SKIPPER
Skipper share price & financials
- Price
- ₹538.8
- Market cap
- ₹6.1k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Skipper Limited Q1 FY27
What went well
- Revenue grew 4.5% year-on-year to a record INR1,310 crores.
- EBITDA increased 10% to INR140 crores with margins expanding by 60 basis points to 10.7%.
- PBT grew 27%, while PAT increased 26% to INR56.5 crores.
What to watch
- Geopolitical developments temporarily impacted export dispatches and revenue recognition in Q1 FY27.
- Lower-than-expected order inflow in FY26 due to subdued domestic bidding and geopolitical uncertainties.
What Skipper Limited does
Skipper Limited manufactures power transmission & distribution (T&D) structures — towers, poles, monopoles, railway electrification structures, telecom towers and tower accessories/fasteners — through an integrated in-house process spanning design engineering, steel hot rolling, fabrication, galvanizing and load testing. It also executes EPC (engineering, procurement, construction) projects for transmission lines, telecom infrastructure, railways and water, and separately manufactures and markets polymer pipes and fittings under the Skipper Pipes brand for plumbing, sewage, agriculture and borewell use. Revenue comes from selling fabricated/galvanized T&D structures to utilities and EPC contractors (domestic and export), executing turnkey EPC contracts, and selling branded polymer pipes through retail distribution.
Segments
- Engineering Products
- Infrastructure Projects (EPC)
- Polymer
- Market position
- India's largest manufacturer of T&D structures; ranks among the world's top 5 transmission tower manufacturers
- Manufacturing units
- 4 plants — Uluberia (West Bengal), Junglepore & BCTL (Howrah, West Bengal), Guwahati (Assam)
- T&D structures manufacturing capacity
- 300,000 MTPA
- Polymer pipes & fittings manufacturing capacity
- 62,000 MTPA
- Export footprint
- Exports to 65+ countries
- Global customer base
- 250+ customers worldwide
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 4 delivered 4 missed 13 open- Capacity Commissioning (75k tons) delivered said Q3 FY25 Promised: Major part in Q4 FY25, spill over to Q1 FY26 Q1 FY27: This capacity has been operational since Q1 FY26.
- FY26 Export Order Inflow missed said Q1 FY26 Promised: Double to INR 1,500-1,600 crores Q1 FY27: This target for FY26 was missed due to geopolitical challenges.
- 2nd Capacity Expansion (75k tons) delayed said Q4 FY25 Promised: Add a further 75,000 tons in FY26 Q1 FY27: the ongoing 75,000 ton capacity expansion is expected to become operational during the second half of the year, taking our total manufacturing capacity to 450,000 tons per annum.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.5%, net profit up 26.7% against the same quarter last year.
| Line item | 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 +14% | 1,371 +21% | 1,667 +29% | 1,310 +4% |
| EBITDA | 111 | 111 | 124 | 127 | 131 +18% | 141 +27% | 173 +40% | 140 +10% |
| Net profit | 33 | 36 | 48 | 45 | 37 +12% | 53 +47% | 78 +63% | 57 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +2.5% 1Y
1Y: ₹538.2 on 10 Sept 2025 → ₹551.55. High ₹604.7 (8 Sept 2026), low ₹330.4 (9 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.8%
- 12 Aug
- Q4 FY26
- +2.6%
- 28 Apr
- Q3 FY26
- +0.7%
- 29 Jan
- Q2 FY26
- −1.5%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 41.0% a year over 3 years, FY23 to FY26. Operating margin widened to 10.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.0k Cr | ₹3.3k Cr | ₹4.6k Cr | ₹5.6k Cr |
| Operating profit | ₹192 Cr | ₹320 Cr | ₹451 Cr | ₹572 Cr |
| Operating margin | 9.7% | 9.7% | 9.8% | 10.3% |
| Interest | ₹105 Cr | ₹154 Cr | ₹212 Cr | ₹217 Cr |
| Depreciation | ₹46 Cr | ₹52 Cr | ₹64 Cr | ₹81 Cr |
| Net profit | ₹35 Cr | ₹81 Cr | ₹149 Cr | ₹213 Cr |
| Net margin | 1.8% | 2.5% | 3.2% | 3.8% |
| ROCE | 12.0% | 21.0% | 24.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹698 Cr | ₹722 Cr | ₹757 Cr | ₹887 Cr | ₹1.3k Cr | ₹1.5k Cr |
| Borrowings | ₹448 Cr | ₹575 Cr | ₹494 Cr | ₹592 Cr | ₹801 Cr | ₹931 Cr |
| Other liabilities | ₹763 Cr | ₹777 Cr | ₹961 Cr | ₹1.7k Cr | ₹1.9k Cr | ₹2.1k Cr |
| Total liabilities | ₹1.9k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹3.1k Cr | ₹4.0k Cr | ₹4.5k Cr |
| Fixed assets | ₹657 Cr | ₹657 Cr | ₹697 Cr | ₹749 Cr | ₹1.0k Cr | ₹1.2k Cr |
| Capital work in progress | ₹12 Cr | ₹14 Cr | ₹7 Cr | ₹16 Cr | ₹189 Cr | ₹273 Cr |
| Investments | ₹10 Cr | ₹7 Cr | ₹10 Cr | ₹17 Cr | ₹10 Cr | ₹26 Cr |
| Other assets | ₹1.2k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹2.4k Cr | ₹2.8k Cr | ₹3.1k Cr |
| Total assets | ₹1.9k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹3.1k Cr | ₹4.0k Cr | ₹4.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, FIIs added +5.22 pp while promoters trimmed −5.00 pp. The shareholder count shrank 12% to 88,286.
- Promoters
- 61.5%
- FIIs
- 10.6%
- DIIs
- 2.2%
- Public
- 25.6%
Since Jun 2025
- FIIs +5.22 pp
- Promoters −5.00 pp
- Public −2.19 pp
How it drifted, 12 quarters
Over this window promoters fell from 71.9% to 61.5% — −10.4 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 71.9%, FIIs 7.4%, DIIs 0.1%, Public 20.6%.Mar '24: Promoters 66.5%, FIIs 4.6%, DIIs 0.2%, Public 28.7%.Jun '24: Promoters 66.5%, FIIs 3.6%, DIIs 0.2%, Public 29.6%.Sep '24: Promoters 66.5%, FIIs 4.4%, DIIs 0.2%, Public 28.9%.Dec '24: Promoters 66.5%, FIIs 4.8%, DIIs 0.5%, Public 28.2%.Mar '25: Promoters 66.5%, FIIs 5.1%, DIIs 0.3%, Public 28.1%.Jun '25: Promoters 66.5%, FIIs 5.4%, DIIs 0.3%, Public 27.8%.Sep '25: Promoters 66.5%, FIIs 6.5%, DIIs 0.5%, Public 26.5%.Dec '25: Promoters 66.5%, FIIs 6.4%, DIIs 0.8%, Public 26.4%.Mar '26: Promoters 66.5%, FIIs 6.1%, DIIs 1.7%, Public 25.8%.Jun '26: Promoters 66.5%, FIIs 4.1%, DIIs 1.9%, Public 27.5%.Jul '26: Promoters 61.5%, FIIs 10.6%, DIIs 2.2%, Public 25.6%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Smallcap World Fund, Inc Global fund house newly disclosed 4.83% held
- Cohesion Mk Best Ideas Sub-Trust FPI fund newly disclosed 1.31% held
- Bandhan Nifty Total Market Index Fund Mutual fund +0.31 pp 1.80% held
The same filing shows 11 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Skipper Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Skipper Plastics Limited | 16.42% | −1.34 pp |
| Sk Bansal Heritage Trust Held By Sajan Kumar Bansal As Trustee | 8.91% | −0.73 pp |
| Sk Bansal Legacy Trust-Held By Sajan Kumar Bansal Trustee | 8.91% | −0.73 pp |
| Sk Bansal Family Trust Held By Meera Bansal Trustee | 8.91% | −0.73 pp |
| Sk Bansal Unity Trust-Held By Meera Bansal As Trustee | 8.91% | −0.73 pp |
| Ventex Trade Private Limited | 5.04% | −0.41 pp |
| Smallcap World Fund, Inc Global fund house | 4.83% | newly disclosed |
| Vaibhav Metals Private Limited | 2.14% | −0.18 pp |
| Bandhan Nifty Total Market Index Fund Mutual fund | 1.80% | +0.31 pp |
| Chartered Finance & Leasing Limited | 1.62% | −0.14 pp |
| Ajay Upadhyaya | 1.39% | −0.12 pp |
| Samriddhi Ferrous Private Limited | 1.32% | −0.11 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹552, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~83%. At that growth it is worth ₹9777 — upside of 1673%.
- Growth the price implies
- 18.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 82.6% a year
- net profit, FY23–FY26 · EPS 83.2%
- The gap
- -0.7 pp
- 1673% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Skipper Limited
Guides on how to read this kind of business and the numbers that matter.