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Skipper Q2 FY27 results: net profit up 56.7% to ₹58.04 crore, revenue up 9.7%
Skipper Limited reported consolidated Q2 FY27 revenue of ₹1,384 crore, up 9.7% from Q2 FY26, while net profit rose 56.7% to ₹58.04 crore. EBITDA was ₹144.81 crore at a 10.5% margin, down from a 14.2% margin a year earlier; basic EPS was ₹4.87.
Key points
- Consolidated Q2 FY27 revenue was ₹1,384 crore, up 9.7% from ₹1,262 crore in Q2 FY26.
- EBITDA was ₹144.81 crore, down 19.5% from ₹179.79 crore, while the margin declined 3.7 percentage points to 10.5%.
- Net profit was ₹58.04 crore, up 56.7% from ₹37.03 crore, and basic EPS rose 48.5% to ₹4.87.
- H1 FY27 revenue was ₹2,693.81 crore and net profit was ₹114.86 crore, up 7.1% and 39.6% respectively from H1 FY26.
How did Skipper perform in Q2 FY27?
Skipper’s consolidated revenue for the July–September 2026 quarter was ₹1,384 crore, up 9.7% from ₹1,262 crore in Q2 FY26 and 5.7% from ₹1,310 crore in Q1 FY27. Total income was ₹1,385.59 crore, up 9.5% year on year and 5.4% sequentially.
EBITDA was ₹144.81 crore, down 19.5% from ₹179.79 crore but up 3.4% from ₹140.11 crore. The EBITDA margin was 10.5%, down 3.7 percentage points year on year and 0.2 percentage points from the previous quarter.
Profit before tax was ₹77.62 crore, up 50.7% from ₹51.52 crore and 2.6% from ₹75.65 crore. After tax of ₹20.17 crore, net profit was ₹58.04 crore, compared with ₹37.03 crore a year earlier and ₹56.81 crore in Q1 FY27.
Basic EPS was ₹4.87, up from ₹3.28 in Q2 FY26 but down from ₹5.03 in Q1 FY27. On the standalone basis, revenue was ₹1,383.98 crore and net profit was ₹57.47 crore, compared with ₹36.89 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,384 | 1,310 | 1,262 | +9.7% | +5.7% |
| Other income | 1.62 | 4.41 | 4.07 | −60.2% | −63.3% |
| Total expenses | 1,308 | 1,239 | 1,204 | +8.7% | +5.6% |
| EBITDA | 144.81 | 140.11 | 179.79 | −19.5% | +3.4% |
| EBITDA margin | 10.5% | 10.7% | 14.2% | −3.7 pp | −0.2 pp |
| Profit before tax | 77.62 | 75.65 | 51.52 | +50.7% | +2.6% |
| Tax | 20.17 | 19.18 | 14.62 | +38.0% | +5.2% |
| Net profit | 58.04 | 56.81 | 37.03 | +56.7% | +2.2% |
| EPS (₹) | 4.87 | 5.03 | 3.28 | +48.5% | −3.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Skipper's costs and profit?
Total expenses were ₹1,308 crore, up 8.7% from ₹1,204 crore in Q2 FY26. Cost of materials increased by ₹61.16 crore to ₹896.17 crore, while employee cost fell by ₹56.97 crore to ₹93.21 crore. Finance costs declined by ₹24.11 crore to ₹44 crore and depreciation fell by ₹28.75 crore to ₹24.81 crore.
Other expenses were ₹318.92 crore, up ₹191.64 crore from ₹127.28 crore in the year-ago quarter. Other income fell by ₹2.45 crore to ₹1.62 crore. The year-ago quarter included an exceptional charge of ₹10.68 crore, while Q2 FY27 had no exceptional item.
Tax expense was ₹20.17 crore, up ₹5.55 crore from ₹14.62 crore in Q2 FY26. Despite the lower EBITDA and higher other expenses, net profit increased by ₹21.01 crore to ₹58.04 crore, as the year-ago quarter included the exceptional charge and this quarter did not.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 896.17 | 835.01 | +61.16 | +7.3% |
| Employee cost | 93.21 | 150.18 | −56.97 | −37.9% |
| Finance costs | 44 | 68.11 | −24.11 | −35.4% |
| Depreciation | 24.81 | 53.56 | −28.75 | −53.7% |
| Other expenses | 318.92 | 127.28 | +191.64 | +150.6% |
| Total expenses | 1,308 | 1,204 | +104.31 | +8.7% |
| Other income | 1.62 | 4.07 | −2.45 | −60.2% |
| Tax | 20.17 | 14.62 | +5.55 | +38.0% |
| Exceptional items | none | −10.68 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹2,693.81 crore, up 7.1% from ₹2,515.65 crore in H1 FY26, while total income was ₹2,699.84 crore, up 7.0% from ₹2,523 crore.
Profit before tax was ₹153.27 crore, up 37.7% from ₹111.29 crore. Net profit was ₹114.86 crore, up 39.6% from ₹82.28 crore, and basic EPS was ₹9.9, compared with ₹7.29 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,694 | 2,516 | +7.1% |
| Profit before tax | 153.27 | 111.29 | +37.7% |
| Net profit | 114.86 | 82.28 | +39.6% |
| EPS (₹) | 9.90 | 7.29 | +35.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,633.39 crore, compared with ₹4,533.3 crore at 31 March 2026. Total equity was ₹1,943.4 crore, up from ₹1,491.23 crore, while borrowings fell to ₹735.26 crore from ₹921.77 crore. Cash was ₹1.73 crore, compared with ₹2.94 crore.
Inventories increased to ₹1,242.8 crore from ₹1,058.83 crore, while trade receivables fell to ₹1,222.99 crore from ₹1,484.77 crore. Trade payables declined to ₹1,494.45 crore from ₹1,712.92 crore.
H1 FY27 operating cash flow was ₹60.87 crore, compared with ₹136.79 crore in H1 FY26. Investing cash flow was negative ₹206.73 crore against negative ₹92.53 crore, financing cash flow was positive ₹144.66 crore against negative ₹44.1 crore, and capital expenditure was ₹220.27 crore compared with ₹154.25 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,633 | 4,533 |
| Total equity | 1,943 | 1,491 |
| Borrowings | 735.26 | 921.77 |
| Cash and equivalents | 1.73 | 2.94 |
| Inventories | 1,243 | 1,059 |
| Trade receivables | 1,223 | 1,485 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 60.87 | 136.79 |
| Cash from investing | −206.73 | −92.53 |
| Cash from financing | 144.66 | −44.10 |
| Capital expenditure | 220.27 | 154.25 |
Source: Company's results filing (XBRL).
How has Skipper done over the last 8 quarters?
Revenue and profit increased year on year in each of the last eight quarters. Revenue reached its highest level in Q4 FY26 at ₹1,666.58 crore and its lowest in Q3 FY25 at ₹1,135.25 crore; the latest quarter recorded ₹1,383.98 crore.
Net profit peaked at ₹78.06 crore in Q4 FY26 and bottomed at ₹36.09 crore in Q3 FY25. Q2 FY27 profit was ₹58.04 crore, higher than ₹56.81 crore in Q1 FY27.
The EBITDA margin reached 14.2% in Q2 FY26 and fell to 9.6% in Q4 FY25, its low in the reported series. It was 10.5% in Q2 FY27, compared with 10.7% in Q1 FY27, while revenue and profit moved higher sequentially.
Which businesses drove the quarter?
Engineering Products recorded revenue of ₹1,040.38 crore in Q2 FY27, up 4.3% from ₹997.37 crore in Q2 FY26. Segment EBIT was ₹124.88 crore, compared with ₹119.65 crore, and the EBIT margin was 12.0%.
Polymer Products reported revenue of ₹128.16 crore, up 11.1% from ₹115.35 crore. EBIT was ₹6.22 crore, compared with ₹3.63 crore, while the EBIT margin was 4.9%.
Infrastructure Projects generated revenue of ₹215.44 crore, up 44.5% from ₹149.07 crore. EBIT was ₹12.95 crore, compared with ₹8.01 crore, and the EBIT margin was 6.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Engineering Products | 1,040 | +4.3% | 124.88 | 12.0% |
| Polymer Products | 128.16 | +11.1% | 6.22 | 4.9% |
| Infrastructure Projects | 215.44 | +44.5% | 12.95 | 6.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
Skipper also incorporated SKIPPER GRIDTECH Inc as a wholly owned subsidiary in Texas, USA. The company was incorporated on 26 October 2026, with authorised share capital of up to USD 50,000 and a 100% stake held by Skipper. No dividend or appointment was disclosed in the same-day filings reviewed.
What did Skipper's management say?
Management said Q2 order inflows were ₹2,111 crore, up 70% year on year, and the order book was ₹10,066 crore. Export inflows were ₹1,055 crore, while developed markets accounted for more than 60% of the export order book.
Management identified geopolitical uncertainty, temporary export-market disruptions, elevated ocean freight, fuel and commodity inflation, weak Middle East demand and long finalisation timelines for some developed-market export orders as risks. Director Sharan Bansal said, “Looking ahead, we are confident of delivering a significantly better H2. A multiyear growth runway ahead lies ahead for us.”
How did Skipper shares react?
Skipper fell 1.1% within five minutes of the filing, 3.1% after 15 minutes and 3.7% after 30 minutes. The stock closed 3.7% below its pre-results close on the reaction day and was also down 3.7% by the next day's close, measured from the same pre-results close.
On the reaction day, the median move for the other Heavy Electrical Equipment stocks was negative 3.0%, while Skipper's excess move against the industry median was negative 0.8 percentage points. By the next day's close, the sector median was negative 0.7% and Skipper's excess move was negative 3.0 percentage points.
Earlier results-day reactions were mixed: the stock fell 0.4% on 11 August 2026, rose 3.2% on 28 April 2026 and fell 1.2% on 7 November 2025. The remaining disclosed moves ranged from negative 1.6% on 28 October 2024 to positive 2.9% on 30 April 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | −1.1% | |
| 15 minutes | −3.1% | |
| 30 minutes | −3.7% | |
| Reaction day | −3.7% | −3.0% |
| Next day | −3.7% | −0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −0.4% |
| 28 April 2026 | +3.2% |
| 29 January 2026 | −0.6% |
| 7 November 2025 | −1.2% |
| 31 July 2025 | +0.9% |
| 30 April 2025 | +2.9% |
| 5 February 2025 | +2.6% |
| 28 October 2024 | −1.6% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Sixteen other Heavy Electrical Equipment companies were compared for the quarter, and their median revenue growth was 21.8%, as of 6 November 2026. Four peers grew more slowly than Skipper, while 12 peers grew faster than Skipper's 9.7% revenue growth.
Eight of the 16 peers reported higher profit. Skipper's revenue growth was therefore below the peer median, even as its own net profit increased 56.7% from Q2 FY26.
| Skipper revenue growth (YoY) | +9.7% |
|---|---|
| Median of 16 other Heavy Electrical Equipment companies | +21.8% |
| Companies with slower revenue growth than Skipper | 4 of 16 |
| Companies with faster revenue growth than Skipper | 12 of 16 |
| Companies whose net profit rose | 8 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Skipper's revenue in Q2 FY27?
Revenue from operations was ₹1,384 crore, up 9.7% from ₹1,262 crore in Q2 FY26 (consolidated).
Did Skipper make a profit in Q2 FY27?
Yes. Net profit was ₹58.04 crore, against a net profit of ₹37.03 crore in Q2 FY26.
What was Skipper's EPS in Q2 FY27?
Basic earnings per share were ₹4.87, against ₹3.28 in Q2 FY26.
How did Skipper shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.7% from the previous close; the median Heavy Electrical Equipment stock moved −3.0%.
When did Skipper announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting (BSE, 24 October 2026) · PDF
- Results For Quarter Ended 30.09.2026 (BSE, 30 October 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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