Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Skipper Ltd (India) (NSE: SKIPPER) Q4 2026 Earnings Call dated Apr. 28, 2026
Corporate Participants:
Sharan Bansal — Executive Director
Analysts:
Navin Sahadeo — Analyst
Balasubramanian A — Analyst
Unidentified Participant
Rahel — Analyst
Abhijit Singh — Analyst
Unidentified Participant
Unidentified Participant
Pranjal Mukhija — Analyst
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to The SCPR Limited Q4FY26 earnings conference call hosted by ICICI Securities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Naveen Sahadev from ICICI Securities. Thank you. And over to you sir.
Navin Sahadeo — Analyst
Thank you. Good evening everyone. On behalf of ICICI Security, I welcome you all to the Q4FY26 earnings call of SCPR Limited. Today we have with us from the management, Mr. Sharan Bansal, Mr. Devesh Bansal, Mr. Shivshankar Gupta, their CFO and Mr. Aditya Bujari, AVP Finance. So without any further ado, I hand over the floor to the Skipper Management for their opening comments. Over to you sir.
Sharan Bansal — Executive Director
Good evening. Good evening everyone. Very warm welcome to all participants joining us today for the SCPR Limited earning conference call for the fourth quarter and full financial year ended 31st March 2026. We sincerely appreciate your continued interest and support. FY26 has been a defining year in Scipa’s journey. Marked by record financial performance, strong execution across all business segments and significant progress on our strategic priorities. If I were to describe FY26 in one line, I would say this has been a year where execution, scale and operating discipline have come together to deliver record performance across all metrics.
Over the past few years we have been building a manufacturing led, scalable and globally competitive platform. And FY26 reflects the early outcomes of that strategy. Not just in terms of growth, but margin expansion, improved return ratios and stronger cash generation. Let me begin with the fourth quarter performance which was our strongest quarter to date. We delivered highest ever quarterly revenue of 1666 crores registering a growth of 29.4% year on year driven by strong execution across business segments.
The engineering segment continued to lead growth with revenue of 1248 crores up over 33% year on year, reflecting strong demand and improved throughput. Most importantly, profitability scaled meaningfully. EBITDA increased 40.2% year on year to 173.4 crores. EBITDA margins expanded to 10.4% compared to 9.6% last year. PAT increased 70% year on year to 75.6 crore with margins improving to 4.5%. This strong bottom Line growth underscores the benefit of scale, improved cost structure and disciplined execution.
Importantly, we continue to strengthen our financial profile with finance cost as a percent of sales reducing to 3.3% versus 4.4% last year quarter reflecting better working capital efficiency and improved balance sheet discipline. Moving on to full year performance, FY26 has been a record year for SCPR. We achieved highest ever annual revenue of 5552.8 crore representing a growth of 20% year on year. The engineering segment grew 24% year on year to 4300359 crores reflecting strong demand in transmission infrastructure.
The polymer segment crossed 500 crores delivering its highest ever revenue with strong volume growth. Profitability improved consistently during the year. EBITDA margins expanded to 10.3% driven by operating leverage and higher quality order execution. Finance cost reduced to 3.9% of sales, improving earnings quality. We delivered our highest ever PAT of 207.3 crores, a growth of 42% year on year with margins expanding to 3.7%. In addition, we saw improvement in return ratios. Roe improved to 14.1% compared to 12.3% last year.
ROCE return on capital employed remained stable at 21%. Debt to EBITDA remains stable at 1.6x debt equity at 0.62 times indicating control leverage. Overall, the year reflects a balanced improvement across growth margins and capital efficiency which is a key focus area for us. Order Book Inflows and Visibility Turning to order book and growth visibility, we closed the year with our highest ever order book of 8,501.9 crores, supported by record annual inflows of 5,678 crores. Quarter four order inflow stood at 1029 crores.
The order book remains well diversified with 90% domestic and 10% export mix. A key milestone during the year was securing a large multimillion dollar order from a leading North American utility, which marks a significant milestone in strengthening our position in developed markets and also we are currently working with PGCIL in 25 active projects. We are currently executing approximately 5000 circuit kilometers of EHV and HVDC transmission projects reflecting both scale and complexity of our operations.
Our bidding pipeline remains strong at over 33,000 crores, providing strong visibility for future order inflows, operating leverage and capacity expansion. During the year we made significant progress in strengthening our manufacturing capabilities, technological edge and global position. Our capacity expansion of 75,000 tonnes is progressing well and we are on track to reach 450,000 tonnes per year capacity by June 26 utilization level has remained strong and are above 85% indicating strong demand and execution momentum.
As utilization increases further, we expect incremental volume to drive higher margin expansion reflecting the structural operating leverage. Our manufacturing company FY26 has also been important for capability building perspective. We successfully commissioned Testbed 2, making us the only company global with dual testbed facilities at the same location, significantly enhancing our testing capabilities and global competitiveness. We also successfully completed plant audits across North America, Middle East, Latam, Australia and Europe strengthening our global qualification base.
We also went go live successfully with SAP S4 HANA rise enabling better process control, real time visibility and scalable operations. Additionally, we also received the Great Place to Work certification for the fifth consecutive year reflecting strong organization capabilities. I’d like to talk about the sector outlook. The outlook for the power transmission sector remains very strong and structurally positive. India continues to witness significant investment in transmission infrastructure driven by renewable energy integration, grid expansion and electrical initiatives.
The NEP outlines a multi year CAPEX pipeline creating a sustained demand visibility while FY26 saw some temporary moderation in ordering due to execution side constraints. PR primarily due to challenges such as increased right of way and forest clearance timelines on the ground and extended delivery cycles for critical equipment such as transformers and HVDC which resulted in slower than expected bidding activity by CEA allowing the industry time to strengthen execution capabilities. But the underlying tender pipeline continues to remain very strong supported by robust transmission capex linked to renewable integration, grid expansion and system strengthening.
Order awarding is expected to accelerate significantly from FY27 approaching FY25 level. With this I open the floor to questions.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star L1 on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press STAR and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Bala Subramaniam from Arihant Capital. Please go ahead.
Balasubramanian A
Good evening sir. Thank you so much for the opportunity. My first question on the trade receivable side, it’s almost double in FY26 compared to FY25486 crore despite 20% growth. You could share like what is exact things are there? Is there any project based billing cycles, Any customer concentrations or is there any overture? Bhujishya.
Sharan Bansal
Yeah sure. So firstly I’d like to mention that our Trade receivables, none of them are, you know, are sticky debtors. They’re all running debtors with good quality customers. The reason for increase in debtors is there are two, three reasons for that. Number one was due to a technical reason. Close to about 260 crores of funds which were supposed to receive on the last week of March was received on the 1st and 2nd April. And because of that we could not show it obviously as realized debtors in the month of March.
So that inflated the debtors by 260 crores
Unidentified Participant
Also.
Sharan Bansal
I’ll just continue. Also the the domestic revenue has seen increase of close to about 45% year on year which is let’s say this year quarter four compared to last year quarter four we saw an increase in domestic revenue by close to about 45%. And domestic as we have maintained in the past also it has a higher realization cycle compared to export. And that 45% coupled with GST amount has inflated the overall debtor number. So this is the primary reason the 260 crores which was due to technical reasons could not be realized in the month of March.
And the growth of domestic revenue as compared to exports because exports had a challenge due to the current ongoing geopolitical challenges, export revenue took a hit in the last year quarter four. So because of this the debtor number is seemingly high. However, we have already realized close to about 6 to 700 crores of debtors in the month of April itself. Out of this debtors which you are seeing in the month of March, I hope that answers your question.
Operator
Thank you. The next question is from the line of Disha from Shafire Capital. Please go ahead.
Rahel
Hello. Am I audible? Sir?
Navin Sahadeo
Yes, we can hear you.
Rahel
Yes, thank you so much for this opportunity. So a couple of questions from my side. Firstly on the order book, currently we have an order book house standing for around 8500cr and a bidding pipeline of 3000. So what sort of conversion ratio are we looking at?
Sharan Bansal
Sorry, could you repeat your question please?
Rahel
So the bidding pipeline of 33,000 crores, what sort of conversion ratio are we looking at?
Sharan Bansal
In the past we have achieved a conversion ratio of anywhere between 20 to 25%. And we hope to definitely maintain that with this bidding pipeline as well.
Rahel
So around 8,000, 8,500 sort of order inflow can be targeted.
Sharan Bansal
I mean it’s between 20 to 25%, ma’. Am. So hard for me to put a number but that’s what we have seen historically in the past.
Rahel
Okay, okay. And coming on to growth. So you’ve already maintained 20 to 25% sort of year on year growth. Are we still. So that that guidance still holds for FY27 and beyond?
Sharan Bansal
For FY27 we are giving a guidance of 15% growth on revenue and approximately a 30% growth in bottom line.
Rahel
So we have the order book visibility. So we’re still guiding for 15% sort of growth. So are we seeing any challenges in execution?
Sharan Bansal
In terms of execution? We are. You know obviously see exports are a concern right now as because of the ongoing geopolitical challenges. Export growth has been a concern last year and it continues to remain a concern. Though the opportunities in export markets are very, very large. And we are obviously in discussions with many large contracts in the export markets. However, the execution, actual execution of those will likely probably not be coming this year. And that is one of the reasons why we have a conservative guidance of 15% on the top line.
Rahel
And you also mentioned in your commentary that FR26 we saw some extended timelines for this equipment delivery for transformers and hvdc. How is the position now? Have we seen any pickups?
Sharan Bansal
These continue to remain a constraint and which is why we saw lower than expected bidding activity in FY26. Now we’ve seen some of those bidding activities pick up again because obviously the overall work to be done in the transmission sector is very large and the bidding has rebounded in month of April itself. The on the ground execution. Well these equipment constraints and the ROW constraints remain. So that is an ongoing activity and that again has to be seen on a project to project basis.
Rahel
Okay, okay, all right, fair enough. And so on the capex for any sort of guidance. What sort of capex are we expecting for FY27?
Sharan Bansal
We have for FY27 our CAPEX guidance will be similar to previous years. It will be about 250 crores.
Rahel
So by June end I think will be around 4 lakh 50,000 sort of metric tons capacity. And I think you mentioned that by FY28 will be targeting to reach 6 lakh metrics. Is that correct?
Sharan Bansal
Correct, that’s right,
Rahel
Yeah. How would the scale up be?
Sharan Bansal
As in like the capacity additional capacity
Rahel
Expansion? Yeah, yeah.
Sharan Bansal
We are planning about 75 this year and again 75 next year.
Rahel
So this, so this the current 75,000 will come by June and then post that when will be. When are we talking? So this the next. I meant
Sharan Bansal
Post June. I meant post June. This current 75 that is coming online at 450. This is a spillover from last year. Which we were expecting to commission in March, but now that is extended till June. But the new capacity expansion, both, both this 450 will be taking on another 75 plus 75 the next two financial years within FY27 and 20.
Rahel
So the first phase of the 75,000 metric will be ready by FY27 end?
Sharan Bansal
Yeah, expectedly. Yes.
Rahel
Okay. Okay. And also you mentioned that. Sorry to interrupt. Ms.
Operator
Disha. May we please request you to rejoin the queue, ma’. Am.
Rahel
Yeah. Thank
Operator
You.
Rahel
Thank you.
Operator
Next question is from the line of Abhijit Singh from Systematics. Please proceed.
Abhijit Singh
Yeah. Am I audible?
Navin Sahadeo
Yes, sir. Good evening, Sharan sir. Good to see a great set of results both on revenue and margin fronts. First question would be on the exports. We’ve seen some kind of weakness in both order inflows and execution in Q4. So on the outlook of exports and particularly the execution order inflow and, and margins. Just want some commentary on the outlook in the near term. And have we thought about a change in strategy? Because Middle east was one of our main export markets. So is there a possibility of redirecting some of the order inflows or trying to target some of the order inflows from other geographies that represent in let’s say NATAM or Southeast Asia?
That is my first question.
Sharan Bansal
Yeah. So Middle east definitely is a concern right now. However, we expect that, you know, that the things situation should ease up soon there. So the order inflow as well as the execution should resume from that market. We are obviously diversifying to other markets as we’ve reported that we’ve secured a large contract from North America in this quarter. Also we are in discussions with other large contracts for other large contracts in those developed markets like North America and Europe and Australia.
And of course our traditional markets like Africa, LATAM, etc. We are focusing there more to make up the order loss from the Middle east market. So I think all in all our long term trajectory of increasing our export order book to about 25% and then eventually 50%, that’s very much our long term target. And we are working towards that of course this year. Currently because of all these geopolitical issues, we are facing a temporary blip in towards that target.
Navin Sahadeo
And sir, is there an impact on other export markets other than Middle east of this entire situation of geopolitics on decision making or ordering, let’s say North America or Latam or South Asia because of this, all of this uncertainty and geopolitical issues, is there an impact on decision making and ordering situation? There as well
Sharan Bansal
There is an impact not on the demand side but there is an impact because of the freight, the sea freight increasing. So overall the customers are taking a longer time to decide as because they have to bear the increased sea freight now. So that is, I think the customers may wait for the sea freight to rationalize again. Because right now after the since the war started the sea freights have gone up significantly.
Navin Sahadeo
Absolutely. And so given all this, would we be able to maintain our margins of 10 odd percent or do we have levers to maintain that kind of margin because of the increased input cost and increased freight cost etc. No,
Sharan Bansal
Again the freight cost doesn’t impact us because a export is only about 10% of our order book. And on top of that also we have a healthy mix of FOB and CIF contract. And because even the CIF contract with post major conditions etc. We are able to renegotiate the ocean freight. So we don’t expect any hate to us on the account of the ocean freight, on account of the commodity prices, et cetera. As we maintained in the past, we have a healthy mix of variable price and firm price contracts. And firm price contracts come with significant amount, sufficient buffer to take care of the commodity price increase.
So we don’t expect much of an impact on our margins.
Navin Sahadeo
Right sir, thanks a lot for answering the questions. I’ll come back in queue.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the question queue, please restrict your questions to two per participant. Should you have a follow up question, please rejoin the queue. Next question is from the line of Aditya Villekar from Access Securities. Please proceed.
Unidentified Participant
Yeah, thank you and congrats for the good set of numbers. So my question is with respect to our order bid pipeline, it’s quite healthy at 33,000 cross and our exports are just 10% of our order book. So means given you just told that we are targeting 15% top line growth next year. So means we have a large amount of domestic market to cater. So can we not means diversify from exports to domestic and focus on domestic and maintain our top line growth at 20 to 20%. Just wanted to understand that part.
Sharan Bansal
The domestic ordering also as I’ve mentioned that FY26 we saw lower than expected bidding a lot of key projects, transition projects for which we were expecting to be bid last year, they have shifted to this year. For example the Krishnagiri RES Phase 1 project, the Vizag Kakinada Tutu Korean project and also the 800 KV Rajasthan Bomber Project. So these which we were expecting the bidding to come last year, they’ve all shifted to this year because of the constraint in the critical equipment like transformers, HVDC and of course the ongoing challenges of ROW etc at site.
So if you see overall in the industry for the bidding in FY26 it was significantly lower than FY25. So our our order inflow though we have maintained our overall order inflow of 5600 crores which is better than last year. But it is still lower than our own estimation. So I think domestic there is whatever the scope is there to maximize our effort will be there to maximize the domestic sales in exchange of the export this thing. But we want to be conservative and that’s why we are giving a conservative guidance of 15% growth for on this elevated base
Unidentified Participant
And subsequent years. Means if on a long term basis the growth rate will continue.
Sharan Bansal
No, of course, absolutely. From next year onwards. Definitely. Like I mentioned this year we expect the bidding activity to be very very robust. And obviously we also expect that the export markets they will open up again towards the later part of the year. So I think with the both the things opening up for sure we can expect come back to 20 to 25% growth run rate from next year onwards.
Unidentified Participant
My second question is on margin guidance for 27. So we have a huge bid pipeline. So if you can throw some color on what kind of quality of projects in that bid pipeline are that are there which can enhance our margins because you said our bottom line will grow by 30%. So from that perspective if you can throw some color on the bid pipeline from where those bids and where those projects will translate to our order book, will they be margin accretive from that perspective?
Sharan Bansal
Yeah. So there are two parts to your question. I’ll address the second part. First is about our confidence on the bottom line front. Because the bottom line growth which I am, which we are guiding for that is a resultant of our existing order book itself which is due for execution. So looking at the quality of that order and looking at the overall our execution, which is why that confidence of 30% growth in order to be there, that is not linked to the orders which we are targeting. Because the orders which we secure will some of them are for execution in this year and majority will come for execution next year in terms of the bidding pipeline, it’s a healthy mix of domestic and international.
Like I mentioned to the previous caller that we are diversifying our exports from Middle east and we are looking at other markets more aggressively including developed markets like North America. So from which we have secured a good order in this last quarter also. So I think overall we should be able to diversify the export base quite well and start securing those large export orders from this year itself.
Unidentified Participant
So just on the margin guidance on FY27, if you specifically throw some number on that EBITDA margin.
Sharan Bansal
On EBITDA margin again look we have, if you see this year we have delivered almost a 50 basis point improvement compared to last year. Obviously our effort will be to continue to improve our margins and achieve our long term aspirational margins of 12%. Now how much of that we will be able to do this year? It is a challenging year with increased cost etc. So again despite that we definitely should be able to increase margins. But I am not able to give an exact guidance of how much it will translate to the ebitda.
But long term we will definitely move towards our aspirational margin of 12%.
Unidentified Participant
Okay sir, got it. Thank you.
Operator
Thank you. Next question is from the line of Naman Parmar from Nivesha Investments. Please go ahead.
Unidentified Participant
Yeah, thank you so much for giving opportunity. So just I wanted on the industry side perspective that if we see that the overall NEP plan for the transmission distribution of 9.2 trillion out of that 4.25 trillion is already done. I think by 27 it will be ending and 4.25 will be for the next five years. And the new transmission capex that the government has come up with the for renewable evacuation the 7.2 trillion. So don’t you think the opportunities given that the NEV plan and all the evacuation provides a very good fundamental to grow in the coming future given your growth guidance.
So I just wanted to understand what was the PGCL tenders that has been flowed in the FY26 because if we see PGCL tenders for last 23 years that has been majorly increased from 25,000 crore to 36,000 crore in FY26. So just wanted understanding on that side that how much tenders have been float and how much tender you are able to wean from that,
Sharan Bansal
No? So actually it is not a question of only PGCI tenders. As you all know that the tenders are floated by PFC Rec and all tenders are TBCB tender tariff based competitive bidding where PGCIL is one of the bidders along with several other private sector developers. So it is one thing that PGCIL has been able to maintain successfully a market share of 50% in all these TBCB bids but it is not in the hands of PGCIS because they are dependent in terms on the Ministry and PFC Rec for those bids to come out.
Now the bid volume itself has been lower compared to FY25 as because the sector is already carrying a huge order backlog and the execution is slow as I mentioned due to ROW and due to critical equipment. So which is why I think CEA purposely held back the bidding in FY26. But it is expected now even in PGCL CAPEX guidance they have guided that annually we can expect to see bids of 90,000 to 1 lakh crores coming up in the market. So they have been guiding that in their investor presentations also and also they have guided for increase of CAPEX spending.
So they themselves did capex of 35,000 crores in FY26 and they have guided for 37,000 crores in FY27 and 45,000 crores in FY28. So which is why I think that they are also guiding that in FY27 they are expecting to see good amount of order inflows which will translate to that higher amount of capex for in FY28.
Unidentified Participant
Understand that was about the PGCIS then REST would be your Adani Starlight and Tata Bar that also used to come with the major order. So how much would be we will be bidding for that prior player and current order book consists of how much from the PGL orders or current
Sharan Bansal
Order book. In domestic is predominantly power grid. We have less than 10% share from the private player right now. But we are looking to increase and do business with other private players like Tata Power. They are now quite aggressive. Of course Adani, Rezonia, all of them you know are now coming up in the market quite aggressively. So we are looking to do business with them as well.
Unidentified Participant
Okay. And lastly on the debt you mentioned about the 33,000 crore of BIT pipeline. So if you can bifurcate how much would be the domestic and how much would be the export side?
Sharan Bansal
I think about say about 60 to 65% is domestic and the balance is export.
Unidentified Participant
Okay. Yeah. Thank you so much.
Operator
Thank you. Next question is from the line of Bharat Sharma from Three Sigma Asset Management Managers llp. Please go ahead.
Abhijit Singh
Yeah. First and foremost congratulations for a brilliant set of results. I just wanted to understand you within the entire space two things. One is that I see that you people are coming out with regular CAPEX and capacity increases and with whatever guidance you are giving you are probably going to stay in the range which of your current capital capacity utilization. But as my ideal say person asked, that market is too huge, right? So just wanted to understand your use that what constrains us from probably increasing it to much many fold than what rate we are going in.
Thanks.
Sharan Bansal
As in increasing capacity faster.
Abhijit Singh
Yeah, just wanted to check that because obviously the market provides a lot of more opportunity, right? Is my understanding right or wrong? I don’t know.
Sharan Bansal
Sure. Well, I think see we are increasing capacity in tune with the execution capability also because see our. Our business is very involved in terms of engineering output and it is very manpower heavy. So I think it is not just about capacity building, it is also about capability building. At the same time what we are doing is that we are having to add a lot of skilled manpower, a lot of engineering skills and that also is a big constraint in terms of execution. And of course if we try and increase capacity too much and then we will probably have to compromise somewhere on the margins perhaps.
So exports anyway, the growth is slow where we are dependent on a lot of approvals and certifications and various plant audits that we have to go through in the export market. So there is a time cycle for realizing the export opportunities also. And in domestic of course as the market is expanding, we are also expanding our presence in the transmission line space. At the same time, we are increasing our total addressable market by adding other segments like substations into our portfolio. We are already executing close to about 4 high voltage substitute substations right now.
And that will help us build our channel QR and be able to address the other big part of the overall transmission line, CapEx, which is the substation portion. So I think in terms of growth we are quite happy. We have delivered a plus of 30 35% CAGR growth in the last three years. And even on the televised base again, I think leaving aside the temporary this year which is where we’re guiding for a 15% growth, we are quite confident that we’ll come back to 20, 25% growth number from next year.
Abhijit Singh
Thanks. I just want to check this substation comes under the infrastructure EPC grant line,
Sharan Bansal
Correct? Yes, it does.
Abhijit Singh
And so it’s a slightly lower margin business in my understanding, right?
Sharan Bansal
No, that’s not true. It’s similar margins to our engineering business.
Abhijit Singh
Okay.
Sharan Bansal
The infra business itself, yes of course is lower margins, but overall for a project basis, yes, it’s similar margins.
Abhijit Singh
And sir, would you like to actually also share your views in terms of the overall? I say we hear a lot about, I’ll say shortages of transformers and shortage of lot more other, I’ll say products in this entire space. Like share your views on the entire industry if it’s possible.
Sharan Bansal
It is a constraint not just in India but all over the world. I would say we are seeing this same shortages of critical equipment in pretty much every market where we are active in. So it is definitely a bottleneck for faster project execution. I think various utilities all over the world are trying their own strategies for overcoming this. So it is a constraint right now. Definitely.
Abhijit Singh
Thanks. Thank you. And that’s wishes. Thank you.
Sharan Bansal
Thank you.
Operator
Thank you. Next question is from the line of Divyansh Thakur from Pinterest Capital. Please proceed.
Navin Sahadeo
Hi. My question was already asked. All right, thank you.
Operator
Thank you. Next question is from the line of Pranjal Mukherja from Growth Supplier Ventures llp. Please go ahead.
Pranjal Mukhija
Yeah. Am I audible?
Navin Sahadeo
Yes, please.
Pranjal Mukhija
So thank you for giving me this opportunity and congratulations on a great set of numbers. Sir, I have two questions. So the first question is actually around the HVDC based transmission infrastructure buildup that you’re going to see between the period of FY28 and FY32. I think there are some 5-756-projects that are going to get get bidded out under the TBCB and with like a total capacity of close to 15,500 circuit kilometers. So just wanted to understand like how are we placing ourselves to capture some of this opportunity?
I understand PCL is the, you know, has the largest market share but like are we also like trying to reach out to the private players here and you know, trying to create some sort of relationship there in this question I wanted to also understand in the current order book what is the proportion of HVDC that we have? That is the first question.
Sharan Bansal
Okay. HVD definitely we are focused on taking business from the private players. Right now our share, our market share from the private players in our order book is low. But we intend to definitely increase it in the future and we are in active discussions with an number of them for doing that for HVDC in our current order book. I don’t have the numbers offhand but we are executing a couple of projects of HVDC already so we are fully qualified for that opportunity. And yes, some of the HVDC projects which were due for bidding last year, they have shifted to this year.
So they will definitely be bidded this year. And subsequently most of the HVDC projects will be coming for which we definitely will be playing an active role both with power grid as well as private Utilities.
Pranjal Mukhija
Right. And so secondly, I just wanted to understand from a technical point of view, you know, we mentioned that we recently commissioned Testbed 2 and we’ve become the world’s only company with dual test bed facilities which, which can provide an integrated setup for, you know, lattice stars and monopoles. So if you could just like maybe spread some color on this as to like why this is so significant and then why are we the only company in the world having this capability now? And why other players not able to do this?
Sharan Bansal
No. So again, there are other testbeds perhaps with other players. However, we are the only company having a dual testbed in the same location. So that’s a big advantage for international customers because they are able to witness simultaneous testing of multiple structures at the same time, which is very useful for international customers. And that is a unique ability that we have. And also the other thing that we other significant capability of our testbed is that it is the highest capacity in the world.
So it has the capability to test the highest voltage towers. In fact, for this quarter, we set the world record of testing the heaviest tower ever tested, which was a single tower of 293 tons. Now we are going to break our own world record by testing another tower of 350 tons next month. So these kind of heavy towers testing capability doesn’t exist in most testbeds on the world. So according to us, it probably we are the only testbed all over the world which has the capability to test these heavy capacity towers.
And of course, with the dual test bed, then we have the ability to test multiple of them in the same location. So this is significant because engineering and testing is a very important activity before which, without completing the main execution of the transmission line cannot happen. So with our enhanced capability, we are able to bring down the lead time required for the entire engineering activity and ensure faster execution for our customers.
Pranjal Mukhija
So does the customer actually give a higher preference to a potential supplier with such kind of a setup?
Sharan Bansal
Of course, absolutely. Because overall the project lead time, like I said, the engineering and testing is a significant amount of lead time in addition to the supply. So not only are we able to get the supply faster, but because we are able to do the engineering and testing faster, so that brings down the overall lead time for the customer.
Abhijit Singh
Right. Thank you.
Operator
Thank you. Next question is from the line of Komal Iyer from NBG Investments. Please proceed.
Unidentified Participant
Good evening, sir. I just wanted to understand your guidance. What you said was 15% on revenue and PAT grow 30%. So PAT grows would be 30% despite the inflationary pressures on raw materials which we are likely to see.
Sharan Bansal
Yes, absolutely. Because like I mentioned, our contracts have already got that buffer to absorb the increase prices which we have seen.
Unidentified Participant
Okay, and any particular raw material which you are seeing? Short supply which you said last year led to delay in the orders, you know, I mean government also delayed granting orders due to row and shortage of critical equipment. So how is the shortage of equipments now in this year?
Sharan Bansal
That is different, ma’. Am. So that is not our raw material. The short is in the critical equipment which goes into the transmission line and substations, which is the transformers and the HVDC equipment because without which the system cannot be commissioned and which is why the bidding activity itself was curtailed by the government. So. Okay, and how raw material front?
Unidentified Participant
Yeah,
Sharan Bansal
There’s no constraint because we only our raw materials 100% indigenous, we don’t have any import content. So our raw material, there’s absolutely no disruption whatsoever.
Unidentified Participant
Okay, thank you sir. Thank you.
Operator
Thank you. Next question is from the line of Somil Jain from Lucky Investments. Please go ahead.
Navin Sahadeo
Yes, please.
Pranjal Mukhija
Congrats on a good set of numbers. I just wanted to understand the HVDC opportunity.
Operator
Sorry to interrupt. Somil, your voice is breaking.
Pranjal Mukhija
Is this better?
Operator
Yes, please go ahead.
Pranjal Mukhija
Yeah, I wanted to understand the hvdc, you know, side of the opportunity better per thousand kilometers or per line if you could call out the dam for our product. And secondly, the share of ehv, you know, orders in our order book today or even revenues, any sense on that would be helpful.
Sharan Bansal
HVDC Soumit, I don’t have anything else to add than what I told the previous caller Is then that we saw some HVDC projects which were due for bidding last year, particularly this Bamar project in Rajasthan that’s shifting to this year. So. So we expect the bidding to happen this year for those projects and several other HVDC projects also to come for which we will play an active part in terms of ehv. Almost all the projects that we are doing are falling in the 400kv and 765kv or 800kv category. So they are pretty much almost 100% EHV focused only.
Pranjal Mukhija
Okay. No, I wanted to understand the per line or per thousand circuit kilometers, no opportunity size for our products. That is something that I wanted to understand.
Sharan Bansal
That will vary from project to project. It’s hard to put a benchmark number on that. But essentially look, we cater to 50% of the overall transmission capex, which is, let’s say the transmission substation capex is 1 lakh crores annually. Then our addressable market is 50,000 crores on the lines front. The other 50,000 crores primarily goes to Substation for which also now we are evolving as a key player. But there again we will take time to ramp up our sales in that sector. But as of now obviously we are the entire 50,000 crores of transmission line portion is fully our addressable market.
Pranjal Mukhija
Got it. And you made a comment adding the quality of projects that will lead to, you know, better margins. This is the visibility that you have from your order book today. Is that a function of 765kV and higher HVDC share in the order book? Is that how we should interpret that?
Sharan Bansal
Yeah. In terms of the quality of orders we have been maintaining that with the earlier we had a lot of non TND sales in the company also which were lower margin. Now our sales are predominantly for TND and which is why our margins have seen an improvement along with operational leverage. Going forward there are several opportunities that we are working on with better product mix, more monopoles, more export markets. There definitely we also see opportunities for increasing margins.
Pranjal Mukhija
That was all from my side. Thank you.
Operator
Thank you. Next question is from the line of Gunjan Khabra from Niveshai. Please proceed.
Unidentified Participant
Hi Sarin. Congratulations for the good set of numbers and thank you for the opportunity. The first thing is that where do you think is the highest bottleneck right now in the transmission system in terms of lead time as well? So is it more on the higher KV side And the larger part of the order tendering that you said right now in the call of around 90,000 to 1 lakh crores this year would be predominantly more on the higher KV side or distributed evenly between all the KVs. How is it going to be?
Sharan Bansal
No, I think definitely Gunjan, the bulk of the CAPEX will happen on the higher voltages. Having said that, we are seeing, you know, a growth in lower voltages now also recently what we have started seeing is that earlier most of the large TBCB projects were on interstate basis only. But now even in intrastate, you know there also we are seeing good amount of bidding activity happening. So certainly in those currently the intrastate project projects that have come for bidding they are of only high voltage of 400kV or 765kV.
But I have a feeling that even the lower voltage projects of 132,220kV we will see those coming up under TBCB bidding soon. Because I think government of India is promoting Most of this capex to come through TBCB as because there’s a lot of private sector interest to become transmission line developers. We have seen an increase in the overall number of players bidding in all of these TBCB projects.
Unidentified Participant
Got it. But if we see on the execution front that, you know, you said 15% growth this year, so is it because of the clearance and the ROW issues? Will they get accelerated now because of the transmission bottleneck? Because renewables is already getting installed and everything. So are these processes going to be accelerated now in terms of clearances or because maybe the timeline, when you take the order, the timeline is defined. Right. So is it that the timeline of our orders is for the next year or it has got delayed?
Sharan Bansal
No, I think a ratio 15% is not a bad growth number to take on on this elevated base. Again, why it cannot be more aggressive. Obviously our effort will be to grow 20, 25%. We’re giving a conservative guidance because right now, like I said, number one reason is exports are at a bit of a challenging situation and there is not full visibility of when Middle east markets will open up again and when overall global shipping rates will come down. So that’s probably the number one reason. Number two, probably last year looking at the muted bidding activity that took place.
So even our order inflow was lower than our expectation, although we did better than the previous year, but it was lower than our expectation. So I’d say that as a combination of these factors, 15% is a reasonable number to take up. Obviously our effort will be to go higher than that.
Unidentified Participant
Yeah, but generally order bidding is fine. I mean that was a little slow last year. That was for any XYZ reasons. But we have the order in place. Right. And just from the considering from the end user demand, I mean the demand is of. Of building up the transmission network is also high. So from that perspective I was asking whether the execution is getting delayed because of. Because there are a lot of externalities
Sharan Bansal
We are seeing. Of course. Look, project timelines on the ground are getting extended because of the right of way constraints. So definitely though we in the arc, even though we are carrying a healthy order book, definitely the order execution on the ground is probably not with the scheduled timelines because ROW etc constraints do delay the project.
Unidentified Participant
And also on the export side, if we take some orders from the US and other countries, Latin America and all. So what’s the execution timeline in those countries? Because it varies, right, from country to country.
Sharan Bansal
Yeah, of course. So again, you know, it could depend on there are various types, you know, will we be
Unidentified Participant
Competitive in the US market. First thing
Sharan Bansal
We are, we are quite competitive. Again our products are engineering heavy and manpower intensive. So we are, we have been competitive, we have been winning orders in those markets and we are obviously targeting much larger orders there in that market in that geography and of course in a lot of other geographies as well.
Unidentified Participant
Okay. And the timeline, sorry you were saying
Sharan Bansal
Timeline again would depend whether the, you know, the contract are with engineering or without engineering. So again contracts which we see come with engineering then the timelines are significantly long. Could be two, two years, two and a half years plus also. But again without engineering, you know, the timelines could be shorter, you know, could be my as low as one, one and a half years or so.
Unidentified Participant
Okay, yeah. Thank you so much. Good luck.
Sharan Bansal
Thank you. Puny.
Operator
Thank you. Next question is from the line of Abhijit Singh from Systematics. Please go ahead.
Navin Sahadeo
Thank you for the opportunity once again. So on the polymer product business for the full year we have done about 507 crores of revenue. And as far as I understand we’ve been targeting some of the non eastern markets where we had lower figures compared to the eastern market. Where are we in that journey? And if you could comment on the basis of market share and the competition that you’re facing and also on the margin of your business, it is still at a level which we would want to reform. So on both these aspects, if you can throw some color.
Abhijit Singh
Can you repeat the question please
Navin Sahadeo
Sir? Polymer products business for the non eastern markets. We will try to gain market share on the northern market and the western markets. So where are we in that journey? Have we been able to gain market share in this year? You know we can comment market wise possible. And what is our margin target for this business? Are
Sharan Bansal
You asking what is the growth in other non eastern markets? Is that what you’re asking?
Navin Sahadeo
Right. Have you been able to achieve what we were targeting for, let’s say gaining market share from a lower base in non eastern markets?
Sharan Bansal
So it is growing definitely. You know if you see our overall volume growth has been quite significant despite a challenging market in the polymer sector overall. But a lot of players have reported flat growth. Last year we have grown our volumes by close to about 40% due to lower commodity prices. Perhaps the actual growth has been lower in terms of value. But we have obviously increased our presence in the non eastern market. But of course compared to the larger national players our presence is obviously small.
We are predominantly focused still on the eastern region are likely going to be so in the near future.
Navin Sahadeo
Right, sir. And so lastly on the intra projects.
Sharan Bansal
Sorry, you had a question on the margin,
Navin Sahadeo
Right? Right, sir.
Sharan Bansal
So we held up, we kept the margin steady, you know, in this business. But of course it is still in the low single digits. As we’ve seen volume growth has started taking place. We’ve crossed this 500 crores of revenue for the first time. As we get closer to I think a number of 7, 800 or 1000 crores, definitely we will be much closer to the double digit margins which is our aspiration.
Navin Sahadeo
Right sir. Lastly on the infra projects business, the order book has subsequently decreased over the past 6, 7/4 from 2000 odd crores to thousand odd crores now. So going forward in the near term do we see some kind of demand coming in from telecom or railway? Any project that we’re targeting. So how would the trajectory look like for infra projects business in terms of the order book and revenue?
Sharan Bansal
You’re asking about the non TND revenue?
Navin Sahadeo
Yes. The infrastructure?
Sharan Bansal
No, no. So the non DND is not a significant portion in our order book now it’s
Abhijit Singh
14%. Yeah,
Sharan Bansal
It’s only about 14%. And that also is again mostly on account of the O and M project that we have. O and M work that we have for the BSNL project that we did. So it’s mainly on TND only that are revenues are coming. And even the infra revenue which you are seeing is largely driven by TND only.
Navin Sahadeo
Right sir. That’s it from my answer. Thank you so much.
Sharan Bansal
All right,
Operator
Thank you. Next question is from the line of Pranjal Mukhija from Growth Sapphire Ventures llp. Please go ahead. Your line is unmuted. Please go ahead with your question.
Pranjal Mukhija
Yeah, I’m audible.
Navin Sahadeo
Yes, please
Operator
Proceed.
Pranjal Mukhija
Yeah, thank you for the follow up. I just have one question. I wanted to confirm something. This additional capacity expansion that we’re doing of 75000 MTPA, it will come life in Q2. So this is the commercialization time frame. Right. And like what, what are the assumptions around the optimum utilization of this capacity? It will get utilized in maybe a quarter or two.
Sharan Bansal
Yeah. I mean normally to achieve full capacity utilization it takes a couple of quarters. So I would say from quarter three perhaps we can expect to see significant use of this capacity.
Pranjal Mukhija
Right. And similar to, you know, last expansion that we did, it’s going to roughly add some 1200 crore kind of a revenue yearly. Right?
Sharan Bansal
Approximately 1200 crores. Yes.
Pranjal Mukhija
Okay, great. Thank you.
Operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments.
Sharan Bansal
Thank you to all the participants. Looking ahead, we are confident of delivering A significant better FY27. A multi year growth Runway ahead lies ahead of us. With a record order book, rising capacity utilization, improving margin profile, expanding export footprint, and a structurally scalable manufacturing base, SCPR is entering a phase where growth, profitability and return ratios are set to compound together. We appreciate your continued support and look forward to interacting with you again in the next quarter.
Thank you. You
Operator
Thank you sir. On behalf of ICICI securities, that concludes this conference. Thank you all for joining us and you may now disconnect your lines.