Skipper Ltd: 69% YoY Tower Surge & a Pipeline So Long It Needs Its Own Pincode

1. At a Glance

Skipper Ltd is not your average “pipe dream” — it literally makes pipes, poles, and power transmission towers that keep the country’s electricity highways from collapsing faster than your New Year resolutions. With a ₹5,680 Cr market cap, it sits comfortably in the heavy electrical equipment corner, flexing a 69% YoY revenue jump in its engineering products segment. Capacity expansion targets are so ambitious (6 lakh tonnes by FY28) they could probably build an Eiffel Tower every month and still have steel left for your neighbourhood lamp post.

2. Introduction

If there’s a company that’s managed to sell steel poles as if they were iPhones, it’s Skipper. While most infra players crawl through bureaucratic sludge, Skipper somehow managed to speed-run EPC contracts, transmission towers, and PVC pipes into a high-growth cocktail. They’re in the elite club of top-10 global T&D structure manufacturers — meaning when someone somewhere needs a tower, there’s a decent chance it has Skipper’s nameplate on it.

But, as any good auditor with a caffeine problem will tell you, there’s a twist — high debt, slightly shy ROE history, and promoters quietly trimming stakes over three years. The numbers look good today, but can this tower keep standing when the wind blows? Let’s get into it.

3. Business Model (WTF Do They Even Do?)

Think of Skipper as the civil engineer who’s also the plumber, electrician, and occasional carpenter.
Segments:

• Engineering Products (77% revenue) → Transmission towers, monopoles, telecom structures, railway beams, solar mounting. This is their cash cow and their global bragging right.