Thank you @Value_Investing and @ramakanth for interesting posts.
@ramakanth with below comments i am trying to answer your concerns :-
a) The sales from direct EPC projects for Skipper is just 46 Cr (>1% of total sales). (In-fact they have recently completed their first EPC project but do have few other in progress).Which only shows that Skipper is majorly supplier in T&D sector. Also there major sales is from manufacturing various engineering products (89%of total sales) which are used in T&D as well as others such as manufacturing telecom towers, LPG cylinders and Tubes. Although they are looking to expand in EPC projects in high power transmission towers (>400KV). the EPC tenders which they have to my knowledge is in high power transmission only.
b) Power Grid is the major buyer (~50% of total sales from engineering products). This is two way sword. Benefit is that they are suppliers. Companies winning Powergrid orders provides them orders for supplying various products which enhance chances of money recovery. Disadvantage is that its overly dependent on Powergrid. They are into same business from past 30 years and have good reputation which helps them getting tenders as material supplier so somewhat this disadvantage do not impact much. Also they are due to same reason have asset light model ie. do not require capex as much as companies taking EPC tenders.
c) Incomparison with KEC or Kalpatru whose major business is securing Tenders of EPC projects and delivering them. In a way both these companies model is different from Skipper.
With regards to why PVC pipes, I need to further look for the reason but on the onset, it seems to add another engineering product which is going to be in huge demand as indian economy progresses.
Your veiw points are welcome 