Inkel Ltd
Kerala's public-private infrastructure company – 26% owned by the state government and the rest by NRI and resident investors – building roads, industrial parks, logistics and property projects.
Market cap
₹323 Cr
17.00 Cr shares
P/E ratio
33.93
Sector average 20
Book value
₹11.76
P/B 1.62
1-year return
-4.09%
52w ₹15 – ₹24
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
-3.65% ₹20 → ₹19
52-week band in this window: ₹18.57 – ₹19.85. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Public-private infrastructure company with Government of Kerala holding about 26%.
- Portfolio spans PPP roads, industrial parks, Vallarpadam logistics park and consultancy.
- Roughly 17 Cr shares; dealer quote about 1.6x estimated book value.
About INKEL
INKEL Limited (Infrastructure Kerala) was set up in 2007 as a public-private partnership vehicle in which the Government of Kerala holds about 26% and non-resident Keralites and resident investors hold the balance. Its mandate is to develop infrastructure that the state wants but cannot fund alone: industrial and business parks, roads, logistics, education infrastructure, solar projects and real estate, usually through joint ventures with government agencies or private partners.
Operating subsidiaries and JVs include INKEL-EKK Roads (PPP road projects), INKID (INKEL-KSIDC Projects, developing industrial parks such as the Angamaly and Palakkad business parks), MIV Logistics (a container freight station and logistics park at Vallarpadam, Kochi), Seguro-INKEL (electrical contracting) and Inkel Infrastructure Development Projects. INKEL also provides project-management consultancy to government departments and universities.
Consolidated revenue on our estimates is in the range of ₹100–150 Cr a year with modest profits, and the company has periodically paid small dividends. With roughly 17 Cr shares of ₹10 face value and a net worth of about ₹200 Cr, the dealer quote of ₹19 values the company at roughly 1.6 times book. The Kerala Industries Minister chairs the board as a matter of convention.
Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate.
Where the revenue comes from
- Roads and PPP infrastructure35%
INKEL-EKK Roads and other PPP projects
- Industrial and business parks30%
INKID parks at Angamaly, Palakkad and elsewhere; lease and sale income
- Logistics20%
MIV Logistics CFS at Vallarpadam
- Consultancy and other15%
Project management, electrical contracting, solar
Products & services
PPP roads and infrastructure
Design-build-operate projects with state agencies.
Business and industrial parks
Developed plots and built-to-suit space for MSMEs and IT firms.
Logistics
Container freight station and warehousing at Vallarpadam.
What works
- • State government sponsorship gives preferential access to Kerala infrastructure and industrial-park projects.
- • Diversified project portfolio across roads, logistics, business parks and consultancy.
- • Wide NRI shareholder base and a record of small but regular dividends.
What to watch
- • Project execution in Kerala is slow, with land-acquisition and clearance delays that stretch payback periods.
- • Government influence over strategy and board can put policy goals ahead of shareholder returns.
- • Thin unlisted liquidity; a low price per share and a large shareholder count make sourcing and selling parcels slow.