- CIN
- —
- ISIN
- INE02KH01019
- Incorporated
- —
- Registered state
- —
Key valuation
- Market cap
- ₹21,520 Cr
- P/E
- 40.9x
- Debt / equity
- 0.0x
- Shares outstanding
- 47,82,18,436
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Price history
Dated dealer-quote averages, plotted on a true time scale. There is no continuous trading behind these numbers.
Business overview
Cochin International Airport was the first greenfield airport in India built under a public private partnership, which back in 1994 was an unusual way to go about it. Incorporated on 30 March that year, based in Kochi. The Kerala state government is still the largest shareholder at roughly 32% of equity. The solar story is what it is best known for. CIAL became the first airport in the world to run entirely on solar power and people have been writing about it ever since. It is one of the busier international gateways in the country. The business runs wider than passengers and cargo though, it takes in duty free retail, dining and shopping, ground transport, security, accommodation, aircraft MRO services and dedicated infrastructure for perishable cargo. There is an aviation training institute as well, covering pilots, cabin crew, engineers, technicians and ground staff. A set of subsidiaries carries the rest. Cochin International Aviation Services Limited, Air Kerala International Services Limited, CIAL Infrastructure Limited, CIAL Duty Free and Retail Services Limited and Kerala Waterways and Infrastructures Limited.
Key highlights
- Incorporated in March 1994
Financial snapshot
FY2026 · Audited
- Revenue FY2026
- ₹1,401.49 Cr
- EBITDA
- ₹812.44 Cr
- PAT
- ₹526.75 Cr
- Net worth
- ₹3,995.16 Cr
- Total debt
- ₹0.00 Cr
- Cash & equivalents
- ₹58.08 Cr
- Operating cash flow
- ₹664.91 Cr
- EPS
- ₹11.01
Reported financials · FY2019–FY2026
Figures in ₹ crore unless stated.
| Particulars | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026Audited | YoY | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Profit & loss | ||||||||||
| Revenue from operationsYoY +7.0%CAGR — | — | — | 268 | 502 | 940 | 1,158 | 1,310 | 1,401 | +7.0% | — |
| Other income | — | — | 29 | 22 | 15 | 75 | 92 | 91 | — | — |
| Total expenses | 536 | 525 | 420 | 476 | 563 | 635 | 710 | 779 | — | — |
| EBITDAYoY +3.1%CAGR — | — | — | 45 | 227 | 563 | 723 | 788 | 812 | +3.1% | — |
| Depreciation & amortisation | 117 | 136 | 141 | 145 | 142 | 148 | 145 | 159 | — | — |
| EBIT | — | — | -96 | 82 | 421 | 574 | 643 | 654 | — | — |
| Finance cost | — | — | 56 | 55 | 45 | 51 | 42 | 35 | — | — |
| Profit before taxYoY +2.4%CAGR +14.7% | 271 | 275 | -123 | 49 | 392 | 598 | 693 | 710 | +2.4% | +14.7% |
| Tax expense | — | — | -30 | 14 | 99 | 151 | 177 | 183 | — | — |
| Profit after taxYoY +2.2%CAGR +15.8% | 189 | 238 | -93 | 35 | 293 | 448 | 516 | 527 | +2.2% | +15.8% |
| Earnings per share | ₹3.94 | ₹4.97 | ₹-1.94 | ₹0.73 | ₹6.12 | ₹9.36 | ₹10.78 | ₹11.01 | — | — |
| Balance sheet | ||||||||||
| Net worthYoY +49.9%CAGR +16.1% | 1,407 | 1,509 | 1,315 | 1,347 | 2,116 | 2,367 | 2,665 | 3,995 | +49.9% | +16.1% |
| Total debt | — | — | 663 | 680 | 674 | 585 | 465 | 0 | — | — |
| Current liabilities | — | — | 323 | 235 | 404 | 358 | 430 | 449 | — | — |
| Cash & equivalents | — | — | -76 | -29 | 35 | 35 | 81 | 58 | — | — |
| Current assets | — | — | 211 | 248 | 1,161 | 1,293 | 1,421 | 1,351 | — | — |
| Total assetsYoY +4.0%CAGR +5.4% | 2,770 | 2,836 | 2,525 | 2,513 | 3,431 | 3,573 | 3,842 | 3,995 | +4.0% | +5.4% |
| Cash flow | ||||||||||
| Operating activities | 369 | 374 | 29 | 159 | 646 | 592 | 649 | 665 | — | — |
| Investing activities | — | — | -163 | -111 | 80 | -199 | -234 | -289 | — | — |
| Financing activities | — | — | -130 | -1 | -95 | -393 | -368 | -399 | — | — |
| Net change in cash | — | — | -264 | 47 | 631 | -0 | 46 | -23 | — | — |
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio here is worked out from the reported figures in the Financials tab, and valuation multiples from the indicative price in the header. Nothing is a stored value. A ratio the filings cannot support (a line not reported, or a zero or negative base) is left out or shown as —, never as a misleading number. Balance-sheet ratios use year-end figures.
Valuation multiples
What the indicative price pays for the latest year's earnings, book and cash. On FY2026 figures and the ₹450 indicative price.
- Market cap
- ₹21,520 Cr
- Enterprise value
- ₹21,462 Cr
- Price / earnings (P/E)
- 40.85x
- Price / book (P/B)
- 5.39x
- Price / sales (P/S)
- 15.35x
- Price / operating cash flow
- 32.37x
- EV / EBITDA
- 26.42x
- EV / EBIT
- 32.84x
- EV / sales
- 15.31x
- Earnings yield
- 2.5%
- Cash / market cap
- 0.3%
How these are worked out
- Market cap
- Indicative price × shares outstanding
- Enterprise value
- Market cap + debt − cash
- Price / earnings (P/E)
- Market cap ÷ PAT (profitable years only)
- Price / book (P/B)
- Market cap ÷ net worth
- Price / sales (P/S)
- Market cap ÷ revenue from operations
- Price / operating cash flow
- Market cap ÷ cash from operating activities
- EV / EBITDA
- Enterprise value ÷ EBITDA
- EV / EBIT
- Enterprise value ÷ (EBITDA − depreciation)
- EV / sales
- Enterprise value ÷ revenue from operations
- Earnings yield
- PAT ÷ market cap
- Cash / market cap
- Cash & equivalents ÷ market cap
IPO / listing status
The company has not announced IPO details such as a DRHP filing, an expected window or its bankers. This section will update once it does.
Research & news
Information currently unavailable
Nothing has been published on CIAL yet. Research, news and articles tagged with it will appear here when they are.
Documents
Information currently unavailable
No documents have been catalogued for this company yet.