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Company Overview
Inkel Limited is a pioneering Public-Private Partnership (PPP) initiative spearheaded by the Government of Kerala, designed to bring together government bodies, non-resident Indians (NRIs), domestic investors, and the general public on a single platform for nation-building through infrastructure development.
The company’s core mission is to mobilize public and private capital along with professional expertise to conceptualize, execute, and deliver impactful infrastructure projects that address the state’s developmental priorities. With a proven track record across healthcare, renewable energy, transportation, and industrial infrastructure, Inkel has positioned itself as a trusted execution partner for some of Kerala’s most prestigious projects.
It plans to invest ₹250 crore to establish a production facility with a capacity of 150,000 units annually, primarily focused on 155 mm artillery shells. An initial ₹40 crore investment has been raised via preferential issue from the parent company, with additional funds secured from institutional investors.
Key Business Verticals
1. Healthcare Infrastructure
Inkel has been designated as a Special Purpose Vehicle (SPV) by the Government of Kerala for executing large-scale healthcare projects under the “Healthcare to the Poor” mission. Its portfolio includes:
Cochin Cancer Hospital & Research Centre
Medical Colleges in Ernakulam, Thiruvananthapuram, and Wayanad
General Hospitals in Ernakulam, Punalur, Chirayinkeezhu, Kottayam, and more
The cumulative project value of these healthcare assignments is approximately ₹3,000 crore. As the implementation agency for the largest healthcare infrastructure initiative in Kerala, Inkel earns a fixed percentage of the total project cost upon successful completion.
2. Government of Kerala (GoK) Assignments
Beyond healthcare, Inkel manages infrastructure assignments worth ₹400 crore, acting as an SPV or executing projects on a deposit work basis. Major projects include:
KINFRA Defence Park
Kerala State Coir Corporation Modernisation
ETP Chandiroor
KINFRA Mega Food Park
Muziris Heritage Project
KSIDC Life Science Park
Alappuzha Mobility Hub
Alappuzha Heritage Development Project
3. Renewable Energy Initiatives
Recognized as a Government-accredited agency for renewable energy implementation, Inkel has executed 15+ MWp of solar projects across Kerala, earning the Kerala State Renewable Energy Award 2021. Its dedicated subsidiary, Inkel Renewable Energy Pvt. Ltd., is spearheading a 14 MW wind power project for KSEB.
4. Road Infrastructure Projects
Inkel, in joint venture with EKK Infrastructure Ltd., successfully completed its first PPP road project worth ₹161.48 crore in 2018 — five months ahead of schedule. The project carries a 15-year concession period, including construction and maintenance phases.
5. Commercial & Industrial Real Estate – INKEL Business Park (IBP), Angamaly
Spanning 4.25 lakh sq. ft. across two towers, IBP has attracted diverse businesses and is nearly at full occupancy, with only a small portion of Tower II remaining. Encouraged by this success, Inkel plans to construct four additional towers over the coming years, with work on the first new tower commencing shortly.
Strategic Strengths
Strong Government backing and PPP model credibility
Proven track record in multi-sector infrastructure execution
Focused expansion in renewable energy and sustainable development
Long-term revenue visibility through concession-based projects
Ability to attract private investment for public good
Fundamentals
| Parameter | Value | Parameter | Value |
|---|---|---|---|
| Share Price | Contact us to know share price | Lot Size | 1,000 shares |
| 52 Week High | ₹24 | 52 Week Low | ₹19 |
| Depository | NSDL & CDSL | PAN Number | AABCI6802J |
| ISIN | INE308U01017 | CIN | U45209KL2007PLC020471 |
| RTA | Integrated Registry Management Services | Market Cap | ₹356 crore |
| P/E Ratio | 14.81 | P/B Ratio | 1.45 |
| Debt to Equity | 0.41 | ROE | 10.18% |
| Book Value | ₹13.82 | Face Value | ₹10 |
| Total Shares | 17,78,14,334 | Trading Range | ₹19 – ₹24 |
Promoters & Managements
| Name | Designation | Experience |
|---|---|---|
| Shri P. Rajeeve | Chairman | 25+ Years |
| Dr. K. Ellangovan | Managing Director | 11+ Years |
Profit & Loss Statement (₹ in Crores)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 92 | 82 | 98 | 114 |
| Cost of Material Consumed | 28 | 28 | 33 | 17 |
| Gross Margins (%) | 69.57 | 65.85 | 66.33 | 85.09 |
| Change in Inventory | 2.85 | -0.75 | 1 | 0 |
| 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 |
| Depreciation & Amortisation | 2.48 | 3.22 | 3 | 2 |
| EBIT | 23.04 | 20.34 | 37 | 44 |
| EBIT Margins (%) | 25.04 | 24.80 | 37.76 | 38.60 |
| PBT | 15 | 18 | 40 | 33 |
| PBT Margins (%) | 16.30 | 21.95 | 40.82 | 28.95 |
| Tax | 7.18 | 3.56 | 9 | 9 |
| PAT | 7.82 | 14.44 | 31 | 24 |
| NPM (%) | 8.50 | 17.61 | 31.63 | 21.05 |
| EPS (₹) | 0.44 | 0.82 | 1.74 | 1.35 |
Key Financial Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin (%) | 27.74 | 28.73 | 40.82 | 40.35 |
| Net Profit Margin (%) | 8.50 | 17.61 | 31.63 | 21.05 |
| Earnings Per Share (₹) | 0.44 | 0.82 | 1.74 | 1.35 |
Balance Sheet (₹ in Crores)
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 74.00 | 73.00 | 65.00 | 60.00 |
| Capital Work-in-Progress (CWIP) | 1.20 | 18.00 | 2.00 | 5.00 |
| Investments | 0.00 | 0.00 | 18.00 | 16.00 |
| Trade Receivables | 76.00 | 100.00 | 95.00 | 140.00 |
| Inventory | 0.48 | 0.00 | 0.00 | 0.08 |
| Other Assets | 317.00 | 260.00 | 274.00 | 234.92 |
| Total Assets | 468.68 | 451.00 | 454.00 | 456.00 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 177.81 | 177.00 | 177.81 | 177.80 |
| Face Value (₹) | 10 | 10 | 10 | 10 |
| Reserves | 34.00 | 27.00 | 38.00 | 58.00 |
| Borrowings | 148.00 | 130.00 | 118.00 | 97.00 |
| Trade Payables | 36.00 | 33.00 | 30.00 | 37.00 |
| Other Liabilities | 73.00 | 84.00 | 90.19 | 86.20 |
| Total Liabilities | 468.81 | 451.00 | 454.00 | 456.00 |
Cash Flow Statement (₹ in Crores)
| Particulars | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 15.00 | 18.00 | 40.00 | 34.00 |
| Operating Profit Before WC (OPBWC) | 29.00 | 20.00 | 41.00 | 47.00 |
| Change in Receivables | 12.00 | -23.00 | 5.00 | -44.00 |
| Change in Inventories | -4.95 | -0.28 | 1.00 | 0.00 |
| Change in Payables | 9.33 | -2.68 | -4.00 | 7.00 |
| Other Changes | 18.00 | 19.13 | -9.00 | 18.00 |
| Working Capital Change | 34.38 | -6.83 | -7.00 | -19.00 |
| Cash Generated from Operations | 63.38 | 13.17 | 34.00 | 28.00 |
| Tax | -4.79 | -3.36 | -10.00 | -11.00 |
| Cash Flow from Operations | 58.59 | 9.81 | 24.00 | 17.00 |
| Purchase of PPE | -1.42 | -6.51 | -3.00 | -10.00 |
| Sale of PPE | 0.10 | 1.79 | 8.00 | 12.00 |
| Cash Flow from Investment | -1.20 | -12.72 | 21.00 | 8.00 |
| Borrowing | -17.00 | -13.00 | -14.60 | -22.00 |
| Dividend | -0.0067 | -0.008 | 0.14 | 0.26 |
| Equity | 0.00 | 0.00 | 0.00 | 0.00 |
| Others from Financing | -15.00 | -4.60 | -13.54 | -19.26 |
| Cash Flow from Financing | -32.01 | -17.61 | -28.00 | -41.00 |
| Net Cash Generated | 25.38 | -20.52 | 17.00 | -16.00 |
| Cash at the Start | 56.00 | 81.00 | 61.00 | 78.00 |
| Cash at the End | 81.38 | 60.48 | 78.00 | 62.00 |
Share Holding Pattern
| Shareholder | % Holding |
|---|---|
| Govt. of Kerala | 22.78% |
| Bismi Holdings Limited | 6.19% |
| Shri Yusuffali M. A. | 17.02% |
| Shri Varghese Kurian | 7.59% |
| Dr. P. Mohamed Ali | 5.91% |
| Others | 40.51% |
