Platform	Last Traded Price	Min Quantity

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.

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	Govt. of Kerala	22.80%
	Bismi Holdings Limited	6.20%
	Shri. Yusuffali M A	17.00%
	Shri. Varghese Kurian	7.60%
	Dr. Mohamed Ali	5.90%
	Other	40.50%

Fundamentals

Quick Insights

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.

Market Cap-

PE Ratio-

EPS₹1.52

Dividend Yield-

Book Value₹11.97 Cr

Debt/Equity0.73

Price/Book-

Price/Sales-

Industry PE-

Sales₹97.64 Cr

Profit After Tax₹30.28 Cr

Share Capital₹177.81 Cr

Shares Outstanding-

ISININE308U01017

Sectorconstruction and renewable energy sectors

Symbol-

About Company

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

Quick Insights

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.

Market Cap-

PE Ratio-

EPS₹1.52

Dividend Yield-

Book Value₹11.97 Cr

Debt/Equity0.73

Price/Book-

Price/Sales-

Industry PE-

Sales₹97.64 Cr

Profit After Tax₹30.28 Cr

Share Capital₹177.81 Cr

Shares Outstanding-

ISININE308U01017

Sectorconstruction and renewable energy sectors

Symbol-

About Company

Strengths

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.

Weaknesses

Annual Reports

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Balance Sheet	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

Profit & Loss	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

Shareholding Pattern

Color	Shareholder	Holding
	Govt. of Kerala	22.80%
	Bismi Holdings Limited	6.20%
	Shri. Yusuffali M A	17.00%
	Shri. Varghese Kurian	7.60%
	Dr. Mohamed Ali	5.90%
	Other	40.50%

Board of Directors

Mr. P. RajeeveChairman

Dr. K. EllangovanManaging Director

Mr. S. Harikishore, IASDirector

Mr. C. V. RappaiDirector

Mr. Varghese KurianDirector

Mr. Mohamed AlthafDirector

Mr. Jacob Kovoor NinanIndependent Director

Adv. Geethakumary P. S.Independent Director

Mr. Jayakrishnan Krishna MenonDirector

Senior Management

CA Riju ThomasCFO

CS Baiju ThankayathilCompany Secretary

Dr. K. EllangovanManaging Director

Inkel Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses