Chennai Super Kings (CSK) has become a popular unlisted investment, which might be driven by strong brand value and rising IPL franchise valuations. The recent RCB and Rajasthan Royals deals in 2026 have further boosted investor interest. However, along with high returns, CSK also comes with risks like liquidity, valuation, and heavy IPL dependency. Here’s a quick breakdown of its returns and key risks.

How did the RCB Stake Sale Impact CSK's valuation?

The RCB stake sale acted like a valuation benchmark reset for the entire IPL ecosystem. And CSK was one of the biggest indirect beneficiaries. Royal Challengers Bangalore (RCB) was valued at around Rs.16,660 crore, while Rajasthan Royals (RR) touched nearly Rs.15,300 crore in March 2026. This might immediately trigger a re-rating across all unlisted IPL teams, including CSK. 

CSK  Has A Strong Branding

As of FY25, the company reported total revenue of Rs.704.3 crore, with a significant 70% coming from central IPL media rights distribution, 14% from sponsorships, and 8% from tournament-related income. This clearly shows that CSK benefits from a highly predictable and scalable revenue engine, where brand value directly converts into cash flows. 

Globally, CSK stands out as well. According to Brand Finance 2025, its brand value is estimated at around $122 million, which is above Rs.1,000 crore. This premium positioning might allow CSK to command better sponsorship deals and maintain strong profitability compared to its peers. 

CSK Financials Growth Over 5 Years

1. Revenue:

CSK's Revenue increased from Rs.253.7 crore in FY21 to Rs.704.3 crore in FY25. It is delivering a 2.77x growth. This could be largely driven by the IPL ecosystem. Especially the sharp jump in FY24, which might be due to higher media rights and commercial income.

2. EBITDA:

EBITDA grew from Rs.67.8 crore to Rs.221.9 crore. This increase gave around a 3.27x rise. The increase was faster than revenue growth and might reflect strong operating leverage when revenues scale up.

3. PAT: 

Profit after tax (PAT) rose from Rs.40.3 crore in FY21 to Rs.148.3 crore in FY25, marking a 3.68x increase over five years. 

4. EPS:

Earnings per Share (EPS) moved from Rs.1.30 to Rs.4.08. It gives a growth of around 3.14x. 

CSK Unlisted Share Price Returns

CSK unlisted shares have delivered exceptional returns over the last 5 years. The share price has moved from roughly Rs. 40-Rs. 50 per share in FY20-21 to around Rs. 274 per share in FY25. This gave returns of around 7x-9x, which is nearly 600%-800% absolute gains.

For a long time, the stock moved slowly, but the real breakout came between FY23 and FY25. This increase could be due to the IPL media rights boom, rising franchise valuations, and increasing investor interest in unlisted shares. The current CSK share price is Rs. 274.56.

Risk Of Investing In CSK

Impact of the Dhoni Factor

A significant portion of CSK’s brand and valuation is closely tied to MS Dhoni’s legacy. Estimates suggest that nearly 40% of CSK’s $122M brand value is linked directly to Dhoni’s persona. Major deals like Etihad, FedEx, and jersey sponsors were heavily driven by Dhoni’s presence. CSK enjoys one of the largest fan bases, which is above 30M followers across platforms, mainly due to Dhoni's legacy. Hence, his retirement could possibly lead to a 10-20% near-term correction in share price due to a sentiment shift.

On-Field Performance Risk 

CSK’s financials are partly linked to on-field performance. In poor seasons like IPL 2025, tournament-related income might drop sharply. Prize money, ticket sales, and merchandising take a hit. It could be observed that an example of weak performance phases has historically led to earnings decline before the 2024 spike. Although 70% of revenue comes from central rights, which are likely stable, the remaining streams are performance-related.

Liquidity Risk Being in the Unlisted Sector

Liquidity is one of the biggest risks in CSK unlisted shares since they are not traded on NSE/BSE. Buying and selling happen through brokers or private deals. Possibly exits are not instant and can take days or even weeks. In weak market conditions, investors may also have to sell at a 10-25% discount to find a buyer. Although CSK enjoys a scarcity premium as the only IPL stock in the unlisted sector, the buyer pool remains limited, making liquidity unpredictable.

IPL Dependency Risk 

CSK is heavily dependent on the IPL, with 70% of its Rs. 704.3 crore FY25 revenue coming from central media rights. The rest is also tied to performance and fan engagement, leaving very little diversification. Simply, if IPL slows down, CSK’s earnings get hit directly.