| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 92 | 82 | 98 | 114 |
| Cost of Material Consumed | 28 | 28 | 33 | 17 |
| Change in Inventory | 2.85 | -0.75 | 1 | 0 |
| Gross Margins | 69.57 | 65.85 | 66.33 | 85.09 |
| Employee Benefit Expenses | 7.63 | 8.19 | 8 | 9 |
| Other Expenses | 28 | 23 | 16 | 42 |
| EBITDA | 25.52 | 23.56 | 40 | 46 |
| OPM | 27.74 | 28.73 | 40.82 | 40.35 |
| Other Income | 11 | 18 | 18 | 8 |
| Finance Cost | 14 | 12 | 14 | 19 |
| D&A | 2.48 | 3.22 | 3 | 2 |
| EBIT | 23.04 | 20.34 | 37 | 44 |
| EBIT Margins | 25.04 | 24.8 | 37.76 | 38.6 |
| PBT | 15 | 18 | 40 | 33 |
| PBT Margins | 16.3 | 21.95 | 40.82 | 28.95 |
| Tax | 7.18 | 3.56 | 9 | 9 |
| PAT | 7.82 | 14.44 | 31 | 24 |
| NPM | 8.5 | 17.61 | 31.63 | 21.05 |
| EPS | 0.44 | 0.82 | 1.74 | 1.35 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 27.74 | 28.73 | 40.82 | 40.35 |
| Net Profit Margin | 8.5 | 17.61 | 31.63 | 21.05 |
| Earning Per Share (Diluted) | 0.44 | 0.82 | 1.74 | 1.35 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 70 | 73 | 65 | 60 |
| CWIP | 1.2 | 18 | 2 | 5 |
| Investments | 0 | 0 | 18 | 16 |
| Trade Receivables | 76 | 100 | 95 | 140 |
| Inventory | 0.48 | 0 | 0 | 0.08 |
| Other Assets | 317 | 260 | 274 | 234.92 |
| Total Assets | 468.68 | 451 | 454 | 456 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 177.81 | 177 | 177.81 | 177.8 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 34 | 27 | 38 | 58 |
| Borrowings | 148 | 130 | 118 | 97 |
| Trade Payables | 36 | 33 | 30 | 37 |
| Other Liabilities | 73 | 84 | 90.19 | 86.2 |
| Total Liabilities | 468.81 | 451 | 454 | 456 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 15 | 18 | 40 | 34 |
| OPBWC | 29 | 20 | 41 | 47 |
| Change in Receivables | 12 | -23 | 5 | -44 |
| Change in Inventories | -4.95 | -0.28 | 1 | 0 |
| Change in Payables | 9.33 | -2.68 | -4 | 7 |
| Other Changes | 18 | 19.13 | -9 | 18 |
| Working Capital Change | 34.38 | -6.83 | -7 | -19 |
| Cash Generated From Operations | 63.38 | 13.17 | 34 | 28 |
| Tax | -4.79 | -3.36 | -10 | -11 |
| Cash Flow From Operations | 58.59 | 9.81 | 24 | 17 |
| Purchase of PPE | -1.42 | -6.51 | -3 | -10 |
| Sale of PPE | 0.1 | 1.79 | 8 | 12 |
| Cash Flow From Investment | -1.2 | -12.72 | 21 | 8 |
| Borrowing | -17 | -13 | -14.6 | -22 |
| Dividend | -0.0067 | -0.008 | 0.14 | 0.26 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -15 | -4.6 | -13.54 | -19.26 |
| Cash Flow from Financing | -32.01 | -17.61 | -28 | -41 |
| Net Cash Generated | 25.38 | -20.52 | 17 | -16 |
| Cash at the Start | 56 | 81 | 61 | 78 |
| Cash at the End | 81.38 | 60.48 | 78 | 62 |
Inkel Limited is a pioneering infrastructure development and project management company established through a unique public–private partnership model, bringing together government support and professional corporate management. The company focuses on delivering high-quality infrastructure solutions across sectors such as industrial parks, logistics hubs, transportation, healthcare, education, and commercial real estate. Over the years, Inkel has developed a strong reputation for executing complex projects through efficient planning, stringent quality standards, and cost-effective management practices. Its ability to collaborate with government bodies, private investors, and institutional partners has enabled Inkel to create sustainable and impactful infrastructure that supports regional economic growth.
From a business standpoint, Inkel Limited operates with a diversified portfolio that includes infrastructure development, engineering consultancy, facilities management, and investment services. The company has successfully completed several notable projects, including industrial zones, roads, bridges, and public utility facilities. It leverages a robust project management framework complemented by technical expertise, adherence to regulatory norms, and a focus on transparency. With increasing demand for structured infrastructure development in India, especially in fast-growing states, Inkel’s approach of combining private-sector efficiency with public-sector support has positioned it as a reliable execution partner capable of handling large-scale and long-term projects.
In the unlisted market, Inkel Limited’s shares attract investor attention due to its steady performance, asset-backed operations, and long-term opportunities in India’s expanding infrastructure sector. The company’s strategic partnerships, experience in completing government-supported projects, and diversified revenue streams contribute to investor confidence. As India continues to allocate significant budgets toward infrastructure expansion—ranging from transport to industrial corridors—Inkel is well-positioned to benefit from rising project opportunities and sustained capital expenditure. For investors seeking exposure to a stable, infrastructure-focused business with strong governance and growth potential, Inkel Limited’s unlisted shares present an appealing option grounded in consistent execution and sectoral demand.
1. What are Inkel Limited unlisted shares?
These are equity shares of Inkel Limited that are not listed on stock exchanges like NSE or BSE and are traded privately through off-market transactions.
2. What does Inkel Limited do?
Inkel Limited is an infrastructure development company focused on projects such as roads, urban infrastructure, and PPP (Public-Private Partnership) initiatives, primarily in Kerala.
3. Who are the key promoters of Inkel Limited?
The company is promoted by the Government of Kerala along with private investors, making it a unique public-private partnership model entity.
4. How can investors buy Inkel unlisted shares?
Investors can acquire shares through:
5. What is the minimum investment amount?
There is no fixed minimum from the company, but intermediaries may require a minimum investment (often starting from ?25,000–?1 lakh depending on deal size and availability).
6. What factors affect the price of Inkel unlisted shares?
Key factors include:
7. Is Inkel Limited planning an IPO?
As of now, there is no confirmed timeline for an IPO. Investment in its unlisted shares is typically long-term and may depend on future listing prospects or strategic exits.
8. What are the risks involved in investing in Inkel unlisted shares?
Risks include:
9. What are the tax implications on these shares?
10. Who should consider investing in Inkel unlisted shares?
These shares are more suitable for: