✈️ Company Overview: Cochin International Airport Ltd (CIAL)
Established in 1994, Cochin International Airport Ltd (CIAL) is India’s first public-private partnership (PPP) airport and the first in the world to run entirely on solar power. Strategically located in Kochi, Kerala, CIAL has set benchmarks for sustainable airport infrastructure while maintaining robust profitability. Its diversified revenue streams, including aeronautical services, retail concessions, real estate, and cargo, make it a unique infrastructure asset with recurring cash flows.
CIAL was conceptualized to reduce the dependence on government funding for large infrastructure projects. Over the years, it evolved into one of India’s most efficient and environmentally responsible airports, handling over 11 million passengers annually. The company has consistently reported profits and declared dividends, with the Kerala government as its single-largest shareholder holding approximately 33%. After a pandemic-induced lull, CIAL has bounced back with record-breaking financial performance in FY24. This revival has triggered a renewed interest in its unlisted shares, especially as infrastructure and ESG-based investments gain traction in India.
In FY24, CIAL reported a revenue of ₹1,158 crore and a net profit of ₹447 crore, translating into an EPS of ₹9.52. With minimal debt and a current P/E of ~49x, the stock is viewed as a stable infrastructure bet. Analysts and high-net-worth individuals (HNIs) tracking unlisted equities have started accumulating the stock in anticipation of a future IPO, especially as the company upgrades its terminals, expands cargo operations, and explores international opportunities.
The growing interest in sustainable infrastructure has also contributed to the spike in CIAL’s valuation. The airport’s solar initiatives, including a 40 MW solar plant, have attracted recognition from the United Nations, which awarded CIAL the “Champion of the Earth” title. Such milestones elevate the brand’s global profile and investor appeal. Furthermore, the company’s track record of regular dividends and internal accrual-based growth positions it as a defensive asset in volatile markets.
Adding to the investment buzz are discussions around a possible IPO. While the company has not officially confirmed a timeline, market observers believe that the strong financials and brand equity make it a likely candidate for listing by 2026. Unlisted share prices have climbed steadily, moving from ₹360 in late 2023 to ₹485 in June 2025. Institutions, NRI investors, and family offices have reportedly entered through block trades, further tightening supply.
Unlike startups, CIAL’s business model is asset-heavy but cash-generating, offering investors a hybrid opportunity that blends infrastructure reliability with green innovation. With planned expansions in cargo and charter services, enhanced duty-free retailing, and potential international ventures, CIAL is poised to build on its existing dominance in southern India’s aviation market.
In summary, CIAL’s unlisted shares offer an ESG-compliant, dividend-yielding, inflation-resilient investment opportunity. The current investor enthusiasm is not just based on financials but the long-term potential of a globally unique and profitable green airport.
💰Current Unlisted Share Price & Valuation
Unlisted Share Price: ₹460-485 per share
Market Capitalization: Approx. ₹21,998–₹22,237 crore
Lot Size: 100 shares
Face Value: ₹10 per share
ISIN: INE02KH01019
📊Fixed Pricing Slabs – CIAL Unlisted Shares (Date: 17 June 2025)
| Quantity (Shares) | Price per Share (₹) | Total Investment (₹) |
|---|---|---|
| 100 | 485.00 | 48,500 |
| 500 | 480.00 | 2,40,000 |
| 1,000 | 475.00 | 4,75,000 |
| 2,000 | 470.00 | 9,40,000 |
| 3,000 | 465.00 | 13,95,000 |
| 5,000 | 460.00 | 23,00,000 |
Note: Prices are indicative and may vary based on demand and market depth.
📊 CIAL Key Financial Ratios (FY24)
Metric Value
Revenue ₹1,158 crore
Net Profit ₹447 crore
Earnings Per Share (EPS) ₹9.52
Price-to-Earnings (P/E) Ratio ~49x
Price-to-Book (P/B) Ratio ~9.3x
Book Value per Share ~₹52.1
Debt-to-Equity Ratio 0.25
Dividend Declared ₹4.50/share
🤝 Peer Comparison
| Company | Revenue (₹ Cr) | Net Profit (₹ Cr) | P/E Ratio | P/B Ratio | Debt-to-Equity |
|---|---|---|---|---|---|
| CIAL | 1,158 | 447 | 49 | 9.3 | 0.25 |
| GMR Airports | 6,950 | -1,050 | N/A | N/A | 1.8 |
| Kannur Intl Airport | 225 | -45 | N/A | N/A | 0.65 |
🧠 Analysis
CIAL: Proven profitability, ESG leadership, and efficient operations.
GMR: High revenue but deeply loss-making and highly leveraged.
Kannur: New player with limited scale and negative earnings.
🧠 Why Invest in CIAL Unlisted Shares?
✅ Proven Profitability: ₹447 crore PAT in FY24
✅ ESG Advantage: 100% solar-powered airport
✅ Consistent Dividends: ₹4.50/share in FY24
✅ State Support: 33% held by Govt. of Kerala
✅ IPO Buzz: Expected to go public by FY26
✅ Infra-Backed Asset: Stable, long-term revenue sources
CIAL Unlisted Shares: In-Depth Investment Report – June 2025
Section 1: Business Snapshot & Segment Performance
1.1 Company Overview
Cochin International Airport Ltd (CIAL) is India’s first greenfield airport developed under the PPP model. It serves as a gateway to Kerala’s commercial and tourism hubs. Located near Kochi, it has become a benchmark for sustainable airport operations.
1.2 Infrastructure Strength
Annual Passenger Capacity: 12 million+
Cargo Handled: 1,00,000+ tonnes annually
Solar Capacity: 40 MW (world’s first fully solar-powered airport)
Revenue Segments: Aeronautical (55%), Non-aeronautical (35%), Real Estate (10%)
1.3 Segment-Wise Revenue Breakdown
Aeronautical Services (55%): Passenger service fee, landing and parking charges
Non-Aeronautical (35%): Duty-free, retail rentals, food courts, parking
Others/Real Estate (10%): Commercial leases, cargo logistics, MRO
Section 2: News & Developments
2.1 IPO Timeline Update
2023–24: Management restructured debt and improved margins
2024–25: Passenger traffic reached pre-COVID peak levels
2025: IPO speculation intensifies; No DRHP filed yet but groundwork ongoing
2.2 Recent Developments
Dividend Announcement: ₹4.50/share declared in April 2025
Solar Expansion: Phase IV solar farm under development (adds 10 MW)
Cargo Modernization: New cold-storage facility commissioned
Retail Expansion: Duty-free area doubled at international terminal
Section 3: Valuation Analysis
3.1 Financial Metrics (FY24)
Metric Value
Revenue ₹1,158 crore
Net Profit ₹447 crore
EPS ₹9.52
P/E ~49x
Book Value ₹52.1
P/B ~9.3x
Debt-to-Equity 0.25
3.2 ✈️ Peer Comparison – CIAL vs Major Competitors
Metric CIAL GMR Kannur
Passengers (FY24) 11.2 million 45 million+ 2.5 million
Profitable? Yes No No
ESG Compliant? Yes Partial No
State Involvement Yes (Kerala) Yes (AP, Delhi) Yes (Kerala)
🏆 Verdict: CIAL is the most profitable and ESG-compliant airport company in India.
3.3 IPO Valuation Expectations
Conservative: ₹20,000 crore
Base Case: ₹23,000 crore
Bull Case: ₹25,000 crore
Implied Upside: 10–25% from current share levels
Section 4: Risk Assessment
4.1 Key Risks
- IPO Delay: No DRHP filed as of June 2025
- Airport Competition: Trivandrum, Kannur, and Calicut
- Regulatory Risk: DGCA, AERA price caps
- Capex Overruns: Solar and cargo infra projects
4.2 Mitigating Factors
- Consistent PAT & Dividend History
- Supportive state government
- Low Debt & Solar-based energy savings
Section 5: Investment Thesis
5.1 Bull Case
- IPO launched by FY26 at ₹500/share
- Expansion increases EBITDA margin to 65%
- Price Target: Positive
5.2 Base Case
- Steady EBITDA, Dividend retained at ₹4.50
- Price Target: Posivite
5.3 Bear Case
- No IPO, demand stagnates
- Price correction
Section 6: Technical Analysis (Unlisted Market)
6.1 Price Trends
6-month return: +28%
12-month return: +54%
All-time high: ₹495 (May 2025)
Support Level: ₹440–450
6.2 Volume & Liquidity
Average daily volume: 12,000 shares
Block deals (500+ shares): Regular
Promoter Holding: ~33% (Govt. of Kerala)
Section 7: Corporate Action History
Bonus: None till date
Dividend History: ₹2–4.5/year (last 5 years)
Rights Issue: Completed in 2023 (₹360/share)
Section 8: FAQs
Q1: Minimum investment?
A: 100 shares (~₹48,500 minimum)
Q2: Liquidity of CIAL shares?
A: Moderate, regular supply-demand via dealers
Q3: IPO timeline?
A: Expected by FY26 but no DRHP yet
Q4: Is CIAL profitable?
A: Yes, ₹447 crore PAT in FY24
Q5: How to buy CIAL shares?
A: Contact StartupLanes via WhatsApp or email, complete KYC, send NEFT
Section 9: Recommendation & Contact
Investment Rating: BUY
Target Price (12-month): ₹560
Risk Level: Low to Moderate
Suggested Allocation: 7–12% of alt-investment corpus
Contact for Purchase:
Dr. Shishir Gupta, Founder & CEO – StartupLanes & ZingVest
📞 WhatsApp: +91-9311114301
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Please consult a SEBI Registered Investment Advisor before investing.