Lulu Group chairman MA Yusuffali has raised his holding in Cochin International Airport Ltd (CIAL) by acquiring an additional 11 lakh shares, taking his stake from 12.11% to 12.34%.
According to CIAL’s latest shareholding data, Yusuffali’s holding increased from about 5.79 crore shares at the beginning of FY26 to 5.90 crore shares as of March 31, 2026.
The increase is notable because CIAL’s paid-up share capital remained unchanged at 47.82 crore shares during the period. This indicates that the additional shares were acquired from existing shareholders rather than through a fresh issue by the company.
CIAL’s annual report, however, does not disclose the identity of the shareholder or shareholders who sold the 11 lakh shares.
Yusuffali is now CIAL’s second-largest shareholder overall and its largest individual shareholder.
The three largest shareholders are:
Government of Keralam — 33.38%
MA Yusuffali — 12.34%
NV George — 5.92%
Together, the three hold 51.64% of CIAL.
Yusuffali also has a significant holding in Kannur International Airport Ltd (KIAL), where he owns 8.59%. He is the second-largest shareholder after the Government of Keralam, which holds 39.23%.
KIAL, which began operations in December 2018, has yet to turn profitable. Although its losses narrowed in FY25, the airport company reported a consolidated loss of around ₹94 crore.
CIAL is not listed on the stock exchanges, but its shares are actively traded in the grey market.
The shares are currently changing hands at around ₹450, compared with a book value of about ₹56. This puts the grey-market valuation at roughly eight times the company’s book value.
The premium reflects the strong financial performance of CIAL in FY26.
CIAL recorded significant growth in both revenue and profitability during FY26.
Key financial figures include:
Revenue rose to ₹1,220 crore.
Net profit (PAT) reached ₹502 crore.
Profit crossed the ₹500-crore mark for the first time in CIAL’s history.
Debt declined from ₹401 crore to ₹277 crore.
The reduction in debt was more than 30%.
The company also managed to increase revenue from the airport user development fee (UDF) despite reducing the charges for passengers.
From January 1, 2026, CIAL reduced the User Development Fee (UDF) for domestic passengers from ₹270 to ₹230 and for international passengers from ₹570 to ₹480.
Despite the lower rates, rising passenger traffic helped the company increase UDF revenue from ₹232 crore in FY25 to ₹236 crore in FY26.
The increase highlights the impact of higher passenger volumes on the airport’s revenue performance.
CIAL shareholders have repeatedly raised the possibility of listing the airport company’s shares on the stock exchanges at annual general meetings.
However, the company has indicated that an initial public offering (IPO) is not currently on its agenda. Regulatory requirements relating to the company’s debt-equity ratio remain one of the factors cited in this regard.
For now, CIAL remains an unlisted company, even as its improving profitability and strong grey-market valuation continue to attract investor interest.