Cochin International Airport Unlisted Shares
Cochin International Airport Ltd. (CIAL)
INE02KH01019
Incorporation Date: 30-Mar-1994
Listing Status: DRHP Not Filed
About Cochin International Airport Unlisted Shares
Overview of Cochin International Airport Unlisted Shares
Incorporated in 1994, Cochin International Airport Limited (CIAL) is the operator of Cochin International Airport (COK), pioneering India's first Public-Private Partnership (PPP) airport model. Headquartered in Nedumbassery, Kerala, CIAL is world-renowned as the first airport fully powered by solar energy, serving as Kerala's primary international aviation hub.
📊 Business Model
CIAL operates a diversified Public-Private Partnership (PPP) infrastructure and green-tech model:
PPP Equity Structure: Built through a unique public-private framework where the Government of Kerala holds a ~32% stake, alongside over 10,000 NRI investors and retail shareholders across 30+ countries.
Dual Revenue Architecture: Combines high-margin Aeronautical revenue (passenger service fees, landing/parking charges, ground handling) with growing Non-Aeronautical cash flows (duty-free retail, food & beverage, commercial real estate, and car parking).
Green Energy Monetization: Operates an in-house clean energy platform (CIAL Infrastructures) utilizing solar arrays, a run-of-the-river hydroelectric plant, and India's first airport-based green hydrogen plant to generate captive power and sell surplus energy to the state grid.
New Consultancy Engine: Expanding into asset-light airport consultancy services, offering master planning, runway engineering, and commercial setup expertise to third-party airports across India.
- Shri V. D. Satheesan (Chairperson): Chief Minister of Kerala, serving as Nominee Director and Chairperson of CIAL
. - Shri S. Suhas, IAS (Managing Director): Senior IAS officer directing operational execution, digital transformation, and sustainable expansion
. - Board of Directors: Features state ministers (Shri P. K. Kunhalikutty, Shri Roji M. John), Chief Secretary Shri Bishwanath Sinha IAS, prominent NRI industrial leaders (Shri Yusuffali M. A., Shri N. V. George, Dr. Varghese Jacob), and independent directors (Shri E. K. Bharat Bhushan, Smt. Aruna Sundararajan)
| Segment / Asset | Technical Scope & Performance | Primary Focus |
| Terminal Operations | 3 Terminals: T1 (Domestic), T2 (Executive), and T3 (Integrated International spanning 1.5M sq. ft.) | Handled 1.14+ crore passengers and 73,134 aircraft movements in FY26 |
| Duty-Free & Retail | Managed directly via CIAL Dutyfree and Retail Services Limited (CDRSL) | Serves as one of CIAL's primary non-aeronautical revenue drivers |
| Green Infrastructure | 50+ MWp Solar Capacity, 4.5 MW Hydroelectric Plant, and on-site Green Hydrogen facility | Sustains 100% net-zero energy independence, feeding surplus power to the state grid |
| Airport Consultancy | Specialized technical advisory vertical launched under new master planning | Offers master planning, runway engineering, and commercial setup services to third-party airports |
Insights of Cochin International Airport Unlisted Shares
Cochin International Airport Limited (CIAL) – Financial & Strategic Insights
Consolidated Financial Snapshot (FY25 – FY26)
| Metric (in ₹ Cr.) | FY25 | FY26 | YoY Growth (%) |
Net Revenue | 1,309.95 | 1,401.49 | +6.99% |
EBITDA | 788.32 | 815.86 | +3.49% |
Profit After Tax (PAT) | 513.22 | 528.33 | +2.94% |
Key Operational & Financial Insights
- Historic Profitability Milestone: CIAL achieved a standalone Net Profit of ₹502.21 Cr, crossing the ₹500 Cr threshold for the first time
. Consolidated PAT stood at ₹528.33 Cr . - Revenue Drivers: Net revenue grew by nearly 7%, fueled by revised aeronautical tariffs, User Development Fees (UDF), and strong non-aeronautical retail income
. - High-Margin Moat: The company maintains a phenomenal EBITDA margin of ~58.2%, reflecting the highly lucrative economics of a monopoly airport asset
. - Consistent Traffic Scale: The airport handled 1.14 crore passengers and 73,134 aircraft movements, crossing the 1-crore passenger mark for the fourth consecutive year
. - Infrastructure & Cargo Expansion: Export cargo capacity was massively expanded from 75,000 MT to 1,25,000 MT to support regional multimodal logistics
. - "CIAL 2.0" Modernization: Deployed a ₹200 Cr upgrade featuring a Cyber Defence Operations Centre, 4,000+ AI cameras, full-body scanners, Automated Tray Retrieval Systems, and expanded Terminal 3 aprons
. - Strong Dividend Payout: Backed by excellent cash generation and reduced borrowings (standalone debt down to ₹276.98 Cr), the Board proposed a 55% dividend (₹5.50 per share) for FY26.
Key Developments Around the Stock (Unlisted Market)
- Current Unlisted Valuation: In the informal/unlisted market, CIAL shares are actively traded in the ₹430 – ₹450 price band, giving the company an estimated market capitalization of over ₹21,000 Crore.
- Rare Dividend-Yielding Asset: Unlike most unlisted equities that offer only capital appreciation, CIAL is highly prized for its consistent cash yield. The continuous hikes in dividend payouts (50% in FY25 to 55% proposed in FY26) act as a strong price floor for OTC investors
. - Unique Shareholding & Scarcity Value: As India’s first PPP greenfield airport, CIAL is backed by the Government of Kerala (~33% stake) and prominent HNIs like Yusuffali M.A. (~12%). It is one of the most liquid and sought-after infrastructure stocks in the unlisted space.
- IPO Speculation vs. Long-Term Hold: While no official IPO has been announced, CIAL’s 30-year track record, debt-light balance sheet, and global brand recognition (as the world's first fully solar-powered airport) make it a perennial candidate for public listing, keeping investor interest consistently high.
Financial Charts of Cochin International Airport Unlisted Shares
Balance Sheet of Cochin International Airport Unlisted Shares
Profit and Loss of Cochin International Airport Unlisted Shares
Ancillary of Cochin International Airport Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Cochin International Airport Unlisted Shares
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How to buy Cochin International Airport Ltd. (CIAL)?
Below are three ways through which you can purchase Cochin International Airport Ltd. (CIAL):
- 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 Cochin International Airport Ltd. (CIAL), 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 Cochin International Airport Ltd. (CIAL)?
Below are three ways through which you can sell Cochin International Airport Ltd. (CIAL):
- 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 Cochin International Airport Ltd. (CIAL), 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 Cochin International Airport Ltd. (CIAL)?
We provide a two way quote on all the shares we deal in. Your buy price for Cochin International Airport Ltd. (CIAL) is ₹455 and your sell price for Cochin International Airport Ltd. (CIAL) is ₹410. The price is based on our estimates and market conditions.
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What is the lock-in period of Cochin International Airport Ltd. (CIAL)?
The lock-in period for Cochin International Airport Ltd. (CIAL) 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 Cochin International Airport Ltd. (CIAL)
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Cochin International Airport Ltd. (CIAL)
- 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 Cochin International Airport Ltd. (CIAL) 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 Cochin International Airport Ltd. (CIAL). The price is also determined from the most recent funding round for Cochin International Airport Ltd. (CIAL). 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 Cochin International Airport Ltd. (CIAL)?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Cochin International Airport Ltd. (CIAL) with us kindly click here.
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What are the financials of Cochin International Airport Ltd. (CIAL)?
The financials of Cochin International Airport Ltd. (CIAL) which includes the P/L of Cochin International Airport Ltd. (CIAL) and the Balance Sheet of Cochin International Airport Ltd. (CIAL) is in the financials section (Click on link).
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Where can I find the annual report of Cochin International Airport Ltd. (CIAL)?
The annual report of Cochin International Airport Ltd. (CIAL) is available in the annual report section (Click on link).
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Is buying Cochin International Airport Ltd. (CIAL) 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 Cochin International Airport Ltd. (CIAL)?
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 Cochin International Airport Ltd. (CIAL) 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 Cochin International Airport Ltd. (CIAL) 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 Cochin International Airport Ltd. (CIAL)?
At Altius Investech, our approach to sourcing Cochin International Airport Ltd. (CIAL) unlisted shares 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 Cochin International Airport Ltd. (CIAL) unlisted shares. 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 Cochin International Airport Ltd. (CIAL) 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.
Press of Cochin International Airport Unlisted Shares
Featured Blogs of Cochin International Airport Unlisted Shares
Annual Report of Cochin International Airport Unlisted Shares
Cochin International Airport ltd (CIAL) Annual Report 2025-2026
Cochin International Airport ltd (CIAL) Annual Report 2024-2025
Cochin International Airport ltd (CIAL) Annual Report 2023-2024
Cochin International Airport ltd (CIAL) Annual Report 2022-2023
Cochin International Airport Ltd (CIAL) Annual Report 2021-2022
Company Information of Cochin International Airport Unlisted Shares
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