CESC Limited (CESC)
₹135.90 +0.04% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, CESC's revenue was ₹3,005 Cr (-42.2% year on year, -26.6% on the previous quarter), and net profit ₹220 Cr (-45.5% year on year); the operating margin was 19.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,005 | -42.2% | -26.6% |
| Operating profit | ₹590 | -31.7% | -20.6% |
| Net profit | ₹220 | -45.5% | -52.1% |
| EPS (₹) | 1.66 | -43.2% | -49.8% |
| Operating margin | 19.6% | — | — |
CESC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.74% of the CESC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.68%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 41.2% · 44.2% · 57.9% · 60.6% · 46.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CESC Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026, confirms that securities received for dematerialisation were processed and confirmed within prescribed timelines. Additionally, security certificates were duly mutilated, cancelled, and the depository names substituted in the register of members.
- Compliance certificate pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Filed with stock exchanges on October 8, 2026
- Confirms mutilation, cancellation, and processing of dematerialised share certificates within prescribed timelines
CESC subsidiary Purvah Green Power has entered into a 25-year Power Purchase Agreement (PPA) with Prism Johnson under a group captive model for a 49.5 MW wind power project in Ratlam, Madhya Pradesh. Prism Johnson will invest up to INR 40 crore in tranches to acquire a 26.5% equity and preference share stake in the project SPV, KUS Renewable Private Limited, with Purvah holding the remaining 73.5%. The project has a scheduled commercial operation date of January 25, 2028, and marks CESC's strategic entry into the commercial and industrial (C&I) captive renewable energy space. Purvah's overall contracted capacity now stands at 4.8 GWp (1.8 GWp operational) alongside 2.2 GWh of battery storage under implementation.
- 49.5 MW wind project to be set up at Tehsil Alot, District Ratlam, Madhya Pradesh under a 25-year PPA
- Prism Johnson to invest up to INR 40 crore for a 26.5% equity and redeemable preference stake
- Scheduled commercial operation date (COD) set for January 25, 2028, with equity subscription closing by October 31, 2027
- Marks CESC's first captive C&I supply deal, advancing toward its 10+ GW renewable platform ambition
CESC Limited's Board Committee has approved the allotment of ₹190 Crore secured, unlisted, redeemable, rated Non-Convertible Debentures (NCDs) on a private placement basis to Kotak Mahindra Bank Limited. The issuance comprises 19,000 NCDs with a face value of ₹1,00,000 each. Compared to CESC's existing debt load of ₹11,145 Crore, this allotment represents an incremental debt addition of ~1.7%. The proceeds will likely support general corporate or ongoing capital expenditure requirements.
- Allotment of 19,000 Secured, Unlisted, Redeemable, Rated NCDs
- Face value of Rs 1,00,000 each aggregating to Rs 190 Crore
- Issued on a private placement basis to Kotak Mahindra Bank Limited
- Represents ~1.7% of total existing debt of Rs 11,145 Crore
CESC Limited's Board Committee has approved the issuance of 19,000 secured, unlisted, redeemable, rated Non-Convertible Debentures (NCDs) aggregating to ₹190 crore on a private placement basis. The debentures carry a floating coupon rate linked to One Month MIBOR OIS plus a spread of 2.20% p.a., with monthly interest payouts. The instrument has a 5-year tenure maturing on September 24, 2031, with quarterly principal amortisation starting December 31, 2027. Relative to CESC's existing total debt of ₹11,145 crore, this issuance represents ~1.7%, reflecting routine debt financing.
- Issue of 19,000 secured unlisted NCDs of face value ₹1 lakh each aggregating to ₹190 crore
- Coupon set at One Month MIBOR OIS plus a spread of 2.20% p.a., paid monthly
- 5-year tenure with deemed allotment on September 24, 2026, and maturity on September 24, 2031
- Redemption via 16 equal quarterly instalments of ₹11.875 crore starting December 31, 2027
- Maintains an asset security cover of 1.10x with call/put option at the end of 3 years at par
CESC released an investor presentation unveiling 'Vision 2030', targeting a doubling of FY25 PAT along with a +400 bps RoE expansion. To drive this, the company plans ~₹35,000 Cr in capex over the next 5 years, comprising ₹26,000+ Cr in distribution, ₹6,000 Cr in 10 GW renewables, and ~₹3,000 Cr in setting up 3 GW integrated solar cell and module manufacturing by 2027. Consolidated operating cash flow rose 57% YoY to ₹4,000 Cr in FY26 to help support the funding pipeline. In FY26, consolidated revenue grew 9% YoY to ₹18,927 Cr and PAT grew 13% YoY to ₹1,618 Cr.
- Targets doubling FY25 PAT (₹1,429 Cr) by 2030 and expanding RoE by +400 bps from 11.7% in FY25
- Planned capex of ~₹35,000 Cr over 5 years (~₹26,000+ Cr distribution, ₹6,000 Cr renewables, ~₹3,000 Cr solar manufacturing)
- Targeting 10 GW RE capacity and 3 GW solar cell & module manufacturing by 2027 on 100 acres in UP
- FY26 consolidated PAT rose 13% YoY to ₹1,618 Cr on revenue of ₹18,927 Cr, with operating cash flows at ₹4,000 Cr
CESC Limited has informed exchanges that a Committee of the Board of Directors will meet on Tuesday, September 22, 2026, to consider a proposal for issuing debt securities. The proposed instruments are Secured, Unlisted, Redeemable, Rated Non-Convertible Debentures (NCDs). The quantum, coupon rate, and tenure of the issuance were not disclosed in the filing. As of the latest financials, CESC carries a total debt of Rs 11,145 Cr with a Debt-to-Equity ratio of 1.15.
- Meeting scheduled for Tuesday, September 22, 2026
- Proposal to issue Secured, Unlisted, Redeemable, Rated Non-Convertible Debentures (NCDs)
- Issue size, pricing, and maturity tenure not disclosed
- Company carries existing debt of Rs 11,145 Cr against a net worth of Rs 9,717 Cr (D/E: 1.15)
CESC Limited reported a fire incident that occurred at its Panihati Distribution Sub-station on the afternoon of September 13, 2026. The company stated there were no casualties or injuries, with 80% of affected supply restored within two hours and 100% restored within approximately three and a half hours. The plant and machinery are covered by insurance, and insurers have been duly notified. Given the rapid restoration and insurance coverage, the financial impact is immaterial against CESC's TTM revenue of ₹14,392 Cr.
- Fire occurred at Panihati Distribution Sub-station on the afternoon of September 13, 2026
- Zero casualties or injuries reported from the incident
- 80% of affected power supply restored within 2 hours
- 100% of power supply fully restored within approximately 3.5 hours
- Plant and machinery are covered by insurance with insurers notified
CESC Limited held its 48th Annual General Meeting (AGM) on September 11, 2026, through video conferencing under the chairmanship of Dr. Sanjiv Goenka. A total of 120 members attended the meeting, including 8 authorized representatives. The company confirmed that the statutory auditors' report on the audited financial statements contained no audit qualifications or adverse remarks. The filing also included the submission of the scrutinizer's report and e-voting outcomes for the resolutions tabled.
- 48th Annual General Meeting successfully conducted on September 11, 2026
- Meeting commenced at 10.30 a.m. (IST) and concluded at 11.18 a.m. (IST)
- Attended by 120 members, including 8 authorized representatives
- Statutory auditor report confirmed zero audit qualifications or adverse remarks
CESC Limited has informed the exchanges of its schedule to participate in three institutional investor conferences across September 2026. The company will attend the Morgan Stanley India Industrials & Energy Seminar virtually on September 16, 2026. It will subsequently participate in physical group meetings at the CLSA Investor's Forum in Hong Kong on September 21-22, 2026, and the PL Capital Investor Conference in Mumbai on September 29, 2026. This is a routine regulatory filing under Regulation 30 with no material business developments disclosed.
- Virtual participation in Morgan Stanley India Industrials & Energy Seminar on September 16, 2026
- Physical participation in CLSA Investor's Forum in Hong Kong across September 21-22, 2026
- Physical participation in PL Capital Investor Conference in Mumbai on September 29, 2026
- Meetings scheduled across 3 separate institutional events during September 2026
CESC Limited has informed the exchanges about its participation in three institutional investor conferences scheduled between September 16 and September 29, 2026. The company will participate virtually in the Morgan Stanley India Industrials & Energy Seminar on September 16, 2026. Additionally, physical investor group meetings will be held at the CLSA Investor's Forum in Hong Kong on September 21-22, 2026, and at the PL Capital Investor Conference in Mumbai on September 29, 2026. As a routine investor interaction disclosure under Regulation 30, there is no immediate financial or earnings impact.
- Virtual participation in Morgan Stanley India Industrials & Energy Seminar on September 16, 2026
- Physical presence at CLSA Investor's Forum in Hong Kong across September 21-22, 2026
- Physical investor group meeting at PL Capital Investor Conference in Mumbai on September 29, 2026
CESC Limited has informed the exchanges regarding its scheduled participation in three institutional investor conferences in September 2026. The company will attend the Morgan Stanley India Industrials & Energy Seminar virtually on September 16, 2026. Additionally, physical group investor meetings are scheduled at the CLSA Investor's Forum in Hong Kong (September 21-22, 2026) and the PL Capital Investor Conference in Mumbai on September 29, 2026.
- Virtual participation in Morgan Stanley India Industrials & Energy Seminar on September 16, 2026
- Physical participation in CLSA Investor's Forum in Hong Kong on September 21-22, 2026
- Physical participation in PL Capital Investor Conference in Mumbai on September 29, 2026
CESC Limited has informed the exchanges about its upcoming schedule to participate in three investor conferences in September 2026. The company will attend the Morgan Stanley India Industrials & Energy Seminar virtually on September 16, 2026. This will be followed by physical attendance at the CLSA Investor's Forum in Hong Kong from September 21 to September 22, 2026, and the PL Capital Investor Conference in Mumbai on September 29, 2026. All interactions are designated as group investor meetings, and no financial updates or price-sensitive developments were disclosed.
- September 16, 2026: Participation in Morgan Stanley India Industrials & Energy Seminar (Virtual)
- September 21-22, 2026: Attendance at CLSA Investor's Forum in Hong Kong (Physical)
- September 29, 2026: Attendance at PL Capital Investor Conference in Mumbai (Physical)
- All three sessions involve investor group meetings under Regulation 30 of SEBI LODR
CESC Limited has incorporated two wholly owned subsidiaries on September 8, 2026: Purvah Nexgen Energy Private Limited and RPSG Nexgen Energy Private Limited. Both entities have an initial subscribed and paid-up capital of ₹1,00,000 each and will explore opportunities in the renewable power sector. The move aligns with CESC's broader strategy to build a 3.2 GW renewable energy portfolio by FY29. Initial capital outlay is negligible relative to CESC's net worth of ₹9,717 Cr.
- Incorporated two wholly owned subsidiaries on September 8, 2026
- Purvah Nexgen Energy Private Limited incorporated with paid-up capital of Rs. 1,00,000
- RPSG Nexgen Energy Private Limited incorporated with paid-up capital of Rs. 1,00,000
- Both entities target opportunities in the renewable power sector
CESC Limited's subsidiary, Purvah Green Power Private Limited, has received a Letter of Award (LOA) from Solar Energy Corporation of India (SECI) for 70 MW of Firm and Dispatchable Renewable Energy Round-the-Clock (FDRE-RTC) power. The contract carries a tariff rate of Rs. 5.25 per kWh for a duration of 25 years from the scheduled commencement of supply. This win builds on CESC's stated long-term strategy to build a 3.2 GW renewable energy portfolio by FY29.
- Purvah Green Power awarded 70 MW FDRE-RTC renewable capacity by SECI under SECI-FDRE-RTC-V.
- Tariff rate established at Rs. 5.25 per kWh.
- Contract duration is 25 years from the Scheduled Commencement of Supply Date.
- Order won via SECI's 1,000 MW ISTS-connected FDRE-RTC competitive bidding.
CESC Limited has published the notice for its 48th Annual General Meeting scheduled for September 11, 2026, along with its Annual Report for FY 2025-26. The report details FY26 consolidated total income of ₹18,927 crore and PAT of ₹1,618 crore (consolidated EPS of ₹11.63), with a dividend of 600% (₹6 per share). It also underscores the company's long-term clean energy roadmap, aiming for 3.2 GW of renewable capacity by FY29 and 10 GW by FY32 via its subsidiary Purvah Green Power.
- 48th AGM scheduled for September 11, 2026; cut-off date for e-voting fixed as September 4, 2026.
- FY26 consolidated total income stood at ₹18,927 crore with PAT at ₹1,618 crore (EPS of ₹11.63).
- Declared dividend of 600% amounting to ₹6 per equity share.
- Targeting 3.2 GW of renewable energy capacity by FY 2028-29 (Phase 1) and 10 GW by FY 2031-32 (Phase 2) under subsidiary Purvah Green Power.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 11.78% YoY from INR 15,544 Cr in FY24 to INR 17,375 Cr in FY25. Segment-wise, Kolkata operations generated INR 9,765 Cr, NPCL (Greater Noida) contributed INR 2,777 Cr, and the newly acquired CPDL (Chandigarh) contributed INR 127 Cr for the Feb-Mar 2025 period.
Geographic Revenue Split
The majority of revenue is concentrated in West Bengal (Kolkata/Howrah) at approximately 56% (INR 9,765 Cr), followed by Uttar Pradesh (Greater Noida) at 16% (INR 2,777 Cr), with the remainder from other distribution franchises and generation subsidiaries.
Profitability Margins
Gross and Operating margins are influenced by the cost-plus tariff model. Standalone PAT margin was 8.19% in FY25 (INR 800 Cr PAT on INR 9,765 Cr income). Consolidated PAT stood at INR 1,428 Cr in FY25, a slight decrease from INR 1,447 Cr in FY24 due to higher interest and fuel costs.
EBITDA Margin
Consolidated EBITDA margin was 24.8% in FY25 (INR 4,311 Cr), up 4.28% YoY from INR 4,134 Cr in FY24. Core profitability is supported by efficiency gains in generation assets like Budge Budge and Haldia.
Capital Expenditure
CESC is planning significant capex to reach 3.2 GW of renewable capacity by FY 2028-29. Historical capex has been focused on distribution infrastructure and the acquisition of Chandigarh Power Distribution Limited.
Credit Rating & Borrowing
ICRA assigned [CRA]AA (Stable) while CARE assigned CARE AA (Negative). Borrowing costs are impacted by a high gearing of 1.55x and total debt to PBILDT. The company maintains a liquid balance of INR 4,042 Cr to mitigate refinancing risks.
Operational Drivers
Raw Materials
Coal is the primary raw material for thermal generation, representing approximately 60-70% of generation costs. Fuel and power purchase costs are the largest expense components.
Import Sources
Primarily sourced from domestic coal mines in India; specific states are not disclosed in the documents.
Capacity Expansion
Current thermal capacity includes 600 MW at Haldia (HEL) and assets at Budge Budge and Dhariwal. Planned expansion includes 3.2 GW of renewable energy (solar, wind, and hybrid) by FY 2028-29.
Raw Material Costs
Fuel costs are managed through the FPPAS mechanism, which allowed for a surcharge of INR 0.62/kWh from November 2024 to recover under-recovered costs. Standalone expenses rose 5.8% YoY to INR 9,838 Cr in FY25.
Manufacturing Efficiency
Generation assets like HEL and Dhariwal Infrastructure (DIL) rank highly in operational efficiency. Kolkata distribution maintains a 99% collection efficiency.
Logistics & Distribution
Distribution costs are a core part of the regulated business model, with Kolkata operations covering 567 sq. km and 37 lakh consumers.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
Growth will be driven by the 3.2 GW renewable energy roadmap by FY29, aggressive bidding for Discom privatization (like the Chandigarh acquisition), and double-digit PAT growth targets through RoE expansion in regulated assets.
Products & Services
Electricity generation (thermal and renewable) and retail electricity distribution to residential, commercial, and industrial consumers.
Brand Portfolio
CESC, NPCL (Noida Power Company Limited), CPDL (Chandigarh Power Distribution Limited).
New Products/Services
Expansion into Green Buildings (3 million sq. ft currently) and large-scale hybrid renewable projects are expected to diversify the revenue base.
Market Expansion
Expansion into Chandigarh (CPDL) added 2.4 lakh customers and 1,700 MU in annual sales. Targeting UP distribution privatization opportunities.
Market Share & Ranking
Leading private integrated power utility in Kolkata and Greater Noida; recently acquired 100% of Chandigarh's distribution license.
External Factors
Industry Trends
The industry is shifting toward privatization of state-owned Discoms and a rapid transition to renewables. CESC is positioning itself by targeting 3.2 GW of green energy to optimize its procurement mix.
Competitive Landscape
Competes with state utilities for new privatization licenses; faces no direct competition within its specific licensed distribution territories.
Competitive Moat
Natural monopoly in licensed distribution areas (Kolkata, Noida, Chandigarh) and superior operational efficiency (6.49% T&D loss vs 16% national avg) provide a sustainable cost advantage.
Macro Economic Sensitivity
Highly sensitive to interest rate changes due to high leverage and to coal price inflation which necessitates regulatory pass-throughs.
Consumer Behavior
Increasing demand for digital billing (94%+ adoption in some areas) and rising peak demand (2700+ MW in Kolkata) drive the need for network upgrades.
Geopolitical Risks
Exposure to global coal price fluctuations and potential trade barriers for renewable equipment (solar panels/turbines).
Regulatory & Governance
Industry Regulations
Operations are governed by WBERC and UPERC. Key regulations include cost-plus tariff principles (15.5% RoE on generation equity) and FPPAS mechanisms.
Environmental Compliance
Focus on ISO 14001 (Environment) and ISO 50001 (Energy) management systems; coal plants face social risks regarding air pollution.
Taxation Policy Impact
Effective tax rate is influenced by regulatory accounting; standalone PBT was INR 1,062 Cr in FY25.
Legal Contingencies
Significant regulatory assets of INR 4,636 Cr are pending recovery through WBERC true-up orders; delays in these orders act as a quasi-legal/regulatory bottleneck.
Risk Analysis
Key Uncertainties
Regulatory delays in tariff setting and true-up orders (impacts cash flow by INR 450-750 Cr annually). Build-up of regulatory assets (INR 4,636 Cr) poses a liquidity risk.
Geographic Concentration Risk
High concentration in Kolkata/West Bengal, which accounts for over 55% of revenue and the bulk of generation assets.
Third Party Dependencies
Dependent on WBERC for timely tariff orders and on coal suppliers for thermal plant operations.
Technology Obsolescence Risk
Risk of thermal assets becoming 'stranded' as the grid shifts to renewables; mitigated by the 3.2 GW RE expansion plan.
Credit & Counterparty Risk
Low risk in distribution due to 98-99% collection efficiency and a highly diversified consumer base.
