Chennai Super Kings (CSK) Unlisted Shares
Chennai Super Kings Cricket Ltd. (CSK)
INE852S01026
Incorporation Date: 19-Dec-2014
Listing Status: DRHP Not Filed
About Chennai Super Kings (CSK) Unlisted Shares
Overview of Chennai Super Kings (CSK) Unlisted Shares

In September 2014, the Chennai Super Kings’ parent business, India Cements, made the decision to demerge the IPL franchise to a wholly-owned subsidiary, CSKCL. Chennai Super Kings remained owned by India Cements after being converted from a division to a 100% subsidiary. In 2008, India Cements made a $91 million proposal for the Chennai franchise and the sum that needed to be paid in ten years. The company set a record date of October 9, 2015, with the intention of distributing CSKCL shares in the ratio of 1:1 to India Cements Ltd. Shareholders.
An Overview
- The Indian premier league’s (IPL) brand value is at $3.2 billion in 2023, from $1.8 billion in 2022, an increase of 80 percent.
- The league’s business value also saw an increase of 80 percent and is worth $15.4 billion in 2023. One of the main reasons for this increase is the media rights deal with JioCinema and Disney Star, which is 3x the price of the five-year deal between Disney Star and the Board of Control for Cricket in India (BCCI) in 2017.
- As per the report, the media rights are expected to further increase during the next cycle. So far, the media rights have grown at a CAGR of 18 percent, between 2008 and 2023.
- The IPL is expected to go global by the next cycle in 2027 on similar lines to EPL, which would further enhance the growth in its revenue from broadcasting rights.
- Chennai Super Kings (CSK) was the number one IPL franchisee in terms of brand valuation, with $212 million in 2023, witnessing a growth of 45.2 percent from $146 million last year.
- Reason? Without a doubt the team’s captain MS Dhoni’s cult fan following and five title wins. This has helped in creating a strong brand identity.
From Seasonal to Evergreen: CSK's Formula for Sustainable Business Growth
• Chennai Super Kings (CSK) is more than just an IPL team - it's a global cricket powerhouse
• Not content with dominating the Indian cricket scene, CSK has recently ventured into the South Africa T20 (SA20) league with its Johannesburg-based franchise named Joburg Super Kings
• The CEO of CSK, Mr. Kasi Viswanathan, has stated that the team plans to be the world's leading T20 franchise by 2030
• To reach this ambitious target, CSK is planning to invest a whopping Rs. 150-200 crores in building a High-Performance Centre at Navalur - a move that's sure to boost the team's training and development capabilities to new heights
IPL Media Rights Auction
· On June 15, 2022, the Indian Premier League (IPL) achieved a significant milestone when the BCCI sold the media rights for the 2023–2027 season for Rs 48,075 Cr. TV rights brought in Rs 22,575 Cr, while internet rights brought in Rs 21,500 Cr for 410 matches. Read more about how IPL 2023 Ad Revenue Crossed. Rs 10,000 Cr!
· TV Rights for the Indian subcontinent have been sold to The Walt Disney Company India owned Star, while the digital rights have been bagged by Viacom18. The league signed a major title deal with TATA for Rs, 670 Cr.
· The Five Year revenue just from IPL Media Rights stands at upwards of Rs 2400 Cr for Chennai Super Kings (CSK) from FY 2023 onwards.
· IPL Media Rights for the period 2018-22: Star Sports had picked up the composite rights for Rs 16,347 Cr. By virtue of these rights, the revenue share of franchises over the next 5-year period was 50% of the above amount after deducting the production expenses incurred during the season.
· The league also signed a major title deal with VIVO for Rs, 2199 crore for the same period. ( 2018-2022). A combination of sponsorship and media rights ensures, the franchise will receive over Rs 1000 crore in the form of central revenue over the next five years from the BCCI-IPL. However, the Franchisees have to share 20% of the income with BCCI.

CSK Sponsors
CSK recently entered into an agreement with Gulf carrier Etihad Airways to become its official sponsor in 2024. CSK has a lot of brands under its belt like – The Muthoot Group, India Cements, Jio, Dream 11 etc.
CSK Revenue Streams
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Central Media Rights – Major income from IPL broadcasting deals.
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Sponsorships – Brand deals with companies like TVS Eurogrip and Gulf Oil.
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Ticket Sales – Revenue from packed home matches at Chepauk Stadium.
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Merchandise Sales – Jerseys, caps, and other fan gear.
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Prize Money – Earnings from IPL performance (e.g., ₹20 crore for 2023 win).
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Digital Platforms – Ad revenue from YouTube and social media content.
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International Ventures – Ownership of teams in SA20 (Joburg Super Kings) and MLC (Texas Super Kings).
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Cricket Academies – Income from training academies under Superking Ventures.

Insights of Chennai Super Kings (CSK) Unlisted Shares
Chennai Super Kings
Investment Analysis Based on FY25 Annual Report
Unlisted Share Price: ₹204
Investment Verdict at ₹204
At the current unlisted price of ₹204, the company trades at a P/E multiple of ~50× based on FY25 consolidated EPS of ₹4.08. This valuation reflects a scarcity and brand premium, with investors pricing in long-term global expansion (SA20 and MLC leagues), stability of IPL media rights, and franchise strength rather than near-term earnings growth. While fundamentals remain strong, the valuation leaves limited margin for error in the short term.
Key Positives (Top 10 Reasons to Invest)
Global Expansion and Asset Creation
The franchise has expanded internationally with ownership of Joburg Super Kings (SA20) and a 55.5% stake in Texas Super Kings (Major League Cricket, USA). This reduces dependence on the IPL and creates long-term global franchise value.High Revenue Visibility from Central Media Rights
Revenue from Grant of Central Rights (BCCI Media Rights) stood at ₹493 Cr in FY25, providing predictable, high-margin cash flows for the next 4–5 years irrespective of on-field performance.Resumption of Dividend Payout
The Board has recommended a ₹1 per share dividend for FY25, signalling confidence in cash flows after a period of dividend suspension.Strong Balance Sheet with Net Cash Position
Consolidated cash and cash equivalents stood at ₹336 Cr as of March 31, 2025, with negligible leverage (Net Debt/Equity ~0.01), offering strong downside protection.New Revenue Stream via Asset Monetisation
The company plans to commercially lease high-performance centres, grounds, and stadia, transitioning toward a sports-infrastructure monetisation model that can smooth seasonal revenue volatility.Scalable Academy Business
The Super Kings Academy has expanded to 16 centres with 1,000+ students. While currently small (₹18 Cr turnover), it offers a scalable, high-margin franchise and licensing opportunity.Strong Operating Cash Generation
Despite lower profits, net cash from operating activities was ₹206 Cr, highlighting the inherent cash-generative nature of the business.Scarcity Value of a Global Sports Franchise
As one of the most successful and recognisable cricket franchises globally, the brand commands a premium in the unlisted market that is not fully captured by traditional valuation metrics.Effective Tax Management
Recognition of Deferred Tax Assets (₹34.62 lakh) reflects prudent tax planning and potential support to future profitability.Strategic Headroom for Expansion
Proposal to raise loan and investment limits to ₹750 Cr indicates preparedness for future acquisitions or infrastructure investments that could unlock the next growth phase.
Key Risks and Concerns (Top 10 Cons)
Weak FY25 Financial Performance
Revenue declined to ₹673 Cr (from ₹695 Cr in FY24)
Net profit fell ~26% to ₹148 Cr
EPS declined to ₹4.08 from ₹6.14
The drop was largely driven by failure to qualify for playoffs, resulting in zero prize money vs ₹30 Cr in FY24.
Loss-Making International Subsidiaries
Joburg Super Kings: ₹32.8 Cr loss
Texas Super Kings: ₹2.17 Cr consolidated loss
These ventures are likely to suppress consolidated earnings over the next 2–3 years.
Premium Valuation Despite Earnings Decline
A 50× P/E multiple is demanding for a company that has reported a material decline in profits, increasing downside risk if growth expectations are delayed.Material Tax Litigations
GST disputes: ₹36.27 Cr
Service tax disputes: ₹6.78 Cr
Total contingent exposure of ₹43.05 Cr, equivalent to ~30% of FY25 profit.
Sharp Increase in Employee Costs
Employee benefit expenses rose ~2.5× to ₹16.6 Cr, compressing margins and reflecting rising player and support staff costs.Key-Man Risk
Brand value and commercial appeal remain closely linked to MS Dhoni, and his eventual retirement poses a significant intangible risk to sponsorships and fan engagement.Complex Related-Party Transactions
Significant loans and guarantees to subsidiaries and group entities (including India Cements) add complexity and may obscure standalone operational efficiency.Governance Observation by Auditors
Audit trail (edit-log) software was operational only from January 2, 2025. While no misstatement was reported, this is a governance weakness for compliance-focused investors.Performance Sensitivity of Business Model
The FY25 outcome demonstrates that match performance directly affects revenues (gate receipts, prize money), increasing earnings volatility.Illiquidity of Unlisted Shares
Exit flexibility is limited, with typical 5–10% bid–ask spreads and the risk of delayed liquidity during market downturns.
Consolidated Financial Snapshot
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | ₹674 Cr | ₹695 Cr | ▼ 3% |
| Net Profit | ₹148 Cr | ₹201 Cr | ▼ 26% |
| EPS | ₹4.08 | ₹6.14 | ▼ 33% |
| Cash & Equivalents | ₹336 Cr | ₹167 Cr | ▲ 101% |
| Dividend | ₹1.00 | Nil | ▲ |
Final Recommendation
For long-term investors (5+ years) with a higher risk appetite, the current phase represents a structural accumulation opportunity, driven by inflation-protected IPL media rights and long-term optionality from global leagues.
However, for valuation-sensitive investors, the entry price of ₹204 (P/E ~50×) offers limited margin of safety amid declining earnings and loss-making subsidiaries. A more attractive risk–reward may emerge closer to ₹170–180, or once international franchises demonstrate a clear path to profitability
Financial Charts of Chennai Super Kings (CSK) Unlisted Shares
Balance Sheet of Chennai Super Kings (CSK) Unlisted Shares
Profit and Loss of Chennai Super Kings (CSK) Unlisted Shares
Ancillary of Chennai Super Kings (CSK) Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Chennai Super Kings (CSK) Unlisted Shares
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How to buy CSK Ltd.?
Below are three ways through which you can purchase CSK Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy CSK Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell CSK Ltd.?
Below are three ways through which you can sell CSK Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell CSK Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of CSK Ltd.?
We provide a two way quote on all the shares we deal in. Your buy price for CSK Ltd. is ₹245 and your sell price for CSK Ltd. is ₹215. The price is based on our estimates and market conditions.
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What is the lock-in period of CSK Ltd.?
The lock-in period for CSK Ltd. varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of CSK Ltd.
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of CSK Ltd.
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the CSK Ltd. price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of CSK Ltd.. The price is also determined from the most recent funding round for CSK Ltd.. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of CSK Ltd.?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of CSK Ltd. with us kindly click here.
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What are the financials of CSK Ltd.?
The financials of CSK Ltd. which includes the P/L of CSK Ltd. and the Balance Sheet of CSK Ltd. is in the financials section (Click on link).
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Where can I find the annual report of CSK Ltd.?
The annual report of CSK Ltd. is available in the annual report section (Click on link).
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Is buying CSK Ltd. legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on CSK Ltd.?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on CSK Ltd. and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on CSK Ltd. once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source CSK Ltd.?
At Altius Investech, our approach to sourcing Boat Unlisted Share (Imagine Marketing) involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Boat Unlisted Share (Imagine Marketing). This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying CSK Ltd. from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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