SKIPPER
Micro CapSkipper Limited
Industrials
Skipper Limited is an Indian manufacturer of transmission line towers, poles, and other infrastructure products for power transmission and telecom sectors. The company also operates a polymer products segment, focusing on building a manufacturing-led, scalable, and globally competitive platform.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +29% YoY · PAT +63% YoY · +22% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,667 Cr | +29.4% | +21.6% |
| EBITDA | ₹173 Cr | +39.5% | +22.7% |
| Operating margin | 10.0% | +0 bps | +0 bps |
| PAT | ₹78 Cr | +62.5% | +47.2% |
| PAT margin | 4.7% | +95 bps | +81 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Skipper reports record Q4 FY26 revenue of INR1,666 crores (+29.4% YoY) and PAT of INR75.6 crores (+70% YoY). Full-year FY26 revenue grew 20% YoY to INR5,552.8 crores, with PAT up 42% YoY to INR207.3 crores, marking highest-ever performance across all metrics.
Skipper delivered record FY26 performance with strong revenue and profit growth, margin expansion, and improved return ratios. The highest-ever order book provides significant visibility. However, FY27 revenue growth guidance is conservative at 15% due to export challenges and domestic bidding delays, raising questions about execution pace despite strong demand.
Order Book by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Power Transmission Sector Growth
Outlook for the power transmission sector remains very strong and structurally positive, driven by renewable energy integration and grid expansion.
Capacity Expansion & Utilization
Capacity expansion of 75,000 tons progressing well, on track to reach 450,000 tons/year by June '26. Utilization levels are above 85%.
Diversified Export Markets
Secured a large multimillion dollar order from a North American utility, strengthening position in developed markets. Targeting Europe, Australia, Africa, LatAm.
Substation Segment Entry
Increasing total addressable market by adding substations into portfolio; currently executing approximately 4 high-voltage substations.
Manufacturing Capacity Expansion
On track to reach 450,000 tons per year capacity by June '26, from current 75,000 tons expansion.
Future Capacity Expansion
Planning another 75,000 tons in FY '27 and 75,000 tons in FY '28, targeting 600,000 metric tons by FY '28.
Test Bed Commissioning
Successfully commissioned Test Bed 2, making the company the only one globally with dual test bed facilities at the same location.
Renewable Energy Integration
India continues to witness significant investment in transmission infrastructure, driven by renewable energy integration.
National Electricity Plan (NEP)
The NEP outlined a multiyear capex pipeline, creating a sustained demand visibility for transmission infrastructure.
Enhanced Testing Capabilities
Dual test bed facilities and highest capacity in the world for heavy tower testing reduce lead times for engineering and execution.
Geopolitical Challenges
Ongoing geopolitical challenges are a concern for export growth, particularly in the Middle East, and have increased sea freight costs.
Domestic Bidding Moderation
FY '26 saw temporary moderation in ordering due to execution size constraints, resulting in slower-than-expected bidding activity by CEA.
Critical Equipment Shortages
Extended delivery cycles for critical equipment such as transformers and HVDC remain a constraint, delaying project execution globally.
Trade Receivables Management
Trade receivables almost doubled in FY26 to INR1,485 crores, partly due to a technical delay of INR260 crores and higher domestic revenue share.
Project Execution Delays
Right-of-way (ROW) and forest clearance timelines, along with critical equipment shortages, are extending project timelines on the ground.
Export Market Volatility
Geopolitical issues and increased sea freight impact export order inflows and execution, leading to a conservative FY27 growth outlook.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results show strong sequential momentum and execution, while full-year results provide a comprehensive view of annual performance and strategic progress. Both are relevant for assessing the company's trajectory.
Order Book (FY26 end)
Closed the year with highest ever order book of INR8,501.9 crores.
Annual Order Inflows (FY26)
Record annual inflows of INR5,678 crores.
Q4 Order Inflows (FY26)
Q4 order inflow stood at INR1,029 crores.
Bidding Pipeline
Bidding pipeline remains strong at over INR33,000 crores.
FY27 Growth Guidance
Management is giving a guidance of 15% growth on revenue and approximately 30% growth in bottom line for FY '27.
Long-term Growth Outlook
Confident of returning to 20% to 25% growth run rate from FY '28 onwards, with robust bidding activity expected in FY '27.
Margin Aspiration
Effort will be to continue to improve margins and achieve long-term aspirational margins of 12% EBITDA.
Order Awarding Acceleration
Order awarding is expected to accelerate significantly from FY '27, approaching FY '25 levels, supported by robust transmission capex.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow Conversion Ratio | Historically 20-25% conversion from bidding pipeline. | Conversion ratio from the INR33,000 crore bidding pipeline, especially with expected acceleration in FY27 order awarding. |
| Trade Receivables | INR1,485 crores at FY26 end (almost double FY25). | Reduction in receivables and improved working capital efficiency, particularly after the INR260 crore technical delay in March-end. |
| Export Market Recovery | Challenging due to geopolitical issues and increased sea freight. | Resumption of order inflows and execution from Middle East and other markets, and rationalization of sea freight. |
| New Capacity Utilization | Overall utilization above 85%. | Ramp-up and utilization of the new 75,000-ton capacity expected to come online by June '26, with significant use by Q3 FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +25.7% / mo · near 52W high
Technical chart
SKIPPERdaily · 6M+24.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 63. Wait for confirmation.
- SMA20 rising (~8.7% over last month) — short-term momentum positive.
- RSI(14) at 63 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 67% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 35.9%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 66.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 94th pctile, median 68 · Micro: 89th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸6 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.30
- P/B
- 4.05
- EV/EBITDA
- 10.69
- Market Cap
- 6030.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 23.30%
- ROA
- 4.70%
- Dividend Y
- 0.02%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 60.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 84.00%
Balance Sheet
- Debt/Equity
- 0.64
- Interest Coverage
- 2.64×
- Altman Z
- 3.41
- Book Value
- 132.00
Cash Flow
- FCF Yield
- 0.08%
- FCF Positive Y
- 6/5
- OCF
- 277.00 Cr
- EPS TTM
- 18.87
Shareholding
- Promoter Hold
- 66.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 81%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.