Skipper Ltd Q2FY26 | ₹12,618 Mn Revenue, ₹1,307 Mn EBITDA, ₹449 Mn PAT | Order Book ₹8,820 Cr — The Tower King of Howrah Flexes Its Steel Muscles
1. At a Glance
If Kolkata had a superhero in steel armour, it would probably look like Skipper Ltd (₹510 per share, market cap ₹5,754 crore) — except this one doesn’t fly, it erects. Transmission towers, that is. With Q2 FY26 revenue of ₹12,618 million (₹1,261.8 crore) and PAT of ₹449 million (₹44.9 crore), Skipper has once again turned its humble rebar dreams into profitable megawatts.
In the last quarter, Skipper reported 13.7% YoY revenue growth and 31.2% profit growth, maintaining a cool 10% operating margin while juggling EPC projects, polymer pipes, and steel towers like a circus veteran. Its order book now stands at ₹8,820 crore, thicker than most PSU annual reports.
With ROCE at 24.4%, ROE at 14.2%, and Debt/Equity of 0.63, the company walks that fine line between aggressive growth and “don’t call the bank just yet.” The stock P/E is 34x, which in the capital goods world translates to “the market expects you to keep building faster than India announces new power corridors.”
Skipper’s 3-year sales CAGR of 39% and profit CAGR of 73% are hard to ignore, even if your eyes glaze over numbers faster than Excel can scroll. Yet, with promoter holding steady at 66.5%, the Bansal family seems determined to make towers and pipes more fashionable than saree IPOs in Kolkata.
So, how did this Eastern workhorse climb into the top 10 global manufacturers of transmission structures? Let’s climb up (safely) and find out.
2. Introduction
Picture this: a family-run company from Howrah, welding its way from PVC pipes to 800 kV power transmission towers, with a side hustle in EPC projects and a healthy sense of drama in every quarterly press release. That’s Skipper Ltd, the kind of company that loves steel almost as much as Indians love cricket.
Founded in 1981, Skipper started with polymer products before finding its true calling in engineering structures — basically, giant metallic Lego pieces that hold up the nation’s power grid. Today, it’s one of India’s largest T&D structure manufacturers, with a global presence in 50+ countries spanning Africa, the Middle East, and Australia.
Q2 FY26 results were less about surprises and more about steady execution: revenue crossed ₹1,260 crore, operating profit held its 10% margin, and the company quietly booked a ₹106.79 million tax settlement (because in India, even superheroes must pay entry tax).
But the bigger story lies in the order book — ₹8,820 crore worth of work, with 66% from domestic T&D, 23% from non-T&D infra, and 11% exports. It’s not just about making towers; Skipper has evolved into a full-fledged EPC player, capable of executing up to 800 kV high-voltage projects.
And if that wasn’t enough, they’re adding 75,000 MTPA capacity this year with a ₹200 crore capex, followed by another ₹200 crore next year. Clearly, someone at Skipper’s boardroom is treating “growth” like it’s a gym membership they actually use.
3. Business Model – WTF Do They Even Do?
At its core, Skipper Ltd has three business segments:
Engineering Products (77% of revenue) – The bread, butter, and steel plates of Skipper. This is where the company manufactures transmission towers, monopoles, power poles, telecom towers, and solar mounting structures. Think of them as the skeletal system of India’s infrastructure. In 9M FY25, this segment grew a solid 69% YoY.
Infrastructure Projects (14%) – Skipper’s EPC wing, which builds power transmission lines, water projects, and railway electrification setups. This division grew 86% YoY, which proves that India’s grid expansion isn’t just PowerGrid’s problem anymore. Skipper now executes projects up to 800 kV and has started developing substation EPC capabilities — a lucrative niche that can electrify balance sheets faster than transformers.
Polymer Products (9%) – The colourful sidekick of Skipper’s empire. It makes UPVC, CPVC, and SWR pipes for agriculture and sanitation. Once a larger part of the business (19% in FY22), it’s now smaller but still vital. It’s also Eastern India’s largest PVC pipe brand, with 31,000 retail touchpoints.
In essence, Skipper builds the frameworks that carry electricity and the pipes that carry water — a neat “power and plumbing” combo. The engineering division brings the volume, the EPC division brings the contracts, and the polymer business brings the branding muscle.
In a way, they’re like the Ambanis of Howrah: vertical integration, but with more steel and fewer weddings.
Commentary: Skipper’s revenue growth remains consistent, with a small sequential uptick even after scaling from a lower base. The company is managing to hold its 10% operating margin, a commendable feat when steel prices and labour costs dance like Bollywood extras. The PAT margin of 3.6% may look modest, but given the asset-heavy EPC nature, it’s fairly muscular.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Method 1: P/E Valuation Annualised EPS: ₹13.1 Industry average P/E: ~48x (based on peer median) Apply a realistic range (25x–40x): → Fair Value Range = ₹13.1 × (25–40) = ₹328 – ₹524
Method 2: EV/EBITDA Approach EV = ₹6,499 Cr; EBITDA (FY25 TTM) = ₹492 Cr EV/EBITDA = 13.2x (current) Fair range 10–14x → Implied EV = ₹4,920 – ₹6,888 Cr Subtract net debt (₹801 Cr) → Equity value = ₹4,119 – ₹6,087 Cr Per share (11.3 Cr shares): ₹364 – ₹539
✅ Fair Value Range (Educational Purpose Only): ₹360 – ₹540 per share (This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Q2 FY26 has been an eventful quarter for Skipper — not the “corporate scandal” kind, thankfully, but the “entry tax and EPC orders” variety:
