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CESC

CESC NSE
₹130.94 No trade today
P/E
11.17
View as Markdown
MCP
Close 4 Nov 2026 ₹130.94 −44.66 −25.4% 1Y
Start ₹175.60

Key Fundamentals

SmallcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.90%
Debt to Equity
1.73
EPS (TTM)
₹11.72
Book Value
₹94.52
Market Cap
—
P/E (TTM)
11.17
P/B
1.39
ROE
12.00%
Dividend Yield
4.67%
EBITDA
₹3,805 Cr
52W High
₹204.50
52W Low
₹122.15
Volume
0

Peer Comparison

Utilities › Power › Integrated Power Utilities

CESC peer comparison
Adani Power
₹201.7121.34₹3,86,658 Cr5.070.00%21.10%17.20%₹65,015 Cr₹18,645 Cr
Tata Power
₹360.0029.75₹1,14,233 Cr2.910.70%10.20%10.50%₹63,445 Cr₹5,256 Cr
Torrent Power
₹1,234.4026.77₹61,139 Cr3.261.66%12.50%13.70%₹29,184 Cr₹2,390 Cr
CESC (this company)
₹130.9411.17₹17,179 Cr1.394.67%12.00%10.90%₹18,853 Cr₹1,630 Cr
Reliance Infrastructure
₹49.130.62₹1,961 Cr0.120.00%14.30%15.40%₹20,877 Cr₹5,300 Cr
DPSC
₹6.3148.54₹634 Cr0.690.78%1.45%3.49%₹771 Cr₹13 Cr
Median 6 companies₹166.3324.06₹39,159 Cr2.150.74%12.25%12.30%₹25,031 Cr₹3,823 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

49 Average

Data confidence 100/100

Category scores

Quality
63
Good
Returns, margins, earnings quality 22% weight
Valuation
76
Strong
Cheap vs sector & own history 24% weight
Growth
41
Weak
Sales & profit trajectory 9% weight
Financial Health
26
Poor
Solvency, leverage, coverage 9% weight
Momentum
16
Poor
Trend strength, vol-adjusted 12% weight
Ownership
35
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Stock is providing a good dividend yield of 4.81%.
  • 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
47.63
Neutral
MACD (12,26,9)
−3.39
Bullish
SMA (50)
138.28
Bearish
SMA (200)
157.91
Bearish

As of

Analyst Rating

Based on 11 analysts
BUY100%

11 of 11 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
11
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+4.36%
5Y+9.81%
3Y+9.24%
1Y+9.23%
TTM+8.73%

Net profit

Net profit growth by window
10Y+8.30%
5Y+3.49%
3Y+5.02%
1Y+13.23%
TTM+12.88%

Operating cash flow

Operating cash flow growth by window
10Y+5.04%
5Y+7.65%
3Y+27.06%
1Y+57.19%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−7.58 pp
5Y−8.79 pp
3Y+3.56 pp
1Y+2.76 pp
TTM+0.10 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,363 Cr
Mar 2018₹10,275 Cr
Mar 2019₹10,664 Cr
Mar 2020₹12,159 Cr
Mar 2021₹11,632 Cr
Mar 2022₹12,544 Cr
Mar 2023₹14,246 Cr
Mar 2024₹15,293 Cr
Mar 2025₹17,001 Cr
Mar 2026₹18,570 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹810 Cr
Mar 2018₹975 Cr
Mar 2019₹1,198 Cr
Mar 2020₹1,309 Cr
Mar 2021₹1,363 Cr
Mar 2022₹1,404 Cr
Mar 2023₹1,397 Cr
Mar 2024₹1,447 Cr
Mar 2025₹1,429 Cr
Mar 2026₹1,618 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,217 Cr +5.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

CESC Ltd trades at ₹128.52 as of 2026-11-03 with a market cap of ₹17,260 Cr, a PE of 10.97x, and a dividend yield of 4.74%. The stock sits near its 52-week low of ₹122.15 after a 32% decline over the past year, while maintaining a consistent 12% ROE over the last decade alongside a debt-to-equity ratio of 1.73.

Bull Case 6
  • Attractive dividend yield of 4.74% as of 2026-11-03, supported by a healthy dividend payout ratio of 46.4%, offering meaningful income to shareholders.
  • PE ratio of 10.97x on a TTM basis suggests a modest valuation relative to the broader market, with TTM EPS at ₹11.72.
  • Compounded sales growth of 10% over five years and 9% over three years indicates steady top-line expansion for a utility business.
  • TTM profit growth of 13% marks an acceleration compared to the 4% three-year and 2% five-year compounded profit growth rates.
  • Consistent ROE of 12% across 3-year, 5-year, and 10-year periods reflects stable long-term return generation on equity.
  • Price-to-book ratio of 1.36x indicates the stock trades at a relatively narrow premium to book value.
Bear Case 8
  • Debt-to-equity ratio of 1.73 signals significant leverage, elevating financial risk especially in a capital-intensive power sector.
  • Earnings include other income of ₹1,198 Cr, raising concerns about the quality and sustainability of reported profits.
  • Stock has delivered a negative 1-year CAGR of -32%, reflecting a sharp erosion of shareholder value from the 52-week high of ₹204.50.
  • Compounded profit growth of just 2% over five years and 4% over three years shows weak earnings momentum over medium-term periods.
  • ROCE of 9.69% trails the ROE of 12.26%, suggesting that returns on total capital employed — including debt — are modest relative to the cost of borrowing.
  • There are indications the company may be capitalizing interest costs, which could flatter reported earnings and understate true operating expenses.
  • Ten-year compounded sales growth of only 4% points to a slow structural growth trajectory for the underlying business.
  • ROE of around 12% over the last three years is relatively low for the level of leverage carried at 1.73x debt-to-equity.

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

AI News Digest

6h ago

TL;DR: Limited news flow for CESC this period. The extension of the 1.4 GW renewable acquisition timeline to Nov 2026 is procedural rather than concerning, given the strong contracted capacity of 4.8 GWp and long-term PPA visibility. Watch for execution on the renewable portfolio build-out as the revised deadline approaches.

Neutral 1
  • Renewable acquisition deadline extended Oct 31

    CESC subsidiary pushed its 1.4 GW renewable energy acquisition deadline to Nov 21, 2026, with enterprise value fixed at ₹4,859 crore excluding contingent payments. Operational capacity stands at 1.8 GWp with total contracted capacity at 4.8 GWp, over 90% contracted with SECI under 25-year PPAs.

Quarterly Results

₹ Cr
CESC quarterly results, ₹ crore
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
152
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
565
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
445
304
459
419
EPS (₹)
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

Profit & Loss

₹ Cr
CESC profit and loss, annual, ₹ crore
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
1,782
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
1,428
1,618
1,630
EPS (₹)
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%
—

Balance Sheet

₹ Cr
CESC balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
CESC cash flow, annual, ₹ crore
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/EBITDA
58
86
105
93
89
114
95
95
100
123
104
124

Ratios

CESC financial ratios, annual
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

Log in to view CESC insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.11%
  • DIIs 24.94%
  • FIIs 11.49%
  • Public 8.96%
  • Others 2.49%
  • Government 0.01%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Sep 2026
    PPT
  • Q1 FY27 concall · Aug 2026
    PPT
  • Q4 FY26 concall · May 2026
    PPT
  • Q3 FY26 concall · Feb 2026
    PPT
  • Concall · Nov 2025
    PPT

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
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 PE ratio of CESC Ltd?
CESC Ltd trades at a PE ratio of 11.17 as of 4 Nov 2026, on earnings per share of ₹11.72, 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 ₹122.15 and ₹204.5 as of 4 Nov 2026.
Does CESC Ltd pay dividends?
CESC Ltd has a dividend yield of 4.67%.
What is the Return on Equity (ROE) of CESC Ltd?
CESC Ltd reported a return on equity of 12.00%. 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

Website cesc.co.in
CEO Mr. Vineet Sikka
Employees 5,688
Listed 8 Feb 1995
Face Value ₹1

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