SKIL Infrastructure Limited

Industrials — Engineering & Construction · BSE

₹0.98₹0.00 (0.00%)

DalalBaazaar Score

45 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, the company is currently loss-making.

In simple words: The company is currently losing money, though profits are falling even as sales grow. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of SKIL Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

SKIL Infrastructure Limited, together with its subsidiaries, engages in the infrastructure development business in India.

IndustryEngineering & Construction

SectorIndustrials

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?Little sign of one

Returns on capital of 8.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE8.6%

ROE4.6%

Peer median ROE14.1%

DalalBaazaar Score

45/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

52/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

19/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

—

EV/EBITDA

83.0x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 23% over 2 years.
Cash generation is improving
Free cash flow is up 4013% over 2 years.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.00 — near-term obligations exceed near-term assets.

Red Flags

4 items require attention · 2 high · 2 watch

🔴High leverageFinancial
Debt/Equity of 10.09x — earnings must service borrowings before shareholders see anything.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.6x — little room if earnings dip.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 20.9x to 1.6x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.00 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 23% over 2 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 82.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Debt / EBITDA falls below 3x✗ 82.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
2Interest cover stays above 3x✗ 1.6x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹44 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✓ 8.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 4 neutral · 5 weak

Market Cap

₹21 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-0.65

Loss-making

Negative earnings per share — the business is losing money

ROE

4.6%

Weak

Weak capital efficiency

ROCE

8.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

10.09x

High

High leverage

Revenue Growth (YoY)

137607.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-99.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹44 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹0.98

Operating Margin

94.4%

Good

Healthy core-business profitability

Net Margin

115.0%

Good

Strong bottom-line conversion

Current Ratio

0.00

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.17

Defensive

Steadier than the market

52W Range Position

33%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

0.9 / 0.9

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

100.0

Overbought zone

Financial Trend (3-Year)

Metric	FY22	FY23	FY24	2Y CAGR
EBITDA	-₹1 Cr	₹6 Cr	₹24 Cr	—
PAT (Net Profit)	-₹161 Cr	₹1,117 Cr	₹9 Cr	—
EPS	₹-7.43	₹51.6	₹0.6	—
ROE	—	618.8%	4.6%	—
ROCE	—	448.7%	8.6%	—
Total Debt	₹2,550 Cr	₹2,062 Cr	₹1,952 Cr	-12.5%
Free Cash Flow	₹1 Cr	-₹188 Cr	₹44 Cr	+541.3%

🟢 EBITDA has turned positive, from -₹1 Cr to ₹24 Cr.

🟢 PAT (Net Profit) has turned positive, from -₹161 Cr to ₹9 Cr.

🟢 EPS has turned positive, from ₹-7.43 to ₹0.6.

🔴 ROE has fallen from 618.8% to 4.6% over 2 years (-614.2 pts).

🔴 ROCE has fallen from 448.7% to 8.6% over 2 years (-440.1 pts).

🟢 Total Debt has shrunk at 12.5% a year over 2 years.

🟢 Free Cash Flow has grown at 541.3% a year over 2 years.

Balance Sheet & Cash Flow — FY2024

Total Assets

₹3,199 Cr

Total Liabilities

₹3,006 Cr

Total Debt

₹1,952 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹44 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

71.7%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 mixed5 general

SKIL Infrastructure Limited Invites Fresh Expression of Interest Under CIRP; Deadline Set for May 16, 2026

scanx.trade, 16 May

SKIL Infrastructure fails to submit encumbered shares disclosure for FY26

scanx.trade, 27 Sept

SKIL Infrastructure Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2025

www.marketscreener.com, 14 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

SKIL Infrastructure postpones 13th CoC meeting to Oct 12

scanx.trade, 08 Oct

NCLT rejects IRP bid to end SKIL Infra's insolvency process

The Economic Times, 15 Aug

Rs55 Lakh Penalty Slapped on SKIL Infrastructure Promoter, Directors and CFO for Financial Misrepresentation

Moneylife, 30 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟡Business QualityAdequate11.2/20

🟡Financial HealthAdequate9.1/20

🟡GrowthModest10/20

🟡ProfitabilityModerate8.9/15

🔴ValuationDemanding1.5/15

🔴RiskHigh3.9/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✗Debt / EBITDA falls below 3x82.1x
✗Interest cover stays above 3x1.6x
✓Free cash flow remains positive₹44 Cr
✓ROCE stays above 8%8.6%