About the Inkel Limited
INKEL Limited is a technology-driven total solution provider specializing in infrastructure projects. They deliver comprehensive services spanning from concept to commissioning for various projects, including Super Specialty Hospitals, Roads, Bridges, Conservation Projects, Institutional, and Industrial Buildings.
The company’s expertise lies in offering holistic consultancy, project management consultancy (PMC), and construction services in the civil construction industry. Additionally, they are proficient in executing projects in the Engineering Procurement and Construction (EPC) mode.
In addition to its activities in the civil construction industry, INKEL Limited is also active in the Renewable Energy Sector, particularly in Solar and Wind Energy projects. They leverage their technological prowess to provide innovative solutions and ensure the successful implementation of infrastructure projects and renewable energy initiatives.
| Company Name | INKEL LIMITED |
| Company Type | Unlisted Public Company . Buy Unlisted Inkel Limited Unlisted Shares. |
| Industry | Construction |
| Founded | 2007 |
| Registered Address | Kerala, India |
| Website | inkel.in |
Inkel Limited: Vision & Mission
The vision and mission of INKEL reflect their commitment to excellence and innovation in infrastructure development:
Vision:
At INKEL, SMART goals guide project realization. Rather than simply constructing facilities, they aspire to create infrastructure that is innovative, sustainable, and incorporates cutting-edge technologies, thereby making a positive impact on the community. They prioritize Environmental and Social Governance, ensuring projects contribute positively to their surroundings.
Mission:
INKEL emphasizes the highest standards of safety and quality across all projects, striving to deliver the best for their esteemed clients. Transparency and integrity are central to their business ethos, fostering trust and credibility in all dealings. With employees regarded as their greatest asset, INKEL values continuous improvement and staying abreast of industry-leading technologies and systems.
Inkel Limited: Key Clients
- Department of Health and Family Welfare, Kerala
- Department of Tourism, Kerala
- Kerala Industrial Infrastructure Development Corporation, Kerala
- Cochin Smart Mission Limited, Kerala
- Agency For Non-conventional Energy and Rural Technology, Kerala
- Rural Development Panchayath Raj Department, Karnataka
Advantages possessed by Inkel Limited
- Cost Effective and Energy Efficient Design
- Affluent in Green Building and ESG Standards
- Expertise in a broad spectrum of projects
- Well-experienced team of multi-disciplinary specialized professionals equipped with the latest management solutions and technology
- Customized services
Inkel Limited: Services They Offer
Engineering, Procurement & Construction (EPC) Division:
INKEL’s EPC Operations Division, supported by its in-house PMC and Engineering & Design Team, specializes in completing large-scale building projects in EPC mode. Their services cover Overall Basic and Conceptual Engineering, Detailed Engineering, Life-Cycle Solutions, Project Management, Procurement, Logistics, Installation, Testing, Commissioning, and Initial Start-Up across various projects.
Renewable Energy Division:
INKEL Limited ventured into Renewable Energy augmentation in 2016 by installing Solar Street Lights for Road Projects in Kerala. They are a Government-accredited agency for implementing Renewable Energy concepts, commissioning, and maintenance in Local Self-Governing Departments and the Department of Co-Operation. With a team of Renewable Energy experts, INKEL focuses on feasibility studies, DPR preparation, execution of rooftop and ground-mount solar power plants, operation and maintenance of solar projects, and consultancy services in the renewable energy sector.
Project Management Consultancy (PMC) Division:
INKEL Ltd. is a certified PMC providing total solutions from concept to commissioning for Infrastructure Projects such as super-specialty hospitals, roads, bridges, conservation projects, and institutional, and industrial buildings. Their expertise includes consulting, engineering, and design services encompassing feasibility studies, DPR preparation, architectural design, structural design, MEP design, quantity survey, estimation, procurement, supply chain management, value engineering, construction management, supervision services, project closure services, and quality and safety audits.
Projects At Glance
- Completed Hospital Project FY22-23 (Substantial Completion achieved)
- In addition to the 19 completed school projects reported in the previous annual report, 6 new school buildings have been completed out of the 39 school projects entrusted to INKEL Ltd.
- Alappuzha Heritage and Muziris Heritage Projects under the Tourism Department.
- Completed treasury projects.
- Ongoing major hospital projects nearing completion.
Inkel Limited: New Verticles
- Wind Energy
- Logistic Parks
- Warehouse Projects
- Green Mobility
Major Achievements of FY 2022-23
- Kerala State Renewable Energy Award 2021-22
- Solar Quarter Business Meet 2023
- Suryacon Kerala 2022
- Appreciation by ANERT and Smart City
- ICI-UltraTech Awards 2022
Management of the Company
Mr. P Rajeeve: Chairman
P. Rajeeve is the Chairman of Inkel Limited, with a distinguished career in politics and law. He served as a Member of Parliament (Rajya Sabha) from 2009 to 2015, known for his active participation and advocacy of popular issues. Rajeeve’s parliamentary performance earned him praise from across the political spectrum, including leaders like Arun Jaitley and Mayawati. He received the Sansad Ratna Award in 2016 for his outstanding contributions. Additionally, Rajeeve contested in the 2019 Indian general election and has authored notable works such as “Bharanaghadana: Charithravum Samskaravum,” receiving accolades such as the Abu Dhabi Sakthi Award.
Dr. K Ellangovan: Managing Director
Dr. K Ellangovan, the Managing Director of Inkel Limited, brings a wealth of experience to his role. As the former Additional Chief Secretary of the Department of Industries & NORKA for the Government of Kerala, Dr. Ellangovan has demonstrated strong leadership and strategic vision in promoting industrial development and facilitating the welfare of non-resident Keralites. With his background in public service and administration, he is well-equipped to steer the company towards its goals and objectives. Dr. Ellangovan’s expertise and commitment make him a valuable asset to the organization.
Mr. Suman Billa IAS: Director
Mr. Suman Billa IAS serves as a Director of INKEL Limited, in addition to his role as the Principal Secretary of the Department of Industries & NORKA for the Government of Kerala. His dual responsibility underscores his commitment to driving industrial growth and supporting the welfare of non-resident Keralites through INKEL’s initiatives.
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Key Strengths
- Government Support: INKEL benefits from strong support from the Government of Kerala, including funding, director board membership, and land allotment, enhancing its credibility and resources.
- Diverse Board: With a board consisting of government representatives and business leaders from Kerala, INKEL ensures balanced decision-making and diverse perspectives.
- Healthy Capital Structure: INKEL maintains a comfortable debt-to-equity ratio, allowing for strategic investments in infrastructure projects without compromising financial stability.
- Infrastructure Potential in Kerala: Kerala’s growing demand for infrastructure, especially in sectors like exports, education, and services, presents significant growth opportunities for INKEL to meet these needs effectively.
Key Weaknesses
- Revenue Volatility: INKEL’s income fluctuates due to its project-based business model, which requires periodic completion of projects for revenue stability.
- Low ROI in Joint Ventures: Despite significant investments, INKEL’s joint ventures have not yielded substantial returns, impacting its overall return on investments.
- Subsidiaries’ Credit Issues: INKEL’s subsidiaries, like Seguro Inkel, face credit challenges and debt servicing delays, leading to financial risks for the company.
- Risks in Road Projects: INKEL’s involvement in road projects entails risks related to financial closure delays and project execution, potentially affecting its financial stability.
Industry Overview
The construction industry in India is a vital contributor to the country’s GDP, encompassing diverse sectors such as residential, commercial, industrial, and infrastructure development. With one of the largest road networks globally, India’s focus on infrastructure expansion through initiatives like Bharatmala offers significant opportunities for construction firms engaged in road and bridge construction. Additionally, the government’s push for manufacturing under Make in India has spurred demand for industrial infrastructure, including manufacturing plants and logistics hubs. The solar energy sector has witnessed remarkable growth, fueled by favorable climate conditions and government incentives, providing opportunities across the solar value chain, from project development to EPC services.
Furthermore, engineering design and consultancy services play a pivotal role in supporting various industries by offering expertise in feasibility studies, architectural design, and project management consultancy. Lastly, the emphasis on education and skill development has led to increased demand for infrastructure development in the education sector, including the construction of schools, colleges, and vocational training centers to cater to the evolving needs of the workforce and promote inclusive growth.
Subsidiaries, Joint Ventures & Associate Companies of INKEL Limited
| Sl No | Name | Category |
|---|---|---|
| 1 | INKEL KSIDC Projects Limited (INKID) | Subsidiary & JV |
| 2 | INKEL EKK Roads Private Limited (INKEL EKK) | Subsidiary & JV |
| 3 | INKES Trade Centre Limited (INKES) | Subsidiary & JV |
| 4 | INKEL Infrastructure Development Projects Limited | Wholly owned subsidiary |
| 5 | Seguro Foundations & Structures Private Limited | Subsidiary & JV |
| 6 | MIV Logistics Private Limited | Associate |
| 7 | SEGURO INKEL Consortium LLP | Associate |
Recent News
Inkel Ltd Invites Bids for Galvanized PV Mounting Structures for 3.5 MW Solar Project in Kasaragode, Kerala
(April 4, 2024) INKEL Ltd is seeking bids for the supply of galvanized PV mounting structures for a 3.5 MW solar project in Mylatty, Kasaragode, Kerala. The tender deadline is April 11, 2024, with specific requirements for fabrication, testing, and delivery. Eligible bidders must meet criteria including experience and financial turnover. Successful bidders will receive payment in installments, including an advance against a bank guarantee.
Share Price (as of 04.04.2024)
- The buy price of Inkel Limited varies based on quantity, ranging from 23 for quantities between 700 – 3500 shares to 20 for quantities between 35001 – 71428 shares, with corresponding rates per share.
- The 52-week high is 20, and the 52-week low is 11.5 indicating the range of fluctuations in the share price. Additionally, the sell price of Inkel Limited is fixed at 16.
Currently, the Inkel Limited Share Price is trading at around Rs. 20/share. CLICK HERE to Invest.
Financial Metrics for Inkel Limited (as of 04.04.2024)
| Particulars | Amount |
| Price to Earning Ratio (P/E) | 24.39 |
| Price to Sales Ratio (P/S) | 4.31 |
| Price to Book Value (P/B) | 1.73 |
| Industry PE | 33.75 |
| Face Value | ₹ 10 |
| Book Value | ₹11.53 |
| Market Cap | ₹ 355.63 Cr |
| Dividend | 0.45 |
| Dividend Yield | 2.25 % |
Inkel Limited: Shareholdings
| Shareholding Above 5% | Holding % |
|---|---|
| Govt. of Kerala | 22.78 |
| Bismi Holdings Limited | 6.19 |
| Shri.Yusuffali M A | 17.02 |
| Shri.Varghese Kurian | 7.59 |
| Dr.Mohamed Ali | 5.91 |
| Other | 40.51 |
Financial Highlights
₹ in crores
| Particulars | FY 2023 | FY 2022 | Y-o-y growth |
| Total Revenue | 82.58 | 92.93 | decrease of 11.13% |
| EBITDA | 15.17 | 21.31 | decrease of 28.81% |
| Profit After Tax (PAT) | 14.75 | 8.04 | increase of 83.45% |
In the fiscal year 2022-2023, INKEL achieved a remarkable milestone, surpassing all previous financial years with its best-ever performance. Despite facing macroeconomic uncertainties, the company recorded an impressive top-line growth of 37%, generating a total income of ₹82.58Cr. The most noteworthy achievement was an astounding 1007% growth in net profit, reaching a historical high of ₹14.75 Cr.
The significant increase in profit for INKEL in the fiscal year 2022-23 can be attributed to effective implementation protocols and meticulous project monitoring. Additionally, the Company’s successful execution of Project Management Consultancy services for the Government of Kerala, alongside projects in the Renewable Energy sector, notably for the Kerala State Electricity Board (KSEB) and other agencies, greatly contributed to this achievement. Despite challenges from past investments, INKEL has proactively addressed these issues, transitioning towards diversifying its revenue streams and expanding its operations in sectors such as Logistics, Green Mobility, and Wind Energy.
Source: Annual Report (Standalone)
Approval and Declaration of Final Dividend for FY 2022-2023
The Board’s proposal for a final dividend of 4.5% (₹0.45 per equity share of ₹10 each) for the financial year ending March 31, 2023, was approved. Shareholders received this dividend on or after August 29, 2023, provided their names were listed on the Register of Members/Beneficial Owners as of the Record Date set for the dividend payment, which was August 4, 2023.
Financial Highlights of Subsidiaries, Joint Ventures, and Associates (2022-23)
₹ in crores
| Particulars | IIDPL | INKEL EKK | INKES | INKID | MIV |
|---|---|---|---|---|---|
| Revenue from Operations | – | 14.42 | – | 2.83 | 16.78 |
| Other Income | 0.13 | 7.04 | – | 1.71 | 0.51 |
| Total Income | 0.13 | 21.46 | – | 4.58 | 17.30 |
| Total Expenses | 1.33 | 18.55 | 0.10 | 2.72 | 17.80 |
| Profit/(Loss) Before Tax | (1.19) | 0.29 | (0.10) | 1.82 | (0.49) |
| Tax Expense | – | 0.85 | – | 0.63 | 0.16 |
| Profit/(Loss) After Tax | (1.19) | 2.05 | (0.10) | 1.19 | (6.68) |
Key Takeaways
- Company Background: Founded in 2007, Inkel Limited is an unlisted public company based in Kerala, India. It specializes in providing comprehensive infrastructure solutions from concept to commissioning across various sectors including healthcare, transportation, education, and renewable energy.
- Core Services: Inkel Limited offers a wide range of services including engineering, procurement, and construction (EPC) operations, project management consultancy (PMC), and renewable energy solutions.
- Why Inkel? : Cost-effective, energy-efficient designs, expertise in a broad spectrum of projects, and a skilled team of professionals.
- Services Offered: End-to-end infrastructure solutions including engineering, procurement, construction, and project management consultancy.
- Financial Highlights: Inkel Limited witnessed a decrease in total revenue and EBITDA in FY 2023 compared to the previous year. However, there was a significant increase in net profit, reaching a historical high.
- Recent News & Developments: Inkel Limited recently invited bids for a solar project in Kerala, indicating ongoing activities in the renewable energy sector.
Conclusion
Inkel Limited, a technology-driven infrastructure solutions provider, stands out in the construction industry with its commitment to innovation, sustainability, and excellence. With a diverse portfolio of services and a strong focus on client satisfaction and community impact, the company continues to make significant strides in the infrastructure and renewable energy sectors, backed by experienced leadership and strategic partnerships.
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