CESC Ltd.

NSE: CESC · Integrated Power Utilities

52W Range₹138 ₹205

Snapshot

Unlock CESC Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

CESC Limited is an integrated power utility company engaged in the generation, transmission, and distribution of electricity across India. The company operates thermal and solar power assets while managing extensive distribution networks in West Bengal and Uttar Pradesh.

Business Model

The company generates revenue primarily through the sale of electricity to domestic, industrial, and commercial consumers within its licensed distribution areas. It also earns income through the operation of thermal and solar power plants and the maintenance of transmission infrastructure.

  • Total Generation Capacity:2383 MW
  • Customer Base:3.5 million
  • Transmission Network:23468 circuit kms

Growth Outlook

Growth is driven by the expansion of distribution footprints and the integration of renewable energy projects into the existing power portfolio. The company continues to focus on operational efficiency across its thermal and solar generating assets.

  • Solar Capacity:18 MW

Key Risks

  • Regulatory Risk. Changes in electricity tariffs and government regulations regarding distribution licenses can significantly impact profitability.
  • Fuel Supply Risk. Dependence on thermal power generation exposes the company to volatility in coal prices and potential supply chain disruptions.
  • Operational Risk. The maintenance of aging transmission and distribution infrastructure requires consistent capital expenditure to prevent service interruptions.
  • Environmental Compliance. Stricter emission standards for thermal power plants may necessitate costly upgrades or early retirement of older generating units.

Price

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Key Metrics

REVENUE

₹23,772 Cr

TTM · consolidated

+39.8%YoY

NET PROFIT

₹2,016 Cr

TTM · consolidated

+41.2%YoY

EPS

₹14.51

TTM · consolidated

+40.6%YoY

RETURN ON EQUITY

16.6%

TTM · consolidated

+4.3 ppYoY

RETURN ON CAPITAL EMPLOYED

13.0%

TTM · consolidated

+2.9 ppYoY

P/E

11.4x

Q4 FY26 · consolidated

11.4 vs 17.2x5Y avg

EV/EBITDA

6.7x

Q4 FY26 · consolidated

6.7 vs 11.0x5Y avg

EBITDA MARGIN

24.7%

TTM · consolidated

-0.7 ppYoY

NET PROFIT MARGIN

11.2%

Q4 FY26 · consolidated

+1.3 ppYoY

DEBT TO EQUITY

1.7x

Q4 FY26 · consolidated

+0.20xYoY

Peers · Integrated Power Utilities

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
CESC Ltd.CESC
19,95611.446.6639.8%24.7%16.6%13.0%-8.4%
Adani Power Ltd.ADANIPOWER
2,91,39116.0220.07-3.5%43.2%22.2%18.3%-64.2%
Tata Power Co. Ltd.TATAPOWER
1,23,56332.1812.62-4.7%23.8%13.9%8.4%-9.1%
Torrent Power Ltd.TORNTPOWER
68,68729.6314.42-0.7%20.2%13.7%13.9%+1.9%
Reliance Infrastructure Ltd.RELINFRA
2,9890.932.12-13.4%13.4%31.6%6.2%-83.4%

As of Q4 FY26

Financials