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Inkel Ltd Unlisted Shares

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₹ 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:

  • Cochin Cancer Hospital and Research Centre

  • Ernakulam, Thiruvananthapuram, and Wynad Medical Colleges

  • 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:

  • KINFRA Defence Park

  • Kerala State Coir Corporation Projects

  • KINFRA Mega Food Park

  • Musiris Heritage Project

  • KSIDC Life Science Park

  • 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?

  • Government Backing: Promoted by the Government of Kerala, ensuring high credibility.

  • Diversified Portfolio: Exposure to Healthcare, Energy, Roads, and Commercial Real Estate.

  • Recurring Revenue: Long-term concessions in road projects and steady lease income from the Business Park.

  • 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.

» Read More....

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

Shareholding Pattern

Govt. Of Kerala
Shri. Yusuffali M A
Bismi Holdings Limited
Dr. Mohamed Ali
Others
Govt. Of Kerala
Shri. Yusuffali M A
Shri. Varghese Kurian
Bismi Holdings Limited
Dr. Mohamed Ali
Others
Govt. Of Kerala
Shri. Yusuffali M A
Shri. Varghese Kurian
Bismi Holdings Limited
Dr. Mohamed Ali
Others
Govt. Of Kerala
Shri. Yusuffali M A
Shri. Varghese Kurian
Bismi Holdings Limited
Dr. Mohamed Ali
Others

Promoters or Management

Name Designation Experience Linkedin Profile
Shri P Rajeeve Chairman 25+
unlisted-linkedin
Dr. K Ellangovan MD 11+
unlisted-linkedin
Inkel Ltd Unlisted Shares

    Inkel Ltd Unlisted Shares