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CESC Ltd

CESC
NSE
182.84
1.48%
Last Updated:
26 May '26, 3:58 PM
Company Overview
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CESC Ltd

CESC
NSE
182.84
1.48%
26 May '26, 3:58 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
24,237Cr
Close
Close Price
182.84
Industry
Industry
Power - Generation/Distribution
PE
Price To Earnings
15.75
PS
Price To Sales
1.31
Revenue
Revenue
18,570Cr
Rev Gr TTM
Revenue Growth TTM
9.23%
PAT Gr TTM
PAT Growth TTM
13.31%
Peer Comparison
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CESC
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
RevenueCr
4,3104,3523,2443,3874,8634,7003,5613,8775,2025,2674,0054,096
Growth YoY
Revenue Growth YoY%
5.111.23.79.212.88.09.814.57.012.112.55.7
Expenses
ExpensesCr
3,5863,7062,8982,9774,4923,8042,9513,0654,3384,2063,2263,353
Operating Profit
Operating ProfitCr
7246463464103718966108128641,061779743
OPM
OPM%
16.814.810.712.17.619.117.120.916.620.119.418.1
Other Income
Other IncomeCr
5962577355709615383849496
Interest Expense
Interest ExpenseCr
308305296325322328339335363337343317
Depreciation
DepreciationCr
300303303311301295305304304311308304
PBT
PBTCr
439461364419492462362466508569385653
Tax
TaxCr
719863410489808110412181194
PAT
PATCr
368363301415388373282385404448304459
Growth YoY
PAT Growth YoY%
23.913.8-10.4-6.75.42.8-6.3-7.24.120.17.819.2
NPM
NPM%
8.58.39.312.38.07.97.99.97.88.57.611.2
EPS
EPS
2.62.62.13.02.92.72.02.82.93.22.13.3

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
11,06712,1248,36310,27510,66412,15911,63212,54414,24615,29317,00118,570
Growth
Revenue Growth%
9.6-31.022.93.814.0-4.37.813.67.311.29.2
Expenses
ExpensesCr
9,1728,9415,6247,3437,8499,0158,4669,63412,09713,16814,31215,123
Operating Profit
Operating ProfitCr
1,8953,1842,7392,9322,8153,1443,1662,9102,1492,1252,6903,447
OPM
OPM%
17.126.332.828.526.425.927.223.215.113.915.818.6
Other Income
Other IncomeCr
1491193243691,1668496661,0201,5852,0081,622357
Interest Expense
Interest ExpenseCr
9561,4941,3721,3031,3251,3781,2131,1291,1171,2341,3241,360
Depreciation
DepreciationCr
5897667157517648488678858781,2171,2051,228
PBT
PBTCr
4981,0429761,2461,8931,7681,7521,9151,7391,6831,7822,119
Tax
TaxCr
199313321356695459389511342236354501
PAT
PATCr
2997296558901,1981,3091,3631,4041,3971,4471,4281,618
Growth
PAT Growth%
143.9-10.236.034.69.34.13.0-0.53.6-1.313.3
NPM
NPM%
2.76.07.88.711.210.811.711.29.89.58.48.7
EPS
EPS
1.23.54.15.48.99.610.010.310.110.410.311.6

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
133133133133133133133133133133133133
Reserves
ReservesCr
5,89610,47010,4898,2878,8419,2789,74010,26310,77711,31211,87712,397
Current Liabilities
Current LiabilitiesCr
6,3756,2696,2005,6166,3537,2145,6636,8007,4106,8058,48010,584
Non Current Liabilities
Non Current LiabilitiesCr
14,53318,82919,84018,88018,06118,46719,93019,86318,91218,37719,89822,697
Total Liabilities
Total LiabilitiesCr
27,93836,79337,87332,98633,47035,45735,86237,49337,71237,16840,98146,470
Current Assets
Current AssetsCr
5,0544,6465,6784,4384,7225,2065,5977,0856,5356,5978,3419,745
Non Current Assets
Non Current AssetsCr
22,88432,14832,19528,54828,74730,25130,26430,40831,17730,57132,64028,059
Total Assets
Total AssetsCr
27,93836,79337,87332,98633,47035,45735,86237,49337,71237,16840,98146,470

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
8892,4802,6552,4692,2943,4082,8062,4991,9782,3512,5824,057
Investing Cash Flow
Investing Cash FlowCr
-2,441-1,220-1,493-1,230-687-466-1,489-575-545-564-3,013-3,235
Financing Cash Flow
Financing Cash FlowCr
1,331-1,181-760-1,485-1,737-2,219-1,739-611-2,457-1,6421,3371,205
Net Cash Flow
Net Cash FlowCr
-22080402-247-130723-4231,313-1,0241469062,027
Free Cash Flow
Free Cash FlowCr
-1,0511,2551,2051,5871,4622,4952,1321,7291,2881,586729
CFO To PAT
CFO To PAT%
297.6340.2405.5277.3191.5260.4205.9178.0141.6162.5180.8250.7
CFO To EBITDA
CFO To EBITDA%
47.077.996.984.281.5108.488.685.992.0110.696.0117.7

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
7,9776,27511,14512,8279,6445,4197,86110,0618,81916,09220,38719,910
Price To Earnings
Price To Earnings
46.011.516.214.18.24.35.97.56.611.815.012.9
Price To Sales
Price To Sales
0.70.51.31.30.90.50.70.80.61.11.21.1
Price To Book
Price To Book
1.60.61.11.51.10.60.81.00.81.41.71.6
EV To EBITDA
EV To EBITDA
10.05.68.68.57.55.06.47.59.513.112.810.3
Profitability Ratios
Profitability Ratios
GPM
GPM%
87.888.299.699.999.899.999.899.999.999.9100.038.3
OPM
OPM%
17.126.332.828.526.425.927.223.215.113.915.818.6
NPM
NPM%
2.76.07.88.711.210.811.711.29.89.58.48.7
ROCE
ROCE%
8.010.89.611.814.914.612.312.011.311.210.410.3
ROE
ROE%
5.06.96.210.613.313.913.813.512.812.611.912.9
ROA
ROA%
1.12.01.72.73.63.73.83.73.73.93.53.5
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** CESC Limited, established in 1899 as *The Calcutta Electric Supply Corporation Limited*, is India’s first fully integrated electrical utility, combining **power generation and distribution** under a single entity. Incorporated in 1978, CESC carries forward over 125 years of legacy in the power sector. Headquartered in Kolkata, it operates as a flagship company of the diversified **RP-Sanjiv Goenka Group** and is recognized for its technological innovation, regulatory stability, and strategic expansion in renewable energy. CESC serves **over 4.8 million customers** across 1,454 sq km in seven locations through a mix of **licensed operations and input-based franchisee models**. The company manages a **peak load exceeding 4.4 GW** and has consolidated electricity sales of approximately **19,000 million units (MU)** annually. --- ### **Distribution Operations** | **Region** | **Area (sq km)** | **Customers** | **Model** | **AT&C/T&D Losses** | **Key Metrics** | |--------------------|------------------|----------------------|----------------------|------------------------|------------------| | **Kolkata** | 567 | ~3.7 million | Licensee (Exclusive) | 6.49% | Peak load: 2,700+ MW; Revenue: ₹9,765 cr (FY25); Collection efficiency >99%; "AA"/"A1+" credit rating | | **Noida (Greater)**| 335 | ~1.9 lakh | Licensee (via NPCL) | 7.48% | Stable, growing urban demand | | **Chandigarh** | 114 | ~2.4 lakh | Acquired (Feb 2025) | 12.5% | Adds ~240K customers and 1,700 MU to portfolio | | **Rajasthan DF** | 381 (Kota, Bharatpur, Bikaner) | ~5.4 lakh | Franchisee (Input-based) | 12.92% | High growth, improving operational efficiency | | **Malegaon (MH)** | 57 | ~1.3 lakh | Franchisee | **39.7%** (highest) | Challenging operational efficiency; focus on reform | - **Licensing & Franchisee Footprint**: 3 licenses (Kolkata, Noida, Chandigarh), 4 franchisee agreements. - The acquisition of **Chandigarh Discom** (effective Feb 2025) marks a major strategic expansion, enhancing CESC’s pan-India presence. --- ### **Power Generation Portfolio** #### **Conventional Generation (Total: ~2,140 MW)** - **Budge Budge (750 MW)** – Kolkata - **Haldia (600 MW)** – Operated by subsidiary Haldia Energy Ltd; supplies Kolkata via dedicated 400 kV link - **Southern Station (135 MW)** – Kolkata - **Chandrapur (600 MW)** – Maharashtra - **Asansol (40 MW)** – West Bengal - **Dhariwal (600 MW)** – Maharashtra - **Ramnad Solar Plant (18 MW DC)** – Tamil Nadu > ✅ Over **78–85% of Kolkata’s power demand is met through captive generation**, ensuring fuel and price security via long-term PPAs and CIL coal linkages. > ✅ Ash utilization rate: **100%** (eco-friendly disposal/reuse) #### **Renewable Energy & Green Transition** CESC is aggressively expanding into renewable energy under **Phase 1 (3.2 GW by FY29)** and **Phase 2 (10 GW by FY32)**. This is driven by its renewable arm, **Purvah Green Power Private Limited**, and supported by dedicated land, EPC partners, and transmission access. **Key Renewable Projects (Under Development)** - **300 MW Solar, Nokh, Rajasthan** - **PPA signed**, regulatory nod from WBERC - Grid connectivity via **Bhadla III ISTS Substation** - CUF: 29.4% - **SCOD: March 31, 2026** - **450 MW Hybrid (Solar+Wind), Mandsaur, MP** - **450 MW Hybrid (Solar in Bikaner + Wind in Ananthapuram, AP)** - **300 MW Solar, Bhadla, Rajasthan** (Acquired via SKP Green Ventures) > 📌 All projects have **Power Purchase Agreements (PPAs) in place** with CESC or Noida Power Company (NPCL). > 📌 **Grid connectivity secured** for all ongoing projects via CTU/state utilities. > 📌 Total pipeline: **3,240 MW under EPC**, with commissioning: > - 1.4 GW by FY27 > - 2.4 GW by FY28 > - Full 3.2 GW by Mar 2029 > 📦 Land: **1,800+ acres acquired**, evaluating up to **7,200 acres** for future solar/wind/hydrogen. > 🤝 EPC & OEM Partnerships: > - **Inox Wind** – 1.5 GW wind turbines > - **Suzlon Energy** – Wind supply, EPC, O&M > - **Ecoren** – Hybrid project execution --- ### **Strategic Initiatives & Innovation** #### **Digital Transformation** - **CESC Mobile App** (Launched Jan 2025): - Serves 3.7 million users; supports 5 accounts, e-bills, complaint filing, digital payments, **E-Points rewards**, and green transition tools. - **AI & Data Analytics**: - AI/ML for HT cable fault prediction, transformer health assessment, and complaint prioritization. - WhatsAppBot, ChatBot, and Vernacular VoiceBot for customer engagement. - **Smart Grid Infrastructure**: - 51,300 smart meters deployed (RF-Mesh/Cellular) - 4G-based HES for prepaid meters, streetlights, net metering - Class-A Power Quality meters installed at 33 kV sites - 10G-ready MPLS-TP fiber network for SCADA and OT systems #### **Emerging Technologies** - **Microgrid Pilot**: 100 kWp floating solar + 218 kWh BESS at Chakmir Substation – enables islanding, blackout detection, and peak shaving. - **Green Hydrogen**: - **CESC Projects Ltd.** selected to build **10,500 MT/year green hydrogen plant** (to be commissioned within 3 years). - **Augmented & Virtual Reality**: - AR for equipment visualization (SLAM, Image Target) - VR training modules for transformers, GIS panels - **Blockchain & DSO Vision**: Exploring P2P energy trading and demand-side management with **IIM Ahmedabad**. --- ### **Parent Group: RP-Sanjiv Goenka Group** CESC is part of a diversified ₹47,400 crore conglomerate with leadership in: - **Power & Natural Resources** – CESC, Cescen, green energy - **Carbon Black & Specialty Chemicals** – Largest producer in India - **Retail** – Quest (luxury lifestyle), gourmet chains - **FMCG** – Too Yumm (healthy snacks), Naturali, Within Beauty - **Media & Entertainment** – IP in 175,000+ songs, 70+ films, 55+ web series - **Sports** – LSG, Lucknow IPL franchise - **BPM & IT** – AI-powered global business process management The group’s cross-sector synergies support CESC’s digital, branding, and innovation journey. --- ### **Financial & Regulatory Strength** - **Regulated Returns**: Assured post-tax equity return for Kolkata & Noida operations (WBERC/UPERC approved). - **Credit Rating**: **Long-term ‘AA’** (CRISIL), **Short-term ‘A1+’** – among the highest in the Indian power sector. - **Revenue (FY25)**: ₹15,499 crore from distribution alone. - **Operational Efficiency**: Kolkata’s T&D loss among India's lowest at **6.49%**; collection efficiency >99%.