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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹23676 Cr.
Stock P/E
16.6
P/B
1.9
Current Price
₹178.6
Book Value
₹ 94.5
Face Value
1
52W High
₹204.4
52W Low
₹ 138.1
Dividend Yield
3.36%

CESC Overview

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.

CESC Share Price

Live · BSE / NSE · Inception: 1978
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

CESC Quarterly Results

#(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

CESC Profit & Loss

#(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

CESC Balance Sheet

#(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

CESC Cash Flow

#(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

CESC Ratios

# 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

Growth Rates

Compounded annual
# 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%

CESC Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 52.11 %
FII 11.59 %
DII (MF + Insurance) 26.26 %
Public (retail) 47.89 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 52.1152.1152.1152.1152.1152.1152.1152.1152.1152.11
FII 11.9312.8913.5413.2812.3410.9910.9111.0711.8611.59
DII 21.4621.1622.6622.6523.7825.1325.4125.6825.6426.26
Public 47.8947.8947.8947.8947.8947.8947.8947.8947.8947.89
Others 0000000000
Total 100100100100100100100100100100

CESC Peer Comparison

Power Generation/Distribution Edit Columns

CESC Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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CESC Pros & Cons

Pros

Cons

  • Company has a low return on equity of 13% over the last 3 years.
  • The company has delivered a poor profit growth of 1% over past five years.
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