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Inkel Limited Company Fundamental Unlisted Shares
DRHP Status : Not Filed
19
Fundamentals About Inkel Limited Company Fundamental
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Inkel Limited Company Fundamental
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 112 | 92 | 82 | 98 |
| Cost of Material Consumed | 22 | 28 | 28 | 33 |
| Gross Margins | 80.36 | 69.57 | 65.85 | 66.33 |
| Change in Inventory | 0.38 | 2.85 | -0.75 | 1 |
| Employee Benefit Expenses | 9.33 | 7.63 | 8.19 | 8 |
| Other Expenses | 34 | 28 | 23 | 16 |
| EBITDA | 46.29 | 25.52 | 23.56 | 40 |
| OPM | 41.33 | 27.74 | 28.73 | 40.82 |
| Other Income | 13 | 11 | 18 | 18 |
| Finance Cost | 16.46 | 14 | 12 | 14 |
| D&A | 3.08 | 2.48 | 3.22 | 3 |
| EBIT | 43.21 | 23.04 | 20.34 | 37 |
| EBIT Margins | 38.58 | 25.04 | 24.8 | 37.76 |
| PBT | 36 | 15 | 18 | 40 |
| PBT Margins | 32.14 | 16.3 | 21.95 | 40.82 |
| Tax | 6.18 | 7.18 | 3.56 | 9 |
| PAT | 29.82 | 7.82 | 14.44 | 31 |
| NPM | 26.63 | 8.5 | 17.61 | 31.63 |
| EPS | 1.68 | 0.44 | 0.82 | 1.74 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 41.33 | 27.74 | 28.73 | 40.82 |
| Net Profit Margin | 26.63 | 8.5 | 17.61 | 31.63 |
| Earning Per Share (Diluted) | 1.68 | 0.44 | 0.82 | 1.74 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 82 | 74 | 73 | 65 |
| CWIP | 6 | 1.2 | 18 | 2 |
| Investments | 0 | 0 | 0 | 18 |
| Trade Receivables | 88 | 76 | 100 | 95 |
| Inventory | 0.64 | 0.48 | 0 | 0 |
| Other Assets | 304 | 317 | 260 | 274 |
| Total Assets | 480.64 | 468.68 | 451 | 454 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 177.81 | 177.81 | 177 | 177.81 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 30 | 34 | 27 | 38 |
| Borrowings | 169 | 148 | 130 | 118 |
| Trade Payables | 27 | 36 | 33 | 30 |
| Other Liabilities | 77 | 73 | 84 | 90.19 |
| Total Liabilities | 480.81 | 468.81 | 451 | 454 |
About Company
The following table shows a 10-point analysis of Inkel Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹48–124 cr (consensus ~₹114–124 cr) PAT ~₹22–24 cr PAT margin ~19–21% |
Public-private partnership (PPP) infrastructure company promoted by Government of Kerala; focuses on project development & execution (health, education, industrial parks, roads, renewable energy/solar EPC); develops large industrial hubs; project-based but stable revenue model. |
| Industry & Market Position | Niche PPP infra developer in Kerala Government-backed Growing renewable exposure |
High entry barriers via government partnerships & approvals; strong state-level presence; competitive within PPP segment but limited national scale; exposed to project delays & execution risks. |
| Revenue Growth Trend | FY23–FY25 moderate/volatile ~₹82–98 cr → ~₹114–124 cr Flat/slight growth trends |
Growth driven by project wins & solar/industrial park execution; moderated by project cycles & occasional exits; steady but not high-growth trajectory. |
| Profitability & Margins | EBITDA strong vs ops ROE positive PAT margin ~19–21% |
Healthy margins from cost control & low overheads; improved profitability in recent years; earnings quality supported by govt-linked projects & JV income. |
| Cash Flow Quality | OCF positive High dividend payout trends |
Good operational cash generation & JV dividends; supports reinvestment & payouts; manageable working capital in development-focused model. |
| Balance Sheet Strength | Net worth ~₹300–350 cr Book value ~₹13–29/share Debt low/moderate |
Conservative structure with improved liquidity (current ratio ~2.3x); downside protected by assets & government alignment; low financial risk. |
| Valuation Comfort | Unlisted price ~₹19–21 (Feb 2026) P/E ~12–15x EPS ~₹1.3–1.7 |
Reasonable valuation for stable PPP infra play; market cap ~₹350–380 cr; trades near book value; supported by dividend profile & government backing. |
| Management & Governance | GoK-promoted PPP structure Professional oversight Clean disclosures |
Strong state-level execution; transparent filings & ratings; governance solid due to government involvement & policy alignment. |
| Growth Triggers & Catalysts | Industrial park expansion Renewable/solar projects Kerala infra push |
Organic growth from new project bids & park occupancy; supported by green energy policies; no confirmed IPO catalyst currently. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO plans |
Moderate unlisted trading; capital somewhat locked; exit primarily via OTC or strategic buyers; liquidity risk remains. |
INKEL Limited is an infrastructure company, set up as a Public-Private Partnership (PPP) with the Government of Kerala. Its main services include Project Management Consultancy (PMC) and EPC (Engineering, Procurement & Construction) for government infrastructure — hospitals, roads, bridges, institutional buildings, etc. It also has a Renewable Energy division: solar EPC and wind energy. It has a JV called INKES Trade Centre Ltd (with Kerala State Industrial Enterprises) for commercial real estate / business‐centre development.
Ownership & Promoter Structure
- The Government of Kerala holds a ~29.6% stake in INKEL.
- It’s structured as a PPP to attract NRI investments in Kerala’s infrastructure.
Leadership
- P. Rajeeve is the Chairman of INKEL
- Dr. K. Ellangovan is the Managing Director.
Financial Performance
Based on its FY24 results + recent reports:
- Revenue (FY24): ~₹ 79 crore, down slightly from ~₹ 81 crore in FY23.
- Profit After Tax (FY24): ~₹ 16 crore, a 26% increase from FY23 (~₹ 13 crore).
- Total Assets (FY24): ~₹ 351 crore (up ~6% vs FY23).
- Total Equity (FY24): ~₹ 213 crore (up ~4%).
- From its annual report for year ending March 2025:
- Revenue from operations: ₹ 113.70 crore.
- PBT: ₹ 34.34 crore.
- PAT (owners): ~₹ 20.00 crore for FY25.
- Long-term borrowings as of 31 Mar 2025: ₹ 85.81 crore.
Strengths & Growth Drivers
- PPP Model: Strong backing via Government of Kerala gives credibility + project flow.
- Diversified Infrastructure Services: From PMC to EPC + renewables → ability to capture multiple infrastructure-spend buckets.
- Renewable Energy Ambition: Has pipeline for wind and solar projects.
- Long-Term Urban Projects: JV (INKES) for commercial real estate in Thiruvananthapuram – potential recurring revenue via leasing.
- Experienced Leadership: MD has government-administration experience; board has infrastructure and policy credibility.
Risks & Challenges
- Project Execution Risk: Shifting from PMC to full EPC involves higher risk (capex, delays).
- Debt Service Risk: According to Acuité report, interest coverage and debt‐service ratios are moderate.
- Exposure to Problem Subsidiaries: Some group companies (e.g., Seguro Foundations) have financial concerns per annual report.
- Renewable Capex Risk: Wind-power project (~14 MW) planned with debt + equity; execution must be timely.
- Revenue Volatility: Infrastructure PMC / EPC is lumpy; contract wins might fluctuate significantly.
Quick Summary
INKEL Limited is a Kerala-based infrastructure PPP company with a strong foothold in PMC (project management) and a growing EPC + renewable-energy business. It combines government backing, infrastructure expertise, and long-term ambition in green infrastructure, but also faces execution risk, moderate leverage, and volatility in project-based revenues. For unlisted-share investors, INKEL provides a well-positioned infra play in Kerala with potential upside in its renewables and EPC segments.
Shareholding Pattern of Inkel Limited Company Fundamental
| Name | Holding |
|---|---|
| Govt. Of Kerala | 22.78% |
| Bismi Holdings Limited | 6.19% |
| Shri. Yusuffali M A | 17.02% |
| Shri. Varghese Kurian | 7.59% |
| Dr. Mohamed Ali | 5.91 |
| Other Investors | 40.51% |
Promoters of Inkel Limited Company Fundamental
| Name | Role | Linkedin Profile |
|---|---|---|
| P. Rajeeve | Chairman (Govt of Kerala) |  |
| Dr. K. Ellangovan | Managing Director | |
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Frequently Asked Questions
Inkel Limited unlisted shares represent equity in a Kerala-based public-private partnership company engaged in infrastructure development. These shares are not traded on NSE or BSE but are available through private market platforms like UnlistedKraft.
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While unlisted shares carry liquidity risks, Inkel Limited’s strong government backing and infrastructure portfolio add credibility. Buying through UnlistedKraft ensures the process is transparent, secure, and verified.
The price is influenced by recent private trades, the company’s financial health, future growth outlook, and overall demand in the grey market. UnlistedKraft lists the most updated and fair price on its platform.
Yes, an active demat account is necessary to hold unlisted shares of Inkel Limited. It ensures digital ownership and smooth transfer of shares.
There is no fixed lock-in unless the company announces an IPO. Investors usually hold until a major liquidity event, such as a public listing or acquisition, to maximise gains.
Yes, you can resell your shares before any IPO through UnlistedKraft’s network of buyers, depending on market demand and availability.
Yes. According to SEBI regulations, unlisted shares held before the IPO are subject to a six-month lock-in period post-listing.
If held for more than two years, long-term capital gains are taxed at 20% with indexation benefits. Short-term gains (held for less than two years) are taxed as per your income slab.
UnlistedKraft offers a reliable way to invest in unlisted companies like Inkel Limited, with transparent pricing, verified sellers, secure transactions, and expert guidance throughout the process.
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