Skipper Ltd (SKIPPER)
🎯 Key Takeaways
- Skipper Ltd is in a phase of strategic expansion with improving operational efficiency, as evidenced by margin expansion and rising order book momentum despite modest revenue growth. Management is actively investing in capacity and global diversification while maintaining a conservative capital structure.
- Revenue declined 21.4% QoQ to ₹1,310 in Q1FY27.
- ⚠️ Over-reliance on domestic market as export revenue share has collapsed to 9% despite prior international ambitions, with no clear recovery path disclo
📖 The Story
Skipper Ltd is in a phase of strategic expansion with improving operational efficiency, as evidenced by margin expansion and rising order book momentum despite modest revenue growth. Management is actively investing in capacity and global diversification while maintaining a conservative capital structure.
📰 What's Happening
In Q1 FY27, Skipper reported 4.5% YoY revenue growth to ₹13,098.3 crores and a significant 26.5% YoY jump in net profit to ₹564.7 crores, driven by 60 bps EBITDA margin expansion to 10.7% and lower finance costs. The company upgraded its CRISIL rating to A+/Stable and raised ₹433.5 crores via preferential equity to fund expansion. Order book grew 8.4% YoY to ₹92,166 crores, with new orders of ₹1,305 crores in August 2026 for T&D projects including 765 kV lines and North American tower supply. Export revenue declined 50% YoY to ₹1620 lakhs, now just 9% of total revenue, indicating a strategic shift toward domestic focus. Capacity expansion plans target 600,000 MTPA by FY29 from current 375,000 MTPA.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,262 | 1,371 | 1,667 | 1,310 |
| Operating Profit | 112 | 120 | 152 | 118 |
| OPM % | 8.8% | 8.7% | 9.1% | 9.0% |
| Net Profit | 37 | 53 | 78 | 57 |
| EPS | ₹3.28 | ₹4.63 | ₹6.96 | ₹5.03 |
Profit growth significantly outpaced revenue growth in Q1 FY27, with net profit up 26.5% versus 4.5% revenue growth, reflecting strong margin improvement and operational efficiency. This trend aligns with management’s focus on pricing power and cost optimization, despite flat-to-modest top-line expansion. The EBITDA margin expansion to 10.7% and rising order book suggest improving execution, though export headwinds persist. Quarterly performance shows volatility in revenue and margins, but profitability remains resilient, supporting the narrative of a company transitioning from volume-driven growth to value-driven profitability.
🔮 Management Outlook & What's Next
Management has outlined a clear capacity expansion roadmap, targeting 600,000 MTPA by FY29, up from 375,000 MTPA currently, signaling long-term investment in infrastructure scale. While export revenue declined sharply and now represents only 9% of total, management has not provided forward guidance on export recovery, suggesting a strategic pivot toward domestic demand. No formal forward guidance on revenue or margins was disclosed in the latest filings, but the order book and capacity plans imply sustained investment momentum.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 950 | 1,182 | 1,269 | 1,480 |
| Borrowings | 763 | 701 | 801 | 948 |
| Total Liabilities | 3,415 | 3,397 | 4,021 | 4,533 |
| Fixed Assets | 782 | 901 | 1,001 | 1,161 |
| Investments | 17 | 20 | 21 | 26 |
| Total Assets | 3,415 | 3,397 | 4,021 | 4,533 |
The balance sheet shows a steady increase in total assets from ₹3,397 crores (Mar 2025) to ₹4,533 crores (Mar 2026), driven by growth in reserves and borrowings, while equity remains stable at ₹11 crores. Borrowings rose to ₹948 crores from ₹701 crores over the same period, indicating active capital deployment for expansion. The company raised ₹433.5 crores via preferential equity in Q1 FY27, strengthening equity without diluting debt capacity. This suggests a balanced capital allocation strategy focused on growth through both equity and debt, with no signs of over-leverage, supported by a healthy D/E of 0.59.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +153 |
| Investing | -201 |
| Financing | +51 |
| Net Cash Flow | +4 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 66.5% | 66.5% | 66.5% |
| FII | 6.4% | 6.1% | 4.1% |
| DII | 0.8% | 1.7% | 1.9% |
| Public | 16.6% | 16.2% | 16.9% |
| # Shareholders | 91,160 | 86,431 | 87,064 |
Promoter holding remains stable at 66.5% over recent quarters, indicating confidence in long-term prospects. FII holdings increased from 4.11% (Q1FY27) to 6.07% (Q4FY26), suggesting growing institutional confidence. DII holdings fluctuated slightly but remained low, while public shareholding rose from 16.18% to 16.95%, reflecting broader retail interest. The rising number of shareholders (87,064 in Q1FY27) and stable promoter stake suggest improving market participation and governance credibility.
⚖️ Peer Comparison — Engineering
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| LMW | 20,328 | 116.3 | 8.2% | 6.1% | 0.00 |
| KRN | 10,173 | 100.3 | 24.5% | 19.4% | 0.07 |
| OMNI | 6,688 | 59.0 | 33.8% | 51.0% | 1.62 |
| SKIPPER | 6,610 | 27.2 | 26.8% | 18.8% | 0.59 |
| LCL | 5,820 | — | — | — | 0.29 |
| UNIPARTS | 4,032 | 22.4 | 25.5% | 20.3% | 0.09 |
| TAALTECH | 1,405 | 22.5 | 33.0% | 25.5% | 0.00 |
| 543782 | 430 | — | — | — | 0.08 |
| 544669 | 263 | — | — | — | 0.48 |
| RVTH | 222 | 14.5 | 17.8% | 12.1% | 0.29 |
⚠️ Risk Factors
1. Over-reliance on domestic market as export revenue share has collapsed to 9% despite prior international ambitions, with no clear recovery path disclosed. 2. Margin expansion is partly driven by lower finance costs, which may not be sustainable if interest rates rise or borrowing costs increase. 3. Capital intensity is rising with significant capex plans, but cash flow generation remains modest (₹4 crores net in Mar 2025), raising concerns about funding adequacy. 4. Order book growth is positive, but execution risk in large T&D projects, especially globally, could impact margins and timelines.
📋 Recent Filings
-
🔴 Announcement 27 August 2026Skipper Limited announced receipt of new orders totaling Rs 1,305 crores for domestic and international transmission and distribution projects, includ...
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🔴 Corporate Action 22 August 2026Skipper Limited revised its record date for the final dividend of FY 2025-26 to 8 September 2026, replacing the earlier 4 September 2026 date, pending...
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🟡 Board Meeting 22 August 2026Skipper Limited announced its 45th AGM on 15 September 2026 via video conference, with voting eligibility ending on 8 September. Shareholders can e-vo...
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🟡 Board Meeting 22 August 2026Skipper Limited announced a revised record date of September 8, 2026, for final dividend payment of the 2025-26 financial year, contingent on sharehol...
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🟡 Board Meeting 21 August 2026Skipper Limited announced its 45th AGM on 15 September 2026 via video conference, recommending a 10% dividend (₹0.10 per share) and ratifying cost aud...
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🟡 Board Meeting 18 August 2026Skipper Limited announced its 45th Annual General Meeting scheduled for 15 September 2026 via Video Conferencing/Audio Visual Means, with the notice p...
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Announcement 18 August 2026Skipper Limited reported record Q1 FY27 revenue of INR1,310 crores (4.5% YoY growth), EBITDA of INR140 crores (10% YoY growth, 60 bps margin expansion...
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🟡 Board Meeting 17 August 2026Skipper Limited announced via NSE filing on August 17, 2026 that its 45th Annual General Meeting will be held on September 15, 2026 through video conf...
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Announcement 12 August 2026Skipper Limited announced that the audio recording of its conference call discussing Q1FY27 results is now available on its investor relations website...
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🔴 Financial Results 11 August 2026Skipper Limited reported Q1 FY27 revenue of **₹13,098.3 crores**, up 4.5% YoY, with net profit rising 26.5% to **₹564.7 crores** and EBITDA margin exp...
🧠 Analyst's Read
Skipper Ltd is transitioning toward a more domestically focused, margin-driven growth model with strong operational efficiency and expanding order book, but faces execution and export-related risks. Investors should monitor export revenue trends, margin sustainability, and capex execution in the coming quarters.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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