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The Chennai Super Kings is not only an established IPL team but also a big player in the Indian Unlisted Share Market. Established in 2008, the CSK is one of the most successful IPL franchises and has drawn investors with its impressive financial record and unlisted share growth.
Although the Royal Challengers Bangalore (RCB) won the IPL 2025 season, CSK is still one of the most valued IPL teams, along with the RCB and Mumbai Indians. But in FY 24-25, we witnessed a financial decline of CSK for the first time in the last 5 years. Let's understand the latest financial performance of CSK.
Financial Results FY 24-25 Analysis
Particulars (In Rs Crores) | FY 22-23 | FY 23-24 | FY 24-25 |
Revenue From Operations | 306 | 695 | 673.8 |
Total Income | 325 | 723 | 704 |
Operating EBITDA | 475 | 291 | 191 |
PAT | 13.8 | 201.5 | 148.3 |
EPS | 0.4 | 6.1 | 4.08 |
A)Revenue Growth
In FY 23, CSK reported revenue from operations of Rs 306 cr., which surged to Rs 695 cr. in FY 24,a massive 127% increase. However, in FY 25, revenue dipped slightly to Rs 673.8 cr., reflecting a 3% decline compared to FY 24, though still more than double FY 23 levels.
B)EBITDA
Operating EBITDA stood at Rs 475 cr. in FY 23 but fell to Rs 291 cr. in FY 24 ,a 39% drop. In FY 25, it declined further to Rs 191 cr., marking a 34% decrease year-on-year. This steady decline highlights margin pressure despite strong topline growth.
C)Profit After Tax (PAT)
PAT grew significantly from Rs 13.8 cr. in FY 23 to Rs 201.5 cr. in FY 24, an extraordinary 1,360% increase. In FY 25, PAT stood at Rs 148.3 cr., representing a 26% decline from the previous year but still more than 10x higher than FY 23.
D)Earnings Per Share (EPS):
EPS jumped from Rs 0.4 in FY 23 to Rs 6.1 in FY 24 , a 1,425% rise. In FY 25, EPS moderated to Rs 4.08, a 33% decline compared to FY 24, but still far ahead of FY 23 levels.
All these indicators can make investors cautious before investing in the CSK Unlisted Shares.
Cash Flow Increased, But Not From Operations
Cash Flow | (In Rs Crores) | |
FY 25 | FY 24 | |
Net Cash Inflow from Operating Activities | 206.3 | 329.6 |
Net cash outflow from investing activities | 74.61 | 180.81 |
Net cash outflow from financing activities | 37.90 | (7.56) |
Net Cash Flow | 169.6 | 141.23 |
Operating Cash Flow (OCF)
Fell from Rs 329.6 cr. in FY24 to Rs 206.3 cr. in FY25 (37%). The core business (match revenue, sponsorships, merchandise, etc.) is generating less cash compared to last year.
Investing Cash Flow (ICF):
Outflow reduced from Rs 180.81 cr. in FY24 to Rs 74.61 cr. in FY25. This means CSK spent less on investments (maybe fewer long-term investments, capex, or treasury placements).
Financing Cash Flow (FCF):
In FY24, there was a net inflow (–7.56 cr. means they raised more than they repaid), while in FY25 there was an outflow of Rs 37.9 cr. (repayments/dividends). Indicates some money went out to shareholders or debt repayment.
Net Cash Flow:
Despite a weaker OCF, overall net cash flow rose from Rs 141.23 cr. in FY24 to Rs 169.6 cr. in FY25 (+20%). This increase came mainly from lower investment outflows, not stronger operations.
CSK Unlisted Share Price Fell 20% In 1 Year
In Sept 24, the CSK Pre IPO Share price was trading around Rs 250 per share. But in the last year, the share price fell to trading at Rs 179 per share on Aug 25. Currently, the share is trading at Rs 200 per share. This decrease in financials and share price can be directly related to the reduced operational performance and brand value of CSK.
Moreover, MS Dhoni is a significant factor for the CSK brand, but gave substandard performances in the last few IPL seasons, which could have harmed the brand in sponsorships, following and valuation of the franchise.
Many investors are wondering whether CSK will be strong in 2025? The financials and cash flows could be a slump in CSK's performance, but investors are still hopeful that the CSK decision makers will find solutions for the operational and growth issues to bring the franchise on track
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