Key Metrics of Skipper Limited
About Skipper Limited
Sectors
Company details
- Registered office
- 3a Loudon Street, 1st Floor, Kolkata, 700017
- Listed
- NSE: SKIPPER · ₹473.90
Operational Areas of Skipper Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 Jun 2026 | CARE | Reaffirmed | — | A1 | — | ₹150 Cr | View |
| 13 Jan 2026 | CARE | Assigned | — | A1 | — | ₹150 Cr | View |
| 04 Dec 2020 | CARE | Other | — | — | — | — | View |
| 31 Dec 2019 | CARE | Revised (from A) | BBB+ | A2 | Stable | ₹3,932 Cr | View |
| 27 Dec 2019 | CARE | Other | — | — | — | — | View |
| 04 Apr 2019 | CARE | Reaffirmed | A | A1 | Negative | ₹2,005 Cr | View |
| 11 Mar 2019 | CARE | Revised (from AA) | A | A1 | Negative | ₹1,956 Cr | View |
| 04 Mar 2019 | CARE | Other | — | — | — | — | View |
| 27 Mar 2018 | CARE | Reaffirmed (from A+) | AA- | A1+ | Stable | ₹4,177 Cr | View |
| 14 Apr 2017 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹3,517 Cr | View |
| 17 Mar 2017 | CARE | Reaffirmed | — | A1+ | — | ₹100 Cr | View |
| 27 Oct 2016 | CARE | Revised (from A+) | A+ | A1+ | — | ₹3,519 Cr | View |
Credit strengths (CARE, Jun 2026)
+ Experienced promoter group, established market position, and diversified business profile
Skipper benefits from an experienced promoter group with over four decades in transmission and distribution structures, supporting its position as one of India’s largest integrated T&D manufacturers and a leading global player by capacity. The company’s revenue mix ~79% engineering, 1 2% infrastructure/EPC and 9% polymer in FY2 6 along with a confirmed order book of ₹8,502 crore as of March 2026 and an export share of ~13% provides medium-term revenue visibility and partially mitigates
+ Healthy operating performance in FY26
Skipper has demonstrated sustained improvement in scale and profitability, driven by healthy execution across its engineering, infrastructure, and polymer segments. TOI increased to ₹5,552.82 crore in FY26 from ₹4,628.36 crore in FY25, reflecting growth of ~20% y-o-y. Operating profitability also improved, with PBILDT increasing to ₹572.67 crore in FY26 from ₹454.58 crore in FY25, while PBILDT margin improved to 10.31% from 9.82%, supported by better operating leverage and improved execution
+ Improved financial risk profile
Skipper’s financial risk profile continued to improve in FY26, supported by sustained profitability, stronger internal accruals, and moderation in leverage. PBILDT increased to ₹572.67 crore in FY26 from ₹454.58 crore in FY25, while GCA also improved, supporting debt-servicing ability. Interest coverage remained moderate but improved to ~2.64x in FY26 from 2.12x in FY25, supported by higher operating profits. The company’s leverage profile also remained comfortable, with debt to equity ratio at
+ Good prospects for power transmission and distribution sector
The power transmission and distribution sector is expected to witness sustained capex-led growth, supported by rising electricity demand, increasing renewable-energy integration, and grid-modernisation initiatives. Per the 20th Electric Power Survey of the Central Electricity Authority, peak power demand and energy requirement are projected at ~335 GW and 2,280 BU, respectively, by 2029-30, with the required installed generation capacity estimated at ~777.14 GW under the base case. These demand
Credit challenges
− Working capital intensive operations
Skipper’s operations remain inherently working-capital intensive owing to tender-based contracts, long execution cycles of about one to two years and backward-integrated manufacturing. Although the operating cycle improved to ~46 days in FY26 from 60 days in FY25 and average collection period increased to 71 days, inventory levels improved at ~82 days due to work-in-progress and multi-stage inspections. On a medium-term basis, the operating cycle is expected to remain in the range of 5 0 to 64 d
Could lead to an upgrade
• Reduction in reliance on Creditors & Bank borrowings (including letters of credit [LC] Acceptances) to fund its working capital requirement below 70% on a sustained basis . • Sustained growth in total operating income (TOI) and improvement in operating margins above 12% on a sustained basis.
Could lead to a downgrade
• Substantial decline in TOI and operating margins below 9% on a sustained basis . • Increase in total outside liabilities to total net worth (TOL/TNW) above 2x and interest coverage going below 1.5x .
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Short-term bank facilities | Working capital & bank lines | — | ₹150 Cr | — | A1 | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Commercial Paper | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Long Term | — | Withdrawn |
| Working Capital Limits | ₹150 Cr | CARE A1 |
Lenders
| Fund-based - ST | Working Capital Limits | Canara Bank |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 35% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 35% chance the next rating action is stable or better
- Working-capital limits 57% utilised on average
What happened, step by step
- Oct 2016 — Project / plant of ₹50 cr
- Mar 2017 — Term debt tied up
“This apart, in Q2FY17, the company has further enhanced its capacity of structural fabrication by 30,000 MTPA and has set up a PVC plant (6,000 MTPA) in Hyderabad at an aggregate cost of Rs.50 crore.”
Rated limits by facility
Timeline
From the report
Liquidity: Adequate Bank-limit utilisation remained comfortable over the 12 months ended April 2026, with average utilisation of ~57% for fund-based limits and 82% for non-fund-based limits, indicating adequate headroom under the sanctioned facilities.
From the report
Liquidity: Adequate Bank-limit utilisation remained comfortable over the 12 months ended April 2026, with average utilisation of ~57% for fund-based limits and 82% for non-fund-based limits, indicating adequate headroom under the sanctioned facilities.
From the report
Modest Financial risk profile SL’s financial risk profile has improved on the back of steady accretion to reserves and a rights issue of ~₹199 crore.
From the report
Liquidity: Adequate Bank-limit utilisation for 12 months ending October 2025, remained at moderate levels, at ~67% for fund-based limits and ~79% for non-fund-based limits, indicating adequate headroom under existing sanctioned facilities.
From the report
The average fund based working capital utilization of the company stood at around 78% during the last 12 months ended September’20.
From the report
The average working capital utilization of the company stood at around 85% during the last 12 months ended October’19. 3 CARE Ratings Limited Press Release Analytical Approach: Standalone Applicable Criteria CARE’s Policy on Default Recognition Criteria for Short Term Instruments Rating Methodology – Outlook and Placing ratings under credit watch Rating Methodology-Manufacturing Companies Financial Ratios - Non Financial Sector About the Company SL, promoted by Kolkata-based Mr.
From the report
The average working capital utilization of the company remained high at around 89% during the last 12 months ended December 2018.
From the report
The cash and bank balance (including margin money) was low at Rs.20.6 crore as on September 30, 2018.
From the report
The average working capital utilization of the company remained high at around 89% during the last 12 months ended December 2018.
From the report
The cash and bank balance (including margin money) was low at Rs.20.6 crore as on September 30, 2018.
From the report
The average working capital utilization of the company remained high at around 89% during the last 12 months ended December 2018.
From the report
The cash and bank balance (including margin money) was low at Rs.20.6 crore as on September 30, 2018.
From the report
The company reported cash accruals of Rs.100.69 crore in 9MFY18 vis-à-vis full year debt repayment of 21.98 crore.
From the report
The average utilisation of working capital limits (including CP) stood at around 72% for 12 months ending February 2018.
From the report
GCA was satisfactory at Rs.124 crore vis-à-vis debt repayment obligation of Rs.40 crore in FY16.
From the report
Press Release Skipper Ltd March 17, 2017 Ratings Amount 1 Instruments Rating Rating Action (Rs. crore) 100.0 Commercial Paper Issue* CARE A1+ (A One Plus) Reaffirmed (enhanced from 50.0) 100.0 Total (Rupees Hundred crore only) *Carved out of the sanctioned working capital limits of the company Detailed Rationale & Key Rating Drivers The rating assigned to the instrument of Skipper Ltd (SL) continues to draw strength from the experience of the promoters, consistent improvement in financial performance, satisfactory order book position providing adequate revenue visibility, improvement in the sh
From the report
GCA was satisfactory at Rs.124 crore vis-à-vis debt repayment obligation of Rs.40 crore in FY16.
From the report
Current ratio also improved and remained satisfactory as on March 31, 2016. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 Credit Analysis & Research Limited Press Release Moderate capital structure The overall gearing ratio remained moderate at 1.09x as on March 31, 2016 despite accretion of high profit to reserves, in view of debt availed for various capex plans of the company.
From the report
Ratings Amount 1 Facilities/Instruments Ratings Remarks (Rs. crore) Long term Bank 434.50 CARE A+ Reaffirmed Facilities [enhanced from 341.63] (Single A Plus) Long / Short-term Bank 1300.00 CARE A+/ CARE A1+ Revised from CARE A+/ CARE A1 Facilities [enhanced from 960.00] (Single A Plus / A One Plus) (Single A Plus / A One) 1,734.50 (Rupees One Thousand Total Facilities Seven Hundred Thirty Four Crore and Fifty Lakh Only) Commercial Paper (CP) 50.0 CARE A1+ Revised from CARE A1 Issue* (Rupees Fifty crore only) (A One Plus) (A one) *carved out of the sanctioned working capital limits of the comp
From the report
This apart, in Q2FY17, the company has further enhanced its capacity of structural fabrication by 30,000 MTPA and has set up a PVC plant (6,000 MTPA) in Hyderabad at an aggregate cost of Rs.50 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Skipper Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Graphite India Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
| Defence & Shipbuilding PSUs · Public Sector (PSU) & Government | hal-india.co.in | 1940 | Bangalore, Karnataka, India | |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bel-india.in | — | India | |
| Shyam Metalics And Energy Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Solar Industries India |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | solargroup.com | — | Nagpur, India |
 India Glycols |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | indiaglycols.com | — | Udham Singh Nagar, India |
| CMR GREEN TECHNOLOGIES LIMITED | Indian IT Services · IT Services & Software | — | — | Faridabad, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.