Key Metrics of Cial Infrastructures Limited
About Cial Infrastructures Limited
Sectors
Company details
- Registered office
- Cochin International Airport Buildings, Nedumbasserry,, Ernakulam, In-kl, 683111
Operational Areas of Cial Infrastructures Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 20 Apr 2026 | ICRA | Reaffirmed | A+ | — | Stable | ₹190 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Long-term PPAs for all the plants that cover full debt tenure
CIL has mitigated revenue risk through its long -term PPAs for its entire operational capacity, comprising 39 MWp solar plants at the airport premises and an 11 MWp solar plant at Payyannur contracted with CIAL , respectively, and the 4.5 MW Arippara small hydroelectric project tied up with KSEBL, with the PPAs covering the full tenure of the associated debt.
+ Strong financial profile
CIL’s financial profile is strong, characterised by robust cash accruals and healthy debt coverage indicators.
+ Strong parent profile
CIL is a wholly owned subsidiary of CIAL, and the rating factors in ICRA’s expectations that CIAL would be willing to extend financial support to CIL, should there be a need, given the high strategic importance that CIL holds for CIAL in meeting the latter’s diversification objectives.
Credit challenges
− Relatively weaker counterparty for Arippara SHEP plant
CIL had signed a long-term PPA for the Arippara SHEP plant for a period of 30 years ending October 2044 at a tariff of Rs. 4.30/unit with KSEBL, which is a weaker counterparty compared to CIAL.
Could lead to an upgrade
The rating could be upgraded if there is a sustained improvement in the power generation and revenues and reinstallation of solar power plant at airport premises to its full capacity, while maintaining healthy coverage metrics and
Could lead to a downgrade
Pressure on CIL’s rating could arise if there is any significant under-performance of operational projects, or any significant capex, impacting its
Agency-reported financials (ICRA, 20 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹41.10 Cr | ₹35.30 Cr |
| PAT | ₹10.90 Cr | ₹8.20 Cr |
| OPBDIT/OI | 80.5% | 77.9% |
| PAT/OI | 26.4% | 23.1% |
| Total outside liabilities/Tangible net worth (times) | 0.40× | 0.30× |
| Total debt/OPBDIT (times) | 2.20× | 2.40× |
| Interest coverage (times) | 5.50× | 5.10× |
| Revenue growth (YoY) | — | −14.1% |
| EBITDA (margin × income) | ₹33.09 Cr | ₹27.50 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹72.80 Cr | ₹66.00 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹6.02 Cr | ₹5.39 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term – Fund Based – Term Loans | Term loans | ₹185 Cr | ₹185 Cr | 0.0% | A+ (Stable) | Reaffirmed | ICRA |
| Long Term – Fund Based – Working Capital Limits | Working capital & bank lines | ₹5.00 Cr | ₹5.00 Cr | 0.0% | A+ (Stable) | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 58% |
| Information on file | 44% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 59% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 5.1×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The company’s liquidity position is adequate, with unencumbered cash and liquid balances of around Rs. 65 crore as on December 31, 2025.
From the report
It has repayment obligations of Rs. 9.1 crore in FY2027, which can be comfortably serviced through estimated cash flow from operations and the available liquidity.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Cial Infrastructures Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.