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 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,110 | 1,135 | 1,288 | 1,254 | 1,262 | 1,371 | 1,667 | 1,310 |
| Profit before tax | 45 | 48 | 59 | 60 | 52 | 65 | 99 | 76 |
| Net profit | 33 | 36 | 48 | 45 | 37 | 53 | 78 | 57 |
| EPS (₹) | 3.13 | 3.35 | 4.30 | 4.01 | 3.28 | 4.63 | 6.96 | 5.03 |
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 | 1,53,755 | 51.5 | 16.46 | — | 23.0 | 10.2 | — | 15.2 |
| BHEL | 1,51,400 | 62.2 | 5.79 | 50.2 | 6.1 | 4.7 | 14.3 | 9.3 |
| CG POWER AND IND SOL LTD | 1,43,089 | 93.7 | 17.45 | 77.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,42,051 | 123.4 | 27.44 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,38,484 | 42.3 | 10.00 | 39.0 | 19.9 | 20.6 | 31.1 | 11.6 |
| SIEMENS ENERGY INDIA LTD | 1,14,315 | 76.8 | 23.76 | — | 14.3 | 15.8 | — | 25.9 |
| GE VERNOVA T&D INDIA LTD | 1,12,150 | 85.9 | 41.69 | — | 45.8 | 57.9 | — | 27.4 |
| SUZLON ENERGY LIMITED | 59,633 | 19.0 | 6.30 | 18.5 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 33.8 | 11 of 34 | 70% |
| P/B | 4.2 | 5.8 | 13 of 33 | 63% |
| ROCE | 12.4 | 16.6 | 22 of 36 | 40% |
| ROE | 14.3 | 14.6 | 19 of 35 | 47% |
| Debt / Equity | 0.6 | 0.1 | 32 of 35 | 9% |
| EBITDA margin | 11.0 | 16.4 | 26 of 35 | 27% |
| Revenue growth | 4.5 | 17.7 | 27 of 33 | 19% |
| Profit growth | 25.5 | 6.7 | 11 of 32 | 68% |
| Market cap | 6324 | 7237 | 19 of 35 | 47% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 17 Sept 2026 · Skipper Limited gets ESG rating of 60, rated Adequate by ESG Risk Assessments | business updates | medium | — | — |
| 16 Sept 2026 · Skipper AGM results: dividend of Rs 0.10/share declared, all 4 resolutions passed | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Skipper to attend Anand Rathi G-200 Summit 2026 on Sept 22 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Skipper Limited 45th AGM held; Re 0.10 dividend declared for FY26 | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Skipper responds to NSE query on unusual price-volume movement | compliance | low | — | — |
| 4 Sept 2026 · NSE queries Skipper on sudden rise in trading volume; company reply awaited | compliance | low | — | — |
| 27 Aug 2026 · Skipper bags Rs 1,305 cr T&D orders including North America exports | business updates | high | — | — |
| 24 Aug 2026 · Skipper Limited corrigendum to AGM notice newspaper publication | compliance | minimal | — | — |
| 22 Aug 2026 · Skipper revises record date for FY26 final dividend to 8-Sep-2026 | corporate actions | medium | — | — |
| 22 Aug 2026 · Record date revised for final dividend to 8 September 2026 | corporate actions | 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.