Power Generation/Distribution · Founded 1978 · www.cesc.co.in · BSE 500084 · NSE CESC LTD. · ISIN INE486A01021
No Notes Added Yet
Business
CESC Ltd. is an integrated power utility company primarily engaged in the generation, transmission, and distribution of electricity. Its core business revolves around providing reliable electricity to a licensed area in Kolkata and parts of West Bengal. The company operates thermal power plants and has an increasing footprint in renewable energy (solar, wind). CESC earns money primarily through regulated tariffs charged to consumers for electricity distribution in its licensed areas and from the sale of power from its generation assets.
Revenue Mix
CESC's primary revenue streams are categorized into:
Power Generation: This includes electricity produced from its various power plants (thermal, solar, wind).
Power Distribution: This segment involves the supply of electricity to consumers within its licensed distribution areas, particularly Kolkata and its adjoining regions, and more recently, through distribution franchises in other states like Rajasthan and Uttar Pradesh. While specific percentage breakdowns are not provided in the prompt, distribution forms a significant and stable portion of its business due to its regulated nature.
Industry
The Indian power sector is vast, complex, and highly regulated, characterized by a mix of state-owned and private players across generation, transmission, and distribution. CESC is a prominent private integrated power utility with a long-standing history. It holds a unique position as the sole distribution licensee for Kolkata and surrounding areas, giving it a strong regional monopoly in distribution. In generation, it competes with other private and public sector generators but benefits from integrated operations with its distribution arm and a diversified portfolio including an increasing focus on renewable energy.
MOAT
Regulatory License/Monopoly: The most significant moat for CESC is its exclusive distribution license for Kolkata and adjoining areas. This grants it a protected market within its service territory, making it very difficult for new entrants to compete.
Integrated Operations: Being present across generation and distribution provides operational synergies, better control over the value chain, and supply security.
Established Infrastructure & Brand: Decades of operation have resulted in extensive infrastructure and a strong, trusted brand reputation among consumers in its core service area.
Growth Drivers
Increasing Power Demand: India's sustained economic growth and urbanization will continue to drive demand for electricity across industrial, commercial, and residential segments.
Expansion of Distribution Franchises: CESC is actively bidding for and acquiring new distribution franchises in other states, offering growth avenues beyond its traditional licensed area.
Renewable Energy Push: Government focus on renewable energy and CESC's own investments in solar and wind power projects provide a clean energy growth pathway.
Operational Efficiency & Loss Reduction: Initiatives to reduce Aggregate Technical & Commercial (AT&C) losses in existing and new distribution areas can improve profitability.
Infrastructure Modernization: Investment in smart grids and advanced metering infrastructure can enhance reliability and efficiency.
Risks
Regulatory Risk: Changes in tariff structures, policy shifts, or cost recovery mechanisms by regulators can impact profitability and investment returns.
Fuel Price Volatility: For thermal power generation, fluctuations in coal prices directly affect generation costs.
Ability to Reduce AT&C Losses: Especially in newly acquired distribution franchises, high AT&C losses can erode profitability.
Capital Expenditure & Debt: Power projects are highly capital-intensive, leading to significant debt levels, and any delays or cost overruns can strain finances.
Environmental Regulations: Stricter emission norms for thermal power plants could necessitate additional investments or impact operational costs.
Political & Social Risks: Local resistance to tariff hikes or infrastructure projects can pose challenges.
Management & Ownership
CESC Ltd. is a flagship company of the RP-Sanjiv Goenka Group (RPSG Group), a diversified Indian conglomerate with interests spanning power, retail, media, and more. The company is promoter-led, with the Goenka family holding significant ownership and involvement in strategic decision-making. The group has a long history of managing large-scale industrial operations and brings considerable experience to the power sector.
Outlook
CESC has a stable core business driven by its regulated distribution monopoly in Kolkata, ensuring predictable cash flows. The increasing power demand in India and the company's strategic expansion into new distribution franchises and renewable energy present clear growth opportunities. However, the business operates in a highly regulated environment, making it susceptible to policy changes and tariff revisions. The ability to efficiently manage and reduce losses in its existing and new distribution areas, alongside prudent capital allocation for generation projects (especially renewables), will be key determinants of future profitability. Fuel price volatility for its thermal assets and the significant capital expenditure requirements remain ongoing considerations.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3244 | 3387 | 4863 | 4700 | 3561 | 3877 | 5202 | 5267 | 4005 | 4096 |
| Other Income | 57 | 73 | 55 | 70 | 96 | 153 | 83 | 84 | 94 | 96 |
| Total Income | 3301 | 3460 | 4918 | 4770 | 3657 | 4030 | 5285 | 5351 | 4099 | 4192 |
| Total Expenditure | 2338 | 2405 | 3803 | 3685 | 2651 | 2924 | 4110 | 4138 | 3063 | 2918 |
| Operating Profit | 963 | 1055 | 1115 | 1085 | 1006 | 1106 | 1175 | 1213 | 1036 | 1274 |
| Interest | 296 | 325 | 322 | 328 | 339 | 335 | 363 | 337 | 343 | 317 |
| Depreciation | 303 | 311 | 301 | 295 | 305 | 304 | 304 | 311 | 308 | 304 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 364 | 419 | 492 | 462 | 362 | 467 | 508 | 565 | 385 | 653 |
| Provision for Tax | 63 | 4 | 104 | 89 | 80 | 81 | 104 | 120 | 81 | 194 |
| Profit After Tax | 301 | 415 | 388 | 373 | 282 | 386 | 404 | 445 | 304 | 459 |
| Adjustments | -20 | -15 | -10 | -20 | -17 | -12 | -17 | -20 | -19 | -20 |
| Profit After Adjustments | 281 | 400 | 378 | 353 | 265 | 374 | 387 | 425 | 285 | 439 |
| Adjusted Earnings Per Share | 2.1 | 3 | 2.8 | 2.7 | 2 | 2.8 | 2.9 | 3.2 | 2.1 | 3.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11067 | 12124 | 8363 | 10275 | 10664 | 12159 | 11632 | 12544 | 14246 | 15293 | 17001 | 18570 |
| Other Income | 160 | 265 | 300 | 284 | 224 | 263 | 294 | 291 | 309 | 251 | 374 | 357 |
| Total Income | 11227 | 12389 | 8664 | 10559 | 10888 | 12422 | 11926 | 12835 | 14555 | 15544 | 17375 | 18927 |
| Total Expenditure | 9095 | 9048 | 5585 | 7267 | 7761 | 8952 | 8391 | 9524 | 11973 | 13025 | 14157 | 14229 |
| Operating Profit | 2132 | 3342 | 3079 | 3292 | 3127 | 3470 | 3534 | 3311 | 2582 | 2519 | 3219 | 4698 |
| Interest | 1045 | 1593 | 1482 | 1411 | 1432 | 1484 | 1340 | 1248 | 1241 | 1377 | 1479 | 1360 |
| Depreciation | 589 | 766 | 715 | 751 | 764 | 848 | 867 | 885 | 878 | 1217 | 1205 | 1227 |
| Exceptional Income / Expenses | 0 | -4 | 46 | 67 | 893 | 630 | 424 | 737 | 1276 | 1757 | 1248 | 0 |
| Profit Before Tax | 498 | 1042 | 976 | 1246 | 1893 | 1768 | 1752 | 1915 | 1739 | 1683 | 1782 | 2111 |
| Provision for Tax | 199 | 313 | 321 | 356 | 695 | 459 | 389 | 511 | 342 | 236 | 354 | 499 |
| Profit After Tax | 299 | 729 | 655 | 890 | 1198 | 1309 | 1363 | 1404 | 1397 | 1447 | 1428 | 1612 |
| Adjustments | -100 | -131 | 36 | 22 | -14 | -42 | -32 | -46 | -55 | -71 | -59 | -76 |
| Profit After Adjustments | 199 | 598 | 691 | 913 | 1184 | 1267 | 1331 | 1358 | 1343 | 1376 | 1369 | 1536 |
| Adjusted Earnings Per Share | 1.5 | 4.5 | 5.2 | 6.9 | 8.9 | 9.6 | 10 | 10.2 | 10.1 | 10.4 | 10.3 | 11.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 11% | 11% | 7% | 4% |
| Operating Profit CAGR | 28% | -1% | -1% | 4% |
| PAT CAGR | -1% | 1% | 2% | 17% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 7% | 36% | 19% | 12% |
| ROE Average | 12% | 13% | 13% | 11% |
| ROCE Average | 12% | 12% | 12% | 12% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 6029 | 10604 | 10623 | 8420 | 8974 | 9412 | 9873 | 10396 | 10910 | 11446 | 12010 |
| Minority's Interest | 1000 | 1092 | 1210 | 69 | 82 | 365 | 396 | 434 | 479 | 540 | 593 |
| Borrowings | 10123 | 10451 | 11590 | 11048 | 10225 | 9760 | 10899 | 10577 | 9569 | 10856 | 12854 |
| Other Non-Current Liabilities | 4100 | 5529 | 5483 | 5721 | 6158 | 6967 | 7158 | 7251 | 7370 | 7381 | 7043 |
| Total Current Liabilities | 6375 | 8747 | 8559 | 7728 | 8030 | 8954 | 7536 | 8834 | 9384 | 6945 | 8482 |
| Total Liabilities | 27628 | 36422 | 37465 | 32986 | 33470 | 35457 | 35862 | 37493 | 37712 | 37168 | 40981 |
| Fixed Assets | 20869 | 26500 | 26570 | 23798 | 23593 | 24677 | 24135 | 23153 | 22763 | 22068 | 22704 |
| Other Non-Current Assets | 1676 | 1578 | 1564 | 1184 | 1156 | 639 | 637 | 865 | 802 | 968 | 2192 |
| Total Current Assets | 5078 | 8323 | 9331 | 8005 | 8722 | 10141 | 11089 | 13476 | 14147 | 14132 | 16085 |
| Total Assets | 27628 | 36422 | 37465 | 32986 | 33470 | 35457 | 35862 | 37493 | 37712 | 37168 | 40981 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1210 | 773 | 853 | 1255 | 632 | 539 | 1262 | 840 | 2153 | 1129 | 1275 |
| Cash Flow from Operating Activities | 889 | 2480 | 2655 | 2469 | 2294 | 3408 | 2806 | 2499 | 1978 | 2351 | 2582 |
| Cash Flow from Investing Activities | -2441 | -1220 | -1493 | -1230 | -687 | -466 | -1489 | -575 | -545 | -564 | -3013 |
| Cash Flow from Financing Activities | 1331 | -1181 | -760 | -1485 | -1737 | -2219 | -1739 | -611 | -2457 | -1642 | 1337 |
| Net Cash Inflow / Outflow | -220 | 80 | 402 | -247 | -130 | 723 | -423 | 1313 | -1024 | 146 | 906 |
| Closing Cash & Cash Equivalent | 1049 | 853 | 1255 | 632 | 503 | 1262 | 840 | 2153 | 1129 | 1275 | 2181 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.5 | 4.51 | 5.21 | 6.88 | 8.93 | 9.56 | 10.04 | 10.24 | 10.13 | 10.38 | 10.33 |
| CEPS(Rs) | 6.7 | 11.28 | 10.33 | 12.38 | 14.8 | 16.27 | 16.82 | 17.27 | 17.16 | 20.1 | 19.87 |
| DPS(Rs) | 0.9 | 1 | 1 | 1.2 | 1.75 | 2 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| Book NAV/Share(Rs) | 39.02 | 79.77 | 80.04 | 63.51 | 67.69 | 70.99 | 74.47 | 78.42 | 82.3 | 86.34 | 90.59 |
| Core EBITDA Margin(%) | 17.82 | 25.38 | 33.22 | 29.27 | 27.22 | 26.37 | 27.86 | 24.08 | 15.96 | 14.83 | 16.73 |
| EBIT Margin(%) | 13.94 | 21.73 | 29.39 | 25.86 | 31.18 | 26.75 | 26.58 | 25.22 | 20.92 | 20.01 | 19.18 |
| Pre Tax Margin(%) | 4.5 | 8.6 | 11.67 | 12.13 | 17.75 | 14.54 | 15.06 | 15.27 | 12.21 | 11.01 | 10.48 |
| PAT Margin (%) | 2.7 | 6.01 | 7.83 | 8.66 | 11.23 | 10.77 | 11.72 | 11.19 | 9.81 | 9.46 | 8.4 |
| Cash Profit Margin (%) | 8.02 | 12.34 | 16.38 | 15.98 | 18.4 | 17.74 | 19.17 | 18.25 | 15.97 | 17.42 | 15.49 |
| ROA(%) | 1.14 | 2.28 | 1.77 | 2.53 | 3.61 | 3.8 | 3.82 | 3.83 | 3.72 | 3.87 | 3.65 |
| ROE(%) | 6.08 | 9.26 | 6.18 | 9.36 | 13.78 | 14.24 | 14.13 | 13.86 | 13.12 | 12.95 | 12.18 |
| ROCE(%) | 8.58 | 11.75 | 9.51 | 10.8 | 14.32 | 13.88 | 13.07 | 12.9 | 11.9 | 12.05 | 11.75 |
| Receivable days | 53.38 | 46.96 | 64.87 | 55.01 | 56.07 | 53.7 | 65.18 | 64.17 | 54.92 | 53.08 | 50.28 |
| Inventory Days | 19.8 | 20.46 | 33.65 | 25.36 | 21.96 | 21.32 | 20.68 | 18.29 | 19.72 | 20.99 | 17.21 |
| Payable days | -6571.28 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 40.19 | 10.48 | 16.13 | 14.06 | 8.15 | 4.28 | 5.91 | 7.41 | 6.57 | 11.69 | 14.89 |
| Price/Book(x) | 1.54 | 0.59 | 1.05 | 1.52 | 1.07 | 0.58 | 0.8 | 0.97 | 0.81 | 1.41 | 1.7 |
| Dividend Yield(%) | 1.5 | 2.11 | 1.19 | 1.24 | 2.41 | 4.89 | 7.59 | 5.93 | 6.76 | 3.71 | 2.93 |
| EV/Net Sales(x) | 1.91 | 1.65 | 3.01 | 2.55 | 2.16 | 1.43 | 1.72 | 1.72 | 1.42 | 1.81 | 2 |
| EV/Core EBITDA(x) | 9.91 | 5.97 | 8.17 | 7.96 | 7.38 | 5.02 | 5.67 | 6.51 | 7.86 | 11.01 | 10.58 |
| Net Sales Growth(%) | 9.45 | 9.56 | -31.02 | 22.86 | 3.79 | 14.02 | -4.34 | 7.84 | 13.57 | 7.35 | 11.17 |
| EBIT Growth(%) | 9.95 | 70.78 | -6.72 | 8.11 | 25.13 | -2.2 | -4.93 | 2.32 | -5.78 | 2.66 | 6.59 |
| PAT Growth(%) | -47.83 | 143.95 | -10.2 | 35.97 | 34.58 | 9.26 | 4.11 | 3.03 | -0.48 | 3.58 | -1.34 |
| EPS Growth(%) | -61.94 | 201.49 | 15.43 | 32.1 | 29.74 | 7.01 | 5.04 | 2.04 | -1.12 | 2.5 | -0.54 |
| Debt/Equity(x) | 2.75 | 1.41 | 1.47 | 1.73 | 1.61 | 1.49 | 1.42 | 1.42 | 1.29 | 1.25 | 1.48 |
| Current Ratio(x) | 0.8 | 0.95 | 1.09 | 1.04 | 1.09 | 1.13 | 1.47 | 1.53 | 1.51 | 2.03 | 1.9 |
| Quick Ratio(x) | 0.7 | 0.88 | 1 | 0.96 | 1 | 1.05 | 1.39 | 1.45 | 1.41 | 1.91 | 1.81 |
| Interest Cover(x) | 1.48 | 1.65 | 1.66 | 1.88 | 2.32 | 2.19 | 2.31 | 2.53 | 2.4 | 2.22 | 2.2 |
| Total Debt/Mcap(x) | 1.78 | 2.37 | 1.4 | 1.14 | 1.5 | 2.58 | 1.79 | 1.46 | 1.59 | 0.89 | 0.87 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 |
| FII | 11.93 | 12.89 | 13.54 | 13.28 | 12.34 | 10.99 | 10.91 | 11.07 | 11.86 | 11.59 |
| DII | 21.46 | 21.16 | 22.66 | 22.65 | 23.78 | 25.13 | 25.41 | 25.68 | 25.64 | 26.26 |
| Public | 14.49 | 13.85 | 11.69 | 11.95 | 11.77 | 11.76 | 11.56 | 11.14 | 10.39 | 10.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 |
| FII | 15.82 | 17.08 | 17.95 | 17.61 | 16.36 | 14.57 | 14.47 | 14.67 | 15.72 | 15.37 |
| DII | 28.45 | 28.04 | 30.03 | 30.03 | 31.52 | 33.31 | 33.68 | 34.04 | 33.99 | 34.81 |
| Public | 19.21 | 18.36 | 15.5 | 15.85 | 15.6 | 15.59 | 15.33 | 14.77 | 13.77 | 13.31 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +11% | +11% | +7% | +4% |
| Operating Profit CAGR | +28% | -1% | -1% | +4% |
| PAT CAGR | -1% | +1% | +2% | +17% |
| Share Price CAGR | +7% | +36% | +19% | +12% |
| ROE Average | +12% | +13% | +13% | +11% |
| ROCE Average | +12% | +12% | +12% | +12% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 | 52.11 |
| FII | 11.93 | 12.89 | 13.54 | 13.28 | 12.34 | 10.99 | 10.91 | 11.07 | 11.86 | 11.59 |
| DII | 21.46 | 21.16 | 22.66 | 22.65 | 23.78 | 25.13 | 25.41 | 25.68 | 25.64 | 26.26 |
| Public | 47.89 | 47.89 | 47.89 | 47.89 | 47.89 | 47.89 | 47.89 | 47.89 | 47.89 | 47.89 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 | 69.08 |
| FII | 15.82 | 17.08 | 17.95 | 17.61 | 16.36 | 14.57 | 14.47 | 14.67 | 15.72 | 15.37 |
| DII | 28.45 | 28.04 | 30.03 | 30.03 | 31.52 | 33.31 | 33.68 | 34.04 | 33.99 | 34.81 |
| Public | 63.48 | 63.48 | 63.48 | 63.48 | 63.48 | 63.48 | 63.48 | 63.48 | 63.48 | 63.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 | 132.56 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.