Need you suggestion if I don't get promoted

I am a backend engineer, working in a tech powered fashion company. Total experience: 3.5 yrs Current CTC : 24 lac fixed, 12 lacs ESOP in 4 years I joined as a software engineer, this April I will complete 2 years in current company, but Manager saying promotion might not be possible due to current situation and less promo slots available. I have been quite a good performer last 2 years , building a crucial project from scratch and handling everything alone due to short staffing. There is sole dependency on me for that project and company has ambitious golas with that project this year. Recently got SPOT award from skip manager as well. Only talked to manager last week , although we had made a promotion action plan few months back for my promotion this cycle and I meticulously followed every points in that plan , manager doesn't seem to be fighting much for my promotion, although he always says in my face that I am his star performer. I am really upset with this. What should I do ?? Talk to skip manager? Consider switching company ? Please suggest me. Thanks. P.S : work culture and wlb is good here. Also as I have the complete ownership of the project, I learn as well.