CESC Ltd.

•

cesc.co.inBSE: 500084NSE: CESC

Market Cap₹ 19,844 Cr.

Current Price

High / Low₹ 204 / 138

Stock P/E23.0

Book Value₹ 75

Price to Book2.05

Dividend Yield4.01 %

ROCE10.1 %

ROE8.7 %

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

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.59x)
Working capital cycle has improved - days down from 88 to 27
Company has a consistent dividend-paying track record
Company generates healthy free cash flow
Offers a healthy dividend yield of 4.0%

CONS

Recent results are weak - TTM profit is down 16.1% versus prior year
Company has a low return on capital employed of 9.9%
Company has a low return on equity of 8.2% over last 3 years
Company has delivered a poor profit growth of 0.9% over past five years
Recurring exceptional / one-off items are inflating headline profit
Company has delivered a poor sales growth of 7.1% over past five years

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

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY TOTAL MKT NIFTY SMLCAP 50 NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	ADANIPOWER	214.50	29.02	413656.70	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.25	11.64	323141.40	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	265.95	15.56	247349.56	3.38	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1314.20	121.34	216471.89	0.00	9830.00	1092.96	44310.00	1066.05	9.90	91.24
5.	ADANIENSOL	1421.90	59.57	173891.90	0.00	1236.56	129.44	9711.08	42.41	9.71	31.27
6.	TATAPOWER	369.00	30.52	117908.03	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	534.65	49.83	98027.15	0.37	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.80	20.32	77145.87	2.10	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	88.02	122.20	74168.55	0.00	3048.40	1282.62	11068.60	1527.23	3.73	91.95
10.	TORNTPOWER	1304.15	28.28	65716.58	1.53	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	271.45	11.73	37640.25	1.42	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	CESC	149.70	12.79	19843.79	4.01	419.00	3.71	5485.00	5.44	11.48	19.60

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,525	2,448	1,819	1,814	2,860	2,639	1,938	2,147	2,862	2,676	2,024	2,170	2,983
	1,971	1,836	1,267	1,274	2,225	2,021	1,354	1,543	2,240	2,024	1,474	1,528	2,727
Operating Profit	554	612	552	540	635	618	584	604	622	652	550	642	256
OPM %	21.94%	25.00%	30.35%	29.77%	22.20%	23.42%	30.13%	28.13%	21.73%	24.36%	27.17%	29.59%	8.58%
	21	47	22	33	21	45	49	66	44	53	56	54	41
Interest	181	176	177	205	207	215	228	216	224	222	217	207	193
Depreciation	179	178	180	183	175	169	174	176	169	169	170	170	141
Profit before Tax	215	305	217	185	274	279	231	278	273	314	219	319	297
Tax %	20.93%	24.59%	21.66%	-10.81%	29.93%	21.86%	25.54%	21.58%	22.71%	22.93%	19.63%	30.09%	25.93%
Net Profit	170	230	170	205	192	218	172	218	211	242	176	223	220
	1.28	1.73	1.28	1.56	1.45	1.65	1.29	1.64	1.59	1.83	1.33	1.69	1.66

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	7,220	7,786	7,754	7,836	6,921	7,294	7,973	8,606	9,584	9,732	9,853
	5,558	6,074	6,309	6,341	5,685	6,086	6,686	7,726	8,148	7,664	7,753
Operating Profit	1,662	1,712	1,445	1,495	1,237	1,208	1,287	880	1,436	2,068	2,100
OPM %	23.02%	21.99%	18.63%	19.08%	17.87%	16.57%	16.14%	10.23%	14.99%	21.25%	21.31%
	396	408	744	721	689	917	968	1,619	1,316	742	204
Interest	558	592	574	650	616	611	715	857	996	1,007	839
Depreciation	401	426	433	448	463	471	480	720	694	678	650
Profit before Tax	1,099	1,102	1,183	1,119	847	1,044	1,060	922	1,062	1,125	1,149
Tax %	21.65%	21.56%	20.77%	17.96%	3.89%	21.88%	21.65%	15.95%	24.67%	24.23%	25.07%
Net Profit	861	865	937	918	814	816	830	775	800	852	861
EPS	65.09	65.01	70.69	69.23	6.14	6.16	6.26	5.85	6.03	6.43	—
Dividend Payout %	15.40%	18.40%	24.76%	28.89%	73.24%	73.12%	71.84%	76.98%	74.58%	93.34%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 7%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 0%
5 Years:: 1%
3 Years:: 1%

STOCK PRICE CAGR

10 Years:: 12%
5 Years:: 12%
3 Years:: 17%
1 Year:: -8%

RETURN ON EQUITY

10 Years:: 8%
5 Years:: 8%
3 Years:: 8%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	13,191	9,314	9,631	9,905	9,844	9,822	9,831	9,755	9,752	9,584
	7,660	7,707	7,797	8,552	9,360	10,360	10,383	10,144	12,499	11,670
Trade Payables	377	488	619	597	782	556	725	1,115	1,778	3,350
	7,070	8,388	7,909	7,765	7,539	7,135	7,188	7,205	6,051	6,638
Total Liabilities	28,431	26,030	26,089	26,952	27,658	28,005	28,260	28,351	30,213	31,375
	14,814	14,731	14,680	14,747	14,374	14,190	13,929	13,392	12,949	12,679
Capital Work in Progress	188	127	67	89	66	43	64	78	95	232
	4,592	4,700	4,943	4,446	5,074	5,016	5,063	5,220	6,381	6,407
	379	387	383	387	380	434	502	513	398	386
	0	0	0	0	0	0	0	1,231	1,394	1,401
Cash & Bank	924	723	624	1,413	957	1,275	828	1,134	1,008	1,536
	7,534	5,362	5,393	5,870	6,806	7,047	7,874	6,782	7,988	8,732
Total Assets	28,431	26,030	26,089	26,952	27,658	28,005	28,260	28,351	30,213	31,375

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,888	1,734	1,431	1,447	982	939	1,416	1,039	1,821	3,426
Cash from Investing	-1,708	-1,042	-662	-114	-1,065	-379	-380	-563	-2,658	-634
Cash from Financing	112	-734	-672	-440	-243	-22	-1,280	-209	605	-2,251
	90	-202	-114	729	-498	308	-464	266	-232	541

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
52.11	52.11	52.11	52.11	52.11	52.11	52.11	52.11	52.11
13.54	13.28	12.34	10.99	10.91	11.07	11.86	11.59	11.45
22.63	22.63	23.75	25.10	25.38	25.65	25.61	26.24	26.14
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
11.69	11.95	11.77	11.76	11.56	11.14	10.39	10.04	10.27

Documents

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

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

2026-08-14

Shareholders meeting

2026-08-14 - CESC Limited has informed the Exchange regarding Notice and Annual Report of Annual General Meeting to be held on September 11, 2026

2026-08-13

General Updates

2026-08-13 - CESC Limited has informed the Exchange about Investor Update

2026-08-13

Record Date

2026-08-13 - CESC Limited has informed the Exchange that Record date for the purpose of Interim Dividend is 19-Aug-2026.

2026-08-13

Outcome of Board Meeting

2026-08-13 - CESC Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-13

Dividend

2026-08-13 - CESC Limited has informed the Exchange that Board of Directors at its meeting held on August 13, 2026, declared Interim Dividend of Rs. 6 per equity share.

News

Recent coverage and analyst commentary for CESC

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CESC Ltd.

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Name

ADANIPOWER

214.50

29.02

413656.70

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.25

11.64

323141.40

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

265.95

15.56

247349.56

3.38

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1314.20

121.34

216471.89

0.00

9830.00

1092.96

44310.00

1066.05

9.90

91.24

ADANIENSOL

1421.90

59.57

173891.90

0.00

1236.56

129.44

9711.08

42.41

9.71

31.27

TATAPOWER

369.00

30.52

117908.03

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

534.65

49.83

98027.15

0.37

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.80

20.32

77145.87

2.10

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

88.02

122.20

74168.55

0.00

3048.40

1282.62

11068.60

1527.23

3.73

91.95

TORNTPOWER

1304.15

28.28

65716.58

1.53

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

271.45

11.73

37640.25

1.42

436.33

-48.01

4716.75

23.29

11.27

32.83

CESC

149.70

12.79

19843.79

4.01

419.00

3.71

5485.00

5.44

11.48

19.60

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

2,525

2,448

1,819

1,814

2,860

2,639

1,938

2,147

2,862

2,676

2,024

2,170

2,983

1,971

1,836

1,267

1,274

2,225

2,021

1,354

1,543

2,240

2,024

1,474

1,528

2,727

Operating Profit

554

612

552

540

635

618

584

604

622

652

550

642

256

OPM %

21.94%

25.00%

30.35%

29.77%

22.20%

23.42%

30.13%

28.13%

21.73%

24.36%

27.17%

29.59%

8.58%

Interest

181

176

177

205

207

215

228

216

224

222

217

207

193

Depreciation

179

178

180

183

175

169

174

176

169

170

141

Profit before Tax

215

305

217

185

274

279

231

278

273

314

219

319

297

Tax %

20.93%

24.59%

21.66%

-10.81%

29.93%

21.86%

25.54%

21.58%

22.71%

22.93%

19.63%

30.09%

25.93%

Net Profit

170

230

170

205

192

218

172

218

211

242

176

223

220

1.28

1.73

1.28

1.56

1.45

1.65

1.29

1.64

1.59

1.83

1.33

1.69

1.66

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

7,220

7,786

7,754

7,836

6,921

7,294

7,973

8,606

9,584

9,732

9,853

5,558

6,074

6,309

6,341

5,685

6,086

6,686

7,726

8,148

7,664

7,753

Operating Profit

1,662

1,712

1,445

1,495

1,237

1,208

1,287

880

1,436

2,068

2,100

OPM %

23.02%

21.99%

18.63%

19.08%

17.87%

16.57%

16.14%

10.23%

14.99%

21.25%

21.31%

396

408

744

721

689

917

968

1,619

1,316

742

204

Interest

558

592

574

650

616

611

715

857

996

1,007

839

Depreciation

401

426

433

448

463

471

480

720

694

678

650

Profit before Tax

1,099

1,102

1,183

1,119

847

1,044

1,060

922

1,062

1,125

1,149

Tax %

21.65%

21.56%

20.77%

17.96%

3.89%

21.88%

21.65%

15.95%

24.67%

24.23%

25.07%

Net Profit

861

865

937

918

814

816

830

775

800

852

861

EPS

65.09

65.01

70.69

69.23

6.14

6.16

6.26

5.85

6.03

6.43

—

Dividend Payout %

15.40%

18.40%

24.76%

28.89%

73.24%

73.12%

71.84%

76.98%

74.58%

93.34%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

133

13,191

9,314

9,631

9,905

9,844

9,822

9,831

9,755

9,752

9,584

7,660

7,707

7,797

8,552

9,360

10,360

10,383

10,144

12,499

11,670

Trade Payables

377

488

619

597

782

556

725

1,115

1,778

3,350

7,070

8,388

7,909

7,765

7,539

7,135

7,188

7,205

6,051

6,638

Total Liabilities

28,431

26,030

26,089

26,952

27,658

28,005

28,260

28,351

30,213

31,375

14,814

14,731

14,680

14,747

14,374

14,190

13,929

13,392

12,949

12,679

Capital Work in Progress

188

127

232

4,592

4,700

4,943

4,446

5,074

5,016

5,063

5,220

6,381

6,407

379

387

383

387

380

434

502

513

398

386

1,231

1,394

1,401

Cash & Bank

924

723

624

1,413

957

1,275

828

1,134

1,008

1,536

7,534

5,362

5,393

5,870

6,806

7,047

7,874

6,782

7,988

8,732

Total Assets

28,431

26,030

26,089

26,952

27,658

28,005

28,260

28,351

30,213

31,375

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

1,888

1,734

1,431

1,447

982

939

1,416

1,039

1,821

3,426

Cash from Investing

-1,708

-1,042

-662

-114

-1,065

-379

-380

-563

-2,658

-634

Cash from Financing

112

-734

-672

-440

-243

-22

-1,280

-209

605

-2,251

-202

-114

729

-498

308

-464

266

-232

541

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.11

13.54

13.28

12.34

10.99

10.91

11.07

11.86

11.59

11.45

22.63

23.75

25.10

25.38

25.65

25.61

26.24

26.14

0.01

11.69

11.95

11.77

11.76

11.56

11.14

10.39

10.04

10.27

CESC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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CESC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI