Any current/future new fundraising through debt or equity?

No explicit mention of any current or planned new fundraising through debt or equity was made in the discussed sections. The company talked about maintaining capex guidance of about INR250 crores for FY '27, indicating planned internal funding for expansion. There is no indication of major debt raising or equity issuance for funding growth or bidding activity. Focus seems to be on execution capability and managing existing order books and bidding pipelines, rather than fundraising. The company is targeting order inflows from existing bidding pipelines and maintaining a conservative growth guid

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

Skipper Limited is undertaking a capacity expansion of 75,000 MTPA expected to come live by Q2 FY '27, with full utilization likely in 1-2 quarters thereafter. This expansion is projected to add approximately INR 1,000 to 1,200 crores in yearly revenue. Post this 4,50,000 MTPA capacity, another two phases of 75,000 MTPA expansions are planned across FY '27 and FY '28, aiming to reach 6 lakh metric tons capacity by FY '28. FY '27 capex guidance is around INR 250 crores, similar to previous years. The company is focusing on scaling capacity in line with execution capabilities and engineering man

Future growth expectations in sales/revenue/volumes?

FY '27 revenue growth guidance is 15%, with a more conservative outlook due to export challenges and delayed domestic bidding. From FY '28 onward, expected growth will rebound to 20-25% annually. Polymer Products business has seen ~40% volume growth despite market challenges, with ongoing expansion in non-Eastern markets. Capacity expansion of 75,000 MTPA expected to come online by Q2 FY '27, reaching significant utilization by Q3, adding roughly INR1,000-1,200 crores revenue yearly. Order book is strong (~INR8,500 crores) with a healthy bidding pipeline (~INR33,000 crores) and a historical 20

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at around INR 8,500 crores. The domestic order book is predominantly from Power Grid Corporation of India Ltd (PGCIL), constituting over 90%, with less than 10% from private players like Tata Power and Adani, where the company aims to increase presence. The bidding pipeline is healthy at approximately INR 33,000 crores, with a historical conversion ratio of 20-25%, implying potential order inflows of about INR 8,000-8,500 crores. Around 60-65% of the bid pipeline is domestic, with the balance from export markets. Infra projects segment non-T&D comprises only a

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Skipper LtdQ1 FY26Electrical Equipment

Skipper Ltd Q1 FY26 Earnings Call Analysis

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

Future Growth Expectations for Skipper Limited: FY '27 revenue growth guidance: Conservative 15% increase due to export execution challenges and delayed bidding activities. From FY '28 onwards: Expected return to 20%-25% revenue growth driven by robust bidding and export market reopening. EBITDA margins: Target long-term aspirational margin of 12%, with gradual improvement expected despite cost pressures. PAT growth: Guidance of approximately 30% growth in bottom line for FY '27 based on existing order book execution. Operating leverage: Increasing capacity utilization above 85% expected to d

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

Price: ₹541P/E: 24.1Market Cap: ₹5.2K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→FY '27 revenue growth guidance is 15%, with a more conservative outlook due to export challenges and delayed domestic bidding.
→From FY '28 onward, expected growth will rebound to 20-25% annually.
→Polymer Products business has seen ~40% volume growth despite market challenges, with ongoing expansion in non-Eastern markets.
→Capacity expansion of 75,000 MTPA expected to come online by Q2 FY '27, reaching significant utilization by Q3, adding roughly INR1,000-1,200 crores revenue yearly.
→Order book is strong (~INR8,500 crores) with a healthy bidding pipeline (~INR33,000 crores) and a historical 20-25% conversion ratio.
→Export markets face near-term setbacks but large opportunities remain, especially in North America and Latin America.
→Long-term multiyear growth expected, driven by record order book, rising capacity utilization, expanding export footprint, and scalable manufacturing base.

Margin guidance

Category 2

Future Growth Expectations for Skipper Limited: - FY '27 revenue growth guidance: Conservative 15% increase due to export execution challenges and delayed bidding activities. - From FY '28 onwards: Expected return to 20%-25% revenue growth driven by robust bidding and export market reopening. - EBITDA margins: Target long-term aspirational margin of 12%, with gradual improvement expected despite cost pressures. - PAT growth: Guidance of approximately 30% growth in bottom line for FY '27 based on existing order book execution. - Operating leverage: Increasing capacity utilization above 85% expected to drive margin expansion. - Order pipeline: Healthy bid pipeline of INR33,000 crores with a historical conversion ratio of 20%-25%, ensuring strong future order inflow. - Execution challenges: Current constraints due to right-of-way issues and critical equipment supply delays impacting timelines but expected to normalize.

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Fundraise plans

→No explicit mention of any current or planned new fundraising through debt or equity was made in the discussed sections.
→The company talked about maintaining capex guidance of about INR250 crores for FY '27, indicating planned internal funding for expansion.
→There is no indication of major debt raising or equity issuance for funding growth or bidding activity.
→Focus seems to be on execution capability and managing existing order books and bidding pipelines, rather than fundraising.
→The company is targeting order inflows from existing bidding pipelines and maintaining a conservative growth guidance, suggesting no urgent need for new capital raising.

Order book

→Current order book stands at around INR 8,500 crores.
→The domestic order book is predominantly from Power Grid Corporation of India Ltd (PGCIL), constituting over 90%, with less than 10% from private players like Tata Power and Adani, where the company aims to increase presence.
→The bidding pipeline is healthy at approximately INR 33,000 crores, with a historical conversion ratio of 20-25%, implying potential order inflows of about INR 8,000-8,500 crores.
→Around 60-65% of the bid pipeline is domestic, with the balance from export markets.
→Infra projects segment non-T&D comprises only about 14% of the order book, mainly O&M projects like for BSNL; majority of revenue comes from T&D projects.
→Order inflows were lower than expected in FY26 due to extended timelines and equipment constraints but bidding activity is picking up in FY27.

Capex plans

Yes

→Skipper Limited is undertaking a capacity expansion of 75,000 MTPA expected to come live by Q2 FY '27, with full utilization likely in 1-2 quarters thereafter.
→This expansion is projected to add approximately INR 1,000 to 1,200 crores in yearly revenue.
→Post this 4,50,000 MTPA capacity, another two phases of 75,000 MTPA expansions are planned across FY '27 and FY '28, aiming to reach 6 lakh metric tons capacity by FY '28.
→FY '27 capex guidance is around INR 250 crores, similar to previous years.
→The company is focusing on scaling capacity in line with execution capabilities and engineering manpower growth.
→Strategic thrust includes expanding export footprints and entering new geographies like North America while increasing presence in substations within transmission infrastructure.
→Overall, Skipper aims at a structurally scalable manufacturing base to support multi-year growth, profitability, and return ratios.

How does Skipper Ltd rank vs peers in Electrical Equipment?

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