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CESC Ltd.

•
cesc.co.inBSE: 500084NSE: CESC
Market Cap₹ 19,274 Cr.
Current Price
High / Low₹ 204 / 138
Stock P/E12.4
Book Value₹ 98
Price to Book1.59
Dividend Yield4.13 %
ROCE11.5 %
ROE13.2 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2018 • Power: 77.4% • Process Outsourcing: 13.3% • Retail: 8.3%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence
71%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.00x)
  • Company has been maintaining a healthy dividend payout of 51.6%
  • Company has a consistent dividend-paying track record
  • Company generates healthy free cash flow
  • Offers a healthy dividend yield of 4.1%

CONS

  • Company has a low return on capital employed of 11.8%
  • Company has delivered a poor profit growth of 3.5% over past five years
  • Recurring exceptional / one-off items are inflating headline profit
  • Expensive relative to growth - PEG of 2.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution
Part ofNIFTY TOTAL MKTNIFTY SMLCAP 50NIFTY 500NIFTY SMLCAP 250
S.No.Name
1.ADANIPOWER209.8528.39404689.320.004866.6047.2418901.8933.9717.7942.67
2.NTPC333.3011.64323189.882.706896.44-88.7150740.967.818.5233.23
3.POWERGRID269.1015.74250279.253.343598.42-0.8911496.722.689.7482.97
4.ADANIGREEN1282.00118.37211167.980.009830.001092.9644310.001066.059.9091.24
5.ADANIENSOL1373.7557.55168003.370.001236.56129.449711.0842.419.7131.27
6.TATAPOWER365.0030.19116629.890.681400.8610.9819051.265.6311.6321.53
7.JSWENERGY525.4548.9796340.350.38532.70-36.275207.131.248.5055.22
8.NHPC76.3020.1976643.622.111178.094.153808.3118.506.1661.80
9.NTPCGREEN86.90120.6473224.800.003048.401282.6211068.601527.233.7391.95
10.TORNTPOWER1298.2028.1565416.761.54661.85-10.758124.152.7514.3718.93
11.NLCINDIA264.2511.4236641.871.46436.33-48.014716.7523.2911.2732.83
12.CESC145.4012.4319273.794.13419.003.715485.005.4411.4819.60
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4,3104,3523,2443,3874,8634,7003,5613,8775,2025,2674,0054,0965,485
3,3223,3452,3382,4053,8033,6852,6512,9244,1104,1383,0632,9185,013
Operating Profit9881,0079069821,0601,0159109531,0921,1299421,178472
OPM %22.92%23.14%27.93%28.99%21.80%21.60%25.55%24.58%20.99%21.44%23.52%28.76%8.61%
596257735570961538384949674
Interest308305296325322328339335363337343317312
Depreciation300303303311301295305304304311308304291
Profit before Tax439461364419492462362467508565385653546
Tax %16.17%21.26%17.31%0.95%21.14%19.26%22.10%17.34%20.47%21.24%21.04%29.71%23.26%
Net Profit0000388373282385404445304459419
2.622.622.123.022.852.671.992.822.923.212.153.313.03

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8,36310,27510,66412,15911,63212,54414,24615,29317,00118,57018,853
5,5857,2677,7618,9528,3919,52411,97313,02514,15714,95115,132
Operating Profit2,7783,0082,9033,2063,2403,0202,2742,2682,8453,6193,721
OPM %33.22%29.27%27.22%26.37%27.86%24.08%15.96%14.83%16.73%19.49%19.74%
3463511,1178947181,0281,5852,0081,6231,260348
Interest1,4821,4111,4321,4841,3401,2481,2411,3771,4791,5321,309
Depreciation7157517648488678858781,2171,2051,2281,214
Profit before Tax9761,2461,8931,7681,7521,9151,7391,6831,7832,1192,149
Tax %32.90%28.58%36.71%25.95%22.19%26.70%19.65%14.01%19.87%23.65%24.29%
Net Profit6558901,1981,3091,3631,4041,3971,4471,4291,6181,627
EPS52.1268.8589.3295.5810.0410.2510.1310.3810.3311.63—
Dividend Payout %19.19%17.43%19.59%20.92%44.82%43.92%44.42%43.34%43.54%51.58%—

COMPOUNDED SALES GROWTH

10 Years:
4%
5 Years:
10%
3 Years:
9%

COMPOUNDED PROFIT GROWTH

10 Years:
10%
5 Years:
3%
3 Years:
5%

STOCK PRICE CAGR

10 Years:
11%
5 Years:
12%
3 Years:
19%
1 Year:
-10%

RETURN ON EQUITY

10 Years:
12%
5 Years:
13%
3 Years:
13%
Last Year:
13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 19

₹ 6

Rs.6.0000 per share(600%)Interim Dividend

2025

Oct 27

₹ 6

Rs.6.0000 per share(600%)Interim Dividend

2025

Jan 16

₹ 4.50

Rs.4.5000 per share(450%)Interim Dividend

2024

Feb 1

₹ 4.50

Rs.4.5000 per share(450%)Interim Dividend

2023

Feb 24

₹ 4.50

Rs.4.5000 per share(450%)Interim Dividend

2022

Jan 24

₹ 4.50

2021

Jan 22

₹ 4.50

Rs.45.0000 per share(450%)Interim Dividend

2020

Feb 18

₹ 2

Interim Dividend

2019

Feb 14

₹ 1.75

Interim Dividend

2018

Mar 8

₹ 1.20

Interim Dividend

2017

Feb 23

₹ 1

Interim Dividend

2016

Mar 17

₹ 1

Interim Dividend

2026

Aug 17

₹ 6

Rs.6.0000 per share(600%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital133133133133133133133133133133
Minority Interest1,2106982365396434479540593659
10,4778,2878,8419,2789,74010,26310,77711,31211,87712,397
17,37216,36416,34416,49116,56517,20516,63814,95418,64821,826
Trade Payables7896915728169321,0421,0901,2721,6031,848
7,4857,4437,4988,3748,0968,4178,5968,9578,1569,609
Total Liabilities37,46532,98633,47035,45735,86237,49337,71237,16841,01046,470
26,57023,79823,59324,67624,13523,15322,76322,06822,78422,777
Capital Work in Progress3912171611681341021401754032,905
1,1101,1741,185180308460775759154
845583700720598659880878724698
00000002,2562,4252,416
Cash & Bank1,6061,1941,0311,9791,8583,2492,5882,7114,0425,572
6,9436,0226,7997,7348,8299,87011,2639,02310,57311,947
Total Assets37,46532,98633,47035,45735,86237,49337,71237,16841,01046,470

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
3,0012,8412,6113,7103,1262,8912,2762,3512,5814,057
Cash from Investing-1,493-1,230-687-466-1,489-575-545-564-3,012-3,235
Cash from Financing-760-1,485-1,737-2,219-1,739-611-2,457-1,6421,3371,205
402-247-130723-4231,313-1,0241469062,027

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
52.1152.1152.1152.1152.1152.1152.1152.1152.11
13.5413.2812.3410.9910.9111.0711.8611.5911.45
22.6322.6323.7525.1025.3825.6525.6126.2426.14
0.010.010.010.010.010.010.010.010.01
11.6911.9511.7711.7611.5611.1410.3910.0410.27

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Shareholders meeting

2026-09-11 - CESC Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet

2026-09-08
General Updates

2026-09-08 - CESC Limited has informed the Exchange about General Updates

2026-08-15
Copy of Newspaper Publication

2026-08-15 - CESC Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14
Copy of Newspaper Publication

2026-08-14 - CESC Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14
Bagging/Receiving of orders/contracts

2026-08-14 - CESC Limited has informed the Exchange about Bagging/Receiving of orders/contracts

News

Recent coverage and analyst commentary for CESC

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