Skipper LimitedInfrastructure & ConstructionSKIPPER
Q1 FY27 concall · earnings callSkipper Limited
Skipper delivered record Q1 revenue and profit growth on strong domestic execution, a strengthened balance sheet, and a robust multi-year order pipeline in the power transmission sector.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹1,310 Cr | 4.5% | |
| EBITDA | ₹140 Cr | 10% | |
| EBITDA Margin | 10.7% | 60 basis points | |
| PAT | ₹56.5 Cr | 26% | |
| Finance Costs (% of revenue) | 3.6% | -60 basis points | |
| Unexecuted Order Book | over ₹9,200 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,135.25 Cr+41.6% YoY+2.3% QoQ | ₹36.09 Cr+76.3% YoY+9.6% QoQ | ₹3.35+68.3% YoY+7% QoQ |
| Q2 FY25 | ₹1,109.74 Cr+43.7% YoY+1.6% QoQ | ₹32.93 Cr+66.5% YoY+1.6% QoQ | ₹3.13+62.2% YoY+1.6% QoQ |
| Q1 FY25 | ₹1,091.74 Cr+96.9% YoY-5.4% QoQ | ₹32.42 Cr+99.5% YoY+28.9% QoQ | ₹3.08+94.9% YoY+30% QoQ |
| Q4 FY24 | ₹1,153.51 Cr+75.5% YoY+43.9% QoQ | ₹25.16 Cr+6.1% YoY+22.9% QoQ | ₹2.37+2.6% YoY+19.1% QoQ |
| Q3 FY24 | ₹801.58 Cr+80.2% YoY+3.8% QoQ | ₹20.47 Cr+115.2% YoY+3.5% QoQ | ₹1.99+116.3% YoY+3.1% QoQ |
TL;DR
- Revenue grew 4.5% YoY to a record INR1,310 crores.
- PAT increased 26% to INR56.5 crores with margin expansion.
- Successfully completed a INR433.5 crores preferential equity raise, followed by a CRISIL rating upgrade to A+.
- Unexecuted order book reached an all-time high of over INR9,200 crores.
- Expect FY27 revenue growth of 15%, weighted towards H2 as export logistics normalize and new orders move into execution.
Said on the call
“The long-term outlook for the power transmission sector remains exceptionally strong.”
From the Q&A
| Topic | What management said |
|---|---|
| Ordering Environment | Ordering has picked up; expecting INR90,000 crores to INR1 lakh crores of bids in the Indian transmission market this year. |
| Finance Cost and Fundraise | The Q1 improvement in finance cost was due to working capital management, not the fundraise; post-fundraise, finance cost is expected to be 3.2% to 3.5% for the full year. |
| Export Outlook | Export order inflow is expected to see a more than 50% jump compared to last year, with strong bounce-back expected from Q2. |
| Revenue and Order Book Guidance | Company maintains 15% revenue growth guidance for FY27, expects to execute approx. INR5,000 crores from the current order book this year, and targets total order inflow of INR7,000 crores for FY27, including about INR1,100 crores from exports. |
| Margins and Commodity Prices | Margin improvement is seen as structural, driven by completion of legacy low-margin contracts and operational leverage; commodity price fluctuations are managed through a mix of firm and variable price contracts, inventory management, and hedging. |
| Capacity Expansion | The 75,000 ton capacity expansion is expected to commission by end of Q2; total capacity will reach 450,000 tons per annum, with no impact on the 15% revenue growth target. |
Guidance
- Expect FY27 to be H2 weighted with stronger growth momentum as export logistics normalize, capacity utilization improves, and recent orders move into execution.
- Maintains full-year revenue growth guidance of 15%.
- Finance costs are expected to be between 3.2% to 3.5% of revenue for the full year.
- Targets total order inflow of INR7,000 crores for FY27.
- Expects about 50% jump in export order inflow compared to last year (~INR1,100 crores).
- Long-term aspirational EBITDA margin is 12%.
- Long-term aspirational export order inflow is 50% of total order inflow.
Source
Summary written from the transcript filed by Skipper Limited for the call held on 12 Aug 2026; published 21 Aug 2026, 23:36 IST.
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