Inkel Ltd Unlisted Shares
₹ 22
About Inkel Ltd Unlisted Shares
Are you looking for a stable, government-backed investment in India’s infrastructure growth story? INKEL Ltd is a unique Public-Private Partnership (PPP) initiative promoted by the Government of Kerala. It serves as a strategic platform bringing together government agencies, NRI investors, and the general public to develop world-class public infrastructure.
What Does INKEL Do?
INKEL provides end-to-end solutions, from concept development to project completion, across critical sectors. As a government-accredited Special Purpose Vehicle (SPV), INKEL is the executing arm for some of Kerala’s largest and most vital projects.
1. Healthcare Infrastructure (Projects Worth ~₹3,000 Crore)
INKEL is the implementing agency for the Government of Kerala’s ‘Healthcare to the Poor’ mission. This prestigious status has placed INKEL at the helm of massive healthcare projects, including:
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Cochin Cancer Hospital and Research Centre
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Ernakulam, Thiruvananthapuram, and Wynad Medical Colleges
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General Hospitals in Ernakulam, Punalur, Chirayinkeezhu, Kottayam, and more.
By executing these projects, INKEL has become the largest healthcare infrastructure implementation agency in the state.
2. Strategic Government Assignments (~₹400 Crore)
The Government of Kerala consistently trusts INKEL with critical infrastructure jobs, such as:
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KINFRA Defence Park
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Kerala State Coir Corporation Projects
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KINFRA Mega Food Park
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Musiris Heritage Project
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KSIDC Life Science Park
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Alappuzha Mobility Hub & Heritage Project
3. Renewable Energy Leadership
INKEL is a recognized “Government accredited agency” for implementing renewable energy concepts. Having executed solar projects totaling over 15 MWp, the company was honored with the Kerala State Renewable Energy Award 2021.
To accelerate growth, INKEL has formed a subsidiary, INKEL Renewable Energy (P) Ltd. , which is set to implement a 14 MW wind energy project for the Kerala State Electricity Board (KSEB).
4. Road Infrastructure
In a joint venture, INKEL successfully completed its first major PPP road project worth ₹161.48 Crores in May 2018—an impressive five months ahead of schedule. The project comes with a 15-year concession period, ensuring long-term revenue stability.
5. INKEL Business Park (IBP), Angamaly
INKEL’s Business Park is a thriving commercial hub with 4.25 lakh square feet of constructed space across two towers. With Tower I fully occupied and Tower II leasing rapidly, the demand is clear.
Future Growth: Seeing this success, INKEL is planning 4 new towers at the Business Park over the next couple of years. Construction on the first new tower will begin within two months.
Why Invest in INKEL Ltd?
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Government Backing: Promoted by the Government of Kerala, ensuring high credibility.
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Diversified Portfolio: Exposure to Healthcare, Energy, Roads, and Commercial Real Estate.
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Recurring Revenue: Long-term concessions in road projects and steady lease income from the Business Park.
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High-Value Order Book: With thousands of crores in ongoing and upcoming government projects, the growth trajectory is strong.
Ready to Own a Piece of Kerala’s Infrastructure Future?
Buy Unlisted Shares of INKEL Ltd exclusively through Unlisted Network.
Be part of the company building the backbone of Kerala’s public infrastructure.
Fundamentals
| Inkel Limited Unlisted Shares Price | ₹ 20 Per Equity Share |
Market Cap (in cr.) | ₹ 356 |
| Lot Size | 1000 Shares | P/E Ratio | 14.81 |
| 52 Week High | ₹ 22 | P/B Ratio | 1.45 |
| 52 Week Low | ₹ 19 | Debt to Equity | 0.41 |
| Depository | NSDL & CDSL | ROE (%) | 10.18 |
| PAN Number | AABCI6802J | Book Value | 13.82 |
| ISIN Number | INE308U01017 | Face Value | 10 |
| CIN | U45209KL2007PLC020471 | Total Shares | 177814334 |
| RTA | Integrated Registry Management Services |
Financial
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 92 | 82 | 98 | 114 |
| Cost of Material Consumed | 28 | 28 | 33 | 17 |
| Change in Inventory | 2.85 | -0.75 | 1 | 0 |
| Gross Margins | 69.57 | 65.85 | 66.33 | 85.09 |
| Employee Benefit Expenses | 7.63 | 8.19 | 8 | 9 |
| Other Expenses | 28 | 23 | 16 | 42 |
| EBITDA | 25.52 | 23.56 | 40 | 46 |
| OPM | 27.74 | 28.73 | 40.82 | 40.35 |
| Other Income | 11 | 18 | 18 | 8 |
| Finance Cost | 14 | 12 | 14 | 19 |
| D&A | 2.48 | 3.22 | 3 | 2 |
| EBIT | 23.04 | 20.34 | 37 | 44 |
| EBIT Margins | 25.04 | 24.8 | 37.76 | 38.6 |
| PBT | 15 | 18 | 40 | 33 |
| PBT Margins | 16.3 | 21.95 | 40.82 | 28.95 |
| Tax | 7.18 | 3.56 | 9 | 9 |
| PAT | 7.82 | 14.44 | 31 | 24 |
| NPM | 8.5 | 17.61 | 31.63 | 21.05 |
| EPS | 0.44 | 0.82 | 1.74 | 1.35 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 27.74 | 28.73 | 40.82 | 40.35 |
| Net Profit Margin | 8.5 | 17.61 | 31.63 | 21.05 |
| Earning Per Share (Diluted) | 0.44 | 0.82 | 1.74 | 1.35 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 74 | 73 | 65 | 60 |
| CWIP | 1.2 | 18 | 2 | 5 |
| Investments | 0 | 0 | 18 | 16 |
| Trade Receivables | 76 | 100 | 95 | 140 |
| Inventory | 0.48 | 0 | 0 | 0.08 |
| Other Assets | 317 | 260 | 274 | 234.92 |
| Total Assets | 468.68 | 451 | 454 | 456 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 177.81 | 177 | 177.81 | 177.8 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 34 | 27 | 38 | 58 |
| Borrowings | 148 | 130 | 118 | 97 |
| Trade Payables | 36 | 33 | 30 | 37 |
| Other Liabilities | 73 | 84 | 90.19 | 86.2 |
| Total Liabilities | 468.81 | 451 | 454 | 456 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 15 | 18 | 40 | 34 |
| OPBWC | 29 | 20 | 41 | 47 |
| Change in Receivables | 12 | -23 | 5 | -44 |
| Change in Inventories | -4.95 | -0.28 | 1 | 0 |
| Change in Payables | 9.33 | -2.68 | -4 | 7 |
| Other Changes | 18 | 19.13 | -9 | 18 |
| Working Capital Change | 34.38 | -6.83 | -7 | -19 |
| Cash Generated From Operations | 63.38 | 13.17 | 34 | 28 |
| Tax | -4.79 | -3.36 | -10 | -11 |
| Cash Flow From Operations | 58.59 | 9.81 | 24 | 17 |
| Purchase of PPE | -1.42 | -6.51 | -3 | -10 |
| Sale of PPE | 0.1 | 1.79 | 8 | 12 |
| Cash Flow From Investment | -1.2 | -12.72 | 21 | 8 |
| Borrowing | -17 | -13 | -14.6 | -22 |
| Dividend | -0.0067 | -0.008 | 0.14 | 0.26 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -15 | -4.6 | -13.54 | -19.26 |
| Cash Flow from Financing | -32.01 | -17.61 | -28 | -41 |
| Net Cash Generated | 25.38 | -20.52 | 17 | -16 |
| Cash at the Start | 56 | 81 | 61 | 78 |
| Cash at the End | 81.38 | 60.48 | 78 | 62 |
