amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Kannur International Airport Unlisted Shares
DRHP Status : Not Filed
123
Fundamentals About Kannur International Airport
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Kannur International Airport
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 44.7 | 78 | 113 | 99 |
| Cost of Material Consumed | 45 | 46 | 56 | 64 |
| Gross Margins | -0.67 | 41.03 | 50.44 | 35.35 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Employee Benefit Expenses | 11.5 | 12 | 16 | 13 |
| Other Expenses | 14.4 | 6 | 15 | 12 |
| EBITDA | -26.2 | 14 | 26 | 10 |
| OPM | -58.61 | 17.95 | 23.01 | 10.1 |
| Other Income | 5.5 | 0 | 5 | 2 |
| Finance Cost | 89 | 94 | 105 | 117 |
| D&A | 68.6 | 69 | 69 | 70 |
| EBIT | -94.8 | -55 | -43 | -60 |
| EBIT Margins | -212.08 | -70.51 | -38.05 | -60.61 |
| PBT | -179 | -138 | -145 | -174 |
| PBT Margins | -400.45 | -176.92 | -128.32 | -175.76 |
| Tax | 5.6 | -13 | -19 | -5 |
| PAT | -184.6 | -125 | -126 | -169 |
| NPM | -412.98 | -160.26 | -111.5 | -170.71 |
| EPS | -13.8 | -9.34 | -9.42 | -12.63 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -58.61 | 17.95 | 23.01 | 10.1 |
| Net Profit Margin | -412.98 | -160.26 | -111.5 | -170.71 |
| Earning Per Share (Diluted) | -13.8 | -9.34 | -9.42 | -12.63 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 1897 | 1832 | 1763 | 1695 |
| CWIP | 11.8 | 24 | 40 | 55 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 35.4 | 19 | 19 | 16 |
| Inventory | 0.3 | 1 | 1 | 0.6 |
| Other Assets | 161.5 | 145 | 163 | 137.4 |
| Total Assets | 2106 | 2021 | 1986 | 1904 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 1338 | 1338 | 1338 | 1338.3 |
| FV | 100 | 100 | 100 | 100 |
| Reserves | -324.5 | -449 | -575 | -744 |
| Borrowings | 951.6 | 1036 | 1096 | 1166 |
| Trade Payables | 31.6 | 41 | 56 | 81 |
| Other Liabilities | 109.6 | 55 | 71 | 62.7 |
| Total Liabilities | 2106.3 | 2021 | 1986 | 1904 |
About Company
Kannur International Airport Limited (KIAL) is a public, unlisted company set up to build, own, and operate Kannur International Airport in Kerala. The airport is on a Public-Private Partnership (PPP) model. It serves both international and domestic passengers, and is strategically located to cater to the NRI community, business travellers, and tourists.
The following table shows a 10-point analysis of Kannur International Airport Limited (KIAL). We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹187–195 cr PAT negative (loss-making) PAT margin negative |
Greenfield international airport in Kerala under PPP model (GoK ~33% stake); earns from aeronautical & non-aero streams (landing, parking, retail, cargo, ads); passenger traffic ~15 lakh in CY2025 (+16% YoY, above pre-COVID peak); operational profit improving but overall losses due to high capex & debt. |
| Industry & Market Position | Regional international airport Strong Middle East connectivity Policy support (UDAN/GoK) |
Key North Kerala gateway; competes with larger hubs like Cochin but showing strong traffic growth; benefits from diaspora & tourism demand; exposed to airline dependency, fuel costs & competition risks. |
| Revenue Growth Trend | FY23–FY25 strong recovery Revenue ~₹187–195 cr ~23–27% YoY growth trend |
Sharp rebound from passenger surge & non-aero diversification; growth driven by new routes & airline additions; aligned with Kerala tourism & aviation expansion. |
| Profitability & Margins | EBITDA improving ROE negative PAT margin negative |
Losses narrowing from prior deep deficits; operational turnaround visible; still impacted by interest & depreciation from heavy capex; potential breakeven with sustained traffic growth. |
| Cash Flow Quality | OCF improved (~₹83 cr inflow FY25) No dividends |
Operational cash flows strengthened; supports debt servicing; liquidity aided by govt backing; capex & leverage remain influencing factors. |
| Balance Sheet Strength | Net worth positive Debt high (elevated gearing) Reserves negative trend |
Leveraged structure due to airport project funding; assets (land & infra) provide backing; downside partially protected by GoK stake (~33%). |
| Valuation Comfort | Unlisted price ~₹110–130 (Feb 2026) P/B low (asset discount) |
Attractive for infra turnaround theme; market cap ~₹1,500–1,800 cr; trading at discount reflecting losses but supported by traffic growth & govt moat. |
| Management & Governance | GoK-promoted PPP Professional management Clean disclosures |
Strong recovery execution; transparent annual reports & AGMs; governance solid with govt oversight & policy alignment. |
| Growth Triggers & Catalysts | Passenger traffic momentum (15 lakh+) New routes & airlines Cargo/non-aero expansion |
Upside from aviation boom, Kerala tourism & diaspora traffic; incremental gains from efficiency & diversification; no confirmed IPO catalyst currently. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO/DRHP plans |
Moderate unlisted trading; capital relatively locked; exit via OTC or strategic/government interest; liquidity risk persists. |
Infrastructure & Capacity
- The airport is built on ~2,300 acres.
- Runway: 3,050 m currently, with plans to extend to 4,000 m.
- Terminal building: ~97,000 m², designed to handle peak hour passenger loads efficiently.
- It is equipped with modern airport infrastructure: 6 aerobridges, 14 aircraft parking bays (some with multiple aircraft ramp system) and Category-9 firefighting.
Ownership & Shareholding
- Government of Kerala holds ~39.23% stake in KIAL.
- Bharat Petroleum Corporation Limited (BPCL) owns ~16.20%
- Airports Authority of India (AAI) holds ~7.47% of KIAL.
- The rest is held by a broad base: QIBs, individuals, financial institutions, and other legal entities.
- As per KIAL investor info, there are around 9,327 shareholders as of August 2024
Financial Performance (Recent / Key Metrics)
From KIAL’s Annual Report FY23-24:
- The company’s financials are consolidated with its fuel-farm JV (BPCL-KIAL Fuel Farm Pvt. Ltd.).
- As of March 31, 2024, KIAL’s authorized share capital is very high, reflecting the large scale of the project.
- Key operating parameters are regulated: KIAL has a regulated aero-revenue model, allowing true-up of charges.
- According to its FY24 report, the airport has passive assets and significant borrowings: long-term debt stands at a sizable sum.
Strengths & Growth Drivers
- Strategic Location: Positioned in North Kerala (Mattannur), serving Kannur, Wayanad, Kasaragod and nearby districts – a potential catchment with rich NRI and tourist traffic.
- Strong Promoter Base: Government of Kerala as a major equity holder gives credibility and potential policy support.
- Regulated Return Model: Aero-revenue (landing fees, passenger fees) is regulated, reducing demand risk.
- Fuel Farm JV: KIAL has a JV with BPCL (BPCL-KIAL Fuel Farm Pvt Ltd) to manage aviation fuel facilities, creating a recurring infrastructure income stream.
- Growing Air Connectivity: With a rising regional airline strategy (e.g., Air Kerala plans), Kannur airport could see more traffic.
Risks & Challenges
- High Leverage: As a greenfield airport, capital expenditure is large; servicing debt may strain cash flows.
- Traffic Risk: Passenger volumes may be volatile, especially given regional competition and airline capacity.
- Regulatory Risk: Airport economics depend on AERA (Airport Economic Regulatory Authority) regime; regulatory changes can affect returns.
- Unlisted Liquidity Risk: For unlisted-share investors, exit options may be limited and share-transfer may face uncertainty, especially given financial stress.
- CapEx Risk: Future expansion (e.g., runway extension, terminal expansion) will require further capital.
Quick Summary
Kannur International Airport Ltd (KIAL) is a state-backed PPP airport company focused on operating a modern greenfield airport in northern Kerala. It has strong government backing, a regulated revenue model for aero income, and diverse infrastructure streams (including a fuel farm JV). However, it carries high debt risk, volatile traffic potential, and unlisted-share liquidity challenges. For long-term infrastructure investors, KIAL could be a strategic play, but the financial stress and leverage make it a high-risk, high-capital-growth investment in the unlisted space.
Shareholding Pattern of Kannur International Airport
| Name | Holding |
|---|---|
| Government Of Kerala -(Only Promoter) | 39.23% |
| Bharat Petroleum Corporation Limited | 16.20% |
| Airports Authority Of India | 7.47% |
| M A Yusufali | 8.59% |
| Others | 28.51% |
Promoters of Kannur International Airport
| Name | Role / Association with KIAL | Notes |
|---|---|---|
| Government of Kerala | Major Promoter (~39.23%) | State Government stake; strong policy backing |
| Bharat Petroleum Corporation Limited (BPCL) | Significant Shareholder (~16.2%) | Stake in KIAL plus JV for fuel farm |
| Mr. Dinesh Kumar C | Managing Director | Experienced in airport operations (former Cochin Airport Director) per Acuite report. |
| Airports Authority of India (AAI) | Shareholder (~7.47%) | As per shareholding data in reports. |
Latest News
Latest Post
Frequently Asked Questions
Kannur International Airport Ltd unlisted shares represent equity in a privately held airport operating company based in Kerala. These shares are not listed on NSE or BSE and can be purchased through trusted platforms like UnlistedKraft.
Yes, UnlistedKraft provides verified access to Kannur International Airport Ltd unlisted shares. After completing your KYC and placing your order, the shares are usually credited to your demat account within 24 hours.
Unlisted shares have lower liquidity and limited public disclosure, which is a risk. However, Kannur Airport is a fully operational international airport with steady traffic and revenue. Investing via UnlistedKraft ensures that the transaction is secure, verified, and transparent.
Pricing is based on recent private transactions, investor demand, financial performance of the airport, and overall market interest. UnlistedKraft updates the share price regularly to provide fair and transparent valuation.
Yes, you must have an active demat account to receive and hold unlisted shares such as those of Kannur International Airport Ltd.
There is no mandatory lock-in period unless the company lists openly. Investors usually hold these shares until a liquidity event such as listing or strategic sale to capture potential long-term gains.
Yes, you can resell your shares before an IPO through UnlistedKraft’s resale network, subject to buyer availability and current market demand.
Yes. SEBI regulations impose a six-month lock-in period for pre-IPO investors once the company gets listed on a public stock exchange.
If held for more than two years, gains qualify for long-term capital gains at 20 percent with indexation. If sold within two years, gains are treated as short-term and taxed per your applicable income tax slab.
UnlistedKraft offers verified access to high-quality unlisted shares like Kannur International Airport Ltd, backed by transparent pricing, expert guidance, secure transactions, and fast credit of shares to your demat account.
+91-9599071664
amit@unlistedkraft.in