Inkel Unlisted Shares
INKEL Limited is a Kerala public company, incorporated in 2007 and based in Kochi. It does infrastructure project management, solar EPC, industrial parks and leasing, and reported consolidated revenue from operations of ₹2,172.77 lakh for FY26.
Read the full company profile
Key facts
Inkel share details
- Lot size
- 1,000 shares
- Min. investment
- ₹20,000
- Face value
- ₹10
- Implied market cap
- ₹356 Cr
- Shares outstanding
- 177,814,334
- Founded
- 2007
- Headquarters
- Kakkanad, Kochi, Kerala
- Website
- inkel.in
- ISIN
- INE308U01017
- CIN
- U45209KL2007PLC020471
- Lock-in after IPO
- 6 months
Price history
Inkel share price chart
1Y change
+5.26%
High
₹22.00
Low
₹19.00
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
About
About Inkel
INKEL Limited is a public company based in Kakkanad, Kochi, Kerala. It was incorporated in 2007 and its FY26 annual report is the company's 19th. INKEL works as a bridge between the Government of Kerala and private investors, including banks, institutions and NRI investors, for infrastructure projects. It started as an engineering consultancy and has since added renewable energy to its work.
The business today covers project management consultancy (PMC), solar EPC, trading, and developing and leasing land and buildings in industrial parks. The annual report says the growth in standalone income in FY26 came mainly from Solar EPC and PMC. It is building a 20.5 MWp solar project with a 16 MWh battery storage system at the INKEL GREEN Industrial Park in Malappuram. The project is meant to run on a long-term tariff model for 25 years. A hybrid project at Palakkad, planned as 18 MWp of wind and 16 MWp of solar, is also in progress.
On a standalone basis, revenue from operations rose from ₹4,855.58 lakh in FY25 to ₹7,313.82 lakh in FY26. Profit for the year was ₹1,688.62 lakh against ₹2,261.02 lakh. The company says lower lease premium income and pricing pressure in solar EPC pulled profit down. On a consolidated basis, which includes subsidiaries, revenue from operations was ₹2,172.77 lakh in FY26 against ₹11,370.12 lakh in FY25. The group reported a loss of ₹962.55 lakh for FY26 after a profit of ₹2,353.17 lakh the year before.
The Government of Kerala has the right to nominate a director on the board, and a nominee director from the state's IAS cadre sits on it. The company has 17,78,14,334 equity shares of ₹10 each. It has recommended a dividend of 5.5% for FY26. INKEL is also fighting several legal cases brought by the former Managing Director of its subsidiary Seguro Foundations & Structures, a former INKEL director, and others. The board calls them without merit.
INKEL is not listed on any stock exchange and has not announced an IPO. Unlisted shares of a company like this are dealt off-market between private buyers and sellers, so the indicative price on this page (₹20 per share, around ₹355.63 crore market cap) is not an exchange price and the shares are hard to sell quickly.
Strengths
- Standalone revenue from operations grew from ₹4,855.58 lakh in FY25 to ₹7,313.82 lakh in FY26, and the annual report credits Solar EPC and project management consultancy.
- The standalone company stayed profitable, with profit for the year of ₹1,688.62 lakh in FY26 and ₹2,261.02 lakh in FY25.
- Cash and cash equivalents in the consolidated balance sheet rose from ₹6,210.91 lakh to ₹9,099.56 lakh between March 2025 and March 2026.
- The company has a working link with the Government of Kerala, which nominates a director on the board, and it positions itself as a bridge for private investment in state infrastructure.
- It is building a 20.5 MWp solar project with a 16 MWh battery system in Malappuram on a 25-year tariff model, which the report says gives recurring revenue.
- The board has recommended a 5.5% dividend for FY26, a payout of ₹9.78 Cr, and the report says ₹36.01 Cr has been paid in dividends over four years.
Risks
- The consolidated numbers are much weaker than standalone ones. Consolidated revenue from operations fell from ₹11,370.12 lakh to ₹2,172.77 lakh in FY26, and the group made a loss before tax of ₹619.21 lakh.
- Standalone profit for the year fell from ₹2,261.02 lakh to ₹1,688.62 lakh even as revenue grew, which the company links to lower lease premium income and pricing pressure in solar EPC.
- The company is a defendant in multiple legal cases started by the former Managing Director of Seguro Foundations & Structures and others. Outcomes and costs are uncertain.
- Consolidated long-term borrowings stood at ₹6,868.69 lakh as at 31 March 2026 and finance costs were ₹847.41 lakh, which is heavy against group revenue.
- Consolidated trade receivables were ₹8,704.08 lakh at March 2026, large compared with annual consolidated revenue, so collections matter.
- The company says it is winding up non-operational and loss-making subsidiaries and merging some others, which can bring write-offs and delays.
- A large part of the business depends on government-linked projects and a few large solar EPC contracts, so pricing pressure or delays hit results quickly.
- The shares are unlisted. The indicative price of ₹20 is not an exchange price, trading is thin, and the minimum lot is 1000 shares.
Financials
Inkel financial performance
Revenue, profit and balance-sheet figures by fiscal year.
Revenue & PAT (₹ Cr)
Revenue
PAT
| Metric | FY26Latest | FY25 |
|---|---|---|
| Revenue (₹ Cr) | 22 | 114 |
| PAT (₹ Cr) | -9.63 | 23.53 |
| PAT Margin (%) | -44.32 | 20.69 |
| EPS (₹) | -0.58 | 1.13 |
| Total Assets (₹ Cr) | 436 | 456 |
Swipe the table sideways for earlier years →
Leadership
Management team
Dr. Ellangovan K.
Managing Director
Managing Director since February 2022 and reappointed for five years from February 2025.
Mr. P. Rajeeve
Non-Executive Chairman
Chairman of the board as on 31 March 2026.
Mr. Vishnuraj P.
Nominee Director
IAS officer nominated by the Government of Kerala, on the board since October 2025.
Mr. Jacob Kovoor Ninan
Independent Director
Independent director and a signatory to the FY26 accounts.
Adv. Geethakumary P.S.
Independent Director
Independent director on the board.
CA Riju Thomas
Chief Financial Officer
Chief Financial Officer since May 2024.
CS Baiju Thankayathil
Company Secretary
Company Secretary since December 2022.
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Inkel unlisted shares: common questions
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.
