Cochin International Airport Limited (CIAL) Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of Cochin International Airport Limited (CIAL) Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,492.2 | 1,402.3 | 1,233.5 | 954.8 | 524.2 | 296.7 | 810.1 | 807.4 | 701.1 |
| Expense | 585.6 | 187.9 | 435.8 | 376.6 | 275.3 | 224.5 | 335.2 | 372.8 | 285.6 |
| EBITDA | 906.6 | 1,214.4 | 797.7 | 578.2 | 248.9 | 222.5 | 335.2 | 372.8 | 285.6 |
| Other Cost | 197.0 | 521.6 | 199.2 | 186.5 | 200.3 | 197.2 | 179.5 | 163.5 | 147.4 |
| PBT | 709.6 | 692.8 | 598.5 | 391.7 | 48.6 | -123.0 | 274.7 | 271.0 | 253.5 |
| Tax Expense | 182.8 | 177.3 | 150.7 | 98.9 | 13.6 | -30.2 | 37.0 | 82.5 | 81.2 |
| PAT | 526.7 | 515.5 | 447.8 | 292.8 | 35.0 | -92.9 | 237.7 | 188.5 | 172.3 |
| Other Inc./Exp. | 528.3 | -2.3 | -28.7 | -2.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | 1,055.1 | 513.2 | 419.1 | 290.4 | 35.0 | -92.9 | 237.7 | 188.5 | 172.3 |
| Shares O/S | 47.82 | 47.82 | 47.80 | 38.30 | 38.30 | 38.30 | 38.30 | 38.30 | 38.30 |
| EPS (₹) | 11.01 | 10.78 | 9.50 | 7.70 | 1.00 | -2.30 | 5.60 | 4.50 | 4.30 |
| 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 Growth | 2.1% | 13.5% | 23.4% | 670.0% | -143.5% | -141.1% | 24.4% | 4.7% | — |
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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 Unlisted Share Price Overview
CIAL's unlisted share has delivered steady long-term appreciation, reflecting the company's strong financial performance, rising passenger traffic, and consistent dividend payouts. Over the last three years, the share price has increased from around Rs. 294.50 to approximately Rs. 468.30, generating a return of nearly 59% (an absolute gain of Rs. 173.80). The price remained relatively stable through early 2024 before witnessing a strong upward rally in the second half of the year, which could be supported by record earnings, airport expansion projects, and growing investor interest in quality infrastructure assets. While unlisted shares may witness limited liquidity compared to listed stocks, CIAL could continue to attract long-term investors seeking stable cash flows and regular dividend income.
CIAL Financial Performance
Particulars (Rs. Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
Revenue | 954.8 | 1,233.5 | 1,402.3 |
EBITDA | 578.2 | 797.7 | 1,214.4 |
EBITDA Margin | 60.6% | 64.7% | 86.6% |
Profit Before Tax (PBT) | 391.7 | 598.5 | 692.8 |
Net Profit (PAT) | 292.8 | 447.8 | 515.5 |
Net Profit Margin | 30.4% | 34.0% | 36.6% |
EPS | 7.70 | 9.50 | 10.78 |
Revenue crossed Rs. 1,402.3 crore in FY25, growing 13.7% YoY after a robust 29.2% growth in FY24, driven by higher passenger traffic and stronger commercial revenues.
Net Profit (PAT) reached a record Rs. 515.5 crore in FY25, up 15.1% from Rs. 447.8 crore in FY24, reflecting healthy operational performance and efficient cost management.
EBITDA surged to Rs. 1,214.4 crore in FY25 from Rs. 797.7 crore in FY24, registering 52.2% YoY growth, while the EBITDA margin expanded significantly from 64.7% to 86.6%, indicating strong operating efficiency.
Profit Before Tax (PBT) increased from Rs. 598.5 crore in FY24 to Rs. 692.8 crore in FY25, representing a healthy 15.8% annual growth.
Net Profit Margin improved consistently from 30.4% in FY23 to 34.0% in FY24, before reaching 36.6% in FY25, highlighting the company's improving profitability.
Earnings Per Share (EPS) increased from Rs. 7.70 in FY23 to Rs. 9.50 in FY24 and further to Rs. 10.78 in FY25, delivering 13.5% YoY growth and creating greater value for shareholders.
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.
Is CIAL Unlisted Share Worth Buying?
Here are the key reasons to consider investing:
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.
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.
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.
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.
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.
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.
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.
How to apply for Cochin International Airport Ltd unlisted Shares online?
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