CESC Ltd logo

CESC Ltd

CESC NSE

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

AI Verdict: BUY Confidence: 7%

CESC trades at an attractive PE of 13.9x with a healthy dividend yield of 3.52%, supported by 91.67% buy ratings from analysts. While sales growth remains modest at 9-10% CAGR, consistent ROE of 12-13% and a 3-year stock CAGR of 32% suggest the market is rewarding operational improvements.

Key Fundamentals

SmallcapIntegrated Power UtilitiesPower
Market Cap
₹22,523 Cr
Volatility
Moderate
P/E Ratio
14.47
EBITDA
₹3,447 Cr
Return on Equity
12.08%
Debt to Equity
1.39
Book Value
₹94.52
EPS
₹10.61
52W High
₹204.5
52W Low
₹138.12

Technical Indicators

Key Insights

Strengths

2
  • Stock is providing a good dividend yield of 3.54%.
  • 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.1,260 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 3d ago
BUY
Risk medium

CESC trades at an attractive PE of 13.9x with a healthy dividend yield of 3.52%, supported by 91.67% buy ratings from analysts. While sales growth remains modest at 9-10% CAGR, consistent ROE of 12-13% and a 3-year stock CAGR of 32% suggest the market is rewarding operational improvements.

Bull Case 8
  • Strong analyst consensus with 91.67% buy recommendations (11 out of 12 analysts rating Buy)
  • Attractive valuation at PE of 13.9x, well below the utility sector average, offering margin of safety
  • Healthy dividend yield of 3.52% with a sustainable payout ratio of 46.4%, providing reliable income
  • Impressive 3-year stock CAGR of 32% indicating strong re-rating momentum and investor confidence
  • Consistent ROE of 12-13% maintained over 3, 5, and 10-year periods showing stable capital efficiency
  • TTM profit growth of 16% outpacing sales growth of 9%, indicating margin expansion and operational leverage
  • 10-year stock CAGR of 14% demonstrates long-term wealth creation for patient investors
  • Market cap of Rs.22,605 Cr provides adequate liquidity and institutional participation
Bear Case 7
  • Poor long-term sales growth of only 4% CAGR over 10 years signals limited top-line expansion capability
  • Earnings quality concern with other income of Rs.1,260 Cr forming a significant portion of profits
  • Low ROE of 12% over 3 years indicates sub-optimal capital allocation for a regulated utility
  • 5-year compounded profit growth of only 3% suggests earnings stagnation in the medium term
  • Company might be capitalizing interest costs, potentially understating true operating expenses
  • 5-year sales growth of only 9.81% in a growing economy reflects structural demand constraints
  • Price-to-book ratio of 1.8x limits deep value appeal despite low PE multiple

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Neutral 4
  • Dotex holds 4.13L CESC shares Jun 22

    Dotex Merchandise Private Limited disclosed holding 413,350 shares in CESC Limited as of March 31, 2026, with no encumbrances during FY26.

  • Digidrive holds 1.54 crore shares Jun 12

    Digidrive Distributors Limited confirmed holding 1,54,49,880 shares in CESC Ltd with no encumbrance for FY ended March 31, 2026.

  • CESC at Macquarie investor meet Jun 10

    CESC Limited participated in an investor conference organized by Macquarie Capital on June 15, 2026, in Kolkata.

  • New Head of Regulatory Affairs Jun 3

    CESC appointed Rajeev Chowdhury as Head of Regulatory Affairs effective June 3, 2026, bringing 28 years of power sector experience.

TL;DR: Recent CESC news flow is entirely routine — shareholding disclosures, an investor conference attendance, and a senior regulatory appointment. There are no material headwinds or bullish catalysts in this batch. The appointment of an experienced regulatory head suggests continued focus on compliance and tariff matters, but no directional trend is evident from these updates alone.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,102
4,310
4,352
3,244
3,387
4,863
4,700
3,561
3,877
5,202
5,267
4,005
4,096
Expenses
2,589
3,586
3,706
2,898
2,977
4,492
3,804
2,951
3,065
4,338
4,206
3,226
3,353
Operating Profit
513
724
646
346
410
371
896
610
812
864
1,061
779
743
OPM %
17%
17%
15%
11%
12%
8%
19%
17%
21%
17%
20%
19%
18%
Other Income
547
323
423
617
645
744
189
396
293
311
156
257
531
Interest
289
308
305
296
325
322
328
339
335
363
337
343
317
Depreciation
221
300
303
303
311
301
295
305
304
304
311
308
304
PBT
550
439
461
364
419
492
462
362
466
508
569
385
653
Tax %
19%
16%
21%
17%
1%
21%
19%
22%
17%
20%
21%
21%
30%
Net Profit
445
368
363
301
415
388
373
282
385
404
448
304
459
EPS in Rs
3.27
2.62
2.63
2.12
3.02
2.85
2.66
2
2.81
2.92
3.23
2.15
3.31
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
18%
27%
34%
30%
27%
27%
28%
24%
16%
15%
17%
19%
Other Income
153
116
475
454
1,163
842
665
1,013
1,584
2,000
1,618
1,260
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
Depreciation
589
766
715
751
764
848
867
885
878
1,217
1,205
1,228
PBT
498
1,042
1,131
1,331
1,893
1,768
1,752
1,915
1,739
1,683
1,782
2,119
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
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
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 Mar 2026
Promoters 52.11%
DIIs 26.23%
FIIs 11.61%
Public 7.67%
Others 2.37%
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 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%
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%
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%
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%
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%
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%
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

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 Utilities sector within the Power 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 ₹22522.77 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 14.47. 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 3.54%. 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 12.08%. 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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