Skyroot's Provisional FY26 Financials Show Rs 101 Cr Revenue; Projects Rs 13,205 Cr by FY32

Why It Matters

The revenue breakthrough signals a shift from pure R&D to commercial operations for Indian launch providers, positioning Skyroot to capture a growing global satellite launch market.

Key Takeaways

• Skyroot posted Rs 100.6 cr (~$12 m) FY26 operating revenue.
• Negative EBITDA widened to Rs 130.3 cr (~$1.57 bn) in FY26.
• FY27 revenue forecast Rs 977 cr (~$118 m), launch services to contribute Rs 345 cr.
• Projected FY32 revenue Rs 13,205 cr (~$159 bn) from launch and space‑systems business.
• Customer advances exceed Rs 252 cr (~$30 m) as of March 2026.

Pulse Analysis

India’s spacetech sector has accelerated dramatically in the past five years, buoyed by government incentives and private capital. Skyroot Aerospace, founded in 2018, rode a $60 million Series C round that valued it at roughly $1.1 billion, making it the country’s first spacetech unicorn. The FY26 provisional results mark the company’s transition from a pure research outfit to a revenue‑generating business, with its Space Systems unit—producing composite satellite structures and propulsion components—delivering the first Rs 100 crore of sales. This milestone validates the commercial viability of Indian‑made satellite hardware and sets a benchmark for peers.

Financially, Skyroot’s FY26 numbers reveal a classic growth‑stage profile: revenue of Rs 100.6 crore (~$12 million) sits alongside a deepening loss, with EBITDA at –Rs 130.3 crore (~$1.57 billion). The widening gap reflects heavy investment in R&D, testing facilities, and a surge in employee benefits, which rose to Rs 95.5 crore. Nevertheless, the firm holds customer advances exceeding Rs 252 crore (~$30 million), providing a cash buffer as it scales. Operating and administrative expenses climbed to Rs 88.2 crore, underscoring the capital intensity of building launch‑vehicle capabilities.

Looking ahead, Skyroot’s roadmap hinges on the maiden flight of Vikram‑I, slated for FY26, and subsequent launches of Vikram‑II and a reusable launch vehicle. The company forecasts FY27 revenue of Rs 977 crore (~$118 million), with launch services contributing Rs 345 crore, and envisions a ten‑fold increase by FY32 to Rs 13,205 crore (~$159 billion). If realized, these figures would place Skyroot among the world’s top commercial launch providers, challenging incumbents such as SpaceX and Arianespace in the burgeoning small‑sat market. The aggressive growth plan also signals confidence in India’s ability to supply end‑to‑end launch solutions, potentially reshaping global supply chains for satellite deployment.