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MARKET OVERVIEW – IPL AS A NEW INVESTMENT ASSET CLASS
• The Indian Premier League (IPL) has evolved into a global sports and business asset class, attracting attention not only from fans but also from global investors and family offices.
• According to the 2025 IPL Brand Valuation Study by Houlihan Lokey, the league’s enterprise value surged 12.9% to $18.5 billion, while its brand value jumped 13.8% to $3.9 billion.
Record-Breaking 2025 Viewership
IPL 2025 set new digital consumption records, with JioHotstar alone delivering a 35% YoY surge in engagement. The opening weekend (22–24 March) saw 1,370 million views.
• Top franchises such as Chennai Super Kings (CSK), Mumbai Indians (MI), and Royal Challengers Bengaluru (RCB) generate diversified revenues through:
- Title and jersey sponsorships
- Merchandising and licensed products
- Ticket sales and matchday income
- Digital rights and brand licensing
CHENNAI SUPER KINGS – A HIDDEN GEM
ABOUT THE COMPANY
• Founded: 2008
• Owner: Chennai Super Kings Cricket Ltd. (promoted by India Cements)
• Home Ground: M. A. Chidambaram Stadium, Chennai
• IPL Titles: 5 (2008, 2011, 2018, 2021, 2023) – tied for the most with Mumbai Indians
• Playoff Appearances: 12 out of 16 seasons – highest consistency in IPL history
• Estimated Fan Base: 45+ million
• Social Media Followers: 40+ million across platforms
CSK is widely regarded as the most consistent IPL team, led by iconic captain MS Dhoni, and maintains a loyal fan base translating directly into revenue stability, merchandise sales, and sponsorship value.
In FY2025, CSK registered a INR 148 crore PAT, has no debt, and continues to hold ample cash reserves—allowing CSK to be one of the only ongoing global sports franchises that contributes to earnings year in and year out.
STRONG FINANCIALS
| PARTICULARS | FY23 | FY24 | FY25 |
| Revenue | 325.30 | 723.28 | 704.28 |
| Revenue Growth | - | 122.34% | -2.6% |
| PAT | 13.78 | 201.49 | 148.32 |
| PAT % | 4.23% | 27.86% | 21.05% |
| EPS | 0.34 | 5.41 | 4.08 |
• EPS CAGR: ~246% over 2 years
• PAT CAGR: ~228% over 2 years
FINANCIALS COMPARISON – CSK A CLEAR WINNER
| PARTICULARS | CSK(FY25) | RCB(FY25) |
| Revenue | 704 | 514 |
| PAT | 148 | 140 |
| PAT Margin | 21.05% | 27% |
VALUATION SNAPSHOT
Chennai Super Kings (CSK) — one of the most successful and profitable franchises — appears to be significantly undervalued relative to peers such as Royal Challengers Bangalore (RCB).
INVESTMENT THESIS & OUTLOOK
• Valuation Gap: Current ~$900M vs RCB ~$2B — potential upside 1.5–2×.
• Exits are primarily expected through buyouts, while investors may also choose to remain invested and benefit from future upside. An IPO is not the intended exit mechanism; however, if it takes place, it would act as the final exit option.
Conclusion: CSK combines cash-rich, debt-free operations, strong brand loyalty, and consistent profitability with a significant valuation gap, making it a hidden gem for investors.