Cochin International Airport Limited
Cochin International Airport (CIAL) Unlisted Shares — The Dividend-Paying Infrastructure Compounder
CIAL is what most unlisted shares only claim to be: a consistently profitable, dividend-paying, globally recognised infrastructure asset. The world’s first fully solar-powered airport has paid dividends for over two decades — and its shares remain buyable in the private market. Here’s the complete picture.
| CIAL Unlisted Share | Details |
| Our Buy Price | ₹400 per share |
| Our Sell Price | ₹450 per share |
| Lot Size | 100 shares (min. investment ≈ ₹45,000) |
| ISIN | INE02KH01019 |
| Incorporated | 30 March 1994, Ernakulam, Kerala |
| Key shareholder | Government of Kerala (~32%); Kerala CM chairs the board |
| Shareholder base | ~19,000 shareholders across 28 countries |
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About CIAL
Cochin International Airport Limited built and operates Kochi’s airport — India’s first greenfield airport developed under a public-private partnership, and since 2015 the world’s first fully solar-powered airport, a distinction that has earned it international recognition including at ACI’s Green Airports awards. It is Kerala’s busiest airport, handling over 63% of the state’s air traffic, and ranks among India’s top airports for international passengers.
The business goes well beyond the runway: duty-free retail, cargo (100,000+ MT annual capacity), an MRO arm (CIASL), a golf course and convention assets, hydropower and 50 MW of solar capacity that makes CIAL Kerala’s second-largest power producer after the state electricity board. In May 2025 it launched CIAL 2.0 — a ₹200 crore digitisation programme including India’s first airport cyber defence centre.
CIAL Financials — Steady Compounding
| Particulars | FY23 | FY24 | FY25 |
| Revenue | ₹939 Cr | ₹1,158 Cr | ₹1,402 Cr |
| Profit After Tax | ₹292 Cr | ₹447 Cr | ₹515.5 Cr |
| EPS | — | ₹9.50 | ₹10.78 |
| Dividend | — | 45% (₹4.50/sh) | 50% (₹5/sh) recommended |
What the numbers say: three straight years of double-digit growth in revenue and profit, ROE above 20%, passenger traffic crossing 1.12 crore in FY25 with 76,000+ aircraft movements, and a dividend record stretching back to 2003-04 — the FY25 payout alone commits ~₹239 crore to shareholders. At our sell price, the trailing dividend yield is roughly 1.1% on top of the growth — rare for an unlisted share.
CIAL IPO — The Honest Answer
There is periodic speculation, but no IPO has been announced and no DRHP exists. With the Kerala government as anchor shareholder, CIAL has historically rewarded holders through dividends and rights issues rather than a listing. Buy CIAL as a long-term dividend-plus-growth infrastructure holding — listing is optionality, not the thesis.
Why Investors Buy CIAL Unlisted Shares
- Proven cash machine — profits and dividends through cycles, including a strong post-pandemic rebound.
- Monopoly catchment — Kochi’s Gulf-corridor traffic, tourism and NRI flows feed the airport structurally.
- Diversified income — aero charges, duty-free (~₹271 crore in FY24), retail leasing, cargo, power sales.
- Sustainability moat — the solar-airport brand delivers real cost savings and global goodwill.
Key Risks
- Gulf dependence — heavy reliance on Middle East routes ties traffic to that region’s economy.
- Government influence — state-led board decisions may prioritise public objectives over minority shareholders.
- No listing visibility — exits happen through the private market; hold with a multi-year horizon.
- Capex cycles — terminal expansion and CIAL 2.0 spending can moderate near-term payouts.
How to Buy or Sell CIAL Unlisted Shares
Live quote → deal confirmation → KYC (PAN, CML, bank proof) → off-market demat transfer, prompt settlement. Full process: buy unlisted shares. Many CIAL holders are NRIs and early rights-issue subscribers — if you’re one and want liquidity, sell unlisted shares to us with complete documentation support, including for inherited holdings.
FAQs — CIAL Unlisted Shares
What is the CIAL unlisted share price today?
We are buying at ₹400 and selling at ₹450 per share (lot of 100 — about ₹45,000 minimum). WhatsApp us for a live quote.
Does CIAL pay dividends?
Yes — CIAL has a dividend record going back to 2003-04. For FY25 the board recommended a 50% dividend (₹5 per share), following 45% in FY24.
Is a CIAL IPO coming?
No IPO has been announced and no DRHP has been filed. Treat any specific listing date you hear as speculation.
Can NRIs buy or sell CIAL shares?
Yes, subject to FEMA conditions — CIAL already has shareholders across 28 countries. Our desk regularly assists NRI holders with transfers and documentation; speak to us and your advisor about the current framework.
Related unlisted shares: Kannur International Airport • India Exposition Mart • Nayara Energy • Onix Renewable
Balance Sheet
Cochin International Airport Limited Balance Sheet (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| ASSETS | |||
| Non-Current Assets | |||
| a. Property, plant and equipment | 2,07,540.74 | 2,13,085.31 | 2,09,299.21 |
| b. Capital work in progress | 11,277.39 | 9,036.14 | 18,704.78 |
| c. Intangible assets | 77.98 | 98.76 | 125.55 |
| d. Financial assets | |||
| (i) Investments | 1,008.62 | 1,007.21 | 127.64 |
| (ii) Other Financial Assets | 2541.78 | 342.99 | 656.39 |
| e. Income tax assets (net) | 2,013.36 | 2,609.52 | 2,241.32 |
| f. Other non-current assets | 2504.63 | 302.45 | 249.17 |
| Current Assets | |||
| a. Inventories | 5,534.57 | 2,159.81 | 1,579.56 |
| b. Financial assets | |||
| (i) Investments | 18603.36 | 0 | |
| (ii) Trade Receivables | 10,056.84 | 9,320.64 | 5,495.87 |
| (iii) Cash & Cash equivalents | 4,606.78 | 1,381.71 | 1,258.90 |
| (iv) Bank Balances other than (iii) | 72,149.28 | 8,243.04 | 8,039.93 |
| (v) Loans | 0.09 | 0 | |
| (vi) Other financial assets | 1428.7 | 270.3 | 1,480.18 |
| c. Income Tax Asset (net) | 0 | 68.73 | 1.17 |
| d. Other current assets | 3,733.55 | 3,327.93 | 3,286.14 |
| Total Assets | 3,43,077.67 | 2,51,254.56 | 2,52,545.82 |
| EQUITY & LIABILITIES | |||
| Equity | |||
| a. Equity Share Capital | 38,257.47 | 38,257.47 | 38,257.47 |
| b. Other Equity | 1,73,296.38 | 96,434.09 | 93,200.14 |
| Equity attributable to owners of the company | 2,11,553.86 | 1,34,691.57 | 1,31,457.62 |
| Non-Controlling Interest | 2.44 | 1.46 | 1.37 |
| Total Equity | 2,11,556.30 | 1,34,693.03 | 1,31,458.99 |
| Liabilities | |||
| Non-Current Liabilities | |||
| a. Financial Liabilities | |||
| (i) Borrowings | 56,018.96 | 61,172.21 | 56,241.80 |
| (ii) Other financial liabilities | 5,193.24 | 5,501.28 | 5,878.61 |
| b. Provisions | 3,277.35 | 5,164.01 | 4,462.13 |
| c. Deferred tax liabilities (net) | 10,588.64 | 5,718.35 | 4,610.09 |
| d. Other non-current liabilities | 16,062.60 | 15,547.59 | 17,589.48 |
| Current Liabilities | |||
| a. Financial Liabilities | |||
| (i) Borrowings | 11,378.78 | 6,837.48 | 10,025.42 |
| (ii) Trade Payables – | |||
| a) Total outstanding dues of Micro, Small and Medium Enterprises | 823.63 | 180.16 | 6.14 |
| b) Total outstanding dues of creditors other than Micro, Small and Medium Enterprises | 5,003.98 | 3,391.36 | 1,752.52 |
| (iii) Other financial liabilities | 16,864.44 | 8,958.39 | 16,758.78 |
| b. Other current liabilities (net) | 3,883.31 | 3,173.79 | 3,168.25 |
| c. Provisions | 2426.44 | 916.92 | 593.6 |
| Total Equity and Liabilities | 3,43,077.67 | 2,51,254.56 | 2,52,545.82 |
Cochin International Airport Limited Profit & Loss Statement (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| Income | |||
| Revenue from Operations | 93,963.60 | 50,230.06 | 26,758.75 |
| Other Income | 1,519.40 | 2,189.93 | 2,906.44 |
| Total Revenue | 95483 | 52420 | 29665.2 |
| Expenses: | |||
| Purchase of Stock in Trade | 14,507.20 | 7,057.91 | 847 |
| Change in Inventories of stock in trade | -3342.5 | -559.36 | 1,571.22 |
| Employee Benefits Expenses | 12,850.04 | 10,705.18 | 9,493.72 |
| Finance Costs | 4,483.83 | 5,493.91 | 5,612.21 |
| Depreciation and amortisation expenses | 14,167.61 | 14,536.86 | 14,107.32 |
| Other Expenses | 13,647.94 | 10,329.13 | 10,336.88 |
| Total Expenses | 56314.12 | 47563.63 | 41968.34 |
| Profit / (loss) before exceptional items and tax | 39168.88 | 4856.37 | -12303.14 |
| Exceptional Items | 0 | 0 | 0 |
| Profit before tax | 39168.88 | 4856.37 | -12303.14 |
| Tax expense: | |||
| a. Current tax | 4965.5 | 126.77 | 114.28 |
| b. MAT Credit Entitlement | -280.94 | -104.17 | -114.3 |
| c. Tax expenses of earlier years | -10.72 | -0.01 | -22.76 |
| d. Deferred tax | 5,220.63 | 1,334.78 | -2,992.91 |
| 9,894.47 | 1,357.37 | -3,015.70 | |
| Profit for the period (V – VII) | 29274.41 | 3499 | -9287.45 |
| Other comprehensive income | |||
| – Items that will not be reclassified to Consolidated Statement of Profit or Loss | -303.5 | -462.88 | 274.21 |
| (Re-measurement of defined employee benefit plans) | |||
| – Income tax relating to items that will not be reclassified to Consolidated Statement of Profit or Loss | 70.38 | 124.76 | -71.39 |
| Total comprehensive income for the period | 29,041.29 | 3,160.87 | -9,084.63 |
| (Profit / Loss + Other Comprehensive Income) | |||
| Profit for the year attributable to: | |||
| Owners of the Company | 29,273.42 | 3,498.91 | -9,286.29 |
| Non-Controlling Interests | 0.98 | 0.09 | -1.16 |
| 29,274.41 | 3,499.00 | -9,287.45 | |
| Share of Profit / (Loss) of Associate Company | 1.41 | -2.43 | 0 |
| Other Comprehensive Income attributable to: | |||
| Owners of the Company | -233.12 | -338.13 | 202.82 |
| Non-Controlling Interests | 0 | 0 | 0 |
| -233.12 | -338.12 | 202.82 | |
| Total Other Comprehensive Income attributable to: | |||
| Owners of the Company | 29,041.72 | 3,158.35 | -9,083.47 |
| Non-Controlling Interests | 0.98 | 0.09 | -1.16 |
| 29,041.29 | 3,160.87 | -9,084.63 | |
| Earnings per equity share | |||
| Nominal Value of Share Rs.10 (Rs.10/-) | |||
| a. Basic | 7.59 | 0.83 | -2.37 |
| b. Diluted | 7.59 | 0.83 | -2.37 |
Cochin International Airport Limited Consolidated Cash Flow Statement (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| A. Cash Flow from Operating Activities | |||
| Profit before tax | 39,168.88 | 4,856.37 | -12,303.14 |
| Adjustments for : | |||
| Provision for Tax | -9,894.47 | -1,357.37 | 3,015.70 |
| Depreciation | 14,120.97 | 14,492.02 | 13,993.07 |
| Amortisation | 46.64 | 44.84 | 55.65 |
| Fixed assets written off | – | 0.04 | 0.09 |
| Loss / (Profit) on sale of fixed assets (Net) | -9.73 | -0.04 | -6.82 |
| Fair Value Gain on Financial Instruments recognised through P & L | -227.9 | -484.24 | -383.55 |
| Unwinding of discount | 227.9 | 484.24 | 383.55 |
| OCI | -233.12 | -338.12 | 202.82 |
| Deferred Government grant | -141.55 | -141.55 | -172.67 |
| Tax Expense for early years | 4673.84 | 22.59 | -22.79 |
| Deferred Tax | 4,870.28 | 1,108.26 | -3,036.59 |
| Re-measurements of defined benefit Plans | 612.51 | 917.2 | 863.71 |
| Unrealised Foreign Exchange Loss / (Gain) | – | -23.39 | 92.05 |
| Provision for Doubtful Debts and Advances | -1642.4 | 560.64 | – |
| Reversal of Provision no longer required | – | -7.42 | – |
| Interest Income | -1068.08 | -520.63 | -617.9 |
| Dividend Income | -2.5 | – | – |
| Interest and Finance Charges | 4,255.94 | 5,009.67 | 5,228.66 |
| Sub-total | 15,588.34 | 19,766.72 | 19,594.97 |
| Operating Profit before working capital changes | 54,757.21 | 24,623.09 | 7,291.83 |
| Adjustments for : | |||
| (Increase) / Decrease in Inventories | -3374.76 | -580.25 | 1596.68 |
| (Increase) / Decrease in Trade Receivables | 906.20 | -4,275.48 | 1,878.53 |
| (Increase) / Decrease in Repayments and Other Receivables | -1,591.81 | 1,202.48 | 4,033.60 |
| Increase / (Decrease) in Trade Payable / Other Liabilities | 17,876.51 | -4,631.68 | -17,110.01 |
| 13,816.14 | -8,284.93 | -9,601.20 | |
| Cash Generated from Operations | 68,573.36 | 16,338.16 | -2,309.37 |
| Direct Tax (payments) / refunds (net) | -4008.95 | -458.35 | 5232.69 |
| Net Cash Flow from Operating Activities | 64,564.41 | 15,879.81 | 2,923.32 |
| B. Cash Flow from Investing Activities | |||
| Share Application Money pending allotment | 47,821.85 | – | – |
| Purchase of Fixed Assets including capital work in progress | -12452.63 | -10,197.45 | -15,806.77 |
| Sale of Fixed Assets | 48.46 | 5.07 | 72.6 |
| Investment in Equity Shares | -1.41 | -879.57 | -26.66 |
| Investment in Mutual Funds / State Government Treasury deposits | -18603.36 | – | – |
| Deposits in Bank | -9754.9 | -671.89 | -1222.67 |
| Interest Received | 926.14 | 670.95 | 657.94 |
| Dividend Received | 2.50 | – | – |
| Net Cash Flow from Investing Activities | 7986.65 | -11,072.89 | -16,325.56 |
| C. Cash Flow from Financing Activities | |||
| Interest Paid | -4,251.43 | -5,024.25 | -5,230.79 |
| Increase / (Decrease) of Term Loan | -5153.25 | 4,930.41 | 3,501.88 |
| Demand loan taken | – | – | -1,200.00 |
| Dividend paid including dividend tax (Unclaimed dividends) | -55.05 | -29.8 | -10094.28 |
| Net Cash Flow from Financing Activities | -9,459.74 | -123.64 | -13023.18 |
| Net increase in Cash and Cash Equivalents | 63091.32 | 4,683.28 | -26,425.42 |
| Cash and Cash Equivalents at beginning of the year, the components being: | |||
| Cash on hand | 6.02 | 5.31 | 7.56 |
| Balances with Banks on current accounts and fixed deposit accounts | 1,822.60 | 2,464.30 | 20,260.79 |
| Bank Overdrafts | -4,701.15 | -10,025.42 | -1,380.38 |
| -2872.54 | -7,555.81 | 18,887.97 | |
| Cash and Cash Equivalents at end of the year, the components being: | |||
| Cash on hand | 6.04 | 6.02 | 5.31 |
| Balances With banks on current accounts and fixed deposit accounts | 61,397.77 | 1,822.60 | 2,482.66 |
| Bank Overdrafts | -1185.03 | -4,701.15 | -10,025.42 |
| Effect of exchange rate fluctuation on Bank Balances denominated in Foreign Currency | – | – | – |
| 60,218.78 | -2,872.54 | -7,537.45 | |
| Net Increase / (decrease) as disclosed above | 63,091.32 | 4,683.27 | -26,425.42 |
