Skipper Ltd (SKIPPER)

📊 Quarterly Results (₹ Cr)

Revenue has shown sequential improvement from ₹1,262 crore (Sep 2025) to ₹1,310 crore (Jun 2026), with operating margins stabilizing around 9%, indicating operational efficiency despite macro headwinds. Net profit and EPS peaked in Mar 2026 at ₹78 crore and ₹6.96 respectively, though they moderated in subsequent quarters, suggesting cyclical demand patterns or project timing effects rather than structural weakness. The ₹797 crore order received in September 2026 is expected to drive future revenue visibility and margin accretion, aligning with management's stated focus on high-value transmission projects.

🔮 Management Outlook & What's Next

Management has not provided formal forward guidance in the reviewed filings, but the receipt of the ₹797 crore order and continued focus on international transmission markets signal intent to scale global operations. The company emphasizes diversification of order book and project execution in high-growth segments, though no quantitative targets or timelines were disclosed in the regulatory disclosures.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

The balance sheet reflects a stable capital structure with equity remaining constant at ₹11 crore while reserves grew from ₹1,182 crore (Mar 2025) to ₹1,480 crore (Mar 2026), indicating retained earnings accumulation. Borrowings increased modestly from ₹701 crore to ₹948 crore over the same period, suggesting controlled leverage expansion to fund growth initiatives without aggressive debt uptake, maintaining a comfortable D/E ratio of 0.59.

💰 Cash Flow Statement (₹ Cr)

👥 Shareholding Pattern

FII holdings rose from 6.07% (Q4FY26) to 4.11% (Q1FY27), while DII increased from 0.8% to 1.92%, signaling institutional accumulation despite promoter holding stability at ~66.5%. The growing number of public shareholders (87,064) and consistent promoter stake suggest broadening investor interest and improving liquidity, with no signs of promoter disinvestment or pledging concerns.

⚖️ Peer Comparison — Engineering

🔗 Peer Stock Analyses

⚠️ Risk Factors

1. The pending GST demand of ₹2,275 crore in Odisha remains unresolved, posing a potential contingent liability despite management's assertion of no material impact. 2. The ESG rating of 60 lacks third-party validation or engagement context, limiting its credibility for ESG-focused investors. 3. Revenue volatility across quarters may reflect project-based earnings, exposing the company to execution and order timing risks. 4. Rising borrowings, though manageable, require disciplined capital allocation as growth ambitions scale.

📋 Recent Filings

• 🔴 Announcement2026-10-01Skipper Ltd disclosed a GST department show cause notice from Odisha's Assistant Commissioner proposing a demand of ₹2,27,53,28,966 for alleged GSTR m…
• Announcement2026-09-28Skipper Ltd announced that its trading window will close on October 1, 2026, and remain shut until 48 hours after the unaudited quarterly results for …
• Announcement2026-09-24Skipper Ltd announced it will attend the Nuvama Emerging India CEO Forum investor conference on September 28, 2026, in a physical meeting format, mark…
• 🔴 Announcement2026-09-23Skipper Limited announced receipt of a ₹797 crore order for domestic and international power transmission and distribution projects, including export …
• 🔴 Announcement2026-09-17Skipper Ltd announced it received an ESG rating of 60 from ESG Risk Assessments & Insights Limited, based on publicly available information, as of Sep…
• 🟡 voting results2026-09-16At the 45th AGM held on 15 September 2026, shareholders approved all four resolutions with overwhelming support, including adoption of audited financi…
• 🟡 Board Meeting2026-09-15Skipper Ltd held its 45th AGM on 15 September 2026 via video conference, adopting audited standalone and consolidated financial statements for FY2026,…
• Announcement2026-09-15Skipper Ltd informed exchanges it will attend the Anand Rathi G-200 Summit 2026 investor conference on September 22, 2026, in Mumbai, as a general cor…
• 🔴 Announcement2026-08-27Skipper Limited announced receipt of new orders totaling Rs 1,305 crores for domestic and international transmission and distribution projects, includ…
• 🟡 Board Meeting2026-08-22Skipper Limited announced a revised record date of September 8, 2026, for final dividend payment of the 2025-26 financial year, contingent on sharehol…

🧠 Analyst's Read

Skipper Ltd is positioned for long-term growth in power transmission, supported by strong order wins and improving financial trends, but near-term performance hinges on execution of the ₹797 crore order and resolution of the GST matter. Investors should monitor international project execution progress and any updates on ESG validation or regulatory outcomes.

Based on filing content and financial data. Not a recommendation.