Skipper Ltd

- 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.

- 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.

- 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.

- 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.

- 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.