Skipper Limited (SKIPPER)
₹526.45 +1.16% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Skipper's revenue was ₹1,310 Cr (+4.5% year on year, -21.4% on the previous quarter), and net profit ₹56.8 Cr (+25.5% year on year); the operating margin was 10.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,310 | +4.5% | -21.4% |
| Operating profit | ₹140 | +10.2% | -19.2% |
| Net profit | ₹56.8 | +25.5% | -27.2% |
| EPS (₹) | 5.03 | +25.4% | -27.7% |
| Operating margin | 10.7% | — | — |
SKIPPER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.75% of the SKIPPER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.59%. The price rose 1.16% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.
Delivery in the last 5 sessions: 44.1% · 35.3% · 35.9% · 42.2% · 46.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Skipper Limited received a credit rating reaffirmation from CRISIL Ratings Limited. Long-term bank facilities were reaffirmed at 'CRISIL A+/Stable' with limits enhanced to ₹5,106 Crore from ₹4,621 Crore. Short-term bank facilities were reaffirmed at 'CRISIL A1'. The enhanced limits support the company's expanding working capital and execution needs relative to its TTM revenue of ₹5,609 Crore.
- CRISIL reaffirmed Long-Term Bank Facilities rating at 'CRISIL A+/Stable'
- Long-term rated facilities enhanced by ₹485 Crore to ₹5,106 Crore (from ₹4,621 Crore)
- Short-Term Bank Facilities rating reaffirmed at 'CRISIL A1'
Skipper Limited has appointed Mr. R. N. Nayak, former Chairman and Managing Director of Power Grid Corporation of India Limited (PGCIL), as a Non-Executive Independent Director effective October 12, 2026. Mr. Nayak brings over 40 years of power sector experience, having previously led PGCIL and worked with NTPC, alongside serving as a World Bank Group consultant. Given that PGCIL is a key client for Skipper's engineering and transmission business, his induction strengthens board governance and sector strategy as the company targets expansion.
- Appointment of Mr. R. N. Nayak as Non-Executive Independent Director effective October 12, 2026
- Appointee has over 40 years of power-sector leadership, including former CMD of PGCIL
- Company operates in 65+ countries with an existing order book heavily tied to power T&D (including PGCIL)
Skipper's board has approved the appointment of Mr. Rabindra Nath Nayak, former CMD of Power Grid Corporation of India (PGCIL), as an Independent Director for a 5-year term from October 12, 2026, to October 11, 2031, subject to shareholder postal ballot approval. Additionally, the company approved the incorporation of a wholly-owned subsidiary (Evergrid Pvt Ltd or similar) focused on Transmission and EPC works with an authorized capital of Rs 25 crore and issued capital of Rs 1 crore. PGCIL is one of Skipper's primary customers, making Mr. Nayak's industry expertise strategic for its power T&D segment.
- Appointment of ex-PGCIL CMD Rabindra Nath Nayak as Independent Director for a 5-year tenure (Oct 12, 2026, to Oct 11, 2031)
- Incorporation of a new 100% wholly-owned subsidiary focused on Transmission and EPC related works
- New subsidiary to have an Authorized Capital of Rs 25,00,00,000 and Issued Capital of Rs 1,00,00,000
Skipper's board has approved the appointment of Mr. Rabindra Nath Nayak, former CMD of Power Grid Corporation of India (PGCIL), as an Independent Director for a 5-year term from October 12, 2026, to October 11, 2031, subject to shareholder postal ballot approval. Additionally, the company approved the incorporation of a wholly-owned subsidiary (Evergrid Pvt Ltd or similar) focused on Transmission and EPC works with an authorized capital of Rs 25 crore and issued capital of Rs 1 crore. PGCIL is one of Skipper's primary customers, making Mr. Nayak's industry expertise strategic for its power T&D segment.
- Appointment of ex-PGCIL CMD Rabindra Nath Nayak as Independent Director for a 5-year tenure (Oct 12, 2026, to Oct 11, 2031)
- Incorporation of a new 100% wholly-owned subsidiary focused on Transmission and EPC related works
- New subsidiary to have an Authorized Capital of Rs 25,00,00,000 and Issued Capital of Rs 1,00,00,000
Skipper Limited has informed the exchanges that its Board of Directors will meet on Monday, October 12, 2026. The primary agenda is to consider and approve the appointment of an Independent Director, subject to shareholder approval. The filing is a procedural governance notice under SEBI LODR Regulations without immediate impact on business operations.
- Board meeting scheduled for Monday, 12th October, 2026
- Meeting agenda is to consider and approve appointment of an Independent Director
- Appointment will be subject to approval of shareholders
- Intimation submitted under SEBI LODR Regulations, 2015
Skipper Limited received a Rectification Show Cause Notice from the Assistant Commissioner of State Tax, Bhubaneswar II, Odisha, revising an earlier proposed GST demand from ₹227.53 crore down to ₹40.96 crore. The demand stems from alleged mismatches across GSTR-1, GSTR-2A, and GSTR-3B filings under Section 73 of the CGST/OGST Act. The rectified demand equals ~18.2% of Skipper's TTM PAT of ₹225 crore. The company maintains that the revised demand is erroneous, does not accept liability, and plans to contest it substantively.
- Original proposed GST demand under Section 73 was ₹2,27,53,28,966/- dated September 30, 2026
- Assistant Commissioner issued Rectification Show Cause Notice reducing the demand to ₹40,95,59,214.00/- on October 1, 2026
- Rectified demand represents ~18.2% of TTM PAT (₹225 Cr) and ~0.73% of TTM revenue (₹5,609 Cr)
- Root cause pertains to return mismatches between GSTR 1, GSTR-2A, and GSTR-3B
- Company stated it does not accept the liability and has grounds to contest the notice
Skipper Limited has received a show cause notice from the State Tax (GST) authority in Bhubneshwar II, Odisha, proposing a tax demand of ₹227.53 Cr under Section 73 of the CGST/OGST Act, 2017. The proposed demand pertains to mismatches among GSTR-1, GSTR-2A, and GSTR-3B filings. This demand is substantial, equivalent to ~101% of Skipper's TTM PAT of ₹225 Cr and ~15.4% of its net worth (₹1,475 Cr). The company stated that the demand is wholly disputed, based on erroneous findings, and intends to pursue appropriate legal remedies.
- Received GST show cause notice demanding ₹2,27,53,28,966 (₹227.53 Cr)
- Notice issued under Section 73 of the CGST/OGST Act, 2017 dated September 30, 2026
- Demand relates to reconciliation mismatches between GSTR 1, GSTR-2A, and GSTR-3B
- Demanded sum represents ~101% of TTM Net Profit (₹225 Cr)
- Company disputes the claim in entirety and states no immediate financial outflow is expected
Skipper Limited has informed the exchanges that its trading window will remain closed starting October 1, 2026. The closure applies to all designated persons and their immediate relatives pursuant to SEBI Prohibition of Insider Trading Regulations. The restriction will stay in place until 48 hours after the declaration of the unaudited financial results for the quarter ending September 30, 2026. The specific date of the board meeting to approve the results will be announced separately.
- Trading window closes on 1st October, 2026
- Applies to financial results for the quarter ending 30th September, 2026
- Window to reopen 48 hours after declaration of Unaudited Financial Results
- Board meeting date to consider results will be intimated in due course
Skipper Limited has secured fresh orders worth ₹797 crore for domestic and international Power Transmission & Distribution (T&D) projects. The contracts include export orders for transmission towers and monopoles in Australia, as well as a domestic 765 Kv transmission line project. The total order value represents approximately 14.2% of the company's TTM revenue of ₹5,609 crore, further bolstering its existing order book.
- Secured fresh orders aggregating to ₹797 crore across domestic and international markets
- Order value equals ~14.2% of Skipper's TTM revenue of ₹5,609 crore
- Export orders secured for transmission towers and monopoles for Power T&D projects in Australia
- Secured domestic 765 Kv transmission line project from a reputed developer
Skipper Limited informed exchanges that ESG Risk Assessments & Insights Limited has voluntarily assigned an ESG score of 60 to the company. The risk category has been assessed as 'Adequate' based on publicly available data. The company clarified that it did not formally engage or mandate the agency for these rating services. This update has no operational or immediate financial bearing on Skipper's current business performance.
- ESG Risk Assessments & Insights voluntarily assigned an ESG rating score of 60
- Assigned risk category is designated as 'Adequate'
- Assessment is dated 16th September, 2026 and based on publicly available data
- Company confirmed it did not hire or engage the rating agency
Skipper Limited has filed the scrutinizer report and voting results for its 45th Annual General Meeting held on September 15, 2026. All four resolutions were passed with over 99.8% majority, including the adoption of FY26 financial statements and approval of a 10% dividend (Rs 0.10 per share of face value Re 1). Additionally, the reappointment of Director Siddharth Bansal and remuneration ratification for FY27 cost auditors were approved. A total of 7.91 crore votes were polled representing approximately 64.83% of the outstanding shares.
- All 4 resolutions passed with requisite majority (>99.8% votes in favour)
- Approved dividend of 10% (Rs 0.10 per equity share of face value Re 1)
- Total of 7,91,74,151 valid votes polled, representing 64.83% of total outstanding shares
- 67 shareholders attended the AGM via video conferencing (17 promoter group, 50 public)
Skipper Limited has informed the exchanges that its management will participate in the Anand Rathi G-200 Summit 2026 on Tuesday, September 22, 2026. The investor conference will take place in physical mode. The company noted that this is a general update rather than a specific one-on-one analyst meet intimation. Skipper reported TTM revenue of Rs 5,609 Cr and holds an order book of approximately Rs 7,458.4 Cr.
- Conference scheduled for Tuesday, 22nd September, 2026
- Event: Anand Rathi G-200 Summit 2026: Bharat - The Next Engine of Global Growth
- Meeting mode is physical attendance by management
- Company clarified the intimation serves as a general update
Skipper Limited conducted its 45th Annual General Meeting on September 15, 2026, through video conferencing. Shareholders considered ordinary business items, including the adoption of FY26 financial statements and approval of a 10% dividend of ₹0.10 per equity share (face value ₹1). Additionally, the re-appointment of retiring director Mr. Siddharth Bansal and approval of cost auditor remuneration for FY27 were tabled. Voting results and scrutinizer reports are scheduled to be submitted on or before September 17, 2026.
- 45th Annual General Meeting held on September 15, 2026, concluding at 12:58 P.M. IST
- Tabled dividend declaration of 10% (₹0.10 per equity share of face value ₹1 each)
- Total of 11 members registered queries, which were addressed by management
- Final e-voting results and scrutinizer report to be declared on or before September 17, 2026
Skipper Limited responded to a surveillance query from the National Stock Exchange dated September 4, 2026, regarding significant volume and price movements in its scrip. The company clarified that it has disclosed all material events under Regulation 30 of SEBI LODR Regulations and has not withheld any price-sensitive information. The company stated that the current increase in trading volume and price is entirely market-driven with no pending undisclosed corporate announcements.
- Response submitted on September 5, 2026, following NSE surveillance query NSE/CM/Surveillance/17483 dated September 4, 2026
- Confirmed full compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
- Clarified that no material event or announcement is pending disclosure
- Affirmed that recent trading volume and price movements are entirely market-driven
Skipper Limited has secured fresh orders aggregating to ₹1,305 crore across domestic and international Power Transmission & Distribution (T&D) projects. The win includes the supply of transmission towers and monopoles to North American markets as well as two 765 kV transmission line projects from a reputed domestic developer. Relative to the company's TTM revenue of ₹5,609 crore, this single order aggregate represents approximately 23.3%, significantly strengthening revenue visibility.
- Secured fresh domestic and international T&D project orders totaling ₹1,305 crore
- Order value represents ~23.3% of Skipper's TTM revenue of ₹5,609 crore
- Export scope includes supply of transmission towers and monopoles for North American markets
- Domestic scope includes two 765 kV transmission line projects for a reputed developer
Financial Performance
Revenue Growth by Segment
The Engineering segment grew 57.7% YoY to INR 3,518.5 Cr in FY25. The Infrastructure segment grew 12.7% to INR 674.3 Cr. The Polymer segment saw a slight decline of 4.6% to INR 431.7 Cr in FY25, though it rebounded in H1 FY26 with 22% YoY growth to INR 242.5 Cr.
Geographic Revenue Split
Domestic operations dominate the mix, but exports are growing rapidly, increasing 27% YoY to INR 523.4 Cr in H1 FY26. Exports currently constitute approximately 11% of the total order book.
Profitability Margins
Operating margins improved from 9.77% in FY25 to 10.14% in Q1 FY26 and 10.3% in H1 FY26. Net profit margins increased from 2.28% in FY24 to 3.15% in FY25, reaching 3.56% in Q1 FY26 due to better operational efficiency and higher-margin export orders.
EBITDA Margin
Reported EBITDA grew 41.4% YoY to INR 451.7 Cr in FY25. Standalone EBITDA margins improved to 10.3% in H1 FY26 compared to 9.9% in the previous year, driven by operating leverage and execution of higher-quality T&D contracts.
Capital Expenditure
The company has announced a major capacity expansion to add 300,000 MTPA to its engineering division. It also successfully raised INR 200 Cr through a rights issue of 1.03 Cr shares at INR 194 per share to fund growth and strengthen the balance sheet.
Credit Rating & Borrowing
Crisil and Acuité maintain a Stable outlook. Finance costs as a percentage of sales improved to 4.2% in H1 FY26 from 4.8% YoY. The company utilizes approximately 63.75% of fund-based and 81.96% of non-fund-based bank limits.
Operational Drivers
Raw Materials
Key raw materials include Steel (for towers and poles) and PVC Resin (for polymer products). Steel and zinc for galvanization are critical for the Engineering segment, while resin prices directly impact Polymer segment value growth.
Import Sources
Not specifically disclosed, but the company operates under a 'China+1' narrative for exports, suggesting a shift in global supply chain positioning. Domestic sourcing is implied for major steel requirements.
Capacity Expansion
Current engineering capacity is 300,000 MTPA, with a planned expansion of 300,000 MTPA to reach a total of 600,000 MTPA. Polymer capacity is maintained at 62,000 MTPA.
Raw Material Costs
Raw material costs are managed through price escalation clauses in contracts. In the Polymer segment, falling resin prices caused a disconnect where volume growth did not fully translate to value growth in FY25.
Manufacturing Efficiency
Efficiency is driven by backward integration and economies of scale. Operating margins in Engineering are aided by being one of the world's largest manufacturers, allowing for volume-driven cost efficiencies.
Logistics & Distribution
The company is expanding its retail distribution network for the polymer business to improve market penetration and reduce logistics overhead per unit.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth will be achieved through a 300,000 MTPA capacity expansion in Engineering, increasing export penetration in developed markets (Power T&D and Telecom), and diversifying the polymer portfolio with new products like water tanks and bath fittings.
Products & Services
Transmission towers, poles, EPC services for power T&D, railway electrification, telecom towers, PVC pipes, CP bath fittings, and water storage tanks.
Brand Portfolio
Skipper, Marina (for bath fittings and tanks).
New Products/Services
Launched 'Marina' brand for CP bath fittings and water storage tanks; introduced 'India's Safest Pipes' campaign to increase market share in the plumbing segment.
Market Expansion
Targeting global markets under the China+1 theme, specifically increasing the export share of the order book from the current 11% to aid margin expansion.
Market Share & Ranking
India's largest manufacturer for transmission towers and poles; aims to be the world's largest within 3 years.
Strategic Alliances
Joint Venture with Skipper Metzer India LLP (50% stake). Partnerships with PLP (UK) and PLP Poland (Belos) S.A. expected by Q2FY26 to strengthen global supply.
External Factors
Industry Trends
The industry is shifting toward non-fossil and renewable energy, driving a multi-year growth runway for T&D infrastructure. Global 'China+1' sourcing strategies are benefiting Indian manufacturers.
Competitive Landscape
Faces intense competition from domestic and international players in T&D and polymer piping; competition often leads to aggressive pricing in tender-based bidding.
Competitive Moat
Moat is built on being a low-cost, backward-integrated producer with massive scale (300k MTPA expanding to 600k MTPA) and a strong reputation with major utilities like PGCIL.
Macro Economic Sensitivity
Highly sensitive to India's renewable energy goals and global T&D spending. A 40-60 revenue split between H1 and H2 is typical due to execution cycles.
Consumer Behavior
Increased demand for eco-conscious infrastructure is driving the company to publish Environmental Product Declarations (EPD) for its steel towers.
Geopolitical Risks
Exposure to international projects in new geographies poses execution and cash flow risks, though mitigated by strong risk management and USD-denominated contracts.
Regulatory & Governance
Industry Regulations
Operations align with global ESG standards, GreenPro, and IS 14025 certifications. Products must meet stringent BIS and international quality standards for T&D.
Environmental Compliance
Eastern India’s first in its segment to publish an EPD for Hot Dip Galvanized steel towers; reduced carbon emissions by 3,000 MT CO2 equivalent.
Taxation Policy Impact
The company settled a legacy entry tax dispute under a government amnesty scheme, paying 75% of the disputed amount.
Legal Contingencies
Recognized a one-time exceptional item of INR 10.6 Cr in Q2 FY26 for the settlement of a legacy entry tax dispute to eliminate future contingencies.
Risk Analysis
Key Uncertainties
Tender-based business nature means revenue visibility depends on winning new contracts. Project deferrals or slow execution due to macroeconomic factors could lead to cost overruns.
Geographic Concentration Risk
While expanding exports, the company still has significant domestic concentration, particularly with large entities like PGCIL and BSNL.
Third Party Dependencies
Dependency on sub-contractors for EPC projects; mitigated by back-to-back payment arrangements and retention money funding.
Technology Obsolescence Risk
Low risk in structural steel, but the company is leveraging digital technologies and R&D to stay ahead in EHV (Extra High Voltage) segments.
Credit & Counterparty Risk
Receivables quality is high as the company primarily bids for funded projects. Debtor days improved to 55 days in FY25 from 86 days in FY24.
