CESC logo

CESC

CESC NSE

Key Fundamentals

SmallcapIntegrated Power UtilitiesPower
Market Cap
₹17,544 Cr
Volatility
Low Risk
P/E Ratio
11.23
EBITDA
₹3,805 Cr
Return on Equity
12.26%
Debt to Equity
1.73
Book Value
₹94.52
EPS
₹10.61
52W High
₹204.5
52W Low
₹132.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is providing a good dividend yield of 4.56%.
  • Company has been maintaining a healthy dividend payout of 46.4%

Weaknesses

4
  • The company has delivered a poor sales growth of 9.81% over past five years.
  • Company has a low return on equity of 11.8% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.1,198 Cr.

Growth Rate

Revenue Growth
8.93% lower than 3Y
Net Income Growth
13.21% higher than 3Y
Cash Flow Change
57.18% lower than 3Y
ROE
8.11% lower than 3Y
ROCE
1.25% higher than 3Y
EBITDA Margin (Avg.)
14.01% lower than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk medium

CESC Ltd is an integrated power utility with a market capitalisation of about Rs 18,278 Cr. It trades at a P/E of 11.4x and a P/B of 1.48x, with a dividend yield of 4.29% backed by a 46.4% payout ratio. Sales have grown at 9-10% annually over 3 and 5 years, but profit growth has been weaker at 4% over 3 years and 2% over 5 years, and ROE has held flat at about 12% across every period shown. TTM profit growth of 13% is an improvement, though other income of Rs 1,198 Cr and possible interest capitalisation affect how much of that earnings base comes from core operations.

Bull Case 8
  • The dividend yield of 4.29% is high for listed Indian equities, which gives shareholders meaningful cash returns regardless of price movement.
  • A dividend payout ratio of 46.4% shows a steady habit of returning cash while still keeping roughly half of earnings for reinvestment.
  • A P/E of 11.4x is a modest multiple against the company's 12% ROE, which suggests the market is not pricing in high growth expectations.
  • A P/B of 1.48x means the market values the company at a limited premium to its book value, which matters for an asset-heavy regulated utility.
  • TTM profit growth of 13% is well above the 3-year (4%) and 5-year (2%) profit CAGRs, pointing to a possible recent improvement in earnings momentum.
  • Sales growth has picked up to 9% (3-year) and 10% (5-year) CAGR, compared with 4% over 10 years, which points to faster top-line expansion recently.
  • ROE has stayed at 12% across the 3-year, 5-year, 10-year and last-year periods, which indicates stable and predictable returns typical of a regulated distribution business.
  • The stock has delivered a 16% CAGR over 3 years and 11% over both 5 and 10 years, showing a record of long-term value compounding including before dividends.
Bear Case 8
  • Profit growth has lagged sales growth: 2% profit CAGR against 10% sales CAGR over 5 years, and 4% against 9% over 3 years. This indicates margin pressure or rising costs.
  • Other income of Rs 1,198 Cr makes up a sizeable share of reported earnings, so the headline P/E of 11.4x may understate the valuation of core operations.
  • The company may be capitalising interest costs, which can inflate reported profits and delay the P&L impact of financing expenses.
  • ROE of 11.8% over the last 3 years is modest and has not improved over the 10-year period, which limits the scope for re-rating.
  • The stock has fallen 14% over the past year, which reflects weaker market sentiment in the near term.
  • The 10-year sales CAGR of only 4% shows that long-run top-line growth has been limited, and 5-year sales growth of 9.81% is flagged as below par.
  • Debt-to-equity is not in the provided data. For a capital-intensive power utility that may be capitalising interest, leverage is a risk that cannot be measured from these figures.
  • A 46.4% payout ratio combined with low profit growth (2% 5-year CAGR) could limit how fast dividends can grow if capex needs rise.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

23h ago
Headwinds 2
  • Heavy capex raises leverage risk Sep 18

    The ₹35,000 crore capex plan to reach 10 GW of renewables by 2030 is large compared with FY26 net profit of ₹1,618 crore. That points to heavy debt funding and execution risk over the next four years.

  • Panihati sub-station fire Sep 14

    A fire hit CESC's Panihati Distribution Sub-station on September 13, 2026. The company restored 80% of supply within 2 hours and full supply within 3.5 hours, with no casualties, so the impact was limited but it shows operational risk.

Positives 2
  • FY26 profit up 13% Sep 18

    FY26 net profit rose 13% to ₹1,618 crore, driven by better distribution efficiency and stable generation. CESC also set a target of 10 GW renewable capacity by 2030.

  • First C&I wind PPA signed Sep 25

    Subsidiary Purvah Green Power signed a 25-year group captive PPA with Prism Johnson for a 49.5 MW wind project in Madhya Pradesh. Prism Johnson will invest up to ₹40 crore for a 26.5% stake in Kus Renewable, investment completion is due by October 31, 2027, and commercial operation is set for January 25, 2028.

Neutral 2
  • Secured NCD issue under review Sep 17

    A board committee will consider issuing secured, unlisted, redeemable, rated NCDs on September 22, 2026. This is likely part of funding the renewable capex plan.

  • September investor conference participation Sep 10

    CESC will join three investor conferences in September 2026, with virtual and physical meetings hosted by Morgan Stanley, CLSA and PL Capital.

TL;DR: CESC is building on a steady base: FY26 net profit rose 13% to ₹1,618 crore, helped by distribution efficiency and stable generation. Its first C&I wind PPA with Prism Johnson is an early step toward the 10 GW renewable target. The main risks are funding and executing the ₹35,000 crore capex plan, likely through more debt such as the planned NCDs, plus minor operational events like the Panihati fire. The trend looks better as the company moves toward renewables, and investors should watch for more PPA wins, the NCD terms and leverage levels as projects head toward 2028 commissioning.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,310
4,352
3,244
3,387
4,863
4,700
3,561
3,877
5,202
5,267
4,005
4,096
5,485
Expenses
3,586
3,706
2,898
2,977
4,492
3,804
2,951
3,065
4,338
4,206
3,226
3,353
4,590
Operating Profit
724
646
346
410
371
896
610
812
864
1,061
779
743
895
OPM %
17%
15%
11%
12%
8%
19%
17%
21%
17%
20%
19%
18%
16%
Other Income
323
423
617
645
744
189
396
293
311
156
257
531
254
Interest
308
305
296
325
322
328
339
335
363
337
343
317
312
Depreciation
300
303
303
311
301
295
305
304
304
311
308
304
291
PBT
439
461
364
419
492
462
362
466
508
569
385
653
546
Tax %
16%
21%
17%
1%
21%
19%
22%
17%
20%
21%
21%
30%
23%
Net Profit
368
363
301
415
388
373
282
385
404
448
304
459
419
EPS in Rs
2.62
2.63
2.12
3.02
2.85
2.66
2
2.81
2.92
3.23
2.15
3.31
3.03
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
11,067
12,124
8,363
10,275
10,664
12,159
11,632
12,544
14,246
15,293
17,001
18,570
18,853
Expenses
9,088
8,839
5,510
7,235
7,738
8,902
8,338
9,509
11,972
13,017
14,152
14,947
15,375
Operating Profit
1,979
3,285
2,854
3,040
2,926
3,257
3,293
3,035
2,274
2,276
2,849
3,624
3,478
OPM %
18%
27%
34%
30%
27%
27%
28%
24%
16%
15%
17%
20%
18%
Other Income
153
116
475
454
1,163
842
665
1,013
1,584
2,000
1,619
1,255
1,198
Interest
1,045
1,593
1,482
1,411
1,432
1,484
1,340
1,248
1,241
1,377
1,479
1,532
1,309
Depreciation
589
766
715
751
764
848
867
885
878
1,217
1,205
1,228
1,214
PBT
498
1,042
1,131
1,331
1,893
1,768
1,752
1,915
1,739
1,683
1,783
2,119
2,153
Tax %
40%
30%
28%
27%
37%
26%
22%
27%
20%
14%
20%
24%
—
Net Profit
299
729
810
975
1,198
1,309
1,363
1,404
1,397
1,447
1,429
1,618
1,630
EPS in Rs
1.5
4.51
5.21
6.88
8.93
9.56
10.04
10.25
10.13
10.38
10.33
11.63
11.72
Div. Payout %
60%
22%
19%
18%
20%
21%
45%
44%
45%
44%
44%
52%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
133
133
133
133
133
133
133
133
133
133
133
133
Reserves
5,896
10,470
10,489
8,287
8,841
9,278
9,740
10,263
10,777
11,312
11,877
12,397
Borrowings
14,202
14,877
15,599
14,578
14,479
13,991
14,277
14,961
14,263
14,544
17,978
21,671
Other Liabilities
7,629
10,947
11,248
9,988
10,017
12,055
11,712
12,136
12,539
11,179
11,022
12,269
Total Liabilities
27,860
36,428
37,470
32,986
33,470
35,457
35,862
37,493
37,712
37,168
41,010
46,470
Fixed Assets
20,869
26,500
26,626
23,854
23,649
24,739
24,197
23,216
22,826
22,131
22,847
22,840
CWIP
410
505
392
217
161
168
134
102
140
175
403
2,905
Investments
670
1,002
1,110
1,174
1,185
180
308
460
77
57
59
154
Other Assets
5,912
8,420
9,343
7,742
8,474
10,371
11,222
13,716
14,669
14,806
17,701
20,570
Total Assets
27,860
36,428
37,470
32,986
33,470
35,457
35,862
37,493
37,712
37,168
41,010
46,470
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
889
2,480
2,655
2,469
2,294
3,408
2,806
2,499
1,978
2,351
2,581
4,057
Investing
-2,381
-1,220
-1,493
-1,606
-686
-466
-1,489
-575
-545
-564
-3,012
-3,235
Financing
1,331
-1,181
-760
-1,485
-1,737
-2,219
-1,739
-611
-2,457
-1,642
1,337
1,205
Net Cash Flow
-161
80
402
-623
-130
723
-423
1,313
-1,024
146
906
2,027
Free Cash Flow
-1,051
1,255
1,205
1,587
1,462
2,495
2,132
1,729
1,288
1,586
729
148
CFO/OP
58
86
105
93
89
114
95
95
100
123
104
124
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
56
43
68
55
60
55
73
61
56
54
52
47
Cash Conversion Cycle
56
43
68
55
60
55
73
61
56
54
52
47
Working Capital Days
-98
-103
-123
-102
-109
-120
-66
-96
-89
-70
-91
-128
ROCE %
8%
12%
10%
11%
14%
14%
13%
13%
11%
12%
11%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.29%Govt.0.01%Promot.52.11%Public7.98%FIIs11.47%DIIs26.14%As ofJun 2026

Documents

Frequently Asked Questions about CESC

What does CESC Ltd do?
Incorporated in 1978, CESC Ltd is in the business of generation and distribution of Electricity[1]
Where is CESC Ltd (CESC) listed?
CESC Ltd trades as CESC on the NSE and under code 500084 on the BSE.
Which sector does CESC Ltd belong to?
CESC Ltd is classified under the Power sector, in the Integrated Power Utilities industry.
What is the market capitalisation of CESC Ltd?
CESC Ltd has a market capitalisation of ₹17,544 Cr, which places it in the Mid Cap band.
What is the PE ratio of CESC Ltd?
CESC Ltd trades at a PE ratio of 11.23, on earnings per share of ₹10.61, against a book value of ₹94.52 per share.
What is the 52-week high and low of CESC Ltd?
Over the last 52 weeks CESC Ltd has traded between ₹132.5 and ₹204.5.
Does CESC Ltd pay dividends?
CESC Ltd has a dividend yield of 4.48%.
What is the Return on Equity (ROE) of CESC Ltd?
CESC Ltd reported a return on equity of 12.26%. Its debt-to-equity ratio is 1.73.

Company Information

Incorporated in 1978, CESC Ltd is in the business of generation and distribution of Electricity[1]

Website cesc.co.in
CEO Mr. Vineet Sikka
Employees 5,688
Listed 1995-02-08
Face Value ₹ 1
Issued Size 1,32,55,70,430

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