Skipper Limited Q1 FY27 Revenue Hits Record ₹1,310 Crores

Q1 FY27 revenue reached a record ₹1,310 crores, representing 4.5% year-on-year growth
EBITDA increased 10% to ₹140 crores with margins expanding by 60 basis points to 10.7%
Profit Before Tax (PBT) grew 27% year-on-year
Profit After Tax (PAT) increased 26% to ₹56.5 crores
Finance costs reduced to 3.6% of revenue from 4.2% last year, despite no benefit from the recent fundraise

Successfully completed ₹433.5 crores preferential equity raise from marquee global and domestic long-only institutional investors
CRISIL upgraded long-term credit rating to A+ stable in July 2026
Entire QIP proceeds used for debt repayment to strengthen balance sheet
Expected finance cost reduction to 3.2%-3.5% of revenue for FY27 post-fundraise

Highest ever unexecuted order book of over ₹9,200 crores as of quarter-end
Q1 order inflows of approximately ₹1,674 crores
Bidding pipeline expanded to all-time high of ₹35,000 crores
Order book breakup: approximately ₹1,800 crores in infra segment (75% T&D, 25% telecom), balance in engineering
Order inflow guidance of ₹7,000 crores for FY27 with export portion targeted at ₹1,100 crores (50% increase YoY)

75,000 ton capacity expansion expected to become operational during second half of FY27
Total manufacturing capacity to reach 450,000 tons per annum post-expansion
Established subsidiaries in Brazil and UAE
US entity expected to become operational shortly
Completed qualification audits for developed market customers including USA, Finland, and Australia

Polymer segment: Targeting 20% revenue growth for FY27 with margin improvement
Infrastructure segment: Expected to show higher growth in FY27
Engineering segment: Temporary slowdown due to lower order intake last year and export shipping disruptions
Export mix: Long-term target of 50% of order inflow from exports, with current focus on North America and Australia markets

Expecting ₹90,000 crores to ₹1 lakh crores of bids in Indian transmission market in FY27
Approximately 40% of total ₹9 lakh crores transmission capex has been bid so far
New players entering market including foreign capital platforms (CubeGrid by I Squared, AnantGrid by NIIF)
Intrastate projects now also coming through TBCB route alongside interstate projects
Strong global transmission demand driven by renewable energy integration, HVDC corridors, and AI data center power requirements

Maintain FY27 revenue growth guidance of 15% despite Q1 growth of 4.5%
Expect H2-weighted performance with stronger growth momentum as export logistics normalize
Long-term aspirational EBITDA margin target of 12% (current 10.7%)
Legacy low-margin contracts now less than 5% of order book, expected to be fully executed in FY27
Closing order book expected to reach ₹10,000 crores plus by FY27-end

Export revenue disruptions are temporary with strong bounce back expected from Q2
Commodity price fluctuations managed through combination of firm price contracts, inventory management, and partial hedging
Employee cost increased to ₹71 crores from ₹55 crores YoY, in line with March quarter levels
Labor, stores and other project expenses increased to ₹195 crores from ₹122 crores YoY due to EPC revenue growth
Primary challenge identified as quality manpower recruitment and retention in technical roles
Short-term orders currently challenged in export market due to high shipping costs causing shipment deferrals

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