Any current/future new fundraising through debt or equity?

The company plans to raise around INR600 crores through equity or other instruments as part of a fundraising exercise. There is no defined timeline for this fundraise currently; the company has obtained an enabling resolution valid for one year. The company will choose an opportune time to raise these funds. The planned capex of INR800 crores over the next 4 years remains an estimate, with annual capex plans to be decided periodically. Debt levels are considered manageable; as of March '24, debt stood at approximately INR550 crores with a comfortable debt-equity ratio. No specific new debt rai

Any current/future capex/capital investment/strategic investment?

Skipper Limited plans a capacity expansion of 75,000 tons, expected to be commissioned by the end of the current financial year (March 2025). There is no finalized plan yet for the next phase of capacity expansion; plans will be decided around Q4 of the current year. The company has estimated a capex of around INR 800 crores spread over the next 4 years, subject to annual review and finalization. To fund the expansion, Skipper has an enabling resolution to raise up to INR 600 crores via equity or other instruments within a one-year timeframe, with no defined timeline currently. Capex p

Future growth expectations in sales/revenue/volumes?

Skipper Limited targets a **25% CAGR** in top-line growth over the next 2-3 years, aiming to reach about **INR10,000 crores by FY 2029**. The company expects **continued strong order inflows**, especially supported by the INR9.15 lakh crores projected capex in power transmission by 2032. Capacity expansion of **75,000 tons by end of this financial year** will support increased volumes, with no expected missed opportunities. Export markets (North America, Europe, Australia) will see gradual growth, but domestic market remains the primary growth driver. Diversification into sectors like telecom,

Future growth expectations in earnings/operating earnings/profits/EPS?

The company targets a 25% CAGR in top-line growth over the next 2-3 years, aiming to reach INR 10,000 crores by FY 2029. Margins are expected to improve gradually from around 10% to approximately 11% over the next 2-3 years, driven by better contracts, export growth, higher capacity utilization, and cost efficiencies. EBITDA margins have shown improvement, with 10.1% in Q2 FY'25 versus 9.5% in the previous year quarter, and operating margins are expected to maintain consistent growth. The company aims to deliver reasonable bottom-line growth alongside good top-line expansion, focusing on

SkipperQ2 FY25Electrical Equipment

Skipper Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹541P/E: 27.4Market Cap: ₹6.2K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Skipper Limited targets a 25% CAGR in top-line growth over the next 2-3 years, aiming to reach about INR10,000 crores by FY 2029.
The company expects continued strong order inflows, especially supported by the INR9.15 lakh crores projected capex in power transmission by 2032.
Capacity expansion of 75,000 tons by end of this financial year will support increased volumes, with no expected missed opportunities.
Export markets (North America, Europe, Australia) will see gradual growth, but domestic market remains the primary growth driver.
Diversification into sectors like telecom, railway electrification, water EPC, and drip irrigation is expected to support revenue growth.
Polymer segment growth aligns with the overall company target of 20-25%, with long-term prospects positive despite near-term macro challenges.
Overall, management expects robust revenue growth driven by strong execution, capacity expansion, and favorable market conditions.

Margin guidance

Category 2

The company targets a 25% CAGR in top-line growth over the next 2-3 years, aiming to reach INR 10,000 crores by FY 2029.
Margins are expected to improve gradually from around 10% to approximately 11% over the next 2-3 years, driven by better contracts, export growth, higher capacity utilization, and cost efficiencies.
EBITDA margins have shown improvement, with 10.1% in Q2 FY'25 versus 9.5% in the previous year quarter, and operating margins are expected to maintain consistent growth.
The company aims to deliver reasonable bottom-line growth alongside good top-line expansion, focusing on profitable projects and execution excellence.
Export market expansions, especially in North America, Europe, and Australia, and deeper penetration in domestic markets are expected to support earnings growth.
Infrastructure segment margins are improving with growing revenues, and the Polymer segment aspires to achieve industry-average EBIT margins (13-14%) long term.

See what Skipper management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company plans to raise around INR600 crores through equity or other instruments as part of a fundraising exercise.
There is no defined timeline for this fundraise currently; the company has obtained an enabling resolution valid for one year.
The company will choose an opportune time to raise these funds.
The planned capex of INR800 crores over the next 4 years remains an estimate, with annual capex plans to be decided periodically.
Debt levels are considered manageable; as of March '24, debt stood at approximately INR550 crores with a comfortable debt-equity ratio.
No specific new debt raising plans were mentioned, and the company expects debt to remain manageable despite ongoing capex.

Order book

- Current order book stands at approximately INR 6,590 crores, the highest in the company’s history. - Order book composition: about 30% infra orders and 70% product-related orders. - Within infra orders, the BSNL telecom order balance pending execution is approximately INR 1,200 to INR 1,300 crores. - Around 85% of the order book is domestic; 15% is export. - Infra orders form roughly 30% of the total order book. - The company’s EPC projects in T&D space are significant but not a major share of the current order book. - Order book to engineering and infra segment sales ratio is 2.3x FY ’24 sales. - The order pipeline remains strong with a healthy bidding pipeline near all-time high. - Order inflows vary quarterly; for example, Q1 saw INR 700 crores, Q2 INR 1,500+ crores. This reflects a robust current and expected order book position aligned with capacity and market opportunities.

See what Skipper management said on order book — free account, 30 seconds.

Capex plans

Yes

Skipper Limited plans a capacity expansion of 75,000 tons, expected to be commissioned by the end of the current financial year (March 2025).
There is no finalized plan yet for the next phase of capacity expansion; plans will be decided around Q4 of the current year.
The company has estimated a capex of around INR 800 crores spread over the next 4 years, subject to annual review and finalization.
To fund the expansion, Skipper has an enabling resolution to raise up to INR 600 crores via equity or other instruments within a one-year timeframe, with no defined timeline currently.
Capex plans will be decided annually; the current estimate matches earlier guidance with no change so far.

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Skipper Q2 FY25 Earnings Call Analysis

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What Skipper's management said in earlier quarters

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