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ICICI Securities Report
Skipper India Ltd.'s performance in last one-two years reflects pick up in domestic and international transmission and distribution capex cycle, enhanced EPC capabilities in infra and T&D and strong volume growth in PVC pipes.
This largest Indian manufacturer of T&D structures is set to ride on multi-year opportunity (Rs 4.75 trillion over FY23-27 of domestic T&D capex, Rs 9.2 trillion over FY23-32, according to NEP) and plans to double its engineering capacity to 0.6 million TPA over the next four-five years.
In addition, the company's export business may also benefit from its expansion in developed markets. With an orderbook of Rs 59 billion (1.8 times FY24 revenue) and order inflows likely growing at 20% CAGR over FY24-27E, we expect revenue/Ebitda/profit after tax to grow at 25%/29%/56% CAGR.
Initiate coverage with Buy and target price of Rs 635, based on 27 times average of FY26E and FY27E earnings per share.
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