Skipper Ltd Management Discussions

Global economic review

Global growth slowed from 3.3% in 2023 to 3.2% in 2024, due to weak manufacturing in Europe and Asia, supply chain issues, and low consumer demand. Services held up better.

Advanced economies grew steadily at 1.7%, while emerging and developing economies slowed from 4.4% to 4.2%. Global inflation fell from 6.1% in 2023 to 4.5% in 2024, and is projected at 3.5% in 2025 and 3.2% in 2026, aided by easing shocks, better labour supply, and supportive monetary policy.

Donald Trump?s return as US President in late 2024 led to tariff threats, increasing global trade and market uncertainty—becoming 2025?s biggest risk.

Regional growth (%)	2024	2023
World output	3.2	3.3
Advanced economies	1.7	1.7
Emerging and developing economies	4.2	4.4

(Source: IMF, KPMG, Press Information Bureau, BBC, India Today)

Performance of the major economies, 2024

United States:	China:	United Kingdom:	Japan:	Germany:
Reported GDP growth of 2.8% in 2024 compared to 2.9% in 2023.	GDP growth was 5.0% in 2024 compared to 5.2% in 2023.	GDP growth was 0.8% in 2024 compared to 0.4% in 2023.	GDP growth was 0.1% in 2024 compared with 1.9% in 2023.	GDP contracted by 0.2% in 2024 compared to a 0.3% decline in 2023.

(Source: CNBC, China Briefing, Ons.gov.uk, Trading Economics, Reuters)

Outlook

The global economy has entered a phase of uncertainty following US tariff hikes on imports and reciprocal tariffs by other countries. This may slow global growth, though the full impact remains uncertain. Additional risks include conflicts, geopolitical tensions, trade restrictions, and climate change. Considering these factors, the World Bank projected global growth at 2.7% for 2025 and 2026.

(Source: IMF, United Nations)

Indian economic review

Overview

India?s economy was projected to grow at 6.5% in 2024-25, down from a revised 9.2% in 2023-24—a four-year low due to slower manufacturing and reduced investments. Despite this, India remained the world?s fifth-largest economy. Nominal GDP rose to H331 Trillion in 2024-25 from H301.23 Trillion in 2023-24. Per capita GDP increased from H2,15,936 to H2,35,108, reflecting economic expansion.

The rupee weakened 2.12% against the US dollar, closing at H85.47 in FY25. However, it gained 2.39% in March 31, 2025—its highest monthly rise since November 2018—due to a weaker dollar. CPI inflation averaged 4.63%, with retail inflation at 4.6%—the lowest since the pandemic—boosted by moderating food prices and stable global commodities, aiding savings.

Forex reserves reached USD 676 billion by April 4, 2025. Rating upgrades (14.5%) outpaced downgrades (5.3%) for the fourth year, driven by strong growth, rural demand, infrastructure push, and low corporate debt.

Gross inward FDI rose 20.6% YoY to USD 62.5 billion (from USD 51.8 billion). However, net FDI fell from USD 7.84 billion to USD 1.18 billion due to higher repatriation and overseas investments by Indian firms.

Growth of the Indian economy

	FY22	FY23	FY24	FY25
Real GDP growth (%)	8.7	7.2	9.2	6.5

(Source: MoSPI, Financial Express)

Growth of the Indian economy quarter by quarter, 2024-25

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25
Real GDP growth (%)	6.5	5.6	6.2	7.6

(Source: The Hindu, National Statistics Office)

The banking sector strengthened, with SCB gross NPAs falling to 2.6% in September 2024 (from 2.7% in March) and capital adequacy at 16.7%.

Exports were projected at USD 800 Billion in FY25 (vs. USD 778 Billion in FY24). Merchandise exports rose 2.2% YoY to USD 446.5 Billion, though the Red Sea crisis raised shipping costs.

Net GST collections rose 8.6% to H19.56 Lakh Crore; gross collections grew 9.4% to H22.08 Lakh Crore in FY25.

Real GVA was estimated to grow 6.4%. Industry grew 6.2%, led by construction and utilities. Services grew 7.3% (vs. 9.0%), with public services up 8.8%. Utilities grew 6.0% (vs. 8.6%), and construction 8.6% (vs. 10.4%).

Manufacturing growth slowed to 4.3% (vs. 12.3%). Government spending eased to 3.8% (vs. 8.1%) due to lower early-year outlays.

Agriculture grew 3.8% (vs. 1.4%); trade, hotels, transport, and broadcasting grew 6.4% (vs. 6.3%).

Private consumption rose 7.3%, driven by rural demand and consumer confidence. Nifty 50 and SENSEX rose 5.3% and 7.5% weakest in two years. Gold jumped 37.7% to USD 3,070/oz, the highest since FY08. Mutual fund AUM rose 23% to H65.7 Lakh Crore; folios hit 23.5 Crore. SIPs averaged H24,113 Crore/month, up 45%.

FPIs saw USD 20 Billion inflows in 2024, but Q4 saw outflows due to new US tariffs on multiple countries, including India.

Outlook

India is expected to remain the fastest-growing major economy, though RBI revised its FY26 GDP growth forecast from 6.7% to 6.5% due to risks from US tariffs.

Tariff-based competitiveness: India sees opportunities in at least 10 sectors—like apparel, chemicals, plastics, and rubber—where US tariffs on other countries, especially China (145% vs. India?s 10%), give it an edge. China held a 25% share in US apparel imports, while India had just 3.8%, highlighting scope for growth

(Source: NITI Aayog).

Union Budget 2024-25: The Budget focused on agriculture, MSMEs, investment, and exports as key growth drivers. With a fiscal deficit target of 4.4% of GDP, H11.21 Lakh Crore (3.1% of GDP) was allocated for capital expenditure to boost infrastructure. A major shift came with personal tax cuts effective April 1, 2025, income up to H12 Lakh will be tax-exempt. Economists estimate H1 Lakh Crore in tax savings could boost consumption by H3–3.5 Lakh Crore, raising nominal PFCE by 1.5–2% of its H200 Lakh Crore base.

Pay Commission impact: The 8^th Pay Commission could bring significant salary hikes for nearly 10 Million central government employees. The 7^th Commission had tripled salaries, triggering widespread impact.

Monsoons: The IMD forecasts an ‘above normal? monsoon for 2025, benefiting agriculture and easing food inflation.

Easing inflation: Retail inflation fell to 3.34% in March 31, 2025—the lowest since August 2019—raising hopes for further rate cuts.

Rate cuts: In April 2025, the MPC cut policy rates by 25 bps to 6%. CPI inflation is projected at 4% for 2025-26.

Credit revival: RBI?s 2023 credit curbs slowed retail loan growth to 9–13%. Under new leadership, restrictions on consumer credit were lifted, liquidity norms delayed, and retail lending is set to recover.

(Source: CNBC, Press Information Bureau, Business Standard, Economic Times, World Gold Council, Indian Express, Ministry of External Affairs, Times of India, Business Today, Hindustan Times, Statistics Times)

Global transmission and distribution T&D industry

The global T&D industry is expanding rapidly due to rising electricity demand, especially in emerging economies, and the integration of renewables. Clean energy targets, grid modernisation, urbanisation, and aging infrastructure replacement are key drivers.

Asia and Africa drive power network growth, boosting demand for towers and conductors. Asia-Pacific leads, driven by renewables and tech advancements. Governments are investing in T&D upgrades to cut transmission losses and improve access. Data centers, AI, and crypto currencies are major demand drivers, with global consumption expected to reach 945 TWh by 2030 exceeding Japan?s current usage. In Ireland, data centers may account for 32% of electricity demand by 2026.

The global T&D market, valued at USD 386.59 Billion in 2024, is projected to reach USD 525.99 Billion by 2032, growing at a CAGR of 4.06%.

Regional insights

Asia Pacific: The Asia- Pacific T&D market is valued at USD 136.95 billion in 2024 and is expected to grow at a 3.8% CAGR, supporting electricity delivery from diverse power sources.

North America: Electricity generation is projected to reach 6.16 Trillion kWh by 2029, growing 1.9% annually from 2025.

Europe: The T&D market was USD 61.1 billion in 2024 and is forecasted to grow at 4.5% CAGR through 2031, driven by decarbonisation goals, grid modernisation, and smart technologies.

Middle East: The T&D sector is rapidly growing due to rising demand and diversification. Saudi Arabia?s market is USD 2.49 Billion with a 6.0% CAGR, and the UAE?s is USD 1.01 Billion with a 7.6% CAGR through 2030, fuelled by investments in renewables and smart grids.

Growth drivers

Renewable integration: Rapid solar and wind adoption is driving a 50%+ rise in global electricity demand by 2050, requiring major T&D upgrades.

Grid modernisation: Utilities plan USD 1.4 Trillion investment from 2025–2030 to enhance infrastructure, automation, and DER integration.

Rising demand: Electricity demand grew 4.3% in 2024, driven by electrification of transport, buildings, industry, and data centers, pressuring grids and boosting T&D investments.

Urbanisation: Rapid urban and industrial growth in developing countries fuels demand for reliable electricity and T&D expansion.

Technology: Utilities adopt HVDC, smart meters (AMI), and FACTS for improved grid performance.

Climate resilience: The US DOE allocated USD 7.6 Billion for 105 projects to strengthen grid resilience against extreme weather.

Cross-border trade: Expanding transmission networks boost international energy trade, enhancing security and efficiency.

(Source: International Energy Agency, Deloitte, Energy. gov, ETA publication)

Outlook

The global T&D market, worth USD 386.59 Billion in 2024, is projected to reach USD 525.99 Billion by 2032, led by Asia-Pacific and emerging Africa. Rising demand from EVs, industries, and data centers (945 TWh by 2030) is stressing grids, prompting urgent upgrades. Renewables will raise demand 50% by 2050. Utilities plan USD 1.4 Trillion in modernisation by 2030, focusing on smart tech and resilience. The US DOE has pledged USD 3.5 Billion for grid upgrades. Cross-border trade is growing, boosting energy security. Technology and sustainability are driving the sector?s transformation.

Indian transmission and distribution T&D industry

India is one of the most attractive global markets for transmission and distribution infrastructure due to its ongoing first-generation infrastructure build, rising and under-penetrated electricity demand, and growing renewable energy investments.

In FY25, India added 8,830 circuit

Kilometer of transmission lines and 86,433 MVA of substation capacity 58% and 77% of targets, respectively. The Central Electricity Authority (CEA) aims for 50% of installed capacity from non-fossil sources by 2030, aligning with its NDC commitments.

By 2026-27, plans include adding 1,23,577 circuit Kilometer of transmission lines and 7,22,940 MVA of transformation capacity—over 30,000 circuit Kilometer annually, more than double the last five years? additions. This expansion is vital to meet growing demand and enable efficient power distribution across India.

Strong transmission system

Addition in transmission line (CKM)
FY22	14,895
FY23	14,625
FY24	14,203
FY25	8,830

Addition in transformation capacity (MVA)

FY22	78,982
FY23	75,902
FY24	70,728
FY25	86,433

Strong growth in the length of high-voltage transmission lines (220 kV and above) (ckm)

Year	220kv	400kv	765kv
FY20	1,80,141	1,84,521	44,853
FY21	1,86,446	1,89,910	46,090
FY22	1,92,340	1,93,978	51,023
FY23	2,01,538	1,97,750	52,678
FY24	2,07,045	2,03,838	54,797

Sector-wise share of transmission line additions (ckm)

Year	Central	State	Private	Others
FY20	4,489	6,307	868	11,664
FY21	7,166	7,657	1,927	16,750
FY22	4,676	8,939	1,280	14,895
FY23	3,926	6,816	3,883	14,625
FY24	3,938	6,993	3,272	14,203

India?s T&D sector is rapidly transforming to meet ambitious renewable energy goals. Initiatives like the Green Energy Corridor and Revamped Distribution Sector Scheme support grid upgrades and electrification.

Renewable capacity aims to grow from 150 GW to 500 GW by 2030, requiring strong grid connections to SEBs and last-mile distribution. This demands major investment in extra-high voltage (220kV, 400kV, 765kV) infrastructure to boost reliability and efficiency.

HVDC technology is key for reducing transmission losses, stabilising the grid, preventing blackouts, and enabling power exchange between networks. With electricity demand growing 5–6% annually and peak demand rising to 270 GW (from 250 GW in 2024-25), HVDC networks are crucial for India to achieve its 500–600 GW non-fossil fuel target by 2030.

India?s data centre capacity is set to more than double from 1,150 MW in 2023-24 to 2,000–2,100 MW by 2026–27, backed by investments up to H45,000 Crore.

Most funding will support growing colocation demand, driven by hyperscalers. Key growth factors include low data tariffs, affordable smartphones, and rising use of social media, e-commerce, gaming, and OTT platforms.

The rapid rise of AI over the next 3–5 years is expected to further boost sector opportunities.

(Source: EY, Central Electricity Authority, Economic Times, Money Control, T&D India)

India?s energy transition

India is leading the renewable energy transition with a net-zero target by 2070 and a 36.5% CAGR in solar energy. Significant investments are underway in EVs, wind, and battery storage.

To meet its goals, India emphasises innovation, green technologies, and climate disclosures to attract finance. Key initiatives like the Green Energy Corridor and Revamped Distribution Sector Scheme support renewable transmission and last-mile connectivity.

Digitalisation, automation, and smart grids are vital for an efficient transition, positioning India as a global leader in sustainable energy.

Key initiatives and investments

Renewable energy expansion: India aims to achieve 500 GW of non-fossil fuel-based energy capacity by 2030. To meet this goal, the country needs to install approximately 50 GW of renewable energy annually for the next five years, starting in 2024.

Biomass co-firing: Biomass co-firing in thermal plants is mandated at 5% starting 2024-25, increasing to 7% by 2025-26, as part of efforts to reduce emissions and integrate renewable energy sources.

National green hydrogen mission: This mission received a H600 Crore allocation in 2024-25. It aims to produce five million metric tons of green hydrogen annually by 2030 and establish significant electrolyser manufacturing capacity.

Ethanol blending program (EBP): The program supports farmers and helps reduce foreign exchange outflows by promoting ethanol blending in fuels.

Production-linked incentive (PLI) schemes: These schemes focus on domestic manufacturing of solar modules, advanced chemistry cell (ACC) batteries, and green hydrogen to reduce import dependence and enhance energy security.

Growth drivers

Renewable energy expansion: Solar leads India?s renewable push, supported by schemes like PM-Kusum and PM Surya Ghar. Combining solar, wind, and storage boosts reliability.

Energy storage: Battery tech advancements and domestic manufacturing reduce storage costs and support EV adoption.

Green hydrogen: India targets 5 MMT production by 2030, backed by investments and export potential. Local electrolyser manufacturing will cut costs.

Policy support: Reforms and incentives promote domestic manufacturing of solar modules, ACC batteries, and green hydrogen.

Technology and digitalisation: AI, ML, AMI, and IoT improve grid efficiency and energy distribution.

Investments: Policies, PLI schemes, VGF, and 100% FDI attract global capital into the renewable sector.

(Source: Energetica India, Ernst and Young, PIB, IBEF)

Outlook

India plans to expand its transmission network to 6,48,000 Kilometer by 2032 from 4,90,000 Kilometer in 2024, requiring ~23,000 Kilometer additions annually under a H9.15 Trillion plan. Transformation capacity will rise from 1,290 to 2,342 GVA. To reach net-zero by 2070, India aims for 500 GW non-fossil capacity and 50% renewable power by 2030. Solar is set to match coal?s share in two decades. Renewables already make up 40% of installed capacity, with additions expected to double by 2026.

Green hydrogen could create an USD 80 billion market by 2030. Rising demand from electrification will need USD 160 billion in annual investments. Despite land and funding challenges, India?s transition offers job creation, energy security, and tech leadership.

Indian telecom tower industry

India?s telecom sector is in a transformative phase, driven by tech advancements and strategic initiatives. With 1,203.69 Million telephone subscribers and an overall tele density of 85.43% (urban: 132.94%, rural: 59.05%), connectivity continues to improve. The internet user base has grown to 969 Million, 42% from rural areas—reflecting strong digital inclusion.

Government programs like the National Broadband Mission and 5G rollout are enhancing reach and bridging the digital divide. The telecom market is projected to grow from USD 53.18 Billion in 2025 to USD 83.34 Billion by 2030, at a CAGR of 9.4%. Infrastructure investments, local manufacturing, and 5G/6G technologies are propelling growth, aligning with India?s goal of a trillion-dollar digital economy and boosting employment and innovation across the country.

(Source: Mordor Intelligence, Grant Thornton, Invest India, India Briefing)

Growth drivers

5G rollout: India plans to add ~5,00,000 new tower sites, with H1.3 Lakh Crore (USD 16.5 Billion) investment over two years.

Industry consolidation: American Tower?s USD 2.5B exit and Indus Towers? expansion to 1.8 Lakh sites boost efficiency and market stability.

Government push: Smart Cities Mission and BharatNet are driving tower demand and rural digital infrastructure.

Tech advancement: Annual deployment of ~10,000 small cells and DAS to enhance network capacity and efficiency.

Investment and policy: H1.5 Lakh Crore (USD 19B) FDI inflow and relaxed norms support sector growth and aim for 70% rural tele density by 2025.

Skipper secures major BSNL orders, leveraging its manufacturing strength to meet rising telecom tower demand.

Outlook

India?s telecom tower industry is set to grow steadily in 2024-25, led by 5G rollout, rising data use, and initiatives like Digital India. Tower count is projected to rise 3% CAGR, with upgrades like small cells and DAS. BharatNet boosts rural reach, while tower sharing cuts costs. Green energy use is increasing, and new demand from government and infra sectors strengthens the industry?s role in India?s digital growth.

Indian railway electrification

As of early 2025, Indian railways has electrified 64,589 Kilometer about 97% of its 66,546 Kilometer broad-gauge network adding 3,210 Kilometer in 2024 alone. A H6,500 Crore budget has been allocated for 2024–25 to achieve full electrification, supporting goals of modernisation and sustainability.

Advanced technologies like cast resin transformers, SF6 circuit breakers, and SCADA systems are being used by CORE to enhance reliability. The entire electrified network runs on 25 kV AC, with DC limited to metros and trams.

68,701 kilometres, railways electrified in 2024-25

(Source: India.mongabay.com)

Indian polymer pipes and fittings market

India?s polymer pipes market is projected to reach ~USD 500 Billion by 2024–25, growing at a CAGR of 8%, driven by housing growth, infrastructure push, and government programs like Har Ghar Jal Yojna and Jal Jeevan Mission (JJM). PVC pipes dominate the segment, valued at USD 5.25 Billion in 2024 and expected to hit USD 7.43 Billion by 2030 (CAGR: 5.79%), due to their use in water supply, sewage, and irrigation. CPVC, PE, and PP pipes are also gaining traction based on application-specific needs.

Schemes like JJM and Har Ghar Jal have already delivered drinking water to 55+ Million households, boosting demand for durable, corrosion-resistant pipes. Government-led infrastructure focus, along with private sector collaboration, continues to create large-scale supply opportunities for polymer pipe manufacturers, emphasising sustainable water management.

Growth drivers

The Indian polymer pipes and fittings market is experiencing robust growth, driven by several key factors:

Urbanisation and infrastructure: Rapid urban growth and ongoing infrastructure projects have spurred demand for polymer pipes, especially for water and sanitation.

Government schemes: Programs like Jal Jeevan Mission, Har Ghar Jal Yojna, and PMKSY are key demand drivers for reliable piping solutions.

Preference for plastics: PVC, PE, and PP pipes are increasingly favored for their durability, cost-efficiency, and corrosion resistance across sectors.

Economic push: India?s USD 5 Trillion economy vision and rising infrastructure budgets are fueling sustained market expansion.

(Source: 24 Market Research, Techsci Research, Globe News Wire, Times of India, Grand View Research)

Outlook

The Indian polymer pipes and fittings market is set for strong growth, driven by government infrastructure investments, rising water conservation awareness, and a shift towards advanced materials like PEX and multi-layer composites. Companies that innovate and adapt will benefit from emerging opportunities.

Company overview

Established in 1981, Skipper Limited has emerged as a leading player in the power transmission and distribution and polymer products sectors. As India?s largest manufacturer of transmission towers and positioned among the top 5 globally, Skipper has fortified its position by promoting integrated manufacturing capabilities, leveraging cutting-edge technology and upholding a resolute commitment to quality.

While the Company?s engineering segment produces a wide range of products including transmission towers, monopoles and railway electrification structures, its polymer division manufactures PVC pipes and fittings for various applications.

Business segments and operational overview

Business segment: Engineering products

Skipper Limited is a leading manufacturer of Transmission and Distribution (T&D) structures, ranking among global top 5. The Company caters to global market demands, including T&D, telecom, solar, railways and fasteners. The Company?s diversified product portfolio includes transmission towers, monopoles, power distribution poles, telecom towers, railway structures and solar mounting structures. With four Power Grid-approved manufacturing plants and seven in-house galvanizing plants, Skipper has established itself as one of the largest and most cost-efficient transmission tower manufacturers in India. The Company?s fully integrated facilities, including captive rolling mills, enhance quality, deliver on time and provide superior customer service. Skipper has also commissioned Eastern India?s first tower and pole testing bed and further focuses on railway electrification projects.

Skipper plans to add 75,000 MTPA capacity by Q1?26 and double it within 3-4 years.

With four Power Grid-approved plants and seven galvanizing units, Skipper is among India?s largest, most efficient tower makers, featuring captive rolling mills and Eastern India?s first tower testing bed. The Company also focuses on railway electrification projects.

We manufacture a range of Power transmission structures and Telecom towers
Power Transmission	Railway Structures	Power Distribution Poles	MS & High Tensile Angles
Monopoles	Test Station	Telecom Tower	Fasteners and Tower Accessories

Year-wise performance of engineering segment

11 - 1,200

KV, Range of voltage

21.9%

2024-25 Export revenue (Engg segment)

3,00,000

MTPA, Engg products capacity as of

2024-25

Key achievements

Revenue

Engineering business segment achieved its best ever annual Revenue performance of H35,185 Million against H22,310 Million in the previous year period, registering a growth of 58%

Exports

Export revenue grew by 21%, to H7,703 Million from H6,356 Million last year;

Export share in overall engineering segment business stood at 22%.

Market expansion

Achieved a landmark breakthrough in the USA market by securing a multi million dollar pole supply order from one of the largest EPC players in the region, laying the foundation for sustained growth and market expansion.

Product innovation

Skipper was the first Indian manufacturer to supply transmission monopole structures and guyed towers to North America.

Manufacturing capabilities

Integrated facilities with 7 galvanizing plants and 300k MTPA capacity, supported by R&D and testing stations.

India?s largest and world?s only integrated T&D company

India?s largest integrated T&D firm, well-positioned for renewable-driven global grid modernisation and faster project execution.

Key strengths in the engineering products segment Innovation: First Indian company to design and supply transmission monopoles to North America, showcasing technological capabilities.

Quality certifications: Holds certifications from demanding clients and agencies, including Power Grid Corporation approval and QS 1400 accreditation, showcasing quality excellence.

Export capabilities: Strong presence in over 65+ countries and strong working relationship with over 250+ global EPC customers.

Market leadership: Skipper is among the top 3 transmission tower producing companies in India, with a significant market share in the high-voltage transmission tower segment (400 KV and above).

Integrated manufacturing: The Company has backward integration capabilities, with 90% of raw material requirements (hot-rolled strip and structures) met through captive sources, leading to cost advantages and better margins.

Advanced technology: Almost 75% of manufacturing is carried out using Automated CNC lines imported from leading global machine suppliers, ensuring high quality and efficiency.

Outlook

Skipper Limited?s engineering products segment is poised for strong growth, leveraging a robust order book, integrated manufacturing, and tech advances. With key opportunities in North America, Asia-Pacific, and the Middle East, the Company focuses on high-margin T&D and Telecom Tower projects. Skipper plans to boost exports revenue share over the next two years, driven by international growth and profitability.

Business division: Polymer products

The Company offers a comprehensive range of high-quality polymer pipes and fittings under the ‘Skipper? brand. The product lineup includes UPVC, CPVC and SWR pipes, designed to meet the diverse needs of agricultural, plumbing and sanitation applications. Manufactured using state-of-the-art technology, Skipper products are known for their durability and compliance with stringent Indian and international standards.

With a growing national presence and a strong retail distribution network, Skipper engages with over 31,000 retail touchpoints across India. With the Company focusing on innovation, quality and customer satisfaction, it has established itself as a leading player in the polymer pipes and fittings industry, ready to meet the evolving needs of its customers.

The Company achieved the highest ever annual sales volume of 33,176 MT in polymer products business, a 3% YoY growth.

One of the largest manufacturer of PVC pipes in West Bengal and in Eastern India

The polymer segment achieved annual revenue of H4,317 Million, with sales volume up 3.0%, the overall Industry Growth during the year remained muted due to falling resin prices and lower government capex.

Skipper?s ‘India?s Safest Pipes? campaign boosted market acceptance, while new products like CP bath fittings and water tanks expanded its portfolio and customer base.

Key achievements

Prestigious certification: Skipper was certified for Green Pro certification by the Confederation of Indian Industry and Indian Green Building Council (CII-IGBC), validating the Company?s commitment to environmental sustainability.

Product portfolio expansion: Skipper has further diversified its product offerings with the introduction of new products, including CP bath fittings and water storage tanks, under its ‘Marina? brand. This strategic move enables Skipper to cater to a wider range of customers, expanding its presence in the market.

Brand campaign success: The ‘India?s Safest Pipes? brand campaign launched by Skipper saw excellent market acceptance, contributing to higher growth and brand recognition.

Operational efficiency: Implementation of the Theory of Constraints (TOC) approach optimised supply chain processes, improving profitability and operational efficiency.

Market position: Skipper emerged as one of the fastest-growing polymer piping brands in India, solidifying its position in the market.

Manufacturing capacity: The Company maintained its polymer production capacity at 62,000 MTPA, ensuring consistent supply to meet growing demand.

Branding: The Company onboarded renowned cricketers like M.S. Dhoni and Chris Gayle, as brand ambassadors, improving brand promotion across Indian markets.

Key strengths

Market leadership: Skipper is a fast-growing, leading brand in India?s polymer pipes and fittings sector.

Operational efficiency: Adoption of Theory of Constraints has optimised supply chains, boosting profitability and margins.

Extensive distribution: Over 31,000 retail touchpoints ensure wide market reach and sales growth.

Advanced manufacturing: Multiple automated facilities deliver consistent quality and scalable production. Diverse portfolio: Offers UPVC, CPVC, SWR, HDPE pipes, bath fittings, and water tanks for agriculture, plumbing, and sanitation.

Outlook

The polymer products segment is set for strong growth, with revenue expected to exceed 25% CAGR over the next three years, driven by demand in agriculture and plumbing. Skipper plans to expand its geographical presence and open new markets, leveraging its advanced manufacturing facilities and 62,000 MTPA capacity. As a leading polymer pipes and fittings manufacturer, Skipper continues to grow its market share in both sectors.

Key facts about Skipper pipes

One of the largest manufacturers of polymer pipes and fittings products in West Bengal and in East India

Leveraging Economies of Scale in Procurement of PVC & CPVC Resin locally and internationally

Growing national presence with 30,000+ retail units across India (1)

End use industries: Plumbing, Sewage, Borewell & Agriculture Focusing on Plumbing products

Skipper Pipes have been certified with highest standard of NSF 14

Business division: Infrastructure

Skipper?s infrastructure business leverages its engineering and project execution expertise to deliver EPC projects in power transmission, railway electrification, telecom, and water sectors. It has successfully executed major projects like the 800kV HVDC Raigarh-Pugalur and 765kV HEXA ZEBRA lines, demonstrating strong technical and management capabilities. Offering services from design to commissioning, the division is recognised by the DSIR for innovation and cost-effective solutions. With a strong order book and growing opportunities, it is well-positioned to drive significant company growth.

Key achievements

Revenue growth: The segment reported net sales of H6,743 Million, accounting for 14.6% of total company revenue, marking significant growth and highlighting the Infrastructure Business?s rising role in Skipper?s portfolio.

Order book: The segment contributed to a strong order book of H74,584 Million at 2024-25 end, ensuring solid future revenue visibility.

Project execution: The revenue increase in 2024-25 was driven by new EPC contracts of T&D, including a H25,700 Million order from BSNL for supply, erection, and maintenance of ground-based telecom towers to expand 4G coverage in uncovered villages. Execution began in Rajasthan and Odisha, covering about 3,350 sites using Skipper?s 4G technology.

Leading player in high voltage power T&D segment - Emerged as a ‘Preferred Supplier & Contractor of PGCIL? for their higher voltage transmission line projects ; Secured prestigious 800 KV Khavda HVDC projects and several other 765 Kv / 400 Kv projects during the year with them.

Diversification

Skipper diversified its infrastructure portfolio by expanding in railway electrification, telecom infrastructure, and water EPC projects. This strategic approach mitigates risks and leverages opportunities, strengthening its position as a versatile and resilient industry player. As part of this strategic expansion, the Company entered Substation EPC segment and secured its first major order, complementing core transmission line expertise

Technological advancements

Skipper expanded into railway electrification, telecom, substation and water EPC projects, enhancing versatility and reducing risk.

Key strengths

Technical expertise: Successfully executed complex projects such as the 800kV HVDC Raigarh-Pugalur and 765kV HEXA ZEBRA transmission lines, showcasing strong technical and project management skills.

Comprehensive services: Offers design, supply, erection, civil works, testing, and commissioning of high-voltage transmission lines and substations.

In-house R&D: Dedicated R&D center that develops innovative solutions, improves product quality, and enhances customer satisfaction.

Outlook

Skipper Limited?s Infrastructure Business is set for strong growth, backed by a robust order book and expanding opportunities in domestic and international markets. The segment targets sectors like power transmission and distribution, substation, railway electrification, telecom, and water EPC projects. Its diversification strategy mitigates risks and captures new opportunities, focusing on higher-margin domestic T&D orders. With advanced manufacturing and in-house R&D, Skipper delivers innovative, cost-effective solutions. Its unique capability to execute high-voltage (765kV and 800kV) EPC projects offers a competitive edge and better margins. Most growth is expected from power T&D, followed by telecom, railways, and water.

We manufacture a range of Telecom Towers and Railway Electrification Infrastructure

Tower and Substation EPC

Telecom EPC

Coatings

Water EPC

Financial overview

Profit & loss summary

	12M FY25	12M FY24	% Change
Revenues	46,244.8	32,820.4	40.9
Reported EBITDA	4,516.6	3194.3	41.4
EBITDA Margins(%)	9.8	9.7%	+4Bps
(+) Other Income	195.19	85.9	109.24
(-) Depreciation	632.96	525.3	107.66
(-) Finance Cost	2,127.49	1,539.9	587.59
Finance cost as % to Revenue	4.6%	4.7%	0
(+) Share of Profit / (Loss) of JV	35.18	69.83	(34.65)
Profit Before Tax	1,986.50	1285	56.4%
PBT Margins(%)	4.30	3.9%	+38 Bps
Tax	493.04	468.3	24.74
Profit / Loss After Tax	1,493.46	816.7	82.9 %
PAT margin (%)	3.23%	2.5%	+74 Bps

Note: 12M 2023-24 Tax number of includes H57 Million for closed assessment of previous years and H14.80 Million on account of remeasurement of deferred tax liability, as the Company has decided to opt for new regime with effect from 1^st April 2024.

Standalone debt details

	31.03.25	31.03.24	Inc / (Dec)
Long Term Debt	2,317	3,008	(691)
Current Maturities for Long-Term Debt	754	540	214
Total Long-Term Debt	3,071	3,548	(477)
Short Term Debt	3,944	2,224	1,720
Gross Debt Level	7,015	5,772	1,243

Gross working capital days improved considerably, Sharp reduction in both inventory and debtor days

Net working capital days (Excluding Creditor Acceptances) has been bought down by 69 days to 95 days vs 164 days in March 24 on back of efficient working capital management Focus continues towards further Improvement of performance and leverage ratio, Cash flows and working capital are expected to improve considering the quality of order intake this year

Ratios (Standalone Financial Ratios)

Ratio Type	Refer Note no.	Year ended 31-Mar-25	Year ended 31-Mar-24	% Variance	Reason for variance
Current ratio	55.01	1.26	1.32	-4.55%	-
Debt-equity ratio	55.02	0.59	0.65	-9.23%	-
Debt service coverage ratio	55.03	1.47	1.19	23.53%	-
Return on equity ratio	55.04	0.14	0.09	55.56%	Ratio has improved due to increased sales and higher profit margin.
Inventory turnover ratio	55.05	3.84	3.08	24.68%	-
Trade receivables turnover ratio	55.06	5.84	5.57	4.85%	-
Trade payables turnover ratio	55.07	3.25	3.45	-5.80%	-
Net capital turnover ratio	55.08	9.71	5.77	68.28%	Ratio has improved due to increased sales and higher profit margin.
Net profit ratio	55.09	0.03	0.02	50.00%	Ratio has improved due to increased sales and higher profit margin.
Return on capital employed	55.10	0.21	0.18	16.67%	-

Key performance highlights

The Company achieved its annual revenue of H46,245 Million in 2024-25, marking a substantial growth of 40.9% compared to H32,820 Million in the previous year. This impressive performance significantly exceeded the Company?s initial guidance of 25% growth.

Segmental revenue

	12M FY25	12M FY24	% Change
Engineering	35,185	22,310	57.7
Polymer	4,317	4,526	-4.6
Infra	6743	5,984	12.7

Profitability

Reported EBITDA: The Company recorded a 41.4% growth in reported EBITDA, reaching H4,517 Million for the full year, compared to H3,194.3 Million in 2023-24.

Profit before tax: Reported PBT increased to H1,987 Million, the highest ever, registering a strong growth of 55% compared to H1,285 Million in the previous year ; PBT margin to sales increased to 4.3% of sales against 3.9% in previous year.

Profit after tax: Reported PAT surged 83% YoY to an all time high of H1,493 Million, compared to H817 Million in previous year period ; The PAT margin to sales improved to 3.2% against 2.5% in corresponding period, showcasing an improvement of 70 bps.

Strong transmission system

74,584

H Million, Highest ever closing orderbook as of March 31, 2025

53,353

Highest ever order inflows in 12MFY25

Order infiows

Order book: Closed the fiscal year with an all-time high order book of H74,584 Million, comprising 88.32% domestic and 11.68% export orders.

Order infiow: Achieved highest ever annual order inflow in the Company?s history; secured new orders in excess of H53,353 Million during the year.

Projects secured: Emerged as the most preferred supplier and contractor for PGCIL for their high voltage 765 KV transmission line projects. Secured 9 prestigious projects with them.

Bidding pipeline: The Company reported its highest ever year-end bidding pipeline, actively pursuing projects worth H250,000 Million.

Operational efficiency

Working capital management:

Successfully reduced net working capital days by 13 days to 66 days, compared to 79 days in March 31, 2024, demonstrating efficient working capital management practices.

Successful fund raising

The Company successfully concluded the issue of 1.03 Crores partly paid up equity shares on right basis to the eligible shareholders at H194 per right share (including a premium of H193/RE share) aggregating an approximate total of H200 Crores.

The right issue received strong response from both existing shareholders as well as from other investors and witnessed participation from both domestic and foreign public shareholders.

Strategic initiatives

Capacity expansion: Announced plans to enhance engineering capacity by 3,00,000 MT, reaching a total capacity of 6,00,000 MTPA to meet growing demand.

Focus continues towards improving bottom line profitability and capital return ratios.

Outlook

Skipper Limited targets strong growth trajectory to continue over the next 3 years , driven by capacity expansions, export growth, and product diversification. The Engineering segment plans a capacity increase and boosted exports, while polymer products adds new offerings. Infrastructure expansion covers railway electrification, telecom, and water projects, aligned with India?s renewable energy goals. With improved working capital management, Skipper focuses on profitability and sustainable value creation.

To summarise, We believe Skipper is at an inflection point with a multi-year growth runway ahead, driven by:

A strong pipeline of domestic and international T&D opportunities.

Strategic expansion into new growth areas.

A clear strategy to grow exports under the China+1 narrative.

Focus on operational efficiencies.

Risk management

The Company developed a comprehensive risk management framework that integrates seamlessly with its operational strategies. This approach enables the Company to effectively anticipate and mitigate potential risks, thereby minimising performance volatility. By adhering to regulatory requirements and implementing proactive risk mitigation strategies, the Company ensures the protection of its reputation and the resilience of its business operations.

Risk mitigation process
Risk Identification	Risk Analysis		Risk Evaluation	Risk Treatment
Reporting	Action Plan Development	Risk Registers	Integration with Business Strategy	Review and Communication

Risk mitigation

Risk Strategic	Mitigation	Stakeholder impacted
Geographic risk
Operating across multiple regions exposes the Company to economic downturns in specific areas, potentially impacting its overall performance.	To reduce reliance on the Indian market, the Company has diversified its operations in more than 60 countries, with exports contributing nearly 16.66% of revenue in 2024-25.	Customers
		Employees
		Value chain partners
Business continuity risk
The Company faces potential disruptions due to its reliance on the power transmission infrastructure sector, which is influenced by cyclical demand and government policies. The supply chain disruptions, natural disasters, and unforeseen events like pandemics pose significant operational risks.	The Company has implemented a detailed business continuity plan to address risks from sector cyclicality, supply chain disruptions, and unforeseen events.	Investors
	To diversify its portfolio, the Company is expanded into high- growth sectors such as telecom and railway electrification.	Value chain partners
	A robust supply chain management system ensures operational continuity through supplier diversification, strategic partnerships, and contingency planning.
	A crisis management framework is in place, featuring communication protocols, emergency response procedures, and regular business continuity drills.
	The Company leverages digital technologies to enhance efficiency, improve decision-making, and strengthen resilience.
Competition risk
The Company faces intense competition from numerous domestic and international players offering similar products and services. Aggressive pricing, technological advancements, and capacity expansions by competitors pose significant threats to Skipper?s market share and profitability.	Focus on research and development to create innovative products that address evolving customer needs and providing best quality products to the customers within their timelines.	Customers
	Strengthen customer relationships by delivering exceptional service and tailoring solutions to specific preferences to foster loyalty.	Value Chain Partners
	Strategically expand capacity to meet growing demand, including optimising current facilities and pursuing greenfield and brownfield projects.
	Utilise a robust market intelligence system to track competitive activities, industry trends, and customer preferences for informed decision-making.

 

Risk	Mitigation	Stakeholder impacted
Operational
Operational risk
The Company?s operational risk is primarily associated with potential disruptions to its manufacturing and EPC operations. Factors such as supply chain volatility, raw material shortages, labour unrest, workplace accidents, and project execution delays can impact production capacity, project timelines, performance, and reputation.	Diversified the supply chain to minimise reliance on limited suppliers, supported by robust supplier management practices, including performance evaluations and contingency planning.	Employees
	Utilised advanced project management tools and methodologies to optimise execution, reduce delays, and improve project performance through regular reviews and monitoring.	Value chain partners
	Continuous engagement with the employees/labours and provide training to upgrade their skills in line with our retention policy.
	Safety programs and training as per programs. Providing safety equipments.
Regulatory and compliance risk
The Company faces regulatory and compliance risks due to its operations in sectors characterised by stringent regulations and complex compliance requirements. Non-compliance with environmental, safety, labour, and financial regulations may result in penalties, legal liabilities, reputational damage, and operational disruptions.	Developed a comprehensive compliance framework that outlines policies, procedures, and standards aligned with applicable laws and regulations.	Regulatory bodies
	Established a dedicated compliance team to monitor regulatory changes, conduct audits, provide employee guidance, and maintain open communication with regulatory authorities.
	Implemented a robust incident reporting and investigation process to promptly identify and address compliance breaches, with corrective actions taken to prevent future occurrences.
Quality risk
The Company?s quality risk primarily involves maintaining strict adherence to domestic and international standards for its transmission tower and tube products, given its leadership position in these sectors. Deviations from these standards could result in product recalls and reputational damage.	Implemented a robust quality management system to ensure compliance with domestic and international standards.	Customers
	Fostered a culture of continuous improvement through regular process audits, performance evaluations, and corrective actions.	Regulatory bodies
	Invested in state-of-the-art testing and inspection equipment to conduct rigorous quality checks throughout the production process.
	Maintained stringent quality standards for suppliers through rigorous audits and performance evaluations.
Financial
Financial risk
Skipper?s financial stability is vulnerable to fluctuations in interest rates, exchange rates, and liquidity. Project delays and payment terms increase working capital requirements, while securing sufficient debt financing at competitive rates is essential for maintaining long-term financial viability.	Implemented a robust framework for identifying, assessing, and mitigating financial risks, including regular stress testing and scenario analysis to evaluate potential impacts of adverse market conditions.	Investors /shareholders
	Maintained a conservative debt-equity ratio to ensure financial flexibility for future growth.	Value Chain Partners
	Utilised hedging instruments like forward contracts and options to mitigate exchange rate fluctuations for significant foreign currency exposures.
	Conducted regular financial planning and forecasting to assess the Company?s financial position and identify potential challenges, enabling proactive decision-making and resource allocation.

 

Risk	Mitigation	Stakeholder impacted
Working capital risk
The Company may encounter working capital risks due to an extended operating cycle, which could compromise liquidity.	The Company has implemented several measures to enhance operational efficiency and optimise working capital management:	Customers
	Credit and collection process optimisation: A thorough review of credit and collection practices across all business divisions has been conducted. By adopting stringent credit assessment criteria, automating invoicing, and leveraging advanced collection techniques, the Company aims to accelerate the recovery of outstanding receivables.	Value Chain Partners
	. Inventory management improvements: To boost inventory turnover and unlock capital, the Company is optimising inventory levels through robust demand forecasting, streamlined supply chain management, and reducing stock holding periods
	Efficient working capital management has led to a significant reduction in net working capital days, bringing it down by 13 days to 66 days compared to 79 days in March 31, 2024.
Hazard
Environment, health and safety (EHS) risk
The Company operates in multiple sectors, exposing it to substantial Environment, Health, and Safety (EHS) risks. These risks are exacerbated by the diverse nature of its infrastructure projects, which span various geographies and complex terrains. Additionally, the Company must navigate an evolving regulatory landscape and meet heightened expectations from stakeholders.	Comprehensive EHS framework: The Company has established a detailed EHS framework that includes policies, standards, and procedures aligned with international best practices. This framework is customised to address the unique EHS challenges posed by varying geographies and complex project environments.	Communities
	Proactive regulatory compliance: The Company adopts a forward-looking approach to regulatory compliance by continuously monitoring and adapting to evolving EHS regulations across different jurisdictions.	Employees
	Safety training and awareness: Regular training programs and awareness campaigns are conducted to foster a strong safety culture within the organisation, empowering employees to identify, mitigate, and report potential EHS hazards effectively.
	Stakeholder engagement: The Company actively collaborates with key stakeholders to address EHS concerns and meet their expectations, ensuring alignment with safety and environmental goals.

Human resources

Skipper Limited acknowledges the critical role its workforce plays in driving the Company?s success. As of March 31, 2025, the Company employs 3,578 individuals. To foster a high-performance culture, Skipper Limited is committed to implementing innovative HR strategies, focusing on five key areas to enhance employee engagement, productivity, and overall contributions to the Company?s growth.

The Company has introduced a comprehensive performance management system aligned with industry standards. Key components of this system include:

Key responsibility area (KRA) goal setting: Clear and measurable goals are defined for each employee based on their specific roles and responsibilities within the organisation.

Nine-grid performance and potential rating model: This model evaluates both current performance and future potential, enabling tailored development plans for individual employees.

Job band and salary range grid: A structured framework ensures job roles are aligned with fair and competitive compensation and benefits.

Individual key performance indicators (KPIs): Customised KPIs are designed for each business unit and role to ensure alignment with organisational and departmental objectives.

Performance-based compensation and benefits: The Company rewards high performance through incentives that recognise employees? quality contributions.

Rewards and recognition(R&R)

Skipper Limited has implemented a robust R&R program to motivate and acknowledge employee performance. The program is structured around a detailed assessment model, which includes:

Leadership competencies: Eight leadership competencies are used to evaluate employees at mid-senior to senior levels, ensuring alignment with organisational goals and leadership expectations.

Behavioural competencies: Four behavioural competencies are applied to assess junior to middle-level employees, focusing on their contributions and alignment with the Company?s values.

HR system and process integration

Skipper Limited is upgrading its HR processes with advanced technology initiatives:

Transitioning to a new integrated HR system covering the full employee lifecycle.

Expanding payroll with a cloud-based HRIS in partnership with Adrenalin.

Implementing ACE-DNS for sales force automation to boost efficiency.

Launching Skipper DNA, an integrated tool for performance and talent management, alongside an interactive employee policy platform.

Recruitment and performance management

Skipper Limited adopts a global talent development model with a talent management grid to boost employee potential. It uses the Nine-Grid Performance Management System, aligned KRAs/KPIs, and structured evaluations to systematically assess and enhance performance, focusing on skills, attitude, and innovation.

Leadership development

Skipper Limited emphasises adaptable leadership by defining clear business strategies and identifying key leadership skills. It fosters these through targeted development programs that empower leaders to drive innovation, manage teams effectively, and navigate today?s complex business landscape.

Information technology

In 2024-25, Skipper Limited upgraded its IT infrastructure, enhancing efficiency, flexibility, and disaster recovery for key systems like SAP, enabling faster market adaptation and better customer value.

The transition has delivered several key benefits:

Enhanced system performance with faster and more efficient operations

Streamlined processes leading to reduced resource consumption

Increased flexibility and accessibility through mobile applications for employees

Real-time data analysis for informed decision-making via embedded analytics

Internal control systems and their adequacy

The internal control framework safeguards assets, ensures accurate accounting, and provides reliable financial data. Supported by internal audits, management reviews, and documented policies, the Company maintains a clear organisational structure and authority levels. The internal audit department conducts risk-based audits, reports findings to the audit committee, and assesses control effectiveness.

The committee reviews these reports and monitors the implementation of improvements to ensure transparency and compliance.