Akash Verma 12 October 2026

Skipper Limited Share Price Target at Rs 595: Axis Securities

Axis Securities has issued a BUY call on Skipper Ltd, naming the transmission-tower and pole maker its Pick of the Week with a target price of Rs 595, about 10% above the Oct. 1 price of Rs 541, over six to nine months. The brokerage cites a record order book of Rs 9,217 crore, a bidding pipeline above Rs 35,000 crore and a capacity expansion that lifts annual output to 4.5 lakh tonnes. Exports halved in the June quarter as West Asia tensions held up shipments, and expansion timelines have slipped, yet Axis argues that steady domestic grid spending and management's 30% profit-growth guidance keep the valuation attractive.

BUYAxis Pick of the Week6-9 month horizon

Skipper Wires Up a Record Order Book as Axis Securities Sees Rs 595

The power-infrastructure fabricator has Rs 9,217 crore of work in hand, a Rs 35,000 crore bid book and a fresh 75,000-tonne line coming on stream. Exports and expansion dates have wobbled, but the domestic grid story remains intact.

Title block · Skipper Ltd · NSE: SKIPPER · BSE: 538562
CMP (Oct. 1)Rs 541	TargetRs 595	Upside~10%
52-week rangeRs 327 - Rs 616	Market capRs 6,609 crore	Report dateOct. 3, 2026

Axis Securities has picked Skipper Ltd as its flagship weekly high-conviction idea, recommending a BUY with a target of Rs 595. The return on offer is a modest 10% over six to nine months, framed as a steady call on India's grid build-out. The company, founded in 1981, makes transmission and distribution (T&D) towers and poles and has branched into polymer pipes, railway-electrification structures, telecom towers and EPC projects.

The Order Book, Seat by Seat

Skipper booked Rs 1,674 crore of fresh orders in the June quarter (Q1FY27), including two prestigious 765 kV transmission-line projects from a reputed domestic developer in Maharashtra. That pushed the closing order book to a record Rs 9,217 crore, up 8.4% from Rs 8,502 crore at the end of March. The backlog is roughly 1.7 times FY26 revenue.

Who fills the book: each dot is 1% of Rs 9,217 crore

Domestic T&D 80% Non-T&D domestic 11% Exports 9%

Non-T&D domestic covers railways, telecom, solar, water EPC and other steel structures.

Four of every five rupees in the book come from domestic power transmission, which rides renewable integration, HVDC corridors and grid expansion. The bidding pipeline is even larger: a record Rs 35,000 crore-plus, spanning domestic and international tenders.

Russian dolls: circle area proportional to value

The pipeline is about 3.8 times the current order book; management plans to execute roughly Rs 5,000 crore of the backlog in FY27.

Steel in the Ground, a Quarter Late

The 75,000-tonne annual capacity addition will lift installed manufacturing capacity from 3.75 lakh tonnes to 4.5 lakh tonnes. Commissioning, earlier promised for June 2026, is now targeted for the end of Q2FY27, a one-quarter spillover. Encouragingly, commercial ramp-up of the new line is still pencilled in for Q3FY27. The longer-range goal of 6 lakh tonnes, once guided for the end of FY28, has been pushed to FY29.

Schedule slip chart: hollow = earlier plan, solid = revised

The Q2FY27 deadline fell on Sept. 30, before the report's date, and Axis does not confirm whether the line was commissioned; the September-quarter update is the first checkpoint.

Exports: Halved Now, Rebuilding for Later

Rs 326 cr

Q1FY26

Rs 162 cr

Q1FY27

Export revenue fell about 50% year on year to Rs 162 crore as geopolitical developments in West Asia delayed shipments and put some on temporary hold. Square area is proportional to revenue.

Management is nonetheless guiding for export order inflows to grow by more than 50% in FY27. The quarter's groundwork, in passport stamps:

USA · audit cleared
Finland · audit cleared
Australia · audit cleared
Brazil · new subsidiary
UAE · new subsidiary

Guidance Against the House Model

Management targets FY27 order inflows of Rs 7,000 crore-plus and a closing order book above Rs 10,000 crore. It has held its FY27 guidance of 15% revenue growth and about 30% profit growth, with a long-term EBITDA-margin aspiration of 12%-plus. Axis models revenue in line with guidance but net profit a touch ahead of it, at 35.7% growth.

Financial summary (Axis Securities estimates, Rs crore)

Metric	FY26	FY27E	FY28E
Net sales	5,553	6,386	7,344
EBITDA	573	671	859
EBITDA margin*	10.3%	10.5%	11.7%
Net profit	213	289	401
EPS (Rs)	18.9	23.6	32.8
P/E (x), as printed	26.2	20.9	15.1
EV/EBITDA (x)	11.3	9.6	7.3
P/BV (x)	3.7	2.7	2.3
RoE	16%	16%	17%

*Margin calculated by TopNews from the house's EBITDA and sales figures.

What the Target Is Really Paying For

Axis does not print a target-price derivation. By TopNews arithmetic, Rs 595 equals about 18.1 times FY28 estimated EPS of Rs 32.8, while the Oct. 1 price of Rs 541 sits at about 16.5 times. Shaded cells sit above today's price.

Price-at-multiple grid (Rs per share, TopNews arithmetic)

EPS basis	14x	16x	18x	20x
FY27E (Rs 23.6)	330	378	425	472
FY28E (Rs 32.8)	459	525	590 ◄ TP	656

The house calls a 15x FY28E multiple attractive, though that figure reflects an earlier price (see the editor's note). The target needs Skipper to deliver FY28 earnings and hold a high-teens multiple. With the stock about 12% below its Rs 616 high, patient buyers may find better entries on dips; that is a TopNews view, not an Axis recommendation.

Editor's note

Multiples use an older price. The printed P/E of 26.2x, 20.9x and 15.1x, and the 26x in the market-data box, all multiply back to about Rs 495, not the stated Rs 541 CMP. At Rs 541 the FY28E P/E is about 16.5x, so "15x" understates the current valuation.

FY26 EPS does not reconcile. Net profit of Rs 213 crore over 12.21 crore shares gives about Rs 17.4, not the Rs 18.9 printed; the FY27E and FY28E EPS figures do reconcile with the share count. A weighted-share basis may explain the gap, but the report does not say.

No risk list printed. The risks below are drawn by TopNews from the report's own content.

Risks to the call

Execution timing: both capacity milestones have already slipped; any further delay pushes FY28 earnings, which carry the target.

Export disruption: a prolonged West Asia standoff could keep shipments on hold and blunt the 50% export-inflow ambition.

Margin delivery: the jump to 11.7% in FY28E is the swing factor; the 12%-plus aspiration remains a goal, not guidance.

Thin cushion: a 10% upside leaves little room for disappointment over a six-to-nine-month horizon.

Sources

Axis Securities, "Pick of the Week: Skipper Limited," Oct. 3, 2026 (CMP as of Oct. 1, 2026). Research analyst: Keval Barot, Research Associate. Company disclosures as cited in the report. The parliament, nested-circle, slip and price-grid charts are re-plotted by TopNews from the house's own figures; derived values are marked as TopNews arithmetic.

Investments in the securities market are subject to market risks. Read all related documents carefully before investing. This report is for information only and is not investment advice.

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