The agency has also reaffirmed the company’s short-term rating has been at ‘Crisil A1’.

Crisil Ratings stated that the upgrade in the ratings factor in the continuous strengthening of the business and financial risk profile due to increasing scale of operations supported by strong order book, healthy operating profitability levels and improving debt coverage indicators.

Skipper’s revenue has registered growth of about 20% on-year in fiscal 2026 driven by healthy execution of the order book which stood at Rs ~8,502 crore as on March 31, 2026. Besides, the company has also emerged as lowest bidder (L1) for few orders, which along with the existing order book, will ensure healthy revenue visibility over the medium term.

The business risk profile will also continue to benefit from the strong technological capabilities of Skipper, its increasing market presence and established clientele, and the strong industry outlook of T&D sector in the domestic and international market.

The company is in the process of raising about Rs 433.50 crore via preferential equity share allotment which shall be utilised majorly towards working capital requirement thereby reducing the reliance on debt of the company. The fund raise shall strengthen Skipper’s financial risk profile and improve its key debt metrics.

The rating continues to reflect established market position of the group in the power transmission and distribution (T&D) structures and polymer pipes and fittings manufacturing industry, healthy operating efficiency driven by integrated operations and healthy financial risk profile.

These strengths are partially offset by working capital intensive operations and exposure to intense competition, any unprecedented cyclicality and slowdown in the end user industry as well as risks related to tender business.

Skipper is broadly structured into three different business verticals that comprise the engineering division, polymer division and the engineering procurement construction (EPC) division. The entity is India’s largest and the world’s only integrated transmission and distribution company with their own structure rolling, manufacturing, tower load testing station, and transmission line EPC capabilities.

The scrip fell 1.80% to currently trade at Rs 564.70 on the BSE.