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Cochin International Airport Ltd (CIAL) Unlisted Shares
DRHP Status : DHRP not filed
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Fundamentals About Cochin International Airport Ltd (CIAL)
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Cochin International Airport Ltd (CIAL)
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 267 | 502 | 940 | 1158 |
| Cost of Material Consumed | 8 | 70 | 145 | 114 |
| Gross Margins | 97 | 86.06 | 84.57 | 90.16 |
| Change in Inventory | 16 | -5 | -33 | 9 |
| Employee Benefit Expenses | 95 | 107 | 129 | 140 |
| Other Expenses | 103 | 103 | 136 | 173 |
| EBITDA | 45 | 227 | 563 | 722 |
| OPM | 16.85 | 45.22 | 59.89 | 62.35 |
| Other Income | 29 | 22 | 15 | 75 |
| Finance Cost | 56 | 55 | 45 | 51 |
| D&A | 141 | 145 | 142 | 148 |
| EBIT | -96 | 82 | 421 | 574 |
| EBIT Margins | -35.96 | 16.33 | 44.79 | 49.57 |
| PBT | -123 | 48 | 391 | 599 |
| PBT Margins | -46.07 | 9.56 | 41.6 | 51.73 |
| Tax | -30 | 13 | 99 | 151 |
| PAT | -93 | 35 | 292 | 448 |
| NPM | -34.83 | 6.97 | 31.06 | 38.69 |
| EPS | -2.43 | 0.92 | 7.63 | 9.37 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 16.85 | 45.22 | 59.89 | 62.35 |
| Net Profit Margin | -34.83 | 6.97 | 31.06 | 38.69 |
| Earning Per Share (Diluted) | -2.43 | 0.92 | 7.63 | 9.37 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 2093 | 2131 | 2075 | 2076 |
| CWIP | 187 | 90 | 113 | 181 |
| Investments | 1 | 10 | 196 | 11 |
| Trade Receivables | 55 | 93 | 100 | 116 |
| Inventory | 16 | 22 | 55 | 46 |
| Other Assets | 173 | 166 | 892 | 1143 |
| Total Assets | 2525 | 2512 | 3431 | 3573 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 382.5 | 382.5 | 382.5 | 478.21 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 932 | 964 | 1733 | 1889 |
| Borrowings | 663 | 680 | 674 | 585 |
| Trade Payables | 17 | 35 | 58 | 44 |
| Other Liabilities | 530.5 | 450.5 | 583.5 | 576.79 |
| Total Liabilities | 2525 | 2512 | 3431 | 3573 |
About Company
Let us take a glance at key points about Cochin International Airport Ltd (CIAL). After the following table, we will explain these points in detail:
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY24 Revenue ~₹1,000–1,100 cr · PAT ~₹350–400 cr | India’s first PPP airport operates Kochi International Airport with strong NRI and tourism traffic. |
| Industry & Market Position | Among top 10 busiest airports (international traffic) | Monopoly airport operator in Central Kerala catchment. |
| Revenue Growth Trend | Post-COVID recovery strong · Traffic normalised | Growth linked to Gulf travel, tourism and airline capacity addition. |
| Profitability & Margins | EBITDA margin ~55–60% · ROE ~18–22% | High infra asset leverage drives strong operating profitability. |
| Cash Flow Quality | Strong operating cash flows · Regular dividends | Airport assets generate predictable cash via user charges & leases. |
| Balance Sheet Strength | Net worth ~₹2,500–2,800 cr · Moderate debt | Infra funding debt present but supported by stable cash flows. |
| Unlisted Valuation | ~₹12,000–14,000 cr (OTC est.) | Investors value dividend yield + infra monopoly positioning. |
| Management & Governance | Govt + Private PPP ownership | Kerala Govt backed; institutional governance structure. |
| Growth Triggers & Catalysts | Terminal expansion · Non-aero monetisation | Retail, duty-free, cargo & real estate drive incremental upside. |
| Liquidity & Exit Visibility | Active unlisted trades · No IPO timeline | Liquidity moderate; exit via OTC until listing visibility emerges. |
- Cochin International Airport Limited (CIAL) is India’s first green-field airport built via a public-private partnership. From planning and construction through to operations, it has become a global benchmark in airport development. The airport is also the world’s first fully solar-powered airport.
- Commercial operations began on 10 June 1999 with a flight to Dammam. Over a short span, the airport grew rapidly into one of India’s major international airports by passenger traffic.
- The company was originally conceived by IAS officer V. J. Kurian (as MD) with backing from the Government of Kerala (then CM K. Karunakaran). The project obtained large public participation, including NRI investment.
- Over FY18-19 and beyond, CIAL recorded strong growth in passenger traffic and aircraft movements: for example, passenger volume exceeded 1 crore for the first time on 28 March 2018.
Business Model & Subsidiaries
CIAL’s revenue and operations extend beyond simply running the airport. Key subsidiaries include:
- Cochin International Aviation Services Limited: maintenance/MRO and aviation training.
- CIAL Infrastructure Limited: power & infrastructure (solar power station, etc.)
- CIAL Duty‑Free & Retail Service Ltd: duty-free and travel retail operations.
- Others include waterway infrastructure, low-cost airline proposals, etc.
In FY22, key performance indicators included:
- Revenue grew from ~₹269 crore (FY21) to ~₹525 crore.
- Passenger and aircraft movement growth of ~92.66% & ~60.06% respectively.
Another set of recent data for FY24 shows:
- Revenue ~₹1,158 crore (up from ~₹939 crore in FY23).
- PAT ~₹447 crore in FY24, up from ~₹292 crore in FY23.
Growth Prospects & Value Drivers
- Location advantage: Kochi lies on East-West air corridors (Middle East to Far East), giving strong potential for stop-overs and cargo.
- Growing airport infrastructure demand in India, with rising passenger numbers and cargo volumes.
- Solar-powered operations provide cost and environmental advantages.
- Diversified non-aeronautical revenue streams (retail, duty-free, power generation).
Risks & Considerations
- Capacity expansion is required for large future growth; physical constraints may limit volume growth.
- The aviation industry is sensitive to macro-economics, fuel costs, regulatory changes, and global shocks.
- Unlisted share investments entail illiquidity and valuation uncertainties.
- The recent valuation (input: cost ~₹21,000 crore & P/E ~46x) suggests high expectations; execution will need to keep pace.
Shareholding Pattern of Cochin International Airport Ltd (CIAL)
| Name | Holding |
|---|---|
| His Excellency, The Governor Of Kerala | 33.38% |
| Mr. Yusuffali M | 12.11% |
| Mr. N V George | 5.94% |
| Others | 48.57% |
Promoters of Cochin International Airport Ltd (CIAL)
| Name | Role | Linkedin Profile |
|---|---|---|
| Pinarayi Vijayan | Chairman (Chief Minister of Kerala, ex officio) |  |
| S. Suhas IAS | Managing Director | |
| Saji K. George | Executive Director & Company Secretary | |
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Frequently Asked Questions
CIAL unlisted shares represent ownership in Cochin International Airport Ltd., a government-associated company that is not yet listed on public stock exchanges. These shares are available through private deals facilitated by platforms like UnlistedKraft.
Yes, you can invest in CIAL unlisted shares through UnlistedKraft. Complete your KYC, connect with our team, and we’ll help you with the best available price and smooth delivery to your demat account.
CIAL is a profitable and established public-private airport operator. While unlisted shares carry liquidity and market risks, UnlistedKraft ensures a transparent and secure investment experience with verified pricing.
The price is based on recent transactions, company fundamentals, dividend payouts, and investor demand. UnlistedKraft regularly updates share prices based on actual market activity.
Yes, a demat account is required to hold CIAL unlisted shares. Once the transaction is complete, the shares are securely credited to your demat account.
There’s no fixed lock-in period unless CIAL comes up with an IPO. Investors usually hold long-term for dividend income or capital gains from a potential listing.
Yes, you can sell your CIAL shares on the unlisted market through UnlistedKraft, subject to demand. Our team will assist in finding potential buyers.
Yes. According to SEBI rules, unlisted shares purchased before an IPO are locked in for 6 months from the date of listing.
Yes. If held for more than two years, the profit is taxed as long-term capital gains at 20 percent with indexation. Short-term gains are taxed as per your income slab.
UnlistedKraft gives you verified access to high-potential unlisted shares like CIAL with expert guidance, transparent pricing, and quick share delivery, making it one of the most trusted platforms in India.
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