Cochin International Airport Unlisted Shares
Cochin International Airport Limited runs Kochi airport in Kerala, India's first major airport built as a public-private partnership. It handled 1,14,42,583 passengers in FY26 and reported consolidated revenue of ₹1,40,148.85 lakh.
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Key facts
Cochin International Airport share details
- Lot size
- 100 shares
- Min. investment
- ₹45,500
- Face value
- ₹10
- Implied market cap
- ₹21,759 Cr
- Shares outstanding
- 478,218,436
- Founded
- 1994
- Headquarters
- Cochin, Kerala
- Website
- cial.aero
- ISIN
- INE02KH01019
- CIN
- U63033KL1994PLC007803
- Lock-in after IPO
- 6 months
Price history
Cochin International Airport share price chart
1Y change
-1.09%
High
₹468
Low
₹438
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Cochin International Airport
Cochin International Airport Limited (CIAL) owns and runs the airport at Kochi in Kerala. It was set up in 1994 as a public limited company and is headquartered in Cochin. The airport earns from airlines and passengers (landing fees, user development fee, inline baggage screening, cargo and royalty), and from non-aero business such as rent, duty-free retail, a hotel, a golf course and a trade fair centre.
The numbers below are consolidated, which means they include CIAL's subsidiaries. In FY26 (year ended 31 March 2026) revenue from operations was ₹1,40,148.85 lakh against ₹1,30,995.37 lakh in FY25. Profit for the year was ₹52,674.63 lakh against ₹51,554.47 lakh. The airport handled 1,14,42,583 passengers in FY26, of which 54,01,939 were on international sectors, and 73,134 aircraft movements.
CIAL has four subsidiaries: Cochin International Aviation Services Limited (aircraft maintenance and aviation training), Air Kerala International Services Limited (a proposed low-cost carrier), CIAL Infrastructures Limited, and CIAL Dutyfree and Retail Services Limited. The company also has solar power plants and a small hydro plant, and it recognises power sales as part of its revenue.
The Governor of Kerala (Government of Kerala) holds 33.38% of the equity shares. Among other large holders, Mr. Yusuffali M. A. holds 12.34% and Mr. N. V. George holds 5.92%, as per the FY26 annual report. The company has 47,82,18,436 equity shares of face value ₹10 each. The Board recommended a dividend of 55% for FY26.
CIAL has not announced an IPO in the sources we read, and there is no linked IPO on IPO Guru. Unlisted shares of a company like this are dealt off-market between buyers and sellers, and the price on this page (₹450 per share, lot of 100 shares, implied market cap ₹21,519.83 crore) is only an indicative price, not an exchange-traded quote.
Strengths
- Consolidated revenue from operations rose from ₹1,15,842.67 lakh in FY24 to ₹1,30,995.37 lakh in FY25 and ₹1,40,148.85 lakh in FY26.
- Consolidated profit for the year grew from ₹44,775.32 lakh in FY24 to ₹51,554.47 lakh in FY25 and ₹52,674.63 lakh in FY26.
- Operations generate strong cash: consolidated net cash flow from operating activities was ₹66,490.97 lakh in FY26 and ₹64,855.01 lakh in FY25.
- Net worth is large and rising, with consolidated total equity of ₹2,95,448.42 lakh at 31 March 2026 against ₹2,66,526.29 lakh a year earlier.
- Revenue is spread across aero, non-aero and duty-free: in FY26 aero revenue was ₹77,435.04 lakh, non-aero ₹29,394.00 lakh and duty-free sales ₹30,839.08 lakh.
- Passenger traffic grew 2.20% to 1,14,42,583 in FY26 from 1,11,95,965 in FY25, with international passengers at 54,01,939.
- The company has paid dividends and the Board recommended 55% for FY26, backed by a 33.38% holding of the Government of Kerala.
Risks
- Revenue depends on one airport. Aircraft movements fell 3.86% to 73,134 in FY26 from 76,068 in FY25, with domestic movements down 5.92%.
- Aero charges are a large part of income (₹77,435.04 lakh of FY26 revenue from operations), so changes in tariff rules or airline schedules can affect earnings.
- Other income of ₹9,072.81 lakh in FY26 forms part of profit before tax, so profit is not only from airport operations.
- Consolidated borrowings stood at ₹20,821.97 lakh non-current and ₹12,448.76 lakh current at 31 March 2026, and the company has capital work in progress of ₹23,557.70 lakh that needs funding.
- Profit growth was slow in FY26: profit for the year rose from ₹51,554.47 lakh to ₹52,674.63 lakh, while depreciation rose to ₹15,887.82 lakh from ₹14,543.73 lakh.
- The share of loss of an associate was ₹340.85 lakh in FY26, and the planned Air Kerala low-cost carrier faces policy hurdles noted in the annual report.
- Ownership is concentrated: the Government of Kerala holds 33.38%, and the Board was reconstituted after government orders in July 2026, so governance priorities may change.
- The company is unlisted. Shares trade off-market at indicative prices, with limited liquidity and no exchange-level disclosure or price discovery.
Financials
Cochin International Airport financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 1,401 | 1,310 | 1,158 |
| PAT (₹ Cr) | 527 | 516 | 448 |
| PAT Margin (%) | 37.58 | 39.36 | 38.65 |
| RoNW (%) | 17.83 | 19.34 | 18.91 |
| EPS (₹) | 11.01 | 10.78 | 9.52 |
| Total Assets (₹ Cr) | 3,995 | 3,842 | 3,573 |
| Net Worth (₹ Cr) | 2,954 | 2,665 | 2,367 |
Swipe the table sideways for earlier years →
Leadership
Management team
S. Suhas IAS
Managing Director
Managing Director of CIAL and signatory of the FY26 accounts.
V. D. Satheesan
Chairperson
Chairperson of the Board, nominated by the Government of Kerala in July 2026.
Yusuffali M. A.
Non-Executive Director
Director and shareholder holding 12.34% of the equity.
N. V. George
Director
Director and shareholder holding 5.92% of the equity.
E. K. Bharat Bhushan
Director
Director and chairperson of the Audit Committee.
Saji Daniel
Chief Financial Officer
Chief Financial Officer who signed the FY26 financial statements.
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Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
