CESC Ltd
CESC NSE
CESC Ltd
PowerNSE: CESC BSE: 500084 Integrated Power Utilities
Key Fundamentals
SmallcapIntegrated Power UtilitiesPowerMarket Cap
₹22,004 Cr
Volatility
Moderate
P/E Ratio
14.32
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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view CESC Ltd insights
53 extracted metrics + investor summaries across FY11–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
2- Stock is providing a good dividend yield of 3.58%.
- 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 claude-opus-4.6 2d agoAI 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 claude-opus-4.6 1h 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 the renewable pipeline.
- Q1FY27 PAT up 3% to ₹419cr Aug 15
CESC reported a 3% rise in profit after tax to ₹419 crore for Q1FY27, indicating steady earnings growth.
Neutral 3
- 48th AGM on September 11 Aug 15
CESC will hold its 48th AGM on September 11, 2026 via VC/OAVM with remote e-voting from September 8-10 and record date of September 4.
- 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, 2026 to deliberate on issuance of secured, unlisted, redeemable, rated Non-Convertible Debentures.
TL;DR: CESC is executing an aggressive renewable energy expansion through its subsidiary Purvah Green Power, with the ₹4,859 crore ReNew acquisition and 2000 MW wind award accelerating its path toward a 10 GW platform. Core earnings remain stable with Q1FY27 PAT growing 3% to ₹419 crore. No material headwinds are visible in recent news, though the large acquisition and potential NCD issuance suggest rising leverage. The trend is clearly improving as the company transitions toward a diversified clean energy portfolio.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Documents
3
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
14 Aug - Subsidiary Purvah received SECI LOA for 70 MW FDRE-RTC supply at Rs. 5.25/kWh for 25 years. 14 Aug - Subsidiary Purvah received SECI LOA for 70 MW FDRE-RTC supply at Rs. 5.25/kWh for 25 years.
5
Reg. 34 (1) Annual Report.
14 Aug - CESC issued FY2025-26 annual report; 48th AGM on September 11, 2026, with 600% dividend noted. 14 Aug - CESC issued FY2025-26 annual report; 48th AGM on September 11, 2026, with 600% dividend noted.
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 ₹22004.47 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 14.32. 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 3.64%. 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