Kochi: Lulu Group Chairman M.A. Yusuffali has further increased his shareholding in Cochin International Airport Ltd (CIAL) by acquiring an additional 11 lakh shares, taking his stake in the airport company to 12.34 per cent.

Yusuffali's holding in CIAL increased from 12.11 per cent to 12.34 per cent during the 2025–26 financial year. His total shareholding rose from around 5.79 crore shares at the beginning of FY26 to 5.90 crore shares as of March 31, 2026.

The increase is particularly significant 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 of shares by the company. However, the identity of the shareholder or shareholders who sold the 11 lakh shares has not been disclosed in the company's annual report.

With the latest acquisition, Yusuffali has strengthened his position as CIAL's largest individual shareholder and second-largest shareholder overall, after the Government of Kerala.

The three largest shareholders in CIAL are:

• Government of Kerala – 33.38%
• M.A. Yusuffali – 12.34%
• N.V. George – 5.92%

Together, these three shareholders hold 51.64 per cent of CIAL.

Strong Financial Performance Boosts Investor Interest

Yusuffali's increased investment comes at a time when CIAL continues to report strong financial performance. During FY26, the company recorded total income of around ₹1,220 crore, while its profit after tax rose to approximately ₹502 crore, crossing the ₹500-crore mark.

The airport company also reduced its borrowings significantly, with debt falling from around ₹401 crore to ₹277 crore, representing a reduction of more than 30 per cent.

Although CIAL remains an unlisted company, its shares are reportedly being traded in the grey market at around ₹450 per share, compared with a book value of approximately ₹56 per share. This places the grey-market valuation at roughly eight times its book value, reflecting investor confidence in the company's profitability and future prospects.

Passenger Growth Supports Revenue

CIAL's financial performance has also been supported by increasing passenger traffic. The airport reduced its User Development Fee (UDF) from January 1, 2026, lowering the charge for domestic passengers from ₹270 to ₹230 and for international passengers from ₹570 to ₹480.

Despite the reduction in charges, higher passenger volumes helped CIAL increase its UDF revenue from around ₹232 crore in FY25 to ₹236 crore in FY26.

No Immediate IPO Plans

CIAL shareholders have repeatedly raised the possibility of listing the company on the stock exchanges. However, the company has indicated that an initial public offering is not currently on its immediate agenda, with regulatory requirements related to the debt-equity ratio among the factors affecting such a move.

Yusuffali's latest acquisition nevertheless underlines his continued confidence in Kerala's aviation infrastructure and in the long-term growth prospects of Cochin International Airport.

Apart from CIAL, Yusuffali also holds a significant stake in Kannur International Airport Ltd (KIAL), where he owns 8.59 per cent, making him the second-largest shareholder after the Government of Kerala.

The latest increase in his CIAL holding further strengthens M.A. Yusuffali's position as one of the most prominent private investors in Kerala's aviation sector.