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Cochin International Airport Limited (CIAL) Unlisted Shares

Cochin International Airport Limited (CIAL) Unlisted Shares

₹448.950.00%
As on 15th Oct 2026 · market open
Industry: aviationSector: airportDepository: NSDL, CDSL
DRHP Filed: No

Indicative price history

▲ ₹1.02(+0.23%)over 1 W

Indicative levels compiled by our team for information only — not a price feed, quote, or offer to deal.

52W Low ₹437.751Y Return -4.7%52W High ₹471.50
Key Indicators
Current Share Price
₹448.95
Unlisted market
Face Value / Share
₹10.00
Latest
Book Value / Share
₹61.80
Latest
Price to Earning (PE)
41.10
TTM basis
Price / Sales
14.50
TTM revenue
Price / Book
7.30
Book value basis
Outstanding Shares
47.82 Cr
Latest
Market Cap
₹21,663.37 Cr
At current price
Debt / Equity
0.40
Latest
Dividend / Share
-
Declared
Dividend %
-
Yield
Return on Total Assets
26.4%
RoA
Return on Equity
35.7%
RoE
Working Capital Return
26.6%
RoWC
AboutFinancialsCorporate ProfileNews & BlogsFAQ

About Cochin International Airport Limited (CIAL)

1980s – the Gulf boom has started to change the face of Kerala. With more and more getting employment in the Middle East, the small Navy controlled airport in Kochi is bursting at its seams. Technically too, the small airstrip is not made for passenger aircrafts. Even the narrow bodied Airbus A 320 and Boeing 737 needed 7000m runway and the Willingdon Island Airport was just 6000m long. The Government has to act. The State government approached Union Government. A meeting convened in 1991 in New Delhi asked the State government to identify an alternate location. V J Kurian, the then District Collector was deputed to the state to find options.
SectorAviation · Airport
ISININE02KH01019
Face Value₹10.0
DepositoryNSDL, CDSL
RTAskdc consultants
HQ35,4th Floor, Gcda Commercial Complex, Marine Drive, Ernakulam Kerla 682031

Financial Performance

Consolidated figures in ₹ Crore, from annual reports and public filings.

Indicators202620252024202320222021202020192018
Revenue1,492.21,402.31,233.5954.8524.2296.7810.1807.4701.1
Expense585.6187.9435.8376.6275.3224.5335.2372.8285.6
EBITDA906.61,214.4797.7578.2248.9222.5335.2372.8285.6
Other Cost197.0521.6199.2186.5200.3197.2179.5163.5147.4
PBT709.6692.8598.5391.748.6-123.0274.7271.0253.5
Tax Expense182.8177.3150.798.913.6-30.237.082.581.2
PAT526.7515.5447.8292.835.0-92.9237.7188.5172.3
Other Inc./Exp.528.3-2.3-28.7-2.30.00.00.00.00.0
Net Income1,055.1513.2419.1290.435.0-92.9237.7188.5172.3
Shares O/S47.8247.8247.8038.3038.3038.3038.3038.3038.30
EPS (₹)11.0110.789.507.701.00-2.305.604.504.30
Rev. Growth %6.4%13.7%29.2%82.1%76.7%-63.4%0.3%15.2%—
EBITDA Mgn %60.8%86.6%64.7%60.6%47.5%75.0%41.4%46.2%40.7%
Net Mgn %70.7%36.6%34.0%30.4%6.7%-31.3%29.3%23.3%24.6%
EPS Growth2.1%13.5%23.4%670.0%-143.5%-141.1%24.4%4.7%—

Financials are as published on stockify.net.in and compiled from public filings. Refer to the audited annual report for exact figures.

Corporate Profile

Registered details, management and downloadable documents.

ISININE02KH01019
PANAAACC9658B
Address35,4th Floor, Gcda Commercial Complex, Marine Drive, Ernakulam Kerla 682031
RTAskdc consultants

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About Cochin International Airport Ltd unlisted shares

Cochin International Airport Limited (CIAL) is India's first Public-Private Partnership (PPP) airport and one of the country's most successful infrastructure projects. Incorporated in 1994 by the Government of Kerala, CIAL was established to meet the growing demand for international air connectivity, particularly for the large Non-Resident Keralite (NRK) population working in the Gulf region after the 1991 Gulf War highlighted the need for better aviation infrastructure. Unlike conventional government-funded airports, CIAL was built by mobilising investments from the Kerala Government, public sector institutions, financial institutions, NRIs, and individual investors, creating a unique shareholder-driven ownership model.

The airport commenced commercial operations in June 1999 and has since evolved into one of India's busiest international airports. Today, CIAL is globally recognised as the world's first fully solar-powered airport, handling millions of passengers annually while generating strong and consistent profitability through aviation and non-aeronautical businesses.

CIAL History Milestones

Year

Milestone

1994

Cochin International Airport Limited (CIAL) was government-funded and incorporated as India's first Public-Private Partnership (PPP) airport.

1996

Construction of the airport commenced with investments from the Kerala Government, NRIs, institutions, and the public.

1999

Commercial operations began, making Kochi one of South India's key international aviation hubs.

2000

Started international flight operations, strengthening connectivity with Gulf countries.

2013

Passenger traffic crossed 5 million annually, reflecting rapid operational growth.

2015

Became the world's first fully solar-powered airport, earning global recognition for sustainability.

2018

Successfully resumed operations within two weeks after the devastating Kerala floods, showcasing operational resilience.

2022

Commissioned Terminal 3 expansion and introduced advanced digital passenger services.

2026

Continued expansion through Aero Park, cargo infrastructure, commercial developments, and green hydrogen initiatives, strengthening its position as one of India's leading airport infrastructure companies.

Business Model of Cochin International Airport Limited (CIAL)

Cochin International Airport Limited (CIAL) follows a diversified airport business model, generating revenue from both aeronautical and non-aeronautical activities. While passenger and airline services form its core business, the company has expanded into retail, renewable energy, commercial leasing, and aviation support services, ensuring stable cash flows and long-term profitability.

Business Segment

Revenue Source

Passenger Services

UDF, passenger service fees, and terminal charges.

Aircraft Operations

Landing, parking, and aerobridge charges from airlines.

Cargo Operations

Domestic and international cargo handling services.

Duty-Free & Retail

Duty-free stores, retail outlets, and food & beverage sales.

Commercial Leasing

Rental income from shops, offices, and commercial spaces.

Car Parking & Advertising

Parking fees and airport advertising revenue.

Hospitality

Airport lounges, hotels, and hospitality services.

Renewable Energy

Solar power generation and sale of surplus electricity.

MRO & Aviation Services

Aircraft maintenance, ground handling, and aviation support services.

Aero Park Development

Revenue from logistics, business parks, and airport city infrastructure.

CIAL Financial Performance

Particulars (Rs. Cr)

FY24

FY25

FY26

Revenue

1,233.5

1,402.3

1,492.2

EBITDA

797.7

1,214.4

906.6

EBITDA Margin

64.7%

86.6%

60.8%

Profit Before Tax (PBT)

598.5

692.8

709.6

Net Profit (PAT)

447.8

515.5

526.7

Net Profit Margin

34.0%

36.6%

35.3%

EPS (Rs.)

9.50

10.78

11.01

  • Revenue rose from Rs. 1,402 cr in FY25 to Rs. 1,492 cr in FY26, which is a 6.4% yearly increase.

  • PAT remained almost stable from Rs. 515.5 cr in FY25 to Rs. 526.7 cr in FY26. So, the CIAL remained profitable despite increased operating costs.

  • EBITDA decreased from Rs. 1,214.4 cr in FY25 to Rs. 906.6 cr in FY26. Therefore, the EBITDA margin fell from 86.6% to 60.8%.

  • Profit Before Tax rose to Rs. 709.6 cr in FY26 from Rs. 692.8 cr.

  • Earnings per share improved to Rs. 11.01 in FY26 from Rs. 10.78 in FY25.

  • Overall, CIAL has delivered consistent revenue growth, expanding profit margins, and strong earnings, supported by rising passenger traffic, diversified non-aeronautical income streams, and disciplined financial management.

The steady growth in earnings continues to support the CIAL share price in the unlisted market.

Is CIAL a Green building?

By 2015, CIAL became the first airport in the world that completely operates on solar energy. This has contributed to CIAL becoming an ecologically sustainable business model with cost savings from using solar energy.

What are the benefits for CIAL shareholders?

  • Dividends: CIAL, being a profitable company, often distributes a portion of its earnings to shareholders in the form of dividends. These can provide regular income.

  • Capital Appreciation: As CIAL continues to show strong financial growth and its share price increases (as it has in recent times), shareholders can benefit from capital gains. This means that the value of their CIAL share price rises over time, leading to potential profits.

  • Long-Term Wealth Building: With CIAL's strong fundamentals and its position in a growing sector, shareholders could potentially benefit from long-term wealth creation with an increasing CIAL unlisted share price.

  • Potential for Listing: If CIAL eventually decides to list on the stock market, it would likely provide liquidity to shareholders who wish to sell their shares. This is an important consideration, especially for unlisted shares, as listing would make buying and selling more accessible.

CIAL Dividend History Overview

CIAL has paid regular dividends to shareholders, and the dividend per share has increased in recent years. The company recommended Rs. 5.50 per share for FY26, compared with Rs. 5 in FY25 and Rs. 4.50 in FY24.

Financial Year

Dividend per Share

Record Date

FY26

Rs. 5.50

17 Sep 2026

FY25

Rs. 5.00

20 Sep 2025

FY24

Rs. 4.50

19 Sep 2024

FY23

Rs. 3.50

28 Sep 2023

The dividend per share amount is the actual amount paid to an eligible shareholder per CIAL share. For example, a shareholder having 100 shares will receive Rs. 550, compared to the recommended dividend of Rs. 5.50 a share for FY26.

FY26 dividend of Rs. 5.50 is 55% dividend on CIAL's face value of Rs. 10 per share. The percentage is based purely on the face value and is not the return an investor gets on the current share price.

CIAL had also announced a 1:4 rights issue in February 2023, whereby shareholders could apply for 1 additional share for every 4 shares held, at Rs 10 face value plus Rs 40 premium

Is CIAL Unlisted Share Worth Buying?

Here are the key reasons to consider investing:

  1. Strong Financial Growth: Revenue increased from Rs. 770.9 cr in FY23 to Rs. 1,142.2 cr in FY25, while net profit almost doubled from Rs. 267.2 cr to Rs. 489.9 cr during the same period.

  2. Consistent Dividend Payouts: CIAL has rewarded shareholders with rising dividends, increasing from 35% in FY23 to 45% in FY24 and 50% in FY25, reflecting its strong cash generation.

  3. Monopoly Airport Asset: CIAL operates Kerala's largest international airport, handling over 10 million passengers annually for three consecutive years and recording 76,068 aircraft movements in FY25.

  4. Diversified Revenue Model: The company earns income from passenger services, cargo, duty-free retail, commercial leasing, hospitality, solar power, and MRO services, reducing dependence on a single revenue source.

  5. Infrastructure Expansion: CIAL is executing Rs. 1,400 cr worth of expansion projects, including terminal expansion, cargo facilities, Aero Park, and commercial developments, which can support future earnings growth.

  6. Global Sustainability Leader: As the world's first fully solar-powered airport, CIAL is further strengthening its green infrastructure through a Green Hydrogen Project and battery energy storage initiatives.

  7. Unique Shareholding Structure: Backed by the Government of Kerala and supported by around 30,000 shareholders across more than 30 countries, CIAL enjoys broad institutional and public participation.

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Cochin International Airport Limited (CIAL) · Unlisted
₹448.95