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Chennai Super Kings (CSK) Unlisted Shares
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Fundamentals About Chennai Super Kings (CSK)
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Chennai Super Kings (CSK)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 24783 | 34105 | 27315 | 69545 |
| Cost of Material Consumed | 17941 | 28159 | 20161 | 41841 |
| Gross Margins | 27.61 | 17.43 | 26.19 | 39.84 |
| Change in Inventory | 0 | 0 | 0 | 17 |
| Employee Benefit Expenses | 247 | 318 | 368 | 668 |
| Other Expenses | 400 | 1495 | 284 | 655 |
| EBITDA | 6195 | 4133 | 6502 | 26364 |
| OPM | 25 | 12.12 | 23.8 | 37.91 |
| Other Income | 586 | 809 | 1919 | 2783 |
| Finance Cost | 526 | 567 | 1005 | 756 |
| D&A | 333 | 240 | 363 | 474 |
| EBIT | 5862 | 3893 | 6139 | 25890 |
| EBIT Margins | 23.65 | 11.41 | 22.47 | 37.23 |
| PBT | 5919 | 4133 | 7053 | 27916 |
| PBT Margins | 23.88 | 12.12 | 25.82 | 40.14 |
| Tax | 1893 | 920 | 1835 | 7766 |
| PAT | 4026 | 3213 | 5218 | 20150 |
| NPM | 16.25 | 9.42 | 19.1 | 28.97 |
| EPS | 1.31 | 1.04 | 1.69 | 5.32 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 25 | 12.12 | 23.8 | 37.91 |
| Net Profit Margin | 16.25 | 9.42 | 19.1 | 28.97 |
| Earning Per Share (Diluted) | 1.31 | 1.04 | 1.69 | 5.32 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 14128 | 12963 | 13601 | 21010 |
| CWIP | 0 | 0 | 1701 | 4811 |
| Investments | 0 | 10 | 5204 | 651 |
| Trade Receivables | 2191 | 3740 | 570 | 5158 |
| Inventory | 0 | 0 | 0 | 86 |
| Other Assets | 15302 | 22318 | 27965 | 52195 |
| Total Assets | 31621 | 39031 | 49041 | 83911 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 308 | 308 | 308 | 379 |
| FV | 0.1 | 0.1 | 0.1 | 0.1 |
| Reserves | 21303 | 24515 | 29792 | 52420 |
| Borrowings | 6500 | 6500 | 6500 | 0 |
| Trade Payables | 1354 | 2822 | 3637 | 800 |
| Other Liabilities | 2156 | 4886 | 8804 | 30312 |
| Total Liabilities | 31621 | 39031 | 49041 | 83911 |
About Company
Chennai Super Kings (CSK) is one of the most iconic and successful franchises in the Indian Premier League (IPL). Based in Chennai, Tamil Nadu, the team was founded in 2008 and plays its home matches at the famous M.A. Chidambaram Stadium, also known as Chepauk Stadium.
Led by the legendary Mahendra Singh Dhoni (MS Dhoni), CSK has built a reputation for consistency, discipline, and a loyal fan base fondly called the “Yellow Army.”
After serving a two-year suspension (2015–2017) due to the 2013 IPL betting controversy involving team management, CSK made a dramatic comeback in 2018 — and clinched the championship that same season. This victory marked their third IPL title, tying with Mumbai Indians at that time for the most IPL wins.
As of recent records, CSK has won five IPL titles (2010, 2011, 2018, 2021, and 2023), making it one of the most successful teams in IPL history.
The following table shows a 10-point analysis of Chennai Super Kings Cricket Limited (CSK). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹674–704 cr · PAT ₹148–155 cr · PAT margin ~22% | Iconic IPL franchise (5-time champion, massive fanbase); revenue from BCCI central rights (~70%), sponsorships, merchandise, academies & global leagues (Joburg/Texas Super Kings); resilient brand despite on-field performance dips (e.g., IPL 2025 last place) |
| Industry & Market Position | Highest-valued IPL franchise historically (~$1.15 bn brand est.) · Top 3 in brand rankings 2025 · Strong in fan engagement & global expansion | Dominant cultural brand in cricket; benefits from IPL media rights boom & diversification (SA20/MLC); near-monopoly-like loyalty in South India; high barriers via BCCI franchise model & legacy |
| Revenue Growth Trend | FY23–FY25 CAGR ~40%+ (from ~₹306 cr to ~₹674–704 cr; peak FY24 ₹695 cr, slight -3% dip FY25) | Explosive post-2022 media rights cycle; moderated FY25 due to no prize money & higher costs; still strong vs. peers; tied to IPL ecosystem growth & global ventures |
| Profitability & Margins | EBITDA strong · ROE ~45–52% · PAT margin ~22% | Exceptional margins from low variable costs & high-margin central rights; FY25 dip from expenses rise (player costs, overseas investments); high-quality, asset-light earnings |
| Cash Flow Quality | OCF positive & robust (rights inflows) · Dividends not primary (reinvestment focus) | Excellent cash from BCCI payouts & sponsors; minimal capex (franchise model); strong generation despite cyclical IPL; high earnings quality with low working capital needs |
| Balance Sheet Strength | Net worth ~₹3,300+ cr (est.) · Debt near-zero (D/E ~0.01x) | Rock-solid, debt-free; high liquidity from cash reserves & inflows; significant downside protection via brand & rights visibility |
| Valuation Comfort | Unlisted price ₹250–270 (Feb 2026) · P/E ~60–66x (EPS ~₹4–5) · Market cap ₹9,500–10,200 cr · P/B ~13–14x | Premium multiple for iconic brand & IPL tailwinds; attractive vs. peers but sensitive to IPL cycles; scarcity value supports high P/B |
| Management & Governance | Promoter-led (N. Srinivasan family ~41%+) · Clean compliance · Transparent filings | Proven long-term execution; governance solid with annual reporting & BCCI oversight; family control ensures stability |
| Growth Triggers & Catalysts | IPL media rights cycle · Global leagues scaling · Academies · Potential IPO (3–4 years) | Upside from IPL ecosystem boom, overseas franchises & brand extensions; IPO as key value unlock (medium-term) |
| Liquidity & Exit Visibility | OTC liquidity only · No confirmed near-term IPO | Moderate unlisted trading; capital locked until potential listing; liquidity risk but high exit visibility via IPO anticipation |
Brand Value of Chennai Super Kings
CSK isn’t just a cricket team - it’s a brand phenomenon. According to Brand Finance, the team’s brand value in 2018 was estimated at $65 million, making it the most valuable franchise in the IPL during that year.
The IPL’s growing reach also played a huge role in this success. Television viewership grew by 11%, while digital streaming through platforms like Hotstar (now Disney+ Hotstar) brought in over 200 million online viewers.
In addition, BCCI’s Fan Parks in over 36 cities allowed fans to experience stadium-like excitement, complete with music, merchandise, and entertainment — further amplifying CSK’s mass appeal.
Demerger from The India Cements Ltd.
Originally, CSK was part of The India Cements Limited, one of India’s oldest cement manufacturers. However, on 26 September 2014, the company’s board approved the demerger of the Chennai Super Kings franchise into a wholly-owned subsidiary.
This restructuring became effective from 1 January 2015, meaning all net assets of CSK were transferred to the new subsidiary at cost.
As a result, shareholders of India Cements received one share of CSK for every share they held in India Cements.
Later, on 9 October 2015, India Cements transferred its holding in CSK to the India Cements Shareholders Trust, marking a clean separation between the cement business and the IPL franchise.
However, around the same period, CSK (along with Rajasthan Royals) faced a two-year suspension (2016–2017) due to the betting scandal involving team official Gurunath Meiyappan. Once reinstated, CSK made a strong comeback in 2018 — both on the field and financially.
Shareholding Pattern of Chennai Super Kings (CSK)
| Name | Holding |
|---|---|
| EWS Finance & Investments Private Ltd | 36.22% |
| Mrs.Rupa Gurunath, Trustee | 5.26% |
| Sri Saradha Logistics Private Limited | 5.60% |
| Life Insurance Corporation Of India; | 4.90% |
| Others | 48% |
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Frequently Asked Questions
Chennai Super Kings (CSK) unlisted shares are privately held shares of the IPL franchise that are not listed on NSE or BSE. You can invest in these shares through trusted platforms like UnlistedKraft before any potential IPO or listing event.
Yes, you can invest in CSK unlisted shares via UnlistedKraft. Just complete your KYC, connect with our team, and place your order to receive the shares in your demat account.
CSK is a profitable and iconic IPL team with strong brand value. While unlisted shares carry some liquidity risks, UnlistedKraft ensures transparent pricing and secure transactions, making the process investor-friendly.
The price of CSK unlisted shares is influenced by recent transactions, company performance (like IPL revenues and profits), and market demand. UnlistedKraft regularly updates prices to reflect fair market value.
Yes, you must have a valid demat account to buy and hold Chennai Super Kings unlisted shares. The shares are transferred to your demat once the deal is completed.
There is no mandatory holding period. However, most investors hold CSK shares long-term or until a liquidity event such as an IPO or acquisition for maximum returns.
Yes, you can resell your CSK shares via UnlistedKraft if there is buyer demand. Our team can assist you in finding a buyer and executing the transaction smoothly.
Yes. As per SEBI rules, pre-IPO investors are subject to a 6-month lock-in period post-listing, during which the shares cannot be sold on public exchanges.
If you hold CSK shares for more than two years, profits are taxed as long-term capital gains at 20 percent with indexation. If sold earlier, gains are taxed as per your income slab.
UnlistedKraft offers verified access to high-demand shares like CSK, with expert support, transparent pricing, and smooth delivery to your demat. It's one of the most reliable platforms for unlisted investments in India.
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