| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 502 | 940 | 1158 | 1310 |
| Cost of Material Consumed | 70 | 145 | 114 | 159 |
| Change in Inventory | -5 | -33 | 9 | -20 |
| Gross Margins | 87.05 | 88.09 | 89.38 | 89.39 |
| Employee Benefit Expenses | 107 | 129 | 140 | 162 |
| Other Expenses | 103 | 136 | 173 | 220 |
| EBITDA | 227 | 563 | 722 | 789 |
| OPM | 45.22 | 59.89 | 62.35 | 60.23 |
| Other Income | 22 | 15 | 75 | 92 |
| Finance Cost | 55 | 45 | 51 | 42 |
| D&A | 145 | 142 | 148 | 145 |
| EBIT | 82 | 421 | 574 | 644 |
| EBIT Margins | 16.33 | 44.79 | 49.57 | 49.16 |
| PBT | 48 | 391 | 599 | 693 |
| PBT Margins | 9.56 | 41.6 | 51.73 | 52.9 |
| Tax | 13 | 99 | 151 | 177 |
| PAT | 35 | 292 | 448 | 516 |
| NPM | 6.97 | 31.06 | 38.69 | 39.39 |
| EPS | 0.92 | 7.63 | 9.37 | 10.79 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 45.22 | 59.89 | 62.35 | 60.23 |
| Net Profit Margin | 6.97 | 31.06 | 38.69 | 39.39 |
| Earning Per Share (Diluted) | 0.92 | 7.63 | 9.37 | 10.79 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 2131 | 3075 | 2076 | 2221 |
| CWIP | 90 | 113 | 181 | 174 |
| Investments | 10 | 196 | 11 | 32 |
| Trade Receivables | 93 | 100 | 116 | 108 |
| Inventory | 22 | 55 | 46 | 66 |
| Other Assets | 166 | 892 | 1143 | 1241 |
| Total Assets | 2512 | 3431 | 3573 | 3842 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 382.5 | 382.5 | 478.21 | 478.21 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 964 | 1733 | 1889 | 2187 |
| Borrowings | 680 | 674 | 585 | 465 |
| Trade Payables | 35 | 58 | 44 | 55 |
| Other Liabilities | 450.5 | 583.5 | 576.79 | 656.79 |
| Total Liabilities | 2512 | 3431 | 3573 | 3842 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 48 | 392 | 598 | 693 |
| OPBWC | 246 | 547 | 745 | 805 |
| Change in Receivables | -43 | 9 | -15 | 10 |
| Change in Inventories | -5.8 | -34 | 9 | -19 |
| Change in Payables | -46 | 179 | -13 | 30 |
| Other Changes | 12 | -16 | -7 | -12 |
| Working Capital Change | -82.8 | 138 | -26 | 9 |
| Cash Generated From Operations | 163.2 | 685 | 719 | 814 |
| Tax | -4 | -40 | -127 | -165 |
| Cash Flow From Operations | 159.2 | 645 | 592 | 649 |
| Purchase of PPE | -102 | -124 | -173 | -260 |
| Sale of PPE | 0 | 0.5 | 0.5 | 1 |
| Cash Flow From Investment | -110.7 | 80 | 229 | -234 |
| Borrowing | 0 | 0 | -96 | 2.5 |
| Dividend | -0.3 | -0.5 | -165 | -209.7 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -0.9 | -93.5 | -133 | -160.8 |
| Cash Flow from Financing | -1.2 | -94 | -394 | -368 |
| Net Cash Generated | 47.3 | 631 | 427 | 47 |
| Cash at the Start | -76 | -29 | 35 | 35 |
| Cash at the End | -28.7 | 602 | 462 | 82 |
Cochin International Airport Limited (CIAL) is one of India’s most renowned aviation infrastructures, celebrated globally for being the world’s first airport fully powered by solar energy. Established under a unique public–private partnership (PPP) model, CIAL has grown into a major aviation hub in South India, serving millions of passengers annually. Its strategic location, robust operational capabilities, and infrastructure expansion—such as modern terminals, cargo facilities, and international connectivity—have positioned it as a benchmark in airport management. The airport’s commitment to sustainability, efficiency, and passenger experience continues to strengthen its leadership in India’s aviation ecosystem.
In the unlisted equity space, CIAL unlisted shares have consistently attracted interest from long-term investors seeking exposure to high-quality infrastructure assets. The company’s diversified revenue streams—from aeronautical charges, cargo operations, retail, duty-free outlets, and solar power generation—provide stability and visibility of cash flows. As air travel demand rebounds and India witnesses exponential growth in domestic and international passenger movement, CIAL stands poised to benefit from increased traffic, higher commercial utilisation, and ongoing infrastructure upgrades. Its strong financial governance, reputation, and public–private ownership model further enhance investor confidence in its long-term value.
Looking ahead, CIAL’s strategic initiatives include capacity expansion, cargo infrastructure enhancement, and strengthening international route networks. The airport continues to invest heavily in technology, automation, and sustainable practices, reinforcing its position as a future-ready aviation leader. For investors evaluating unlisted shares, CIAL offers a compelling proposition backed by stable operations, government partnership, and long-term growth potential in India’s aviation sector. However, investing in unlisted securities carries inherent risks such as price opacity, lower liquidity, and dependency on sectoral performance. Conducting thorough due diligence, reviewing financial reports, and understanding valuation trends is essential before making an informed investment decision.
1. What are Cochin International Airport (CIAL) unlisted shares?
CIAL unlisted shares represent ownership in Cochin International Airport Ltd., a profitable airport operator not listed on stock exchanges, allowing investors to participate before a potential IPO.
2. What is the current price of CIAL unlisted shares?
The price of Cochin International Airport unlisted shares varies based on demand, financial performance, and dividend history. Prices are typically updated through unlisted share dealers or brokers.
3. How can I buy or sell Cochin International Airport unlisted shares?
You can buy or sell CIAL unlisted shares through registered unlisted share brokers via off-market transfer using your Demat account.
4. Is investing in CIAL unlisted shares a good investment?
CIAL is known for consistent dividends, strong cash flows, and monopoly airport operations, but investors should also consider liquidity risk and IPO uncertainty.
5. Is Cochin International Airport planning an IPO?
While Cochin International Airport has discussed IPO plans in the past, there is no confirmed IPO date. Investors buy CIAL shares primarily for dividends and long-term value.