Kannur International Airport Unlisted Shares
Kannur International Airport Ltd. (KIAL)
INE02Y401013
Incorporation Date: 03-Dec-2009
Listing Status: DRHP Not Filed
About Kannur International Airport Unlisted Shares
Overview of Kannur International Airport Unlisted Shares
Company Overview
Kannur International Airport Limited (KIAL) operates the fourth international airport in Kerala, built on a Public-Private Partnership (PPP) model. Commissioned in December 2018, the airport serves as a critical gateway for the large NRI population, the flourishing business community, and the booming tourism sector in northern Kerala.
KIAL operates a modern greenfield airport spanning approximately 2,300 acres, featuring a 3,050-metre runway and a 97,000 sq. m integrated passenger terminal. The company generates revenue through regulated aeronautical streams (landing, parking, UDF, and aerobridge charges) and non-aeronautical streams (retail, space rentals, cargo, and advertisements). KIAL also co-operates a joint venture with Bharat Petroleum (BPCL-KIAL Fuel Farm Pvt Ltd), providing a recurring infrastructure income stream.
Operational Highlights (FY24 & FY25)
The airport has shown a sharp recovery in passenger and cargo traffic following post-pandemic challenges:
Passenger Traffic: Handled approximately 1.2 million passengers in FY24. FY25 saw a strong rebound, driven by new route additions and international connectivity, with passenger volumes surpassing the 1.5 million mark.
Cargo Surge: KIAL achieved a record-breaking cargo volume of over 3.33 lakh tonnes in FY24, exceeding its target. The cargo handling capacity has now been expanded to 3.5 million tonnes per annum to meet rising regional demand.
Airline Expansion: Continues to serve as a hub for Air India Express and a focus city for IndiGo, with heavy reliance on high-yield Gulf routes.
Shareholding Pattern
KIAL benefits from strong state backing and a diverse mix of institutional and private investors:
Government of Kerala (Promoter): 39.23%
Bharat Petroleum Corporation Limited (BPCL): 16.20%
Airports Authority of India (AAI): 7.47%
Private Investors & NRIs (including M.A. Yusuffali): ~37%
Future Outlook & Expansion Plans
The airport has been designed on a modular basis to suit future capacity requirements and minimize initial investments. Key upcoming developments include:
Runway Expansion: Plans are underway to extend the current 3,050-metre runway to 4,000 metres, which will make it the longest in Kerala and capable of handling larger wide-body aircraft.
Terminal Upgrades: Expansion of the terminal building to handle a peak capacity of 2,500 passengers.
Airside Enhancements: Addition of 24 parking bays and rapid exit taxiways to improve operational efficiency.
Tourism & State Initiatives: The Kerala Government's push for coastal development and the booming tourism sector position KIAL as a high-growth asset for the coming decade.
Investment Perspective: For unlisted market investors, KIAL presents an attractive infrastructure turnaround theme. While the company operates with a leveraged balance sheet, its heavy backing by the Government of Kerala, regulated aero-revenue model, and sharply improving cash flows provide a strong foundation for long-term value creation.
Insights of Kannur International Airport Unlisted Shares
Financial Snapshot (FY24 vs. FY25)
KIAL's financials demonstrate a clear operational turnaround, although heavy capital expenditure and debt servicing keep the bottom line in the red.
| Financial Metric | FY24 (₹ Cr.) | FY25 (₹ Cr.) | Growth / Shift |
| Revenue from Operations | 99.23 | 190.93 | +92.4% (Driven by traffic surge) |
| Total Income | 101.62 | 195.22 | +92.1% |
| EBITDA | 12.97 | 96.02 | +640% |
| EBITDA Margin | 13.07% | 50.29% | Huge operational improvement |
| PAT (Net Profit) | -168.51 | -93.78 | Losses narrowing significantly |
| Net Cash from Operations | 19.13 | 82.91 | Improved working capital & cash flow |
| Debt to Equity | 1.96x | 2.43x | Remains elevated due to project debt |
Key Takeaway: The massive 92% jump in operational revenue in FY25 showcases KIAL's strong operating leverage. While the company is still reporting a net loss due to high depreciation and interest costs (typical for infrastructure projects), the jump in EBITDA margins to over 50% indicates early signs of a sustained operational turnaround.
Key Investment Insights: KIAL (FY24 vs. FY25)
1. High Operating Leverage is Kicking In
Airports are front-loaded, capital-intensive infrastructure assets. KIAL’s FY25 data proves that passenger volumes are finally crossing the critical breakeven threshold for day-to-day operations. While top-line revenue grew by 92% (from ₹99.23 Cr to ₹190.93 Cr), the Net Cash from Operating Activities (OCF) surged by over 333% — jumping from ₹19.13 Cr in FY24 to ₹82.91 Cr in FY25. This massive cash flow acceleration highlights the sheer operating leverage of the airport model once critical mass is achieved.
2. The "Debt Trap" Dragging the Bottom Line
Despite generating robust operating cash flows, KIAL remains deeply in the red on a net basis (PAT of -₹93.78 Cr). This is entirely driven by its debt-heavy capital structure.
The Debt-to-Equity ratio expanded from 1.96x in FY24 to 2.43x in FY25, indicating heightened reliance on external borrowings to fund expansions and operations.
In FY25 alone, the company booked roughly ₹117.72 Cr in finance costs, which completely wiped out its operating gains.
For unlisted investors, this means dividend payouts are off the table for the foreseeable future, as all excess cash will be aggressively routed toward debt servicing.
3. Improving Working Capital Efficiency
Beneath the headline losses, KIAL's core financial hygiene improved significantly over the last fiscal year. The receivables turnover ratio jumped from 5.75 to 14.12, reflecting much faster and more efficient collection of dues from airlines, cargo operators, and retail tenants. Faster cash conversion reduces credit risk and bolsters the liquidity needed to manage day-to-day operations without tapping into higher-cost working capital loans.
4. The Sovereign Moat Limits Downside Risk
An infrastructure asset with a rising debt burden and negative ROE typically presents high solvency risk. However, KIAL is structurally insulated by its promoter backing. With the Government of Kerala holding a prominent ~39% stake and providing direct financial backing (including injecting ₹33.14 Cr in FY25), systemic default risk is heavily mitigated. This sovereign moat allows the company to continuously roll over and restructure its massive borrowings (such as its major loans from REC Limited) while it focuses on scaling passenger traffic.
5. The Valuation Thesis: A Deep-Value Turnaround Play
At current unlisted market valuations, KIAL is priced as an asset in the turnaround phase rather than a stabilized cash cow. The investment thesis relies on top-line growth consistently outpacing fixed costs over the next 3–5 years. With the net profit margin improving significantly from -170% in FY24 to roughly -49% in FY25, the trajectory toward breakeven is becoming clear. Investors taking a position here are buying into long-term capital appreciation driven by asset stabilization, rather than short-term profitability.
Financial Charts of Kannur International Airport Unlisted Shares
Balance Sheet of Kannur International Airport Unlisted Shares
Profit and Loss of Kannur International Airport Unlisted Shares
Ancillary of Kannur International Airport Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Kannur International Airport Unlisted Shares
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How to buy Kannur International Airport Ltd. (KIAL)?
Below are three ways through which you can purchase Kannur International Airport Ltd. (KIAL):
- 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 Kannur International Airport Ltd. (KIAL), 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 Kannur International Airport Ltd. (KIAL)?
Below are three ways through which you can sell Kannur International Airport Ltd. (KIAL):
- 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 Kannur International Airport Ltd. (KIAL), 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 Kannur International Airport Ltd. (KIAL)?
We provide a two way quote on all the shares we deal in. Your buy price for Kannur International Airport Ltd. (KIAL) is ₹125 and your sell price for Kannur International Airport Ltd. (KIAL) is ₹115. The price is based on our estimates and market conditions.
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What is the lock-in period of Kannur International Airport Ltd. (KIAL)?
The lock-in period for Kannur International Airport Ltd. (KIAL) 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 Kannur International Airport Ltd. (KIAL)
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Kannur International Airport Ltd. (KIAL)
- 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 Kannur International Airport Ltd. (KIAL) 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 Kannur International Airport Ltd. (KIAL). The price is also determined from the most recent funding round for Kannur International Airport Ltd. (KIAL). 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 Kannur International Airport Ltd. (KIAL)?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Kannur International Airport Ltd. (KIAL) with us kindly click here.
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What are the financials of Kannur International Airport Ltd. (KIAL)?
The financials of Kannur International Airport Ltd. (KIAL) which includes the P/L of Kannur International Airport Ltd. (KIAL) and the Balance Sheet of Kannur International Airport Ltd. (KIAL) is in the financials section (Click on link).
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Where can I find the annual report of Kannur International Airport Ltd. (KIAL)?
The annual report of Kannur International Airport Ltd. (KIAL) is available in the annual report section (Click on link).
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Is buying Kannur International Airport Ltd. (KIAL) 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 Kannur International Airport Ltd. (KIAL)?
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 Kannur International Airport Ltd. (KIAL) 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 Kannur International Airport Ltd. (KIAL) 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 Kannur International Airport Ltd. (KIAL)?
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 Kannur International Airport Ltd. (KIAL) 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.
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