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CESC Ltd

CESC NSE

Key Fundamentals

SmallcapIntegrated Power UtilitiesPower
Market Cap
₹22,415 Cr
Volatility
Moderate
P/E Ratio
14.33
EBITDA
₹3,447 Cr
Return on Equity
11.33%
Debt to Equity
1.73
Book Value
₹94.52
EPS
₹10.61
52W High
₹204.5
52W Low
₹138.12

Insights

Beta

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

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Technical Indicators

Key Insights

Strengths

2
  • Stock is providing a good dividend yield of 3.52%.
  • 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 12.0% 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
6.87% ↘
Net Income Growth
14.36% ↗
Cash Flow Change
9.79% ↗
ROE
-6.21% ↗
ROCE
-0.52% ↗
EBITDA Margin (Avg.)
-1.42% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

CESC Ltd trades at a market cap of Rs.21,586 Cr with a PE of 13.3x and offers a dividend yield of 3.69%. The company has delivered 9% compounded sales growth over three years and 16% TTM profit growth, though its ROE remains moderate at 12-13% and other income of Rs.1,260 Cr forms a notable portion of earnings.

Bull Case 7
  • Attractive dividend yield of 3.69% supported by a healthy payout ratio of 46.4%, indicating consistent cash return to shareholders
  • Reasonable valuation at PE of 13.3x and PB of 1.72x, which is modest for the power utility sector
  • TTM profit growth of 16% shows accelerating earnings momentum compared to the 5-year compounded profit CAGR of just 3%
  • Consistent ROE of 12-13% maintained over 3, 5, and 10-year periods demonstrates stable return generation without significant volatility
  • 3-year stock CAGR of 28% reflects strong market re-rating and investor confidence over the medium term
  • 5-year compounded sales growth of 10% indicates steady top-line expansion for a regulated utility business
  • Market cap of Rs.21,586 Cr provides reasonable liquidity and institutional-grade size for a power distribution utility
Bear Case 8
  • Other income of Rs.1,260 Cr is a significant contributor to earnings, raising questions about sustainability of core operating profit
  • 10-year compounded sales CAGR of only 4% reflects structurally slow top-line growth over the long term
  • 5-year compounded profit CAGR of just 3% suggests earnings growth has been largely stagnant over the medium term
  • ROE of 12% over 3 years is below the 15%+ threshold typically associated with high-quality compounders
  • Potential capitalization of interest costs may be inflating reported earnings and understating true operating expenses
  • 1-year stock CAGR of -1% indicates recent underperformance and possible near-term growth concerns among investors
  • 5-year sales growth of 9.81% is modest for a company operating in a sector with rising power demand across India
  • 52-week high and low data unavailable, limiting visibility into recent price volatility and trading range context

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 3
  • 1.4 GWp ReNew acquisition for ₹4,859cr Aug 10

    Subsidiary Purvah Green Power signed SPA to acquire 100% stake in six ReNew entities for ₹4,859 crore, adding 1.4 GWp operational renewable capacity and taking contracted capacity to 4.8 GWp.

  • 2000 MW wind award, 175 MW contract Aug 6

    Purvah Green Power received award for 2000 MW wind power project and signed a 25-year contract for 175 MW at ₹3.85/kWh, strengthening CESC's renewable pipeline.

  • Q1FY27 PAT up 3% to ₹419cr Aug 15

    CESC reported Q1FY27 PAT of ₹419 crore, a 3% year-on-year increase, indicating steady earnings growth in its regulated power business.

Neutral 3
  • 48th AGM on September 11 Aug 15

    CESC will hold its 48th AGM on September 11 via VC/OAVM with remote e-voting from September 8-10 and record date of September 4, 2026.

  • Investor conferences in Mumbai Aug 11

    CESC will participate in two physical investor conferences in Mumbai on August 14 and September 1, 2026.

  • NCD issue under consideration Jul 29

    Board Committee met on August 3 to deliberate issuance of secured, unlisted, redeemable, rated Non-Convertible Debentures, signalling potential debt fundraising.

TL;DR: CESC is aggressively scaling its renewable energy portfolio through Purvah Green Power, with the ₹4,859 crore ReNew acquisition and 2000 MW wind award accelerating progress toward a 10 GW platform. Core regulated business remains steady with modest 3% PAT growth. No material headwinds are visible, though the large acquisition size and potential NCD issuance suggest rising leverage. The trend is improving as the company transitions toward a diversified clean energy utility.

Quarterly Results

  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

  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
15,123
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
3,447
3,478
OPM %
18%
27%
34%
30%
27%
27%
28%
24%
16%
15%
17%
19%
18%
Other Income
153
116
475
454
1,163
842
665
1,013
1,584
2,000
1,618
1,260
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
1,360
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
1,782
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
1,428
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

  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
11,876
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
10,994
12,269
Total Liabilities
27,860
36,428
37,470
32,986
33,470
35,457
35,862
37,493
37,712
37,168
40,981
46,470
Fixed Assets
20,869
26,500
26,626
23,854
23,649
24,739
24,197
23,216
22,826
22,131
22,766
22,839
CWIP
410
505
392
217
161
168
134
102
140
175
427
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
17,728
20,572
Total Assets
27,860
36,428
37,470
32,986
33,470
35,457
35,862
37,493
37,712
37,168
40,981
46,470
Figures in ₹ Crores

Cash Flow

  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
2,582
4,057
Investing
-2,381
-1,220
-1,493
-1,606
-686
-466
-1,489
-575
-545
-564
-3,013
-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
131
Figures in ₹ Crores

Ratios

  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
-90
-126
ROCE %
8%
12%
10%
11%
14%
14%
13%
13%
11%
12%
11%
11%

Shareholding Pattern

As of Jun 2026
Promoters 52.11%
DIIs 26.14%
FIIs 11.47%
Public 7.98%
Others 2.29%
Government 0.01%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
49.92%
49.92%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
52.11%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
13.13%
0.00%
12.90%
13.56%
13.30%
12.36%
11.01%
10.93%
11.08%
11.88%
11.61%
11.47%
DIIs
23.23%
23.01%
22.34%
21.42%
20.36%
20.74%
21.44%
22.01%
21.76%
21.04%
20.07%
21.41%
21.13%
22.63%
22.63%
23.76%
25.10%
25.38%
25.65%
25.62%
26.23%
26.14%
Government
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
6.58%
7.79%
8.33%
8.94%
9.87%
9.59%
9.62%
10.16%
10.82%
11.53%
11.13%
10.96%
10.47%
8.81%
9.15%
8.92%
9.03%
8.82%
8.54%
7.98%
7.67%
7.98%
Others
20.26%
19.27%
17.21%
17.52%
17.66%
17.55%
16.81%
15.71%
15.29%
15.31%
3.55%
15.50%
3.37%
2.88%
2.81%
2.84%
2.73%
2.75%
2.61%
2.40%
2.37%
2.29%
No. of Shareholders
0
84,055
1,03,889
1,76,102
2,54,941
2,96,485
2,91,453
2,87,917
3,07,794
3,10,987
3,12,839
3,27,212
3,63,776
3,32,459
4,05,312
4,10,015
4,23,004
4,08,741
3,85,958
3,62,407
3,47,619
3,46,570

Documents

1
Concall - May 2017 May 2017
2
Concall - Jun 2017 Jun 2017
3
Concall - Aug 2017 Aug 2017
4
Concall - Sep 2017 Sep 2017
5
Concall - Nov 2017 Nov 2017

Frequently Asked Questions about CESC Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: CESC and BSE: 500084. You can view its live share price, financials, and ratios on Tapetide.
Which sector does CESC Ltd belong to?
CESC Ltd operates in the Power sector within the Integrated Power Utilities industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of CESC Ltd?
CESC Ltd has a market capitalisation of approximately ₹22415.40 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of CESC Ltd?
The Price-to-Earnings (PE) ratio of CESC Ltd is 14.33. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of CESC Ltd?
Over the past 52 weeks, CESC Ltd has traded between a low of ₹138.12 and a high of ₹204.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does CESC Ltd pay dividends?
Yes, CESC Ltd has a dividend yield of 3.52%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of CESC Ltd?
CESC Ltd has a Return on Equity (ROE) of 11.33%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research CESC Ltd on Tapetide?
On Tapetide, you can view CESC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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