Skipper Q1 FY27: Record revenue, stronger margins, and a bigger order runway

Standalone Q1 FY27 revenue was INR 1,309.8 crore, EBITDA INR 140.1 crore (10.7% margin), and PAT INR 56.5 crore (4.3% margin), as per the investor presentation.

Exports declined about 50% YoY to INR 162.0 crore due to geopolitical developments in West Asia causing delays and temporary holds, as stated in the presentation; management also cited high shipping prices leading to deferred liftings.

Closing order book was INR 9,216.6 crore and bidding pipeline exceeded INR 35,000 crore, as per the investor presentation and concall remarks.

Management reaffirmed about 15% FY27 revenue growth and about 30% FY27 PAT growth, with a long-term EBITDA margin aspiration of 12% plus.

Skipper raised INR 433.5 crore via preferential equity issue and management stated the proceeds have been used for debt repayment to strengthen the balance sheet and reduce finance costs.

A 75,000 MTPA expansion is expected to take total installed capacity to 450,000 MTPA from 375,000 MTPA. Management indicated commissioning by end of Q2 and higher throughput expected from Q3 FY27.

Q1 FY27 net sales were Engineering Products INR 940.1 crore, Polymer Products INR 117.0 crore, and Infra Projects INR 252.7 crore, implying a mix of about 72% Engineering, 9% Polymer and 19% Infra as shown in the presentation.