SKIL - SKIL Infrastr

📊 NSE: SKIL 🏢 Construction 📅 Last Updated: 12/14/2025 13:29

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for both Infrastructure and Defense segments remained at INR 0 for FY23 and FY22 (0% growth). Total revenue, comprised entirely of Other Income, declined by 82.2% from INR 6,585.77 Lakhs in FY22 to INR 1,171.34 Lakhs in FY23.

Geographic Revenue Split

India: 100% (INR 1,171.34 Lakhs in FY23). The company has no international operations.

Profitability Margins

Net Profit Margin for FY23 was 2460.9% (INR 28,825.80 Lakhs profit on INR 1,171.34 Lakhs revenue), which is highly misleading as it was driven by an exceptional gain of INR 33,852.80 Lakhs. Excluding exceptional items, the company operated at a net loss of INR 5,027.00 Lakhs.

EBITDA Margin

EBITDA Margin is negative as the company reported an operational loss of INR 5,027.00 Lakhs before exceptional items. Core profitability is non-existent due to zero operational revenue.

Capital Expenditure

Historical PPE is minimal at INR 1.35 Lakhs, down 44% from INR 2.41 Lakhs in FY22. No planned capital expenditure is disclosed due to the ongoing Corporate Insolvency Resolution Process (CIRP).

Credit Rating & Borrowing

Credit rating is not disclosed. Borrowing costs are extreme, with finance costs of INR 5,606.33 Lakhs in FY23, representing 90.4% of total expenses (excluding exceptional items).

⚙️ Operational Drivers

Raw Materials

Not applicable as the company has no active manufacturing or infrastructure projects. Finance costs (INR 56.06 Cr) are the primary cost driver.

Import Sources

Not applicable/Not disclosed.

Capacity Expansion

Current operational capacity is NIL. The defense subsidiary, SKIL Advanced Systems Pvt. Ltd. (SASPL), has zero business and no expansion plans.

Raw Material Costs

Raw material costs are NIL (0% of revenue) as there are no active operations.

Manufacturing Efficiency

Capacity utilization is 0% as there are no active operations.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

The company is currently focused on debt restructuring through the Corporate Insolvency Resolution Process (CIRP) initiated on February 1, 2024. Strategic plans include either closing down the defense subsidiary (SASPL) or finding a buyer from the defense sector to take it over to settle liabilities.

Products & Services

Historical services include infrastructure development and potential defense sector business through SASPL.

Brand Portfolio

SKIL Infrastructure Limited, SKIL Advanced Systems Pvt. Ltd. (SASPL).

New Products/Services

No new product launches are planned; the company is in a state of insolvency.

Market Expansion

No market expansion plans are disclosed; the company is currently under the control of an Interim Resolution Professional.

Market Share & Ranking

NIL (No active operations in the infrastructure or defense sectors).

🌍 External Factors

Industry Trends

The Indian infrastructure and defense sectors are growing, but SKIL is unable to participate due to its insolvency status. The industry is evolving toward private participation, but SKIL is positioned as a distressed asset.

Competitive Landscape

The company is at a severe disadvantage compared to active competitors like L&T or Adani due to its CIRP status and zero revenue.

Competitive Moat

The company currently has no moat. Its historical positioning in defense through SASPL has failed to generate business, and its infrastructure moat has been eroded by a 100% lack of operational liquidity.

Macro Economic Sensitivity

Highly sensitive to interest rates and the legal framework of the Insolvency and Bankruptcy Code (IBC).

Consumer Behavior

Not applicable as the company operates in B2B/B2G infrastructure and defense.

Geopolitical Risks

The defense sector focus of SASPL makes it sensitive to national security policies and indigenization mandates, though it currently has no business.

⚖️ Regulatory & Governance

Industry Regulations

Operations are strictly governed by the Insolvency and Bankruptcy Code (IBC) 2016 and NCLT orders. Compliance with statutory filing requirements is currently a major hurdle.

Taxation Policy Impact

Effective tax rate was 0% in FY23 due to operational losses and the nature of exceptional gains.

Legal Contingencies

Significant pending cases include the CIRP process (Order dated Feb 1, 2024) and a dispute with Reliance Commercial Finance Ltd. involving INR 1,988.15 Lakhs in unbooked interest. There are also material regulatory and tax cases against the company.

⚠️ Risk Analysis

Key Uncertainties

There is a 100% uncertainty regarding the company's ability to continue as a going concern. The outcome of the CIRP and the ability to meet liabilities as they fall due are critical risks.