Skipper Ltd is engaged in manufacturing and selling of Transmission & Distribution Structures and Pipes & Fittings. It also undertakes EPC projects in the infrastructure segment.[1]
Business Segments1) Engineering Products (77% in 9M FY25 vs 77% in FY22):[1][2]The company produces transmission towers, monopoles, power distribution poles, telecom towers, railway structures, and solar mounting structures. It is aleading manufacturer of Transmission and Distribution (T&D) structures, ranking among the top 10 worldwide. The segment's revenue increased by 69% YoY in 9M FY25.[3]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | A B B | 5291.50 | 63.47 | 112131.30 | 0.85 | 409.04 | -7.17 | 3310.72 | 13.69 | 38.65 | 13010.65 | 16.56 | 1766.99 | 408.88 | 15.62 | 16.04 | 0.01 |
| 2. | Siemens | 3130.00 | 66.02 | 111465.74 | 0.38 | 485.40 | -7.14 | 5171.20 | 16.02 | 15.83 | 17364.20 | 11.56 | 1687.44 | 484.90 | 8.46 | 7.46 | 0.01 |
| 3. | B H E L | 303.70 | 189.35 | 105750.25 | 0.17 | 374.89 | 253.17 | 7511.80 | 14.09 | 4.87 | 29269.17 | 4.03 | 558.54 | 374.89 | 4.30 | 0.81 | 0.45 |
| 4. | CG Power & Ind | 636.80 | 93.93 | 100287.23 | 0.20 | 284.44 | 29.76 | 2922.79 | 21.14 | 37.48 | 11069.29 | 12.97 | 1068.45 | 286.72 | 13.45 | 14.53 | 0.02 |
| 5. | Siemens Ener.Ind | 2610.00 | 84.46 | 92947.40 | 0.00 | 359.60 | – | 2645.70 | – | 38.52 | 7826.70 | 19.34 | 1100.10 | 359.60 | 21.31 | 13.26 | 0.03 |
| 6. | Hitachi Energy | 19593.80 | 121.72 | 87334.20 | 0.03 | 264.36 | 405.57 | 1832.55 | 17.94 | 19.44 | 6815.40 | 12.60 | 717.23 | 264.36 | 19.08 | 5.77 | 0.02 |
| 7. | GE Vernova T&D | 3143.20 | 87.53 | 80481.64 | 0.16 | 299.48 | 107.08 | 1538.46 | 38.88 | 54.74 | 5094.78 | 23.87 | 919.85 | 299.48 | 38.53 | 14.76 | 0.01 |
| 8. | Skipper | 430.95 | 28.72 | 4865.58 | 0.02 | 36.89 | 31.23 | 1261.79 | 13.70 | 24.42 | 4938.65 | 9.97 | 169.50 | 44.54 | 3.84 | 4.51 | 0.63 |
| – | Median: 37 Co. | 543.4 | 48.55 | 6759.22 | 0.03 | 37.35 | 41.39 | 460.03 | 24.34 | 28.09 | 1522.91 | 13.99 | 169.5 | 45.14 | 6.23 | 12.29 | 0.14 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 445 | 802 | 1,135 | 555 | 1,092 | 1,254 | 657 | 1,154 | 1,288 | 772 | 1,110 | 1,262 |
Expenses | 400 | 725 | 1,024 | 494 | 987 | 1,127 | 586 | 1,045 | 1,164 | 699 | 997 | 1,131 |
Operating Profit | 45 | 77 | 111 | 60 | 105 | 127 | 72 | 109 | 124 | 74 | 112 | 131 |
Other Income | 1 | 2 | 4 | 1 | 3 | 3 | 2 | 3 | 9 | 2 | 3 | -7 |
Profit before tax | 9 | 26 | 48 | 21 | 42 | 60 | 30 | 46 | 59 | 28 | 45 | 52 |
Tax % | 25% | 33% | 26% | 33% | 25% | 25% | 31% | 48% | 25% | 32% | 25% | 28% |
Net Profit | 7 | 18 | 36 | 14 | 32 | 45 | 21 | 24 | 44 | 19 | 34 | 37 |
EPS in Rs | 0.63 | 1.57 | 3.19 | 1.24 | 2.80 | 3.96 | 1.85 | 2.12 | 3.93 | 1.68 | 3.01 | 3.27 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,039 | 1,310 | 1,501 | 1,665 | 2,074 | 1,871 | 1,391 | 1,582 | 1,707 | 1,980 | 3,282 | 4,624 | 4,939 |
Expenses | 920 | 1,082 | 1,273 | 1,392 | 1,769 | 1,689 | 1,251 | 1,436 | 1,539 | 1,787 | 2,961 | 4,170 | 4,446 |
Operating Profit | 118 | 228 | 227 | 273 | 305 | 182 | 140 | 145 | 168 | 193 | 321 | 455 | 492 |
Other Income | 2 | 1 | 5 | 3 | 1 | 1 | 2 | 4 | 4 | 5 | 8 | 18 | 9 |
Interest | 69 | 70 | 65 | 68 | 79 | 102 | 85 | 74 | 94 | 105 | 155 | 214 | 213 |
Depreciation | 15 | 22 | 24 | 32 | 46 | 38 | 38 | 45 | 48 | 47 | 53 | 63 | 71 |
Profit before tax | 37 | 137 | 143 | 177 | 180 | 43 | 18 | 30 | 30 | 47 | 122 | 195 | 219 |
Net Profit | 27 | 89 | 95 | 124 | 118 | 31 | 41 | 21 | 29 | 33 | 75 | 146 | 162 |
EPS in Rs | 2.39 | 7.93 | 8.46 | 11.04 | 10.44 | 2.76 | 3.67 | 1.87 | 2.53 | 2.90 | 6.61 | 12.93 | 14.35 |
Dividend Payout % | 6% | 15% | 15% | 13% | 14% | 8% | 2% | 5% | 4% | 3% | 1% | 1% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 11 |
Reserves | 221 | 294 | 371 | 522 | 627 | 638 | 677 | 698 | 725 | 758 | 881 | 1,172 | 1,258 |
Borrowings | 440 | 383 | 468 | 436 | 496 | 523 | 454 | 440 | 568 | 485 | 579 | 711 | 801 |
Other Liabilities | 211 | 377 | 341 | 423 | 610 | 481 | 572 | 772 | 784 | 970 | 1,668 | 1,493 | 1,940 |
Total Liabilities | 882 | 1,064 | 1,190 | 1,391 | 1,744 | 1,653 | 1,713 | 1,919 | 2,087 | 2,223 | 3,138 | 3,387 | 4,010 |
Fixed Assets | 339 | 351 | 385 | 497 | 521 | 514 | 579 | 657 | 657 | 697 | 749 | 901 | 1,003 |
Gross Block | 394.32 | 429.50 | 485.59 | 628.52 | 694.82 | 724.03 | 824.20 | 945.60 | 991.05 | 1,074.83 | 1,174.40 | 1,376.45 | – |
Accumulated Depreciation | 55.80 | 78.23 | 100.35 | 131.68 | 173.95 | 209.55 | 245.37 | 288.70 | 334.07 | 377.86 | 425.02 | 475.80 | – |
CWIP | 8 | 3 | 40 | 14 | 2 | 8 | 11 | 12 | 14 | 7 | 16 | 134 | 189 |
Investments | -0 | -0 | -0 | -0 | -0 | 9 | 10 | 10 | 11 | 11 | 10 | 10 | 10 |
Other Assets | 535 | 709 | 765 | 880 | 1,221 | 1,121 | 1,114 | 1,241 | 1,406 | 1,508 | 2,362 | 2,342 | 2,808 |
Total Assets | 882 | 1,064 | 1,190 | 1,391 | 1,744 | 1,653 | 1,713 | 1,919 | 2,087 | 2,223 | 3,138 | 3,387 | 4,010 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 101 | 174 | 65 | 176 | 80 | 134 | 214 | 180 | 17 | 284 | 199 | 153 |
Cash from Investing Activity | -32 | -32 | -92 | -79 | -42 | -41 | -51 | -100 | -48 | -98 | -187 | -201 |
Cash from Financing Activity | -79 | -116 | 13 | -110 | -39 | -93 | -163 | -81 | 31 | -185 | -12 | 51 |
Net Cash Flow | -10 | 26 | -14 | -13 | -1 | -0 | 0 | 0 | 0 | 1 | -0 | 4 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 81 | 105 | 91 | 82 | 91 | 96 | 115 | 109 | 93 | 66 | 85 | 55 |
Inventory Days | 110 | 95 | 96 | 123 | 155 | 154 | 202 | 213 | 251 | 263 | 263 | 152 |
Days Payable | 75 | 100 | 82 | 97 | 135 | 101 | 154 | 233 | 200 | 169 | 267 | 155 |
Cash Conversion Cycle | 116 | 99 | 105 | 108 | 111 | 149 | 163 | 89 | 144 | 160 | 81 | 52 |
Working Capital Days | 38 | 24 | 33 | 48 | 56 | 64 | 55 | 66 | 56 | 59 | 48 | 28 |
ROCE % | 16% | 31% | 27% | 27% | 25% | 13% | 9% | 9% | 10% | 12% | 20% | 24% |
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Stock Analysis
Skipper Ltd is engaged in manufacturing and selling of Transmission & Distribution Structures and Pipes & Fittings. It also undertakes EPC projects in the infrastructure segment.
Skipper Limited's order book reached an all-time high of INR 85,205 million after securing INR 1,977 million in new orders (as per Q1 FY26 update). Later, it reached an all-time high of ₹88,204 Mn as of Q2 FY26.
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