Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹20,880Cr
Power - Generation/Distribution
Rev Gr TTM
Revenue Growth TTM
11.14%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 3.0 | 5.1 | 11.2 | 3.7 | 9.2 | 12.8 | 8.0 | 9.8 | 14.5 | 7.0 | 12.1 | 12.5 |
| 2,589 | 3,586 | 3,706 | 2,898 | 2,977 | 4,492 | 3,804 | 2,951 | 3,065 | 4,338 | 4,206 | 3,226 |
Operating Profit Operating ProfitCr |
| 16.5 | 16.8 | 14.8 | 10.7 | 12.1 | 7.6 | 19.1 | 17.1 | 20.9 | 16.6 | 20.1 | 19.4 |
Other Income Other IncomeCr | 106 | 59 | 62 | 57 | 73 | 55 | 70 | 96 | 153 | 83 | 84 | 94 |
Interest Expense Interest ExpenseCr | 289 | 308 | 305 | 296 | 325 | 322 | 328 | 339 | 335 | 363 | 337 | 343 |
Depreciation DepreciationCr | 221 | 300 | 303 | 303 | 311 | 301 | 295 | 305 | 304 | 304 | 311 | 308 |
| 550 | 439 | 461 | 364 | 419 | 492 | 462 | 362 | 466 | 508 | 569 | 385 |
| 105 | 71 | 98 | 63 | 4 | 104 | 89 | 80 | 81 | 104 | 121 | 81 |
|
Growth YoY PAT Growth YoY% | 0.0 | 23.9 | 13.8 | -10.4 | -6.7 | 5.4 | 2.8 | -6.3 | -7.2 | 4.1 | 20.1 | 7.8 |
| 14.3 | 8.5 | 8.3 | 9.3 | 12.3 | 8.0 | 7.9 | 7.9 | 9.9 | 7.8 | 8.5 | 7.6 |
| 3.3 | 2.6 | 2.6 | 2.1 | 3.0 | 2.9 | 2.7 | 2.0 | 2.8 | 2.9 | 3.2 | 2.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 9.6 | -31.0 | 22.9 | 3.8 | 14.0 | -4.3 | 7.8 | 13.6 | 7.3 | 11.2 | 7.9 |
| 9,172 | 8,941 | 5,624 | 7,343 | 7,849 | 9,015 | 8,466 | 9,627 | 12,097 | 13,168 | 14,312 | 14,835 |
Operating Profit Operating ProfitCr |
| 17.1 | 26.3 | 32.8 | 28.5 | 26.4 | 25.9 | 27.2 | 23.3 | 15.1 | 13.9 | 15.8 | 19.2 |
Other Income Other IncomeCr | 149 | 119 | 324 | 369 | 1,166 | 849 | 666 | 1,013 | 1,585 | 2,008 | 1,622 | 414 |
Interest Expense Interest ExpenseCr | 956 | 1,494 | 1,372 | 1,303 | 1,325 | 1,378 | 1,213 | 1,129 | 1,117 | 1,234 | 1,324 | 1,378 |
Depreciation DepreciationCr | 589 | 766 | 715 | 751 | 764 | 848 | 867 | 885 | 878 | 1,217 | 1,205 | 1,227 |
| 498 | 1,042 | 976 | 1,246 | 1,893 | 1,768 | 1,752 | 1,915 | 1,739 | 1,683 | 1,782 | 1,928 |
| 199 | 313 | 321 | 356 | 695 | 459 | 389 | 511 | 342 | 236 | 354 | 387 |
|
| | 143.9 | -10.2 | 36.0 | 34.6 | 9.3 | 4.1 | 3.0 | -0.5 | 3.6 | -1.3 | 7.9 |
| 2.7 | 6.0 | 7.8 | 8.7 | 11.2 | 10.8 | 11.7 | 11.2 | 9.8 | 9.5 | 8.4 | 8.4 |
| 1.2 | 3.5 | 4.1 | 5.4 | 8.9 | 9.6 | 10.0 | 10.3 | 10.1 | 10.4 | 10.3 | 11.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 | 133 |
| 5,896 | 10,470 | 10,489 | 8,287 | 8,841 | 9,278 | 9,740 | 10,263 | 10,777 | 11,312 | 11,877 | 12,578 |
Current Liabilities Current LiabilitiesCr | 6,375 | 6,269 | 6,200 | 5,616 | 6,353 | 7,214 | 5,663 | 6,800 | 7,410 | 6,805 | 8,480 | 9,062 |
Non Current Liabilities Non Current LiabilitiesCr | 14,533 | 18,829 | 19,840 | 18,880 | 18,061 | 18,467 | 19,930 | 19,863 | 18,912 | 18,377 | 19,898 | 20,786 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 5,054 | 4,646 | 5,678 | 4,438 | 4,722 | 5,206 | 5,597 | 7,151 | 6,535 | 6,597 | 8,341 | 9,769 |
Non Current Assets Non Current AssetsCr | 22,884 | 32,148 | 32,195 | 28,548 | 28,747 | 30,251 | 30,264 | 30,342 | 31,177 | 30,571 | 32,640 | 25,361 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 889 | 2,480 | 2,655 | 2,469 | 2,294 | 3,408 | 2,806 | 2,499 | 1,978 | 2,351 | 2,582 |
Investing Cash Flow Investing Cash FlowCr | -2,441 | -1,220 | -1,493 | -1,230 | -687 | -466 | -1,489 | -575 | -545 | -564 | -3,013 |
Financing Cash Flow Financing Cash FlowCr | 1,331 | -1,181 | -760 | -1,485 | -1,737 | -2,219 | -1,739 | -611 | -2,457 | -1,642 | 1,337 |
|
Free Cash Flow Free Cash FlowCr | -1,051 | 1,255 | 1,205 | 1,587 | 1,462 | 2,495 | 2,132 | 1,729 | 1,288 | 1,586 | 729 |
| 297.6 | 340.2 | 405.5 | 277.3 | 191.5 | 260.4 | 205.9 | 178.0 | 141.6 | 162.5 | 180.8 |
CFO To EBITDA CFO To EBITDA% | 47.0 | 77.9 | 96.9 | 84.2 | 81.5 | 108.4 | 88.6 | 85.7 | 92.0 | 110.6 | 96.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 7,977 | 6,275 | 11,145 | 12,827 | 9,644 | 5,419 | 7,861 | 10,061 | 8,819 | 16,092 | 20,387 |
Price To Earnings Price To Earnings | 46.0 | 11.5 | 16.2 | 14.1 | 8.2 | 4.3 | 5.9 | 7.5 | 6.6 | 11.8 | 15.0 |
Price To Sales Price To Sales | 0.7 | 0.5 | 1.3 | 1.3 | 0.9 | 0.5 | 0.7 | 0.8 | 0.6 | 1.1 | 1.2 |
Price To Book Price To Book | 1.6 | 0.6 | 1.1 | 1.5 | 1.1 | 0.6 | 0.8 | 1.0 | 0.8 | 1.4 | 1.7 |
| 10.0 | 5.6 | 8.6 | 8.5 | 7.5 | 5.0 | 6.4 | 7.5 | 9.5 | 13.1 | 12.8 |
Profitability Ratios Profitability Ratios |
| 87.8 | 88.2 | 99.6 | 99.9 | 99.8 | 99.9 | 99.8 | 99.9 | 99.9 | 99.9 | 100.0 |
| 17.1 | 26.3 | 32.8 | 28.5 | 26.4 | 25.9 | 27.2 | 23.3 | 15.1 | 13.9 | 15.8 |
| 2.7 | 6.0 | 7.8 | 8.7 | 11.2 | 10.8 | 11.7 | 11.2 | 9.8 | 9.5 | 8.4 |
| 8.0 | 10.8 | 9.6 | 11.8 | 14.9 | 14.6 | 12.3 | 12.0 | 11.3 | 11.2 | 10.4 |
| 5.0 | 6.9 | 6.2 | 10.6 | 13.3 | 13.9 | 13.8 | 13.5 | 12.8 | 12.6 | 11.9 |
| 1.1 | 2.0 | 1.7 | 2.7 | 3.6 | 3.7 | 3.8 | 3.7 | 3.7 | 3.9 | 3.5 |
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%.