CESC Ltd.
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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 GENERATEDPower
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 9830.00 | 1092.96 | 44310.00 | 1066.05 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 1236.56 | 129.44 | 9711.08 | 42.41 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 3048.40 | 1282.62 | 11068.60 | 1527.23 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| CESC | 145.40 | 12.43 | 19273.79 | 4.13 | 419.00 | 3.71 | 5485.00 | 5.44 | 11.48 | 19.60 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 3,322 | 3,345 | 2,338 | 2,405 | 3,803 | 3,685 | 2,651 | 2,924 | 4,110 | 4,138 | 3,063 | 2,918 | 5,013 | |
| Operating Profit | 988 | 1,007 | 906 | 982 | 1,060 | 1,015 | 910 | 953 | 1,092 | 1,129 | 942 | 1,178 | 472 |
| 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% |
| 59 | 62 | 57 | 73 | 55 | 70 | 96 | 153 | 83 | 84 | 94 | 96 | 74 | |
| 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 |
| Profit before Tax | 439 | 461 | 364 | 419 | 492 | 462 | 362 | 467 | 508 | 565 | 385 | 653 | 546 |
| 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 Profit | 0 | 0 | 0 | 0 | 388 | 373 | 282 | 385 | 404 | 445 | 304 | 459 | 419 |
| 2.62 | 2.62 | 2.12 | 3.02 | 2.85 | 2.67 | 1.99 | 2.82 | 2.92 | 3.21 | 2.15 | 3.31 | 3.03 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,363 | 10,275 | 10,664 | 12,159 | 11,632 | 12,544 | 14,246 | 15,293 | 17,001 | 18,570 | 18,853 | |
| 5,585 | 7,267 | 7,761 | 8,952 | 8,391 | 9,524 | 11,973 | 13,025 | 14,157 | 14,951 | 15,132 | |
| Operating Profit | 2,778 | 3,008 | 2,903 | 3,206 | 3,240 | 3,020 | 2,274 | 2,268 | 2,845 | 3,619 | 3,721 |
| OPM % | 33.22% | 29.27% | 27.22% | 26.37% | 27.86% | 24.08% | 15.96% | 14.83% | 16.73% | 19.49% | 19.74% |
| 346 | 351 | 1,117 | 894 | 718 | 1,028 | 1,585 | 2,008 | 1,623 | 1,260 | 348 | |
| Interest | 1,482 | 1,411 | 1,432 | 1,484 | 1,340 | 1,248 | 1,241 | 1,377 | 1,479 | 1,532 | 1,309 |
| Depreciation | 715 | 751 | 764 | 848 | 867 | 885 | 878 | 1,217 | 1,205 | 1,228 | 1,214 |
| Profit before Tax | 976 | 1,246 | 1,893 | 1,768 | 1,752 | 1,915 | 1,739 | 1,683 | 1,783 | 2,119 | 2,149 |
| Tax % | 32.90% | 28.58% | 36.71% | 25.95% | 22.19% | 26.70% | 19.65% | 14.01% | 19.87% | 23.65% | 24.29% |
| Net Profit | 655 | 890 | 1,198 | 1,309 | 1,363 | 1,404 | 1,397 | 1,447 | 1,429 | 1,618 | 1,627 |
| EPS | 52.12 | 68.85 | 89.32 | 95.58 | 10.04 | 10.25 | 10.13 | 10.38 | 10.33 | 11.63 | — |
| 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
| 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 |
| Minority Interest | 1,210 | 69 | 82 | 365 | 396 | 434 | 479 | 540 | 593 | 659 |
| 10,477 | 8,287 | 8,841 | 9,278 | 9,740 | 10,263 | 10,777 | 11,312 | 11,877 | 12,397 | |
| 17,372 | 16,364 | 16,344 | 16,491 | 16,565 | 17,205 | 16,638 | 14,954 | 18,648 | 21,826 | |
| Trade Payables | 789 | 691 | 572 | 816 | 932 | 1,042 | 1,090 | 1,272 | 1,603 | 1,848 |
| 7,485 | 7,443 | 7,498 | 8,374 | 8,096 | 8,417 | 8,596 | 8,957 | 8,156 | 9,609 | |
| Total Liabilities | 37,465 | 32,986 | 33,470 | 35,457 | 35,862 | 37,493 | 37,712 | 37,168 | 41,010 | 46,470 |
| 26,570 | 23,798 | 23,593 | 24,676 | 24,135 | 23,153 | 22,763 | 22,068 | 22,784 | 22,777 | |
| Capital Work in Progress | 391 | 217 | 161 | 168 | 134 | 102 | 140 | 175 | 403 | 2,905 |
| 1,110 | 1,174 | 1,185 | 180 | 308 | 460 | 77 | 57 | 59 | 154 | |
| 845 | 583 | 700 | 720 | 598 | 659 | 880 | 878 | 724 | 698 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,256 | 2,425 | 2,416 | |
| Cash & Bank | 1,606 | 1,194 | 1,031 | 1,979 | 1,858 | 3,249 | 2,588 | 2,711 | 4,042 | 5,572 |
| 6,943 | 6,022 | 6,799 | 7,734 | 8,829 | 9,870 | 11,263 | 9,023 | 10,573 | 11,947 | |
| Total Assets | 37,465 | 32,986 | 33,470 | 35,457 | 35,862 | 37,493 | 37,712 | 37,168 | 41,010 | 46,470 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3,001 | 2,841 | 2,611 | 3,710 | 3,126 | 2,891 | 2,276 | 2,351 | 2,581 | 4,057 | |
| 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 | -1,642 | 1,337 | 1,205 |
| 402 | -247 | -130 | 723 | -423 | 1,313 | -1,024 | 146 | 906 | 2,027 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - CESC Limited has informed the Exchange about Schedule of meet
2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet
2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet
2026-09-10 - CESC Limited has informed the Exchange about Schedule of meet
2026-09-08 - CESC Limited has informed the Exchange about General Updates
2026-08-15 - CESC Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - CESC Limited has informed the Exchange about Copy of Newspaper Publication
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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CESC Ltd.
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