Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 27 Aug - Skipper wins ₹1,305 crore orders for domestic and international T&D projects.
Source: Bse
Skipper Limited (SKIPPER)
Micro CapIndustrials stocks · Micro cap · NSE
Skipper Limited is a leading Indian manufacturer of power transmission and distribution (T&D) structures, including towers and poles. The company also undertakes engineering, procurement, and construction (EPC) projects in the T&D sector and operates a Polymer products segment. It serves both domestic and international markets.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:33 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 -3.5% / mo · MACD −
Stock trend: 46
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SKIPPERD candles · FIT view+14.7%Latest close ₹520.85 on 2026-10-19
Bar
-1.3%
RSI
43
MACD hist
-1.70
52W pos
67%
2026-10-19O ₹527.65H ₹530.00L ₹518.00C ₹520.85Vol 3.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SKIPPERNifty India ManufacturingNifty 500
- SKIPPER
- -4.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +1.2 pp
Chart stats
19 Oct 2026- From 52W high
- -15.6%
- 52W range position
- 67%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹27.7 Cr
- 20D price channel
- ₹512 - ₹580
₹616.8
₹327.1 - ₹616.8
₹19.1
Latest completed session
20-session average
29.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED61
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +4.5% · PAT +26.7% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model+33.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 60/100Rev +4% YoY · PAT +27% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,310 Cr | +4.5% | -21.4% |
| EBITDA | ₹140 Cr | +10.2% | -19.1% |
| Operating margin | 11.0% | +100 bps | +100 bps |
| PAT | ₹57 Cr | +26.7% | -26.9% |
| PAT margin | 4.3% | +76 bps | -33 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.80
- P/B
- 4.00
- EV/EBITDA
- 11.03
- Market Cap
- 6456.00Cr
Profitability
- ROE
- 16.60%
- ROCE
- 23.60%
- ROA
- 4.96%
- Dividend Y
- 0.02%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 61.00%
- Revenue 3Y
- 41.00%
- EPS 3Y
- 85.00%
Balance Sheet
- Debt/Equity
- 0.62
- Interest Coverage
- 2.78×
- Altman Z
- 3.51
- Book Value
- 132.00
Cash Flow
- FCF Yield
- 0.08%
- FCF Positive Y
- 6/5
- OCF
- 277.00 Cr
- EPS TTM
- 19.90
Shareholding
- Promoter Hold
- 61.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,609+1.0% vs prev
Net Profit
₹ CrLatest: 213+43.0% vs prev
Return on Equity
%Latest: 14.3+14.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 43.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 59% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 2 UptrendEstablished S2
1M return
-8.0%
3M return
-4.4%
6M return
+10.4%
1Y return
+1.3%
RS 1D
+1
RS 20D
-8
Sector rank
#2
Industry rank
#10
Stage evidence
- Price is 3.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.1%.
50-DMA
price below
200-DMA
price above
S2 entered
16 Jun 2026
S2 age
88 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 104.96-0.04%
RS vs Nifty 500105
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 61 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation8/30
Growth25/25
Quality13/20
Balance Sheet6/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
61
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
61/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 33.4%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
27.8
PB
4.0
EV/EBITDA
11.0
ROE
16.6%
ROCE
23.6%
FCF Yield
0.1%
Debt/Equity
0.6
MoS
+33.4%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
61
Previous: 61
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+33.4%
Previous: +33.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
61
61
61
61
61
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹243.11
-114.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹782.07
+33.4% MoS
PEG
0.39
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANINDS
Small
Man Industries (India) Limited
Steel Pipes
match 82
37
32.6
9.2%
+26%
WATCHLIST
WELCORP
Small
Welspun Corp Limited
Steel Pipes
match 66
56
29.6
19.4%
+25%
FAIR VALUE
JINDALSAW
Large
Jindal Saw Limited
Steel Pipes
match 64
41
35.1
8.2%
+12%
WATCHLIST
SURYAROSNI
Micro
Surya Roshni Limited
Steel Pipes
match 59
61
14.6
10.9%
+67%
UNDERVALUED
MAHSEAMLES
Micro
Maharashtra Seamless Limited
Steel Pipes
match 58
77
10.7
10.7%
+73%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-12T07:46:01.287Z
Management commentary snapshot
Q1 FY27 Revenue hits record INR1,310 crores (+4.5% YoY), PAT up 26% YoY to INR56.5 crores, driven by improved margins and operational leverage despite export disruptions.
Management delivered record Q1 revenue and improved profitability despite seasonal slowness and temporary export disruptions. A strengthened balance sheet from a recent equity raise, a record order book, and an expanding bidding pipeline position the company for H2-weighted FY27 growth and long-term value creation.
Current business mix
Unexecuted Order Book by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Infra25.0%
Engineering75.0%
Growth engines
Transmission Infrastructure Sector
Company continues to build on its leadership position in the transmission infrastructure sector, with robust domestic investment.
Renewable Energy Integration
Accelerated investments in renewable energy integration create significant opportunities for the power transmission sector.
HVDC Corridors & Interstate Transmission
Investments in HVDC corridors and interstate transmission infrastructure continue to create significant opportunities.
Exports to Developed Markets
Strengthening international presence with subsidiaries in Brazil and UAE, and U.S.A. entity becoming operational shortly, targeting North America and Australia.
Capacity and execution
Manufacturing Capacity Expansion
Ongoing 75,000 ton capacity expansion is expected to become operational during H2 FY27, taking total manufacturing capacity to 450,000 tons per annum.
Tailwinds
Robust Domestic Transmission Investment
Bidding pipeline expanded to an all-time high level of INR35,000 crores, supported by robust domestic transmission investment.
Global Transmission Grid Investments
Strong push for transmission grid investments globally, driven by renewables and AI data centers, creating robust export opportunities.
New Capital in Transmission Sector
New players and foreign capital (e.g., I Squared's CubeGrid, NIIF's AnantGrid) are entering the transmission sector, boosting project pipeline.
Intrastate Projects via TBCB
All projects, whether interstate or intrastate, are now increasingly coming through the TBCB route, expanding bidding opportunities.
Headwinds
Geopolitical Developments
Geopolitical developments temporarily impacted export dispatches and revenue recognition during Q1 FY27.
High Shipping Prices
High shipping prices cause export customers to delay lifting and defer shipments, impacting engineering revenue.
Commodity Price Fluctuations
Ongoing commodity price fluctuations led to cautious trade and destocking in the Polymer segment.
Risk radar
Quality Manpower Availability
Recruiting and retaining quality technical manpower (manufacturing and project side) is a significant challenge due to the spurt in demand.
Management accountability
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.
Analyst reading lens
Compare YOY
Q1 is generally the slowest quarter due to monsoons and specific events like elections and freight disruptions. Year-on-year comparison provides a clearer view of underlying growth despite these seasonal and temporary factors, as highlighted by management.
Sector KPIs management disclosed
Revenue
Revenue grew 4.5% year-on-year to a record INR1,310 crores.
EBITDA & Margin
EBITDA increased 10% to INR140 crores with margins expanding by 60 basis points to 10.7%.
PAT
PAT increased 26% to INR56.5 crores, reflecting benefits of improved operational leverage, better project mix, and cost optimization.
Unexecuted Order Book
Closed the quarter with highest ever unexecuted order book of over INR9,200 crores, representing healthy growth over March '26 and providing strong multiyear revenue visibility.
Management forward view
FY27 H2 Weighted Growth
Management expects FY27 to be H2 weighted as export logistics normalize, capacity utilization improves, and recently secured orders move into execution.
FY27 Revenue Growth Guidance
Maintains 15% revenue growth guidance for FY27, confident of achievement, with higher growth expected next year due to increasing capacity and order inflows.
Long-term Aspirational Margins
Long-term aspirational margins are 12% for the company, with current margin expansion being structural.
Export Order Inflow Target
Aspirations for export order inflow are targeted at 50% of overall order inflow, with a 50% jump expected this year (to ~INR1,100 crores).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 4.5% YoY (Q1 FY27) | Pickup in H2 FY27 to meet the 15% full-year guidance. |
| Export Order Inflow | 50% jump expected for FY27 (to ~INR1,100 crores) | Actual order inflow from developed markets (North America, Australia) and normalization of export logistics. |
| Capacity Utilization | Not specified | Improvement in H2 FY27 with new capacity commissioning and order execution. |
| Finance Cost as % of Revenue | 3.6% (Q1 FY27) | Reduction to 3.2%-3.5% for the full year post QIP debt repayment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 86th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
125 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Industrials: 86th pctile, median 68 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
125 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
82
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 61.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸6 years of positive FCF.
Trust risks
- ▸Promoter holding fell 5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Skipper Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.