SKIPPER

Skipper Limited

Transmission towers and EPC services provider with polymer pipes and fittings

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

skipperlimited.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹526.45
Market cap
6,429 Cr
Stock P/E
26.5
P/B
3.99
Dividend yield
0.0%
ROE (FY26)
14.3%
ROCE (FY26)
20.7%
Operating margin (FY26)
8.9%
Debt / equity (FY26)
0.62
OCF / EBITDA (FY26)
48.4%
OCF / EBITDA (3Y)
46.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Skipper makes steel structures such as transmission towers for India's power transmission and distribution (T&D) projects, and also runs infrastructure project work and a polymer (plumbing) business.

Company snapshot

23rdBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 77.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Engineering Products
77.3%
2,581 Cr280 Cr—
Infrastructure Projects
13.9%
463 Cr31 Cr—
Polymer Products
8.8%
293 Cr7 Cr—

What we see

Concerns
  • ✗Only 47% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales772 Cr802 Cr1,154 Cr1,092 Cr1,110 Cr1,135 Cr1,288 Cr1,254 Cr1,262 Cr1,371 Cr1,667 Cr1,310 Cr
Operating expenses (approx.)699 Cr725 Cr1,045 Cr987 Cr997 Cr1,024 Cr1,164 Cr1,127 Cr1,082 Cr1,229 Cr1,493 Cr1,170 Cr
EBITDA74 Cr77 Cr109 Cr105 Cr112 Cr111 Cr124 Cr127 Cr180 Cr141 Cr173 Cr140 Cr
OPM %9.5%9.6%9.4%9.6%10.1%9.8%9.6%10.1%14.2%10.3%10.4%10.7%
Other income2 Cr2 Cr3 Cr3 Cr3 Cr4 Cr9 Cr3 Cr4 Cr2 Cr2 Cr4 Cr
Interest35 Cr39 Cr52 Cr51 Cr55 Cr50 Cr56 Cr53 Cr68 Cr56 Cr54 Cr47 Cr
Depreciation13 Cr13 Cr14 Cr15 Cr15 Cr17 Cr17 Cr18 Cr54 Cr22 Cr22 Cr22 Cr
Profit before tax29 Cr29 Cr48 Cr43 Cr44 Cr48 Cr63 Cr60 Cr52 Cr68 Cr101 Cr76 Cr
Tax %30.7%29.6%47.1%24.8%25.9%25.5%23.6%25.0%28.3%22.4%23.0%25.2%
Net profit20 Cr20 Cr25 Cr32 Cr33 Cr36 Cr48 Cr45 Cr37 Cr53 Cr78 Cr57 Cr
EPS (₹)₹1.93₹1.99₹2.37₹3.08₹3.13₹3.35₹4.30₹4.01₹3.28₹4.63₹6.96₹5.03

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,871 Cr1,391 Cr1,582 Cr1,707 Cr1,980 Cr3,282 Cr4,624 Cr5,553 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,690 Cr1,251 Cr1,438 Cr1,539 Cr1,788 Cr2,963 Cr4,173 Cr4,980 CrSign in free for the trailing twelve months
EBITDA181 Cr139 Cr144 Cr168 Cr193 Cr319 Cr452 Cr573 CrSign in free for the trailing twelve months
OPM %9.7%10.0%9.1%9.8%9.7%9.7%9.8%10.3%Sign in free for the trailing twelve months
Other income1 Cr2 Cr4 Cr4 Cr5 Cr9 Cr20 Cr11 CrSign in free for the trailing twelve months
Interest102 Cr85 Cr72 Cr93 Cr104 Cr154 Cr213 Cr217 CrSign in free for the trailing twelve months
Depreciation38 Cr38 Cr45 Cr48 Cr47 Cr53 Cr63 Cr80 CrSign in free for the trailing twelve months
Profit before tax43 Cr18 Cr30 Cr27 Cr50 Cr128 Cr199 Cr281 CrSign in free for the trailing twelve months
Tax %27.4%-129.2%29.7%6.5%28.8%36.4%24.8%24.3%Sign in free for the trailing twelve months
Net profit31 Cr41 Cr21 Cr25 Cr36 Cr82 Cr149 Cr213 CrSign in free for the trailing twelve months
EPS (₹)₹3.04₹4.02₹2.09₹2.45₹3.46₹7.66₹13.86₹18.88Sign in free for the trailing twelve months
Dividend payout %——4.8%4.1%2.9%1.3%0.7%0.5%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital10 Cr10 Cr10 Cr10 Cr10 Cr11 Cr11 Cr11 Cr
Reserves638 Cr677 Cr698 Cr722 Cr757 Cr887 Cr1,182 Cr1,480 Cr
Borrowings477 Cr419 Cr380 Cr567 Cr484 Cr577 Cr701 Cr922 Cr
Other liabilities527 Cr606 Cr832 Cr785 Cr971 Cr1,670 Cr1,503 Cr2,120 Cr
Total liabilities1,653 Cr1,713 Cr1,919 Cr2,084 Cr2,223 Cr3,145 Cr3,397 Cr4,533 Cr
Fixed assets (net)513 Cr578 Cr656 Cr656 Cr696 Cr748 Cr900 Cr920 Cr
CWIP8 Cr11 Cr12 Cr14 Cr7 Cr16 Cr133 Cr273 Cr
Investments9 Cr9 Cr10 Cr7 Cr10 Cr17 Cr20 Cr26 Cr
Loans & advances3 Cr4 Cr3 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories535 Cr492 Cr601 Cr786 Cr913 Cr1,203 Cr1,197 Cr1,059 Cr
Trade receivables494 Cr438 Cr472 Cr434 Cr360 Cr766 Cr701 Cr1,485 Cr
Cash & bank0.63 Cr0.91 Cr0.95 Cr1 Cr2 Cr2 Cr6 Cr3 Cr
Other assets89 Cr180 Cr165 Cr185 Cr234 Cr392 Cr439 Cr768 Cr
Total assets1,653 Cr1,713 Cr1,919 Cr2,084 Cr2,223 Cr3,145 Cr3,397 Cr4,533 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity134 Cr215 Cr209 Cr17 Cr284 Cr199 Cr153 Cr277 Cr
Cash from investing-41 Cr-51 Cr-128 Cr-48 Cr-98 Cr-187 Cr-201 Cr-272 Cr
Cash from financing-93 Cr-163 Cr-81 Cr31 Cr-185 Cr-12 Cr51 Cr-8 Cr
Net cash flow-0.17 Cr0.28 Cr0.05 Cr0.17 Cr1.00 Cr-0.27 Cr4 Cr-3 Cr
Free cash flow (OCF − Capex)92 Cr160 Cr123 Cr-25 Cr199 Cr97 Cr-85 Cr-89 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.8%9.3%9.5%9.2%12.3%19.2%21.7%20.7%
ROE %4.8%6.0%3.0%3.4%4.6%9.1%12.5%14.3%
Debtor days961151099366855597
Inventory days155213203238245240156108
Days payable102162222190158244160175
Cash conversion cycle14916690141154825230
OCF / EBITDA %74.1%154.2%145.1%10.3%147.6%62.3%33.9%48.4%
OCF / EBITDA % (3 years)——120.1%97.7%101.2%73.6%66.1%46.9%
Debt / equity0.740.610.540.770.630.640.590.62
Current ratio1.441.271.351.281.321.321.261.30
Net debt / EBITDA2.633.012.643.372.501.801.541.60