Cochin International Airport Ltd
India's first public-private airport, with a solar-powered asset base and a long dividend record.
Market cap
₹17,114 Cr
38.20 Cr shares
P/E ratio
36.87
Sector average 30
Book value
₹84.35
P/B 5.31
1-year return
+33.61%
52w ₹322 – ₹498
Currently 72% of the way through its 52-week range.
Indicative price history
1Y change
+33.30% ₹336 → ₹448
52-week band in this window: ₹335.31 – ₹483.36. Weekly indicative marks, not exchange-traded prices.
Key highlights
- India's first public-private airport and the world's first fully solar-powered airport.
- Seven consecutive years of dividends.
- Duty-free and non-aeronautical income carry the margin.
About CIAL
Cochin International Airport Ltd built and operates the airport at Nedumbassery, and was the first Indian airport developed under a public-private partnership.
Revenue splits between aeronautical income — landing, parking and passenger service fees — and non-aeronautical income from duty free, retail concessions, cargo, hotels and a golf course.
The company also runs a large solar generation estate that supplies the airport's own power requirement and feeds surplus to the grid.
Where the revenue comes from
- Aeronautical42%
Landing, parking and passenger service fees
- Duty free & retail31%
Concession income from terminal retail
- Cargo & ground handling14%
Freight terminal operations
- Solar, hotel & other13%
Power sales, hospitality and golf
Products & services
Airport operations
Passenger and cargo terminals at Kochi.
CIAL Duty Free
Owned duty-free retail.
CIAL Infrastructures
Solar power, hydro projects and real estate.
Hospitality & golf
Airport hotel and golf course.
What works
- • Regional monopoly over a catchment with a large overseas-working population and steady international traffic.
- • Non-aeronautical income, particularly duty free, carries much higher margins than aeronautical revenue.
- • Consistent dividend track record, which is unusual among unlisted infrastructure names.
What to watch
- • Passenger traffic is exposed to Gulf-route demand and to fuel-driven airline capacity cuts.
- • Tariff revisions are regulated and can lag cost inflation.
- • Expansion projects need large upfront capital before they generate returns.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| CIALThis page | ₹448.00 | ₹17,114 Cr | 36.87 | 5.31 | +15.16% |
| Merino | ₹3,130.00 | ₹3,506 Cr | 13.28 | 1.98 | +10.81% |
| Manjushree | ₹944.00 | ₹2,322 Cr | 13.42 | 2.07 | +12.53% |
Latest reported year: FY26 ending 31 Mar 2026.