Cochin International Airport Limited Unlisted Shares- Company Overview
Cochin International Airport Limited is a public limited company incorporated and domiciled in India. The company is engaged in the Airport and Allied operations. The company is mainly engaged in constructing, developing, setting up, commissioning, operating, managing, and maintaining an Airport of International standards with all modern facilities for domestic and International flight operations and all other related activities such as Cargo operation and incidental and ancillary activities to the above.
Cochin International Airport Limited is the first Greenfield airport in India to be built in partnership with the public and private sectors. It is also the world's first solar-powered airport. The project was the brainchild of Mr. V.J. Kurian IAS and he is the founder and Managing Director of the company.
Cochin International Airport Limited is the 4th largest airport in India in terms of international passenger traffic. As of now, there are mainly 24 airline companies that operate from Cochin International Airport Limited which facilitates direct connectivity to Sri Lanka, Singapore, Thailand, GCC countries, and Malaysia.
CIAL shares are listed on unlisted stocks. Cochin International Airport's share price keeps changing on a regular basis.
The company is now planning to make its presence in the hotel & hospitality industry by setting up a hotel project adjacent to the Airport in the land belonging to Cochin International Airport Limited.
CIAL Incorporation Details
CIN of CIAL |
U63033KL1994PLC007803 |
Registration Date of CIAL |
30 March 1994 |
Category / Sub-Category CIAL |
Company Limited by Shares / Indian Non-Government Company |
CIAL Registered office and contact details |
Room No:35, 4th Floor, GCDA Commercial Complex, Marine Drive, Ernakulam - 682 031 Telephone & Fax : 0484-2374154 |
CIAL Registrar and Transfer Agent Contact details |
M/s. S.K.D.C. Consultants Limited Kanapathy Towers, 3rd Floor, 1391/A1, Sathy Road, Ganapathy, Coimbatore, Tamil Nadu - 641 006 Telephone: 0422-2539835 / 36. |
Cochin International Airport Limited Share Details as of March 31, 2025
| CIAL Outstanding Shares: | 47,82,18,350 |
| Face Value of CIAL Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of CIAL Unlisted Share: | INE02KH01019 |
| Lot Size of CIAL Unlisted Share: | 200 Shares |
| Current share price of Cochin International Airport: | Best in Industry |
| PAN Number of CIAL: | AAACC9658B |
| GST Number of CIAL: | 32AAACC9658B1ZX |
CIAL Principal Business Activities
|
Name and Description of main products/services |
NIC Code of the product/service |
% to the total turnover of the Company |
|
Airport Operator |
5223 |
100% |
Cochin International Airport Limited Board of Directors
Sri. Pinarayi Vijayan (Chairman)
Adv. P. Rajeeve
Adv. K. Rajan
Dr. V. P. Joy IAS
Sri. E. K. Bharat Bhushan
Smt. Aruna Sundararajan
Sri. Yusuffali M.A.
Sri. N.V. George
Sri. E.M. Babu
Sri. S. Suhas IAS (Managing Director)
CIAL Particulars of Subsidiary and Associate Companies
|
Name of the Company |
Subsidiary/Associate |
% of shares held |
|
Cochin International Aviation Services Limited |
Subsidiary |
99.99 |
|
CIAL Infrastructures Limited |
Subsidiary |
99.99 |
|
Air Kerala International Services Limited |
Subsidiary |
99.99 |
|
CIAL Duty-free and Retail Services Limited |
Subsidiary |
99.90 |
|
Kerala Waterways and Infrastructures Limited |
Associate |
49.99 |
CIAL Shareholding Pattern (As of 31-03-2025)
|
S. No. |
Shareholders’ Name |
No. of Shares |
% of total Shares of the company |
|
1. |
Promoters Group |
15,96,48,973 |
33.38% |
|
2. |
Public Shareholding |
31,85,69,463 |
66.62% |
|
Total |
47,82,18,436 |
100% |
Aviation Industry Outlook
The Indian economy has emerged as the fastest-growing major economy in the world. Backed by robust democracy and resilient partnerships, our economy is expected to be one of the top three economic powers in the world over the next 12 -15 years. Air transport generates benefits to consumers and the economy at large by providing speedy connections between cities.
These simulated bridges in the air enable the economic flows of goods, investments, people and ideas that are the fundamental drivers of economic growth. A supportive policy framework coupled with the state-of-the-art infrastructure facilities at the leading airports, healthy competition among the airlines and an intensifying share of middle-income households has provided confident momentum to the aviation sector.
The Asia Pacific region is starting to open up again, but travel restrictions still impact key markets and Russia’s invasion of Ukraine adds additional challenges. After being closed to tourists for nearly two years amid Covid-related border controls, the Indian Aviation sector has started to open for vaccinated travelers. The government finally recognizes that rising vaccination and the reduced mortality associated with the Omicron variant of COVID-19 means it was time to reboot air travel.
During the last decades, the Indian Civil Aviation industry has emerged as one of the fastest-growing industries in the country. India has become the third-largest domestic aviation market in the world by 2025. To cater to the expanding air traffic, the Government of India has been working towards increasing the number of airports. The Ministry of Civil Aviation is responsible for formulating national aviation policies and programs.
CIAL shares are not listed but are available in the unlisted share market. Cochin International Airport's share price used to change on a regular basis.
The start-up LCC Akasa Air has cleared the final regulatory hurdle before beginning operations and plans to grow its fleet quickly. Air India appears to be close to placing long-overdue orders for fleet renewal, while Jet Airways is also evaluating aircraft deals to relaunch and grow its operations.
Cochin International Airport Limited Consolidated Balance Sheet (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Non-Current Assets | ||
| Property, plant and equipment | 2,21,116.71 | 2,07,341.42 |
| Capital work in progress | 16,800.28 | 18,049.93 |
| Intangible assets | 991.03 | 283.72 |
| Intangible assets under development | 628.46 | 18.50 |
| Investments accounted for using the equity method | 878.62 | 878.70 |
| Investments | 76.76 | 76.21 |
| Other Financial Assets | 2.40 | 2.28 |
| Tax assets (net) | 476.80 | 722.96 |
| Deferred Tax Assets | 631.41 | 0.42 |
| Other non-current assets | 494.04 | 637.75 |
| Current Assets | ||
| Inventories | 6,576.14 | 4,674.72 |
| Investments | 3,117.73 | 109.81 |
| Trade Receivables | 10,802.80 | 11,659.29 |
| Cash & Cash equivalents | 8,130.85 | 3,510.74 |
| Bank Balances other than above | 1,06,157.26 | 1,03,334.39 |
| Loans | - | 109.49 |
| Other financial assets | 2,141.04 | 1,712.93 |
| Other current assets | 5,176.51 | 4,220.34 |
| Total Assets | 3,84,198.84 | 3,57,343.60 |
| Equity | ||
| Equity Share Capital | 47,821.84 | 47,821.84 |
| Other Equity | 2,18,699.74 | 1,88,897.80 |
| Non-Controlling Interest | 4.71 | 4.24 |
| Non-Current Liabilities | ||
| Borrowings | 33,118.51 | 45,364.79 |
| Other financial liabilities | 6,943.98 | 6,416.31 |
| Provisions | 7,751.59 | 6,780.78 |
| Deferred tax liabilities (net) | 11,434.42 | 10,449.47 |
| Other non-current liabilities | 15,385.11 | 15,783.11 |
| Current Liabilities | ||
| Borrowings | 13,392.01 | 13,179.26 |
| Trade Payables - | ||
| Total outstanding dues of Micro, Small and Medium Enterprises | 309.35 | 391.10 |
| Total outstanding dues of creditors other than Micro, Small and Medium Enterprises | 5,162.69 | 4,059.94 |
| Other financial liabilities | 17,005.77 | 11,818.58 |
| Other current liabilities (net) | 3,876.42 | 3,895.68 |
| Provisions | 2,528.98 | 2,223.92 |
| Current tax liabilities | 763.72 | 256.78 |
| Total Equity and Liabilities | 3,84,198.84 | 3,57,343.60 |
Cochin International Airport Limited Consolidated Profit & Loss Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Income | ||
| Revenue from Operations | 1,30,995.37 | 1,15,842.67 |
| Other Income | 9,234.41 | 7,507.98 |
| Total Revenue | 1,40,229.78 | 1,23,350.65 |
| Expenses: | ||
| Purchase of Stock in Trade | 15,934.10 | 11,374.76 |
| Change in Inventories of stock in trade | (1,953.25) | 892.14 |
| Employee Benefits Expenses | 16,203.05 | 14,037.24 |
| Finance Costs | 4,243.02 | 5,082.63 |
| Depreciation and amortisation expenses | 14,543.73 | 14,837.28 |
| Other Expenses | 21,979.54 | 17,277.76 |
| Total Expenses | 70,950.19 | 63,501.81 |
| Profit / (loss) before share of profit/(loss) of an associate | 69,279.59 | 59,848.84 |
| Share of profit/(loss) of an associate | -0.08 | -2.28 |
| Profit before tax | 69,279.51 | 59,846.56 |
| Current tax | 17,291.17 | 14,252.93 |
| MAT Credit Entitlement | -203.24 | -268.27 |
| Tax expenses of earlier years | 10.58 | 0.36 |
| Deferred tax | 626.53 | 1,086.22 |
| Profit for the period | 51,554.47 | 44,775.32 |
| Other comprehensive income | ||
| Items that will not be reclassified to Consolidated Statement of Profit or Loss | -301.79 | -3,828.62 |
| Income tax relating to items that will not be reclassified to Consolidated Statement of Profit or Loss | 69.56 | 958.54 |
| Total comprehensive income for the period | 51,322.24 | 41,905.24 |
| Earnings per equity share | ||
| Basic | 10.78 | 9.52 |
| Diluted | 10.78 | 9.52 |
Cochin International Airport Limited Consolidated Cash Flow Statement (Rs in Lakhs)
| Particulars | 31-03-2025 | 31-03-2024 |
| Cash Flow from Operating Activities | ||
| Profit before tax | 69,279.51 | 59,846.56 |
| Adjustments for : | ||
| Share of (profit) / loss from associate | 0.08 | 2.28 |
| Depreciation and Amortisation | 14,543.73 | 14,837.28 |
| Loss on PPE sold / demolished / discarded (Net) | 5.91 | 704.07 |
| Income from amortisation of Deferred Government Grant | -76.41 | -136.77 |
| Provision for Gratuity and Leave Encashment | 1,328.21 | 808.71 |
| Provision for Doubtful Debts and Advances | -181.47 | 227.23 |
| Unrealised Foreign Exchange Loss / (Gain) | 131.25 | 290.18 |
| Unrealised Income / Gain from Current Investments / Mutual Funds | -7.92 | -55.79 |
| Claims Written off | 487.69 | - |
| Ind AS Equalisation adjustment | -540.06 | -70.12 |
| Interest Income | -8,243.31 | -6,705.19 |
| Interest and Finance Charges | 3,805.52 | 4,670.36 |
| Operating Profit before working capital changes | 80,532.73 | 74,467.27 |
| Adjustments for: | ||
| (Increase) / Decrease in Inventories | -1,901.43 | 859.86 |
| (Increase) / Decrease in Trade Receivables | 1,048.98 | -1,602.45 |
| (Increase) / Decrease in Other Financial Assets / Other Asset | -1,262.92 | -473.49 |
| Increase / (Decrease) in Trade Payable / Other Liabilities | 2,986.06 | -1,302.89 |
| Cash Generated from Operations | 81,403.42 | 71,948.30 |
| Direct Tax (payments) / refunds (net) | -16,548.41 | -12,705.10 |
| Net Cash Flow from Operating Activities | 64,855.01 | 59,243.46 |
| Cash Flow from Investing Activities | ||
| Investment in Cooperative Society / Equity Shares | -7.96 | -2.04 |
| Proceeds from Sale of Property Plant and Equipment | 107.77 | 56.57 |
| Purchase of Property, Plant and Equipment, Intangible Assets, capital work in progress and changes in capital advances | -26,026.33 | -17,262.17 |
| (Investment) / Redemption of bank deposits with maturity above three months and earmarked balances | -1,936.74 | -27,589.93 |
| (Investment in) / Redemption of Mutual Funds / State Govt. Treasury deposits | -3,000.00 | 18,549.33 |
| Interest Received | 7,345.04 | 6,422.02 |
| (Loans advanced)/Repayments made | 98.47 | -100.16 |
| Net Cash Flow from Investing Activities | -23,419.75 | -19,926.38 |
| Cash Flow from Financing Activities | ||
| Interest Paid | -3,848.80 | -4,689.45 |
| Proceeds / (Repayment) of Term Loans (Net) | -12,246.28 | -10,654.17 |
| Proceeds / (Repayment) of current borrowings (Net) | 256.04 | 1,092.15 |
| Excess share application money for rights issue received / (refunded) | - | -8,582.58 |
| Dividend paid including dividend tax | -20,976.11 | -16,514.79 |
| Net Cash Flow from Financing Activities | -36,815.15 | -39,348.84 |
| Net increase in Cash and Cash Equivalents | 4,620.11 | -32.02 |
| Cash and Cash Equivalents at beginning of the year | 3,510.74 | 3,542.76 |
| Cash and cash equivalents at the end of the year | 8,130.85 | 3,510.74 |
Summary of the Cash Flow Statement for the years 2025 and 2024:
Cash Flow from Operating Activities
In FY 2025, the company generated a profit before tax of ₹69,280 lakhs, higher than ₹59,847 lakhs in FY 2024, reflecting stronger profitability. After accounting for non-cash adjustments like depreciation, provisions, interest expenses, and unrealised gains, the operating profit before working capital changes increased to ₹80,533 lakhs compared to ₹74,467 lakhs last year. Working capital movements were mixed: trade receivables improved (cash inflow), payables rose (further inflow), but inventories and other assets increased, creating outflows. Net effect was positive, with cash generated from operations rising to ₹81,403 lakhs versus ₹71,948 lakhs in 2024. However, higher tax outflows of ₹16,548 lakhs (vs. ₹12,705 lakhs last year) reduced liquidity. Ultimately, net cash from operating activities stood at ₹64,855 lakhs, a healthy increase over the ₹59,243 lakhs in the previous year. This shows robust internal cash generation, strengthening the company’s ability to fund investments and payouts.
Cash Flow from Investing Activities
Investing activities continued to show heavy outflows in FY 2025, driven mainly by capital expenditure of ₹26,026 lakhs on property, plant, and equipment, higher than last year’s ₹17,262 lakhs. Bank deposit movements also contributed to outflows, though at a much smaller level (₹1,937 lakhs vs ₹27,590 lakhs in FY 2024). The company further deployed ₹3,000 lakhs into mutual funds, unlike FY 2024 where it redeemed large investments of ₹18,549 lakhs, creating inflows. On the positive side, interest income from deposits contributed ₹7,345 lakhs, up from ₹6,422 lakhs, and small inflows came from asset sales. As a result, net investing cash outflow widened to ₹23,420 lakhs in 2025, compared to ₹19,926 lakhs last year. This reflects the airport’s ongoing commitment to infrastructure expansion and reinvestment.
Cash Flow from Financing Activities
The financing side recorded continued outflows, primarily from dividend payments of ₹20,976 lakhs in FY 2025, higher than ₹16,515 lakhs in FY 2024. Debt repayment also weighed heavily, with term loan repayments of ₹12,246 lakhs compared to ₹10,654 lakhs last year. Interest payments were slightly lower at ₹3,849 lakhs against ₹4,689 lakhs in FY 2024. Current borrowings provided a small inflow of ₹256 lakhs, unlike the stronger inflow of ₹1,092 lakhs the year before. Importantly, FY 2024 included a one-time outflow of ₹8,583 lakhs related to refund of excess share application money from a rights issue, which did not recur in 2025. Even so, the overall net cash used in financing activities was ₹36,815 lakhs, slightly better than the ₹39,349 lakhs outflow in FY 2024. The heavy dividend payout reflects a shareholder-friendly stance but also reduces internal reserves for reinvestment.
Net Change in Cash and Closing Balance
After factoring all activities, FY 2025 ended with a net increase in cash of ₹4,620 lakhs, a marked turnaround from the marginal outflow of ₹32 lakhs in FY 2024. This improvement was possible because strong operating inflows more than offset heavy investing and financing outflows. Consequently, the closing cash balance rose to ₹8,131 lakhs, more than doubling the previous year’s ₹3,511 lakhs. This indicates improved liquidity, giving the company a stronger buffer for future obligations despite significant capital expenditure and dividend commitments.
Financial Ratios of Cochin International Airport Limited
| Particulars | 2025 | 2024 |
| Current Ratio | 3.21 | 3.48 |
| Debt-Equity Ratio | 0.16 | 0.22 |
| Debt Service Coverage Ratio | 4.38 | 4.35 |
| Return on Equity Ratio | 20.49% | 21.63% |
| Trade Receivables turnover ratio | 7.69 | 7.07 |
| Trade payables turnover ratio | 6.60 | 5.37 |
| Net capital turnover ratio | 1.28 | 1.18 |
| Net profit ratio | 46.01% | 43.38% |
| Return on Capital employed | 22.89% | 20.91% |
| Return on investment | 6.96% | 6.89% |
Summary of the financial ratios of Cochin International Airport Limited for the year 2025 & 2024:
Current Ratio
The current ratio declined slightly from 3.48 in 2024 to 3.21 in 2025, but it still reflects a very comfortable liquidity position. The company’s current assets are more than three times its current liabilities, showing strong short-term solvency and an ability to meet obligations with ease. The small drop suggests a marginal tightening of liquidity but nothing concerning.
Debt-Equity Ratio
The debt-equity ratio improved to 0.16 in 2025 from 0.22 in 2024, indicating lower reliance on debt financing. This reduction in leverage strengthens the balance sheet and reduces financial risk. The company is clearly becoming less dependent on borrowings, which also positions it well for future expansions without overstretching its financial structure.
Debt Service Coverage Ratio (DSCR)
The DSCR remained stable at 4.38 in 2025 compared to 4.35 in 2024. A ratio above 4 means the company generates over four times the cash required to service its debt obligations. This indicates excellent debt-servicing capacity, ensuring lenders’ confidence and reflecting strong operating cash flows.
Return on Equity (ROE)
ROE dipped slightly from 21.63% in 2024 to 20.49% in 2025. This indicates shareholders earned slightly lower returns on their equity. While still strong, the marginal fall suggests equity expanded faster than profits, or dividend payouts may have influenced the ratio. Nonetheless, the figure remains healthy for investors.
Trade Receivables Turnover Ratio
This ratio improved to 7.69 in 2025 from 7.07 in 2024, showing the company collected receivables more efficiently during the year. Faster collection strengthens cash flow and reduces credit risk, which is especially positive for an infrastructure-heavy business like an airport.
Trade Payables Turnover Ratio
The ratio rose to 6.60 in 2025 from 5.37 in 2024, meaning the company paid its suppliers more quickly than last year. While this reflects financial discipline and good supplier relationships, it also suggests less cash is being conserved through delayed payments, which slightly reduces short-term liquidity flexibility.
Net Capital Turnover Ratio
The net capital turnover ratio improved from 1.18 in 2024 to 1.28 in 2025, indicating better efficiency in using working capital to generate revenue. This improvement shows stronger utilization of short-term resources and an overall positive trend in operational efficiency.
Net Profit Ratio
The net profit margin rose significantly to 46.01% in 2025 from 43.38% in 2024. This demonstrates stronger profitability, with nearly half of revenue translating into net profits. Such high margins highlight strong cost control and operating leverage, a clear competitive advantage.
Return on Capital Employed (ROCE)
ROCE improved to 22.89% in 2025 from 20.91% in 2024, showing the company generated higher returns on the total capital invested in the business. This reflects stronger operating efficiency and indicates that capital is being deployed more productively.
Return on Investment (ROI)
ROI inched up slightly to 6.96% in 2025 from 6.89% in 2024. The improvement, though small, indicates that the company’s investments yielded marginally better returns this year. This stability suggests consistency in investment strategy and performance.
A V Thomas International Limited Annual Report 2023-24
Interested in Buying Shares?
Submit your enquiry to purchase shares and receive expert assistance.
