Entered into a strategic partnership with Lubrizol, the global pioneer of CPVC technology, to manufacture next generation CPVC piping system for the Indian markets using TEMPRITE® technology, offering superior heat and pressure resistance, corrosion protection and 100% lead free, hygienic water solutions aligned with global safety and quality standards for the Indian markets.
Market position: Skipper emerged as one of the fastest-growing polymer piping brands in India, solidifying its position in the market.
Manufacturing capacity: The Company maintained its polymer production capacity at 62,000 MTPA, ensuring consistent supply to meet growing demand.
Branding: The Company onboarded renowned cricketer M.S. Dhoni as brand ambassadors, improving brand promotion across Indian markets.
Key strengths
Industry leadership and market reach:
Skipper has emerged as a fast-growing and trusted polymer pipes and fittings brand, supported by a steadily expanding presence across key markets. The Company engages with more than 1.25 lakh plumbers, with over 28,000 unique plumbers onboarded to its banking ecosystem, strengthening its connection with the influencer community.
Expanding distribution network:
Skipper has built a deep market-facing network comprising more than 110 distributors, 4,050 dealers and over 4,860 multi-brand outlets. This growing distribution architecture enables wider product availability, stronger market penetration and closer engagement with customers across various regions.
Strategic shift towards plumbing: The
Company has progressively strengthened its presence in the plumbing segment, complementing its established agricultural portfolio. This strategic shift towards higher-margin plumbing products is improving the overall product mix and strengthening the quality of revenues.
Expanding product portfolio: During FY 2025-26, Skipper launched more than 250 new SKUs across product segments, widening customer choice and strengthening its ability to address diverse requirements across plumbing, agriculture, sanitation and infrastructure applications.
Operational excellence: Skipper continues to strengthen its operating framework through initiatives such as the Theory of Constraints, which improves supply chain efficiency, throughput, inventory management and overall operating discipline.
Technology-driven manufacturing:
The Company operates highly automated manufacturing facilities that support consistent product quality, process efficiency and scalable production across UPVC, CPVC, SWR and HDPE pipes, bath fittings and water storage tanks.
Outlook
The market is witnessing significant growth, driven by escalating demand for PVC and CPVC pipes in infrastructure development and growth of PEX and multilayer composite pipes in residential and commercial plumbing.
Skipper aims to broaden its geographic footprint and enter new markets by leveraging its advanced manufacturing capabilities and 62,000 MTPA production capacity. As a leading manufacturer of polymer pipes and fittings, the company continues to strengthen its presence and expand its market share across both agriculture and plumbing segments.
Business division: Infrastructure
Skipper Limited is a recognized leader in transmission, telecom, and substation EPC (Engineering, Procurement and Construction), providing comprehensive turnkey solutions for domestic power transmission line towers, substations,telecom, railways and water related infrastructure works.
Supported by specialized teams in project management, construction supervision, inspection, and restoration, the company delivers superior execution across all EPC models, including turnkey, partial turnkey, and build-to-suit. Skipper Limiteds consistent emphasis on quality, timely completion, and customer-focused delivery has established it as a trusted partner for leading infrastructure players worldwide.
Key achievements
Revenue growth: The segment reported net sales of Rs.869 Million, accounting for 12% of total company revenue, marking significant growth and highlighting the infrastructure businesss rising role in Skippers portfolio.
Order book: The segment contributed to a strong order book of Rs.85,019 Million in FY 2025-26, ensuring solid future revenue visibility.
Project execution: The revenue increase in 2025-26 was driven by new EPC contracts of T&D, during the year we commissioned 4 nos of 765 Kv projects measuring 940 circuit kilometre of transmission line projects.
Skipper EPC is currently executing approx.
5,000 circuit kilometres of EHV and HVDC transmission line works
Leading player in high voltage power T&D segment: Emerged as a Preferred Supplier and Contractor of PGCIL for their higher voltage transmission line projects; Secured prestigious 800 KV Khavda HVDC projects and several other 765 Kv / 400 Kv projects during the year with them.
Diversification
Skipper broadened its infrastructure portfolio by foraying into power transmission line, railway electrification, telecom infrastructure, and water EPC projects. This diversified strategy helps reduce risk while capitalizing on new growth opportunities, reinforcing the Companys position as a flexible and resilient player in the industry. As part of this expansion, Skipper also entered the substation EPC segment and secured its first significant order, further enhancing its core transmission line capabilities.
Technological advancements
Skipper diversified its operations by venturing into railway electrification, telecom infrastructure, substation, and water EPC projects, strengthening its adaptability while mitigating risks.
Key strengths
Technical expertise: Demonstrated ability to execute complex, high-voltage transmission projects with strong project management, backed by significant EPC wins including multiple 765 kV and HVDC transmission line contracts from PGCIL and other major assignments that reinforce engineering excellence and execution capabilities.
Comprehensive service and global reach: Provide full-spectrum services across infrastructure projects, from design and supply to erection, civil works, testing and commissioning, and supports turnkey EPC solutions in power transmission, substations, railway electrification, and telecom infrastructure
Advanced in-house R&D and innovation: Operates a DSIR-recognised R&D centre with state-of-the-art testing labs and facilities that drive innovation, quality assurance, automated fabrication, and performance optimisation, including expanded full-scale testing capabilities for towers and poles.
Operational scale and certifications:
Boasts large-scale, backward-integrated manufacturing infrastructure with high automation and ISO certifications that enhance production efficiency, quality and consistency while enabling scalable delivery of complex infrastructure solutions.
Outlook
Skipper Limiteds infrastructure segment is positioned for continued robust growth, supported by a strong and record-high order book and increasing domestic demand across high voltage transmission line projects.
Its future focus remains on core power transmission and distribution (T&D) EPC opportunities with expanding activity in substation, railway electrification, telecom infrastructure, and water EPC projects helping to diversify revenue streams and reduce reliance on any single segment.
The Companys diversified business model enables it to capture new high-value contracts, particularly in high-voltage transmission such as multiple 765 kV and HVDC projects and turnkey infrastructure works, yielding improved margin visibility and stronger competitive positioning. Investment in advanced manufacturing capacity, digital transformation initiatives like SAP S/4HANA, and enhanced in-house design and engineering capabilities further bolster execution efficiency and longterm resilience.
Overall, most growth is expected to continue emerging from the T&D segment, followed by momentum from telecom, railways, and water EPC activities, while a deep bidding pipeline and expanding export footprint provide additional catalysts for sustainable, higher-quality order inflows ahead.
Financial overview
Standalone profit and loss summary
| Sl. No. | Particulars | 12M FY26 | 12MFY25 | % Change |
| 1. | Revenues | 55,528.2 | ^^^_46,244.8 | 20.1% |
| 2. | Reported EBITDA | 5,726.6 | 4,516.6 | 26.8% |
| EBITDA Margins (%) | 10.3% | 9.8% | 50 bps | |
| 3. | (+) Other income | 105.6 | 195.2 | |
| 4. | (-) Depreciation | 798.0 | ^^^_633.0 | |
| 5. | (-) Finance cost | 2,170.7 | 2,127.5 | |
| Finance cost as % to revenue | , 3.9% | 4.6% | ||
| 6. | Profit before tax (2+3-4-5) | 2,863.5 | 1,951.3 | 46.8% |
| PBT margins (%) | 5.2% | 4.2% | +100 bps | |
| 7. | Exceptional (Loss) / Gain items | (106.8) | - | |
| 8. | Tax | 683.5 | 493.0 | |
| 9. | Reported PAT (6+7-8) | 2,073.3 | 1,458.3 | 42.2% |
| PAT margin (%) | 3.7% | _3.1% | +60 bps | |
| 10. | Cash profit (9+4) | 2,871.2 | 2,091.2 | +37.3% |
Standalone debt details
| Particulars | 31.03.26 | 31.03.25 | Inc/(Dec) |
| Long term debt | 4,434 | 2,317 | 2,117 |
| Current maturities for long-term debt | 992 | 754 | 238 |
| Total long-term debt | 5,426 | 3,071 | 2,355 |
| Short term debt | 3,792 | 3,944 | (152) |
| Gross debt level | 9,218 | ^^^\u25a07,015 | 2,203 |
The Companys disciplined financial management translated into improved financing efficiency despite another year of strong business growth and ongoing capacity expansion. Finance cost as a percentage of sales declined to 3.9% in FY26 from 4.6% in FY25, demonstrating the Companys ability to scale operations while improving capital efficiency. The reduction reflects better working capital management, prudent capital allocation and a stronger financial profile.
Ratios (Standalone financial ratios)
| Ratio Type | Refer Note Year ended no. 31-Mar-26 | Year ended 31-Mar-25 | % Variance | Reason for variance | |
| Current ratio | 55.01 | 1.30 | 1.26 | 3.17% | - |
| Debt-equity ratio | 55.02 | 0.62 | 0.59 | 5.08% | - |
| Debt service coverage ratio | 55.03 | 0.63 | 1.47 | 110.88% | - |
| Return on equity ratio | 55.04 | 0.16 | 0.14 | 14.29% | - |
| Inventory turnover ratio | 55.05 | 4.91 | 3.84 | 27.86% | The increase is primarily attributable to higher sales volume and improved inventory management |
| Trade receivables turnover ratio | 55.06 | 4.68 | 5.84 | -19.86% | - |
| Trade payables turnover ratio | 55.07 | 3.12 | 3.25 | -4.00% | - |
| Net capital turnover ratio | 55.08 | 8.06 | 9.71 | -16.99% | - |
| Net profit ratio | 55.09 | 0.04 | 0.03 | 33.33% | Net profit margins have increased due to increased profitability |
| Return on capital employed | 55.10 | 0.20 | 0.21 | -4.76% | - |
Key performance highlights
The Company achieved its best ever annual revenue performance, Revenue in 2025-26 increased to H55,528 million compared to T46,245 million in the previous year, registering an impressive growth of 20%
Segmental revenue
| 12MFY26 | 12M FY25 % Change | ||
| Engineering | 43,590 | 35,185 | 23.9% |
| Polymer | 5,069 | 4,317 | 17.4% |
| Infra | 6869 | 6,743 | 1.9% |
Profitability
Reported EBITDA: The Company recorded a 26.8% growth in reported EBITDA, reaching T5,727 million for the full year, compared to Rs.4,517 million in 202425. EBITDA margins improved to 10.3% against 9.8% in previous year, driven by operating leverage and execution of higher quality T&D contracts.
Profit after tax: Reported PAT surged 43% YoY to an all-time high of Rs.2,131 Million, compared to Rs.1,493 Million in previous year period. The PAT margin to sales improved to 3.84% against 3.23% in corresponding period, showcasing an improvement of 51 bps
Rs. Million, highest ever closing order book as of March 31,2026
Highest ever order inflows in 12MFY26
Order inflows
Order book: Closed the fiscal year with an all-time high order book of Rs.85,019 million, comprising 90% domestic and 10% export orders.
Order inflow: Achieved the highest annual order inflow in the Companys history; secured new orders in excess of Rs.56,780 million during the year.
Projects secured: Emerged as the most preferred supplier and contractor for PGCIL for their high voltage 765 KV transmission line projects. With 25 active projects currently underway.
Bidding pipeline: The Company reported its highest ever year-end bidding pipeline, actively pursuing projects worth over Rs.33 billion, driven by buoyant domestic and international market opportunities.
Operational efficiency
Working capital management: Despite executing a record order book and supporting higher business volumes, the Company maintained disciplined working capital management. The overall working capital cycle (excluding bills payable) remained stable at 98 days in FY26, compared with 95 days in FY25. The Company expects further improvement in working capital efficiency, supported by a higher-quality order mix, favourable
commercial terms in newly secured contracts, tighter project execution, disciplined collections and enhanced monitoring through the SAP S/4HANA RISE platform.
Strategic initiatives
Capacity expansion: Announced plans to enhance engineering capacity by
75,000 MT, progressing well, taking our installed capacity to 450,000 MTPA to meet growing demand.
Focus continues towards improving bottomline profitability and capital return ratios.
Outlook
Skipper Limited expects to maintain a strong growth momentum over the next three years, supported by capacity expansion, rising exports, and a broader product portfolio. The Engineering segment is set to enhance production capacity and scale up international sales, while the polymer division is introducing new product lines to diversify revenue streams.
The Company is also expanding its infrastructure footprint across high voltage transmission line, power substation, railway electrification, telecom, and water management projects, in line with Indias renewable
energy and infrastructure development priorities. With tighter working capital management, Skipper aims to strengthen profitability and create long-term sustainable value.
In summary, Skipper appears to be at a strategic inflection point with a multi-year growth opportunity ahead, backed by:
¦ A robust pipeline of domestic and global transmission and distribution (T&D) projects.
¦ Strategic entry into new high-growth segments.
¦ A focused push to expand exports, leveraging the China+1 opportunity.
¦ Continued emphasis on operational efficiency and cost optimization.
Risk control system
The Company has established a robust risk management framework that is closely aligned with its operational strategies. This integrated approach allows it to proactively identify, assess, and address potential risks, thereby reducing fluctuations in performance.
By maintaining strict compliance with regulatory standards and adopting forward-looking mitigation measures, the Company safeguards its reputation and strengthens the overall resilience and continuity of its business operations.
Protective risk framework
Risk Action plan
identification Reporting Risk analysis development
Risk Risk Risk Integration with R ev i ew an d
evaluation registers treatment business strategy commun i ca ti on
126 Skipper Limited
Risk mitigation
Strategic
| Risk | Mitigation | Stakeholder impacted |
| Geographic risk | To mitigate concentration risk in the Indian market, the Company has expanded its global footprint to over 65 countries. In FY 2025-26, exports accounted for approximately 16% of total engineering segment revenue. | \u25a0 Customers |
| Operating across diverse regions exposes the Company to localized economic slowdowns, which may affect overall business performance. | \u25a0 Employees \u25a0 Value chain partners | |
| Business continuity risk | \u25a0 The Company has established a comprehensive business continuity framework to mitigate risks arising from industry cyclicality, supply chain disruptions, and unforeseen events. | \u25a0 Investors |
| The Company is exposed to potential operational disruptions | \u25a0 Value chain partners | |
| due to its dependence on the power transmission infrastructure | \u25a0 It is diversifying its portfolio by expanding into high-growth segments | |
| sector, which is subject to cyclical demand patterns and regulatory or policy changes. Additionally, | \u25a0 A strong supply chain management system supports operational stability through supplier diversification, strategic alliances, and contingency measures. | |
| supply chain interruptions, natural calamities, and unexpected events such as pandemics may pose significant risks to business | \u25a0 A structured crisis management mechanism is in place, incorporating defined communication protocols, emergency response plans, and periodic continuity drills. | |
| continuity and overall operations. | \u25a0 The Company also utilizes digital technologies to improve efficiency, enable informed decision-making, and enhance overall organizational resilience. | |
| Competition risk | \u25a0 Emphasise research and development to design innovative solutions aligned with evolving customer requirements, while ensuring timely delivery of high-quality products. | \u25a0 Customers |
| The Company operates in a highly competitive environment, facing strong rivalry from both domestic and global players providing comparable products and services. Intense pricing pressures, rapid technological advancements, and ongoing capacity expansions by competitors may adversely impact Skippers market share, margins, and overall profitability. | \u25a0 Value chain partners | |
| \u25a0 Deepen customer engagement by providing superior service and customised solutions, thereby strengthening long-term loyalty. | ||
| \u25a0 Pursue strategic capacity expansion to cater to rising demand through optimisation of existing facilities as well as greenfield and brownfield initiatives. | ||
| \u25a0 Leverage a comprehensive market intelligence framework to monitor competitor actions, industry developments, and customer trends, enabling well-informed strategic decisions. | ||
| Operational | ||
| Risk | Mitigation | Stakeholder impacted |
| Operational risk | \u25a0 Diversified the supply base to reduce dependence on a limited number of vendors, supported by strong supplier governance practices such as performance assessments and contingency planning. | \u25a0 Employees |
| The Companys operational risk largely stems from possible disruptions in its manufacturing and EPC activities. Challenges such as supply chain instability, shortages of key raw materials, labour disputes, workplace incidents, and delays in project execution may adversely affect production output, adherence to timelines, operational performance, and overall reputation. | \u25a0 Value chain partners | |
| \u25a0 Leveraged advanced project management tools and structured methodologies to streamline execution, minimise delays, and enhance overall project outcomes through continuous monitoring and periodic reviews. | ||
| \u25a0 Maintained ongoing engagement with employees and workers, along with regular training initiatives to upgrade skills in alignment with the Companys retention strategy. | ||
| \u25a0 Implemented comprehensive safety programs and training initiatives, while ensuring the provision of appropriate safety equipment to promote a secure working environment. | ||
| Risk | Mitigation | Stakeholder impacted |
| Regulatory and compliance risk The Company is exposed to regulatory and compliance risks as it operates in industries governed by strict regulations and intricate compliance standards. Any failure to adhere to environmental, safety, labour, or financial laws could lead to penalties, legal consequences, reputational harm, and potential disruptions to business operations. | \u25a0 Instituted a comprehensive compliance framework defining policies, procedures, and standards in line with applicable laws and regulatory requirements. | \u25a0 Regulatory bodies |
| \u25a0 Formed a dedicated compliance function responsible for tracking regulatory developments, conducting internal audits, guiding employees, and maintaining proactive engagement with regulatory authorities. | ||
| \u25a0 Established a structured incident reporting and investigation mechanism to swiftly detect and address compliance violations, while implementing corrective measures to mitigate recurrence. | ||
| Quality risk The Companys quality risk centers on ensuring consistent compliance with both domestic and international standards for its transmission tower and tube products, particularly given its leadership position in these segments. Any deviation from prescribed quality benchmarks could lead to product recalls, financial implications, and reputational harm. | \u25a0 Established a comprehensive quality management system to ensure adherence to both domestic and international standards. | \u25a0 Customers \u25a0 Regulatory bodies |
| \u25a0 Promoted a culture of continuous improvement through periodic process audits, performance assessments, and timely corrective measures. | ||
| \u25a0 Invested in advanced testing and inspection infrastructure to carry out thorough quality checks at every stage of the production cycle. | ||
| \u25a0 Enforced strict quality benchmarks for suppliers through detailed audits and systematic performance reviews. | ||
| Financial | ||
| Risk | Mitigation | Stakeholder impacted |
| Financial risk Skippers financial health is exposed to variations in interest rates, currency movements, and liquidity conditions. Delays in project execution and extended payment cycles can elevate working capital needs, while access to adequate debt funding at competitive costs remains critical to sustaining longterm financial stability and growth. | \u25a0 Established a comprehensive financial risk framework to identify, evaluate, and mitigate potential exposures, supported by periodic stress testing and scenario analysis to assess the impact of adverse market conditions. | \u25a0 Investors/ shareholders \u25a0 Value chain partners |
| \u25a0 Maintained a prudent debt-to-equity ratio to preserve financial flexibility and support future expansion plans. | ||
| \u25a0 Deployed hedging tools such as forward contracts and options to manage significant foreign exchange/commodity exposures and reduce currency volatility risks. | ||
| \u25a0 Undertook regular financial planning and forecasting exercises to evaluate the Companys financial position, anticipate potential challenges, and enable timely strategic decisions and efficient capital allocation. | ||
| Working capital risk The Company may face working capital pressures arising from a prolonged operating cycle, which could strain liquidity and affect its ability to meet short-term obligations efficiently. | The Company has undertaken multiple initiatives to improve operational efficiency and strengthen working capital management: | \u25a0 Customers \u25a0 Value chain partners |
| \u25a0 Optimisation of credit and collection processes: A comprehensive review of credit and collection practices across all business segments has been carried out. By implementing stricter credit evaluation standards, automating invoicing systems, and adopting advanced collection strategies, the Company seeks to expedite the recovery of receivables. | ||
| \u25a0 Enhancement of inventory management: To improve inventory turnover and release tied-up capital, the Company is refining inventory levels through accurate demand forecasting, streamlined supply chain processes, and reduced holding periods. | ||
| Hazard | ||
| Risk | Mitigation | Stakeholder impacted |
| Environment, Health and Safety (EHS) risk The Companys presence across diverse sectors subjects it to significant Environment, Health, and Safety (EHS) risks. These exposures are further intensified by the varied nature of its infrastructure projects, which extend across different regions and challenging terrains. Moreover, the Company must continuously adapt to a dynamic regulatory environment while addressing increasing expectations from stakeholders. | \u2022 Comprehensive EHS framework: The Company has implemented a structured EHS framework comprising well-defined policies, standards, and procedures aligned with global best practices. This framework is tailored to address the specific EHS risks arising from diverse geographies and complex project conditions. | \u2022 Communities \u2022 Employees |
| \u2022 Proactive regulatory adherence: A forward-looking compliance approach is adopted, with continuous monitoring and timely adaptation to evolving EHS regulations across various jurisdictions. | ||
| \u2022 Safety training and awareness initiatives: The Company conducts regular training sessions and awareness programs to cultivate a strong safety culture, enabling employees to effectively identify, manage, and report potential EHS risks. | ||
| \u2022 Active stakeholder engagement: The Company maintains close collaboration with key stakeholders to address EHS-related concerns and align operations with environmental and safety objectives. |
People and culture
Skipper Limited recognises that its workforce is a fundamental driver of the Companys growth and long-term success. As of March 31,2026, the Company employs 4,962 professionals.
To cultivate a high-performance work culture, Skipper Limited is committed to adopting progressive HR practices, concentrating on five strategic pillars aimed at strengthening employee engagement, enhancing productivity, and maximising individual contributions to organisational growth.
The Company has implemented a robust performance management framework in line with industry best practices. The key elements of this framework include:
• Key Responsibility Area (KRA)- based goal setting: Clearly defined and measurable objectives are established for each employee, aligned with their specific roles and responsibilities within the organisation.
• Nine-grid performance and potential framework: This structured model assesses both current performance and future potential,
facilitating customised development and succession planning initiatives.
• Job band and compensation structure: A systematic job grading and salary framework ensures equitable, competitive, and role- aligned remuneration and benefits.
• Role-specific KPIs: Tailored key performance indicators are developed for each function and business unit to ensure strong alignment with overall organisational and departmental goals.
• Performance-linked rewards: The Company incentivises excellence through merit-based compensation and benefits, recognising and rewarding high-quality contributions.
Rewards and recognition(R&R)
Skipper Limited has introduced a comprehensive Rewards and Recognition (R&R) programme to inspire and recognise employee performance. The programme is built on a structured evaluation framework comprising:
Leadership competencies: Eight defined leadership competencies are applied to assess mid-senior and senior-level employees, ensuring their capabilities and conduct are aligned with organisational objectives and leadership standards.
Behavioural competencies: Four core behavioural competencies are used to evaluate junior and middle-level employees, with an emphasis on their performance, workplace conduct, and alignment with the Companys values and culture.
HR system and process integration
Skipper Limited is modernising its HR processes through the adoption of advanced technology-driven initiatives:
• Migrating to a comprehensive, integrated HR platform that manages the entire employee lifecycle.
• Strengthening payroll operations by deploying a cloud-based HRIS solution in collaboration with Adrenalin.
• Introducing ACE-DNS to automate sales force operations and enhance productivity.
• Rolling out Skipper DNA, an integrated platform for performance and talent management, complemented by an interactive employee policy portal.
Talent acquisition and performance management
Skipper Limited follows a globally aligned talent development approach, supported by a structured talent management grid designed to unlock employee potential.
The Company leverages a Nine-Grid Performance Management framework, clearly defined KRAs and KPIs, and formalised evaluation processes to consistently assess and elevate performance, with an emphasis on capability, mindset, and innovation.
Leadership enhancement initiatives
Skipper Limited places strong emphasis on cultivating agile and adaptive leadership by establishing clear strategic priorities and identifying critical leadership competencies. These capabilities are strengthened through focused development initiatives that equip leaders to foster innovation, lead teams efficiently, and successfully navigate an increasingly dynamic and complex business environment.
Information technology
In FY 2025-26, Skipper Limited advanced its digital transformation by strengthening its enterprise-wide technology backbone, with SAP S/4HANA integration, IoT- enabled monitoring and early-stage AI adoption. These initiatives enhanced operational visibility, improved execution
Skipper Limited places a strong emphasis on cultivating agile and adaptive leadership by establishing clear strategic priorities and identifying critical leadership competencies.
These capabilities are strengthened through focused development initiatives that equip leaders to foster innovation, lead teams efficiently, and successfully navigate an increasingly dynamic and complex business environment. precision and enabled faster, data-driven decision-making across manufacturing, EPC and supply chain operations. The transformation has resulted in several notable advantages:
¦ Improved operational control through integrated ERP and real-time dashboards
¦ Enhanced efficiency and resource utilisation supported by IoT and automation
¦ Greater agility in planning and execution through analytics-led insights
¦ Strengthened system security and resilience with upgraded cybersecurity measures
Internal control systems and their adequacy
The internal control system is designed to protect assets, ensure accurate accounting, and deliver reliable financial information. It is supported by structured internal audits, management oversight, and well-documented policies that define the organisational framework and delegation of authority.
The internal audit function carries out risk- based audits, presents its observations to the Audit Committee, and evaluates the effectiveness of internal controls.
The Committee reviews these findings and oversees the implementation of corrective actions, reinforcing transparency and regulatory compliance.
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