Revenue
Margin
Demand
Guidance
Tone
Event Participants
Executives
3 Sharan Bansal (Director), Shiv Shankar Gupta (CFO), Aditya Dujari (AVP Finance & Head IR)
Analysts
9 Abhijeet Singh (Systematix), Aditya Welekar (Axis Securities), Basant Bansal (NBG Investment), Deepam Gala (Individual), Harsh Motika (SKP Securities), Kewal Shah (Axis Capital), Naveen Sahadeo (ICICI Securities), Renga Varshini (Wealthify), Vanshita Amlani (Individual)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue | ₹1,310 crores | +4.5% YoY; highest ever Q1, despite geopolitical/tariff-related export shipment deferrals |
| EBITDA | ₹140 crores | +10% YoY; margin 10.7%, +60 bps YoY on better project mix, legacy contract completion, operational leverage |
| PBT | Not disclosed (absolute) | +27% YoY |
| PAT | ₹56.5 crores | +26% YoY |
| Finance cost / Revenue | 3.6% | Down from 4.2% YoY; purely on working capital management, no benefit from equity raise in Q1 |
| Unexecuted order book | ₹9,200+ crores | Highest ever; ~₹5,000 crores expected to execute in FY27 |
| Order inflow (Q1) | ₹1,674 crores | ~95% T&D; two 765 kV projects won from Maharashtra developer |
| Bidding pipeline | ₹35,000 crores | All-time high; supported by domestic transmission investments and international opportunities |
| Equity raise (preferential) | ₹433.5 crores | Completed in Aug from marquee global/domestic long-only investors; proceeds fully used for debt repayment |
| CRISIL long-term rating | A+ (stable) | Upgraded in July 2026, validating stronger financial profile |
Geographic & Segment Commentary
- Engineering (T&D structures): Q1 revenue muted due to lower FY26 order intake (domestic & export) and customers deferring shipments on high freight costs. Slowdown deemed temporary — export order inflow expected to jump 50% YoY, and 75,000-ton new capacity (export-focused) commissioning by end-Q2 FY27 will enable bounce-back from next year.
- Infra (EPC services): Strong growth; ~₹250 crores revenue run-rate across recent quarters. All EPC activity domestic, booked under TBCB developers (services portion only). Order book of ~₹1,800 crores, split ~75% T&D and 25% telecom.
- Polymer: Q1 revenue muted on sharp commodity price swings (steel/aluminum) causing trade caution and destocking. Margins held; management confident of 20% top-line growth with margin improvement for full year, driven by both volume and value.
- Exports: Currently ~9% of revenue; Q1 impacted by shipping cost deferrals. Expecting ₹1,100 crores export order inflow this year (50% jump), primarily from North America and Australia; traditional markets (Middle East, Africa, Latin America) also contributing. USA entity to become operational shortly.
Company-Specific & Strategic Commentary
- Balance sheet strengthening: ₹433.5 crore preferential equity raise completed in early August, fully deployed towards debt repayment. CRISIL upgrade to A+ stable expected to lower cost of capital.
- Capacity expansion: 75,000-ton expansion on track for commissioning by end-Q2 FY27, taking total capacity to 450,000 tons — largest power T&D structure manufacturer in India.
- International footprint: Subsidiaries established in Brazil and UAE; USA entity operational shortly; qualification audits successfully completed with customers in USA, Finland, and Australia.
- Market opportunity: TBCB bids expected at ₹90,000–1,00,000 crores in FY27 (vs ₹50–60k crores in FY26), with intrastate projects now also flowing via TBCB route. New foreign capital entering sector (CubeGrid/iSquared, AnandGrid/NIIF platforms).
- Legacy contract cleanup: Low-margin legacy orders now less than 5% of order book, largely to be executed within FY27 — reducing margin drag structurally.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Revenue growth | ~15% for FY27 | Constrained by lower FY26 order intake; H2-weighted as export logistics normalize, capacity utilization improves, and new orders move into execution |
| Order inflow | ₹7,000+ crores FY27 | ₹1,674 crores already booked in Q1; expected to close order book at ₹10,000+ crores |
| Export order inflow | ~₹1,100 crores FY27 | 50% jump YoY; driven by North America & Australia, with Europe pending approvals |
| Finance cost / Revenue | 3.2–3.5% FY27 | Further improvement post-fundraise (benefit visible from Q2 onwards) |
| Polymer segment growth | 20% FY27 | Volume + value led; margin improvement expected |
| Aspirational EBITDA margin | 12% (long-term) | Structural improvement via legacy order completion, better project mix & operational leverage |
| Export order inflow share | 50% of total (long-term aspiration) | Directionally on track; ~15% of inflows this year, 20–25% expected next year |
Risks & Constraints
| Risk | Context |
|---|---|
| Manpower shortage | Biggest challenge flagged; demand surge across sector makes recruiting/retaining quality technical talent difficult (manufacturing & project side). Mitigation: ~200–250 graduate trainees hired annually, robust training program. |
| Export logistics / shipping costs | Customers deferring shipments to avoid elevated freight rates, impacting revenue recognition and order lifts. Management views as temporary; expects normalization and expects 50% export order inflow jump this year. |
| Commodity price volatility | Sharp steel ( |
| Geopolitical / tariff uncertainty | FY26 export order inflow hit by tariff and Middle East geopolitics; residual freight disruption persists in early FY27. Management confident of recovery, pointing to strong demand from renewables and AI data centers. |
| H2 execution concentration | Revenue guidance is H2-weighted; risk of slippage in project commissioning, capacity ramp-up, and order conversion. Management expresses confidence in achieving 15% growth. |
Q&A Highlights
Ordering environment & sector cycle
- Question: Is ordering activity picking up versus subdued FY26? Where are we in the ₹9 lakh crore capex cycle? (Aditya Welekar, Axis Securities)
- Answer: Bids are getting finalized and inflows will translate from Q2. Expecting ₹90,000–1,00,000 crores of transmission bids in FY27 vs ₹50–60k crores in FY26. Only ~40% of the ₹9 lakh crore total has been bid so far. (Sharan Bansal)
Export outlook & revenue guidance
- Question: Is export revenue lost or delayed? How will 15% growth guidance be achieved despite 4% Q1 growth? How much of order book will execute in FY27? (Renga Varshini, Wealthify)
- Answer: Export ordering is not stopped — advanced contract discussions underway, orders visible from Q2. Expecting 50% jump in export order inflow YoY. Growth will be H2-weighted as Q1/Q2 are seasonally slow (monsoons, West Bengal elections, freight disruptions); all three segments (engineering, polymer, infra) will contribute. Of ₹9,200 crores order book, ~₹5,000 crores expected to execute in FY27. (Sharan Bansal)
TBCB market & competition
- Question: Are deferred projects materializing in TBCB? Expected growth in TBCB bidding? (Kewal Shah, Axis Capital)
- Answer: FY26 TBCB bidding was muted at ₹50–60k crores; FY27 expected at ₹90k–1 lakh crores. Intrastate projects now also coming via TBCB route, boosting pipeline. New foreign capital (iSquared/CubeGrid, NIIF/AnandGrid) entering the sector. (Sharan Bansal)
Margin sustainability & legacy orders
- Question: How did margins improve despite commodity inflation and soft exports? Is expansion structural? (Naveen Sahadeo, ICICI Securities)
- Answer: Legacy low-margin contracts (now <5% of order book) virtually done. New contracts carry better margin profiles. Firm-price contracts have built-in buffers; variable-price contracts adjust monthly; additionally use inventory build-up and partial hedging. Long-term aspirational margin of 12% and trajectory is structural. (Sharan Bansal)
Polymer segment
- Question: Q1 polymer revenue muted despite strong FY26; what drives the year? Is growth volume- or price-led? (Harsh Motika, SKP Securities)
- Answer: Muted Q1 due to sharp commodity price swings on both sides causing trade caution and destocking. Margin profile improving. Full-year target is 20% growth with margin improvement, coming from both volume and value. (Sharan Bansal)
Engineering slowdown & export capacity
- Question: Is engineering segment slow-down structural? Why did volume lag while infra jumped? (Naveen Sahadeo, ICICI Securities)
- Answer: Engineering slowdown is temporary — new capacity built last year (75,000 tons) is export-focused and export intake was poor in FY26. Customers deferring lifts on high shipping costs. Expect bounce-back from next year with 50% export order inflow growth and shipping rate normalization. (Sharan Bansal)
Export mix trajectory
- Question: How should we model export share journey from current ~9% to 40–50%? Milestones? (Naveen Sahadeo, ICICI Securities)
- Answer: This year export inflows ~15% of total; next year expected 20–25%. Long-term aspirational target of 50% of order inflow from exports, with developed markets (USA, Australia) as focus. Can't commit to exact year, but directionally on track. (Sharan Bansal)
Revenue guidance trajectory & legacy drag
- Question: Is 15% growth a steady compounding number, or can it be revisited? How much legacy order drag remains? (Naveen Sahadeo, ICICI Securities)
- Answer: This year's guidance is constrained by last year's lower order intake; with higher order inflows and capacity, next year can target higher growth. Legacy orders <5% of order book and will largely complete within FY27. (Sharan Bansal)
QIP proceeds & finance costs
- Question: Is finance cost reduction from debt repayment post-QIP? What is current debt? (Aditya Welekar, Axis Securities)
- Answer: Fundraise came in end-July/early-August, so Q1 had no benefit. Improvement purely from better working capital management and operational leverage. Finance cost expected at 3.2–3.5% of revenue for FY27 post-fundraise. Entire proceeds used for debt repayment. (Sharan Bansal)
Order book composition
- Question: Can you share order book breakup between EPC and engineering products? (Deepam Gala, Individual)
- Answer: Out of ₹9,200 crores total, ~₹1,800 crores is infra (EPC services) — ~75% T&D and 25% telecom. This quarter's order inflow of ~₹1,600 crores is almost all T&D, with ~25% of overall order book being infra-related. (Sharan Bansal)
Key risks / challenges
- Question: What challenges keep you worried from a macro perspective? (Basant Bansal, NBG Investment)
- Answer: Biggest challenge is quality technical manpower — supply is tight given sector demand surge. No major sectoral challenges otherwise; robust HR team, ~200–250 graduate trainees recruited annually, strong training programs. (Sharan Bansal)
Key Takeaway
Skipper Ltd delivered a resilient Q1 FY27 with record revenue of ₹1,310 crores (+4.5% YoY), EBITDA margins expanding 60bps to 10.7%, and PAT up 26% to ₹56.5 crores, despite export shipment deferrals, West Bengal elections, and commodity price volatility. The quarter was marked by a record unexecuted order book of ₹9,200+ crores, a ₹433.5 crore preferential equity raise fully deployed toward debt repayment, and a CRISIL upgrade to A+ stable, strengthening the balance sheet and lowering the cost of capital. Management maintains 15% revenue growth guidance for FY27 (H2-weighted), targets ₹7,000+ crores of order inflows (including ₹1,100 crores from exports, a 50% YoY jump), and expects finance costs to drop to 3.2–3.5% of revenue. The 75,000-ton capacity expansion (to 450,000 tons) commissions in H2, positioning the company to capture India's ₹90,000–1,00,000 crore TBCB bidding pipeline and rising developed-market export demand. Key watch items include execution of H2-weighted revenue, shipping-cost normalization, and technical manpower availability. Longer-term, management aims for 12% aspirational EBITDA margins and 50% export order inflow share, supported by legacy order cleanup and capacity-led growth.