CESC logo

CESC

CESC NSE

Key Fundamentals

SmallcapIntegrated Power UtilitiesPower
Market Cap
₹19,267 Cr
Volatility
Moderate
P/E Ratio
12.4
EBITDA
₹3,805 Cr
Return on Equity
12.26%
Debt to Equity
1.73
Book Value
₹94.52
EPS
₹10.61
52W High
₹204.5
52W Low
₹138.12

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is providing a good dividend yield of 4.13%.
  • 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 11.8% 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
8.93% lower than 3Y
Net Income Growth
13.21% higher than 3Y
Cash Flow Change
57.18% lower than 3Y
ROE
8.11% lower than 3Y
ROCE
1.25% higher than 3Y
EBITDA Margin (Avg.)
14.01% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

CESC Ltd trades at a market cap of ₹19,267 Cr with a PE of 12x and PB of 1.56x, offering a dividend yield of 4.07%. The company has delivered steady but modest growth with 10-year sales CAGR of 4% and profit CAGR of 8%, while maintaining a consistent ROE of around 12% over multiple timeframes.

Bull Case 7
  • Dividend yield of 4.07% is well above the broader market average, providing meaningful income to shareholders
  • Healthy dividend payout ratio of 46.4% indicates consistent capital return policy and confidence in cash flow generation
  • PE ratio of 12x is modest relative to the power sector, suggesting the stock is not priced for aggressive growth expectations
  • Consistent ROE of 12% across 1-year, 3-year, 5-year, and 10-year periods reflects stable return generation without significant volatility
  • TTM profit growth of 13% has accelerated compared to the 5-year compounded profit growth of just 2%, suggesting an improving earnings trajectory
  • 3-year stock CAGR of 20% indicates the market has recognised improving fundamentals over the medium term
  • TTM sales growth of 9% is in line with the 3-year CAGR of 9%, showing consistency in top-line momentum
Bear Case 8
  • 10-year compounded sales growth of only 4% reflects structurally slow top-line expansion for a power utility
  • Earnings include other income of ₹1,198 Cr, raising questions about the quality and sustainability of reported profits
  • 5-year compounded profit growth of just 2% indicates near-stagnant earnings over the medium term despite revenue growth of 10%
  • 3-year ROE of 11.8% is below the 15% threshold generally considered attractive, limiting the compounding potential for equity holders
  • Company may be capitalising interest costs, which could understate true operating expenses and overstate reported earnings
  • 1-year stock return of -8% shows recent underperformance and negative price momentum
  • 5-year sales growth of 9.81% is characterised as poor, and the 10-year figure of 4% suggests the business operates in a low-growth segment
  • PB ratio of 1.56x combined with a low ROE of ~12% implies the market is paying a premium relative to the returns the company generates on its book value

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 1
  • Q1FY27 PAT up 3% Aug 15

    CESC reported Q1FY27 PAT of ₹419 crore, a 3% year-on-year increase, indicating steady earnings growth in the power segment.

Neutral 2
  • Triple investor conference lineup Sep 10

    CESC will attend Morgan Stanley (Sep 16, virtual), CLSA (Hong Kong), and PL Capital (Mumbai) investor conferences in September 2026, signaling active institutional engagement.

  • 48th AGM on September 11 Aug 15

    CESC holds its 48th AGM on Sep 11, 2026 via VC/OAVM with remote e-voting from Sep 8-10 and a record date of Sep 4, 2026.

TL;DR: CESC is in a steady phase with modest 3% PAT growth in Q1FY27 and no notable negative developments. Active participation in three major investor conferences suggests management is focused on institutional outreach. No headwinds are visible in the current news flow, though the muted earnings growth warrants monitoring for acceleration in coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
14,947
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
3,624
3,478
OPM %
18%
27%
34%
30%
27%
27%
28%
24%
16%
15%
17%
20%
18%
Other Income
153
116
475
454
1,163
842
665
1,013
1,584
2,000
1,619
1,255
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
1,532
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
1,783
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
1,429
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
11,877
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
11,022
12,269
Total Liabilities
27,860
36,428
37,470
32,986
33,470
35,457
35,862
37,493
37,712
37,168
41,010
46,470
Fixed Assets
20,869
26,500
26,626
23,854
23,649
24,739
24,197
23,216
22,826
22,131
22,847
22,840
CWIP
410
505
392
217
161
168
134
102
140
175
403
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
17,701
20,570
Total Assets
27,860
36,428
37,470
32,986
33,470
35,457
35,862
37,493
37,712
37,168
41,010
46,470
Figures in ₹ Crores

Cash Flow

Particulars 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
2,581
4,057
Investing
-2,381
-1,220
-1,493
-1,606
-686
-466
-1,489
-575
-545
-564
-3,012
-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
124
Figures in ₹ Crores

Ratios

Particulars 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
-91
-128
ROCE %
8%
12%
10%
11%
14%
14%
13%
13%
11%
12%
11%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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62 extracted metrics + investor summaries across FY11–FY26.

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Shareholding Pattern

Others2.29%Govt.0.01%Promot.52.11%Public7.98%FIIs11.47%DIIs26.14%As ofJun 2026

Documents

Frequently Asked Questions about CESC

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 trades as CESC on the NSE and under code 500084 on the BSE.
Which sector does CESC Ltd belong to?
CESC Ltd is classified under the Power sector, in the Integrated Power Utilities industry.
What is the market capitalisation of CESC Ltd?
CESC Ltd has a market capitalisation of ₹19,267 Cr, which places it in the Mid Cap band.
What is the PE ratio of CESC Ltd?
CESC Ltd trades at a PE ratio of 12.40, on earnings per share of ₹10.61, against a book value of ₹94.52 per share.
What is the 52-week high and low of CESC Ltd?
Over the last 52 weeks CESC Ltd has traded between ₹138.12 and ₹204.5.
Does CESC Ltd pay dividends?
CESC Ltd has a dividend yield of 4.07%.
What is the Return on Equity (ROE) of CESC Ltd?
CESC Ltd reported a return on equity of 12.26%. Its debt-to-equity ratio is 1.73.

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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