Investors Update
CESC · price
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CESC reported strong FY26 results with consolidated revenue of Rs 18,570 Cr (up 9% YoY) and PAT of Rs 1,618 Cr (up 13%). Q4FY26 showed particularly strong performance with PAT at Rs 459 Cr, a 19% YoY increase. The company achieved significant savings in variable costs on fuel and power procurement. T&D losses improved across all distribution businesses - CESC Kolkata reached an all-time low of 6.11%, NPCL PAT grew 32.3% to Rs 227 Cr, and Malegaon DF T&D loss reduced to 36.3% from 39.7%. Renewable energy expansion continues with 300 MW solar under commissioning, and new project wins of 300 MW hybrid and 250 MW wind. Capex guidance stands at Rs 16,500 Cr targeting annualized revenue of Rs 2,300 Cr. Borrowings increased to Rs 21,319 Cr from Rs 17,719 Cr to fund growth.
Strong operational performance with margin improvements and reduced T&D losses signals efficiency gains. The large capex program for renewable expansion provides growth visibility but increased debt raises execution risk. The 10 GW renewable target by FY32 and 3 GW solar manufacturing plans indicate significant future growth pipeline.