Inkel Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹0
- Market Cap
- 0
- ISIN
- INE308U01017
- Face Value
- ₹10
- P/E Ratio
- 0
- EPS
- ₹1.52
- P/B Ratio
- 0
- Book Value
- ₹11.97
- Debt / Equity Ratio
- 0.73
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | 113.7 | 97.64 | 82.58 | 92.93 | 112.56 | 66.15 | 102.35 |
| Growth % | 16.44% | 18.24% | -11.14% | -17.44% | 0.00% | -35.37% | 0 |
| Operating Expenses | 68.4 | 57.97 | 67.42 | 71.63 | 69.37 | 49.48 | 94.06 |
| Growth % | 17.95% | -14.02% | -5.88% | 3.26% | 0.01% | -88.15% | 0 |
| Operating Profit | 45.32 | 39.67 | 15.16 | 21.30 | 43.19 | 16.67 | 8.30 |
| Op. Profit Margin % | 39.86% | 40.63% | 18.36% | 22.92% | 38.37% | 25.20% | 8.10% |
| Other Income | 10.17 | 17.47 | 18.40 | 10.08 | 12.92 | 11.15 | 9.38 |
| Finance Costs | 18.62 | 13.85 | 12.27 | 13.71 | 16.46 | 25.61 | 20.86 |
| Depreciation | 2.5 | 3.43 | 3.23 | 2.48 | 3.09 | 5.73 | 5.55 |
| Profit Before Tax | 34.34 | 39.86 | 18.06 | 15.19 | 36.57 | -0.44 | 2.88 |
| Tax | 8.9 | 9.58 | 3.36 | 7.16 | 6.20 | -0.67% | 2.81% |
| Tax % | 7.83% | 9.81% | 4.07% | 7.71% | 5.51% | 5.51% | -0.67% |
| Profit After Tax | 25.44 | 30.28 | 14.70 | 8.02 | 30.36 | -3.08 | -11.61 |
| Growth % | -15.98% | 105.99% | 83.21% | -73.58% | 0.00% | -126.50% | 0 |
| PAT % | 22.37% | 31.01% | 17.80% | 8.63% | 26.98% | -4.65% | -11.35% |
| Diluted EPS | 1.13 | 1.52 | 0.77 | 0.24 | 1.36 | 1.36 | -0.30 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 177.81 | 177.81 | 177.81 | 177.81 | 177.81 | 177.81 | 177.81 |
| Reserves | 83.28 | 63.32 | 51.57 | 60.94 | 52.06 | 23.33 | 31.02 |
| Total Equity | 261.09 | 241.14 | 229.39 | 238.76 | 229.88 | 201.14 | 208.84 |
| Borrowings | 85.81 | 108.09 | 122.69 | 136.01 | 137.91 | 185.18 | 134.88 |
| Provision | 1.67 | 1.74 | 1.51 | 1.54 | 1.14 | 1.30 | 1.49 |
| Other Non-Current Liabilities | 1.53 | 1.49 | 3.68 | 1.91 | 4.34 | 4.88 | 5.01 |
| Total Non current Liabilities | 89.02 | 111.32 | 127.87 | 139.46 | 143.39 | 191.36 | 141.38 |
| Borrowings | 11.4 | 10.60 | 10.14 | 12.95 | 32.48 | 71.57 | 64.08 |
| Other Current Liabilities | 86.00 | 81.32 | 78.81 | 73.89 | 68.99 | 50.94 | 63.92 |
| Provisions | 8.83 | 9.55 | 5.04 | 3.16 | 6.10 | 0.45 | 4.04 |
| Total current Liabilities | 106.23 | 101.46 | 93.98 | 90.00 | 107.57 | 122.95 | 132.04 |
| Equity + Liabilities | 456.34 | 453.91 | 451.24 | 468.22 | 480.84 | 515.45 | 482.25 |
| Fixed Assets (incl. WIP) | 65.87 | 67.22 | 75.21 | 75.92 | 87.99 | 108.80 | 112.04 |
| Other Non Current Assets | 144.39 | 176.37 | 194.41 | 211.63 | 210.50 | 192.20 | 186.62 |
| Total Non current Assets | 210.26 | 243.59 | 269.62 | 287.55 | 298.50 | 301.00 | 298.66 |
| Trade Receivables | 139.78 | 95.21 | 100.18 | 76.45 | 88.76 | 54.13 | 68.90 |
| Cash & Cash Equivalents | 62.11 | 77.64 | 61.13 | 81.49 | 66.26 | 75.92 | 57.06 |
| Other Current Assets | 44.20 | 37.47 | 20.32 | 22.74 | 27.33 | 84.40 | 57.63 |
| Total current Assets | 246.08 | 210.32 | 181.62 | 180.67 | 182.34 | 214.45 | 183.59 |
| Total Assets | 456.34 | 453.92 | 451.24 | 468.22 | 480.84 | 515.45 | 482.25 |
Shareholding Pattern
- Govt. of Kerala
- 22.8%%
- Bismi Holdings Limited
- 6.2%%
- Shri. Yusuffali M A
- 17.0%%
- Shri. Varghese Kurian
- 7.6%%
- Dr. Mohamed Ali
- 5.9%%
- Other
- 40.5%%
Strengths & Weaknesses
Strengths
- Government of Kerala Association: Inkel benefits from strong support by the Government of Kerala, including funding, partnerships with state undertakings like KINFRA and KSIDC, and land allotment for infrastructure development. GoK holds a 22.78% equity stake.
- Diverse Board of Directors: Inkel’s board includes members from both government and the local business community, ensuring a mix of governance and industry expertise.
- Comfortable Capital Structure: Inkel has a manageable debt level with a gearing ratio of 0.22x as of March 31, 2023, providing financial stability.
- Infrastructure Potential in Kerala: Kerala offers substantial opportunities for infrastructure development, particularly for small-scale export-oriented units and businesses in need of warehousing, office space, and processing facilities.
Weaknesses
- Revenue Volatility: Inkel’s revenue is affected by the project-based nature of its business, with fluctuations due to the completion of projects in its project management consultancy (PMC) and solar divisions. Regular inflows of new orders are crucial to stabilize earnings.
- Lower ROI from Joint Ventures: Inkel’s significant investments in joint ventures and partnerships have yielded low returns. Most of these investments have not yet generated substantial benefits, though a notable return is expected from Inkel-EKK Roads Pvt Ltd.
- Risk in Road Project: Inkel faces risks in its Hybrid Annuity Model (HAM)-based road project, with delays in achieving financial closure and exposure to a performance guarantee of Rs.85 crore to NHAI.
About Inkel Ltd
Incorporated in 2007, Inkel Limited is a public-private partnership initiative by the Government of Kerala (GoK), aimed at channeling private capital and expertise into large-scale infrastructure projects
Board of Directors
- Mr. P. Rajeeve - Chairman
- Dr. K. Ellangovan - Managing Director
- Mr. S. Harikishore, IAS - Director
- Mr. C. V. Rappai - Director
- Mr. Varghese Kurian - Director
- Mr. Mohamed Althaf - Director
- Mr. Jacob Kovoor Ninan - Independent Director
- Adv. Geethakumary P. S. - Independent Director
- Mr. Jayakrishnan Krishna Menon - Director
Senior Management
- CA Riju Thomas - CFO
- CS Baiju Thankayathil - Company Secretary
- Dr. K. Ellangovan - Managing Director