SKIPPER

Key Updates on Skipper Stock

Key Updates on Skipper Stock Strong Q1 Performance Skipper posted record Q1 revenue (~₹12,539 million) and its highest-ever order book (~₹85,205 million). EBITDA margin improved, and profit (PAT) was up significantly. Fresh orders in the quarter included major EPC projects (765 kV lines) and large tower-testing contracts from abroad. Huge Order Inflow & Backlog Their order inflow is very healthy, especially in engineering and EPC segments. A large portion of the order book is domestic, but they are also seeing international traction. This backlog gives good visibility for revenue in the near-to-medium term. They’ve made sustainability investments: bag filters, waste-heat recovery systems, and they got GreenCo / GreenPro certifications. Strong Annual FY25 Results In FY25, they achieved their highest-ever annual order inflow. They also secured a “breakthrough” order in the USA, signaling international growth ambition. Their closing order book for FY25 is very strong, and gives 18–24 months of decent revenue visibility. Financial Metrics Improving Their return ratios (like ROCE) are improving, indicating better capital efficiency. My Take / What to Watch Positive Case: Skipper seems very well-positioned in India’s infrastructure wave (power T&D, telecom, EPC). With a rising order book and capacity expansion, it could benefit significantly in the next few years. Risk Case: There’s a lot riding on execution — on-time delivery, cost control, and converting its backlog into cash-generating projects. If it slips, the high valuation could be a burden. Key Monitors: Quarterly results (especially margins, inflows vs execution) New orders (especially from EPC / international markets) Capex progress and working capital trends Cash flow (is it matching the growth)