NSE: SKIPPER · BSE: 538562
SKIPPER LIMITED
Manufactures heavy electrical equipment for the power transmission sector, running three segments out of India. Engineering Products is the core, accounting for 78.5% of period segment revenue at INR 4,359.015 crore and the bulk of segment EBIT at INR 517.29 crore. Infrastructure Projects contributes 12.4% (INR 686.908 crore, EBIT INR 37.09 crore) and Polymer Products contributes 9.1% (INR 506.899 crore, EBIT INR 16.173 crore). Manufacturing capacity is being scaled from 375,000 MTPA to 450,000 MTPA by June 2026, with a stated target of 600,000 MTPA by FY28 through 75,000 MTPA annual additions. The order book stood at a record INR 8,502 crore at end-FY26, with annual inflows of INR 5,678 crore and a bidding pipeline of INR 33,000 crore split roughly 90% domestic and 10% export. Materials are the dominant cost at 64.0% of revenue, with other opex at 21.1%, employees at 4.8%, depreciation at 1.4% and capex at 6.6%. FY27 is being guided at 15% revenue growth and approximately 30% PAT growth, with a Crisil long-term rating upgrade to A+/Stable and bank facility limits enhanced from INR 4,301 crore to INR 4,621 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering Products (79%), Infrastructure Projects (12%), Polymer Products (9%). Cyclical, capacity-heavy heavy electrical equipment maker exposed to power transmission capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,707 | 1,980 | 3,282 | 4,624 | 5,553 |
| EBITDA (ex other income) | 168 | 193 | 319 | 452 | 562 |
| margin % | 9.8 | 9.7 | 9.7 | 9.8 | 10.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 2.45 | 3.46 | 7.66 | 13.86 | 18.88 |
| ROE % · ROCE % | 3.4 · 12.3 | 4.6 · 13.5 | 9.1 · 19.8 | 12.5 · 25.8 | 14.3 · 22.2 |
| Debt / equity (x) | 0.77 | 0.63 | 0.64 | 0.59 | 0.62 |
| Cash from operations | 17 | 284 | 199 | 153 | 277 |
| Capex | (42) | (85) | (102) | (238) | (366) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,135 | 1,288 | 1,254 | 1,262 | 1,371 | 1,667 | 1,310 | 1,384 |
| Profit before tax | 48 | 59 | 60 | 52 | 65 | 99 | 76 | 78 |
| Net profit | 36 | 48 | 45 | 37 | 53 | 78 | 57 | 58 |
| EPS (₹) | 3.35 | 4.30 | 4.01 | 3.28 | 4.63 | 6.96 | 5.03 | 4.87 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering Products | 4,359 | 78.5 |
| Polymer Products | 507 | 9.1 |
| Infrastructure Projects | 687 | 12.4 |
| Total, before eliminations | 5,553 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABB INDIA LIMITED | 1,45,353 | 48.6 | 15.56 | — | 23.0 | 10.2 | — | 12.6 |
| BHEL | 1,45,271 | 50.5 | 5.43 | 64.9 | 4.5 | 3.4 | 14.3 | 11.0 |
| SIEMENS LTD | 1,30,616 | 39.6 | 8.27 | 45.6 | 16.8 | 6.8 | 31.1 | 10.9 |
| HITACHI ENERGY INDIA LTD | 1,24,166 | 107.9 | 23.99 | — | 19.1 | 24.7 | — | 14.6 |
| CG POWER AND IND SOL LTD | 1,23,314 | 89.5 | 13.76 | 75.7 | 8.0 | 10.6 | 33.2 | 14.2 |
| GE VERNOVA T&D INDIA LTD | 1,03,828 | 72.3 | 31.51 | — | 24.1 | 30.9 | — | 27.1 |
| SIEMENS ENERGY INDIA LTD | 1,01,620 | 68.3 | 21.12 | — | 14.3 | 15.8 | — | 23.6 |
| SUZLON ENERGY LIMITED | 53,650 | 23.8 | 5.22 | 17.6 | 6.8 | 7.9 | 38.0 | 14.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.1 | 33.9 | 12 of 34 | 67% |
| P/B | 3.3 | 5.4 | 12 of 33 | 66% |
| ROCE | 5.6 | 10.4 | 25 of 36 | 31% |
| ROE | 5.9 | 8.7 | 25 of 34 | 27% |
| Debt / Equity | 0.4 | 0.1 | 26 of 34 | 24% |
| EBITDA margin | 10.5 | 13.4 | 26 of 36 | 29% |
| Revenue growth | 9.7 | 23.8 | 24 of 33 | 28% |
| Profit growth | 56.8 | 5.9 | 11 of 32 | 68% |
| Market cap | 6415 | 6415 | 18 of 35 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Skipper incorporates wholly owned transmission subsidiary | strategic transactions | low | — | — |
| 5 Nov 2026 · Skipper profit rises 56% as order book reaches INR10,066 crore | investor communications | medium | — | — |
| 31 Oct 2026 · Skipper fully uses ₹433.5 crore preferential issue proceeds | compliance | minimal | — | — |
| 31 Oct 2026 · Skipper publishes Q2 and H1 FY27 results | compliance | minimal | — | — |
| 30 Oct 2026 · Audio recording of conference call on Q2FY27 results | investor communications | low | — | — |
| 30 Oct 2026 · Skipper incorporates wholly owned subsidiary in Texas, USA | strategic transactions | medium | — | — |
| 30 Oct 2026 · Q2 FY27 revenue hits record high as profit after tax rises 56 percent | compliance | low | — | — |
| 30 Oct 2026 · Q2 FY27 margins and order book reach records | investor communications | medium | — | — |
| 30 Oct 2026 · Skipper to acquire 100% of Sansha Fastener for Rs 15.50 crore | strategic transactions | high | — | — |
| 30 Oct 2026 · Q2 net profit rises 56%; revenue up 10%; board approves Rs 15.5 crore fastener deal | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.