NSE: CESC · BSE: 500084
CESC LTD
An integrated power utility that sells electricity. The largest cost is materials at 61.1% of revenue, consistent with fuel purchases for generation. Subsidiary Purvah Green Power, with FY26 revenue of INR 1,097.61 crore, is being merged with RPSG Energy Services and has set up multiple wholly owned subsidiaries to explore renewable power projects. Another subsidiary, Crescent Power (67.83% held), has incorporated a renewable energy entity. Capex is 21.1% of revenue, indicating heavy ongoing investment. The Board is evaluating a new debt issuance of secured, unlisted, redeemable, rated non-convertible debentures. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Integrated power utility, Renewable power. Asset-heavy, capital-intensive integrated power utility expanding into renewables
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,544 | 14,246 | 15,293 | 17,001 | 18,570 |
| EBITDA (ex other income) | 2,917 | 2,149 | 2,126 | 2,689 | 3,447 |
| margin % | 23.3 | 15.1 | 13.9 | 15.8 | 18.6 |
| Owners' profit | 1,359 | 1,343 | 1,376 | 1,369 | 1,542 |
| EPS, as reported (₹) | 10.25 | 10.13 | 10.38 | 10.32 | 11.63 |
| ROE % · ROCE % | 13.0 · 9.9 | 12.3 · 9.4 | 12.1 · 9.6 | 11.3 · 9.6 | 12.3 · 9.7 |
| Debt / equity (x) | 1.38 | 1.25 | 1.20 | 1.43 | 1.62 |
| Cash from operations | 2,499 | 1,978 | 2,352 | 2,582 | 4,057 |
| Capex | (778) | (696) | (771) | (1,863) | (3,916) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,700 | 3,561 | 3,877 | 5,202 | 10,469 | 4,005 | 4,096 | 5,485 |
| Profit before tax | 462 | 362 | 466 | 508 | 1,073 | 385 | 653 | 546 |
| Net profit | 373 | 282 | 385 | 404 | 849 | 304 | 459 | 419 |
| EPS (₹) | 2.67 | 1.99 | 2.81 | 2.92 | 6.13 | 2.15 | 3.31 | 3.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI POWER LTD | 3,54,472 | 24.9 | 5.34 | 17.4 | 19.5 | 12.7 | 15.6 | 44.3 |
| TATA POWER CO LTD | 1,07,340 | 27.8 | 2.26 | 11.8 | 10.8 | 3.4 | 14.0 | 23.1 |
| TORRENT POWER LTD | 58,432 | 25.1 | 2.96 | 12.2 | 12.5 | 9.3 | 18.9 | 19.9 |
| CESC LTD ◆ | 16,481 | 8.5 | 1.25 | 7.1 | 12.3 | 5.9 | 9.8 | 20.9 |
| RELIANCE INFRASTRUCTU LTD | 1,904 | 0.6 | 0.07 | 2.0 | 16.6 | (1.6) | 4.1 | 0.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.5 | 19.6 | 6 of 31 | 83% |
| P/B | 1.3 | 1.4 | 13 of 35 | 62% |
| ROCE | 5.9 | 3.1 | 10 of 38 | 76% |
| ROE | 12.3 | 8.7 | 10 of 35 | 74% |
| Debt / Equity | 1.6 | 0.8 | 28 of 35 | 21% |
| EBITDA margin | 20.9 | 41.1 | 28 of 33 | 16% |
| Revenue growth | 5.4 | 7.8 | 20 of 33 | 41% |
| Profit growth | 3.7 | 7.6 | 19 of 34 | 46% |
| Market cap | 16481 | 6470 | 14 of 38 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA Certificate Under Reg 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Newspaper notice on special window for physical securities dematerialisation | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY27 Results | compliance | minimal | — | — |
| 25 Sept 2026 · CESC unit Purvah signs 25-yr PPA with Prism Johnson for 49.5 MW wind project | business updates | medium | — | — |
| 24 Sept 2026 · CESC allots Rs 190 Crore NCDs to Kotak Mahindra Bank | fund raising | medium | — | — |
| 22 Sept 2026 · CESC to raise Rs 190 crore via NCDs on private placement | fund raising | medium | — | — |
| 18 Sept 2026 · CESC Sept 2026 Investor Presentation: Vision 2030, 10 GW RE Target | investor communications | medium | — | — |
| 17 Sept 2026 · CESC board committee to consider issue of NCDs on Sept 22 | fund raising | medium | — | — |
| 14 Sept 2026 · Fire at Panihati Sub-station; power supply restored within 3.5 hours | capex operations | high | — | — |
| 11 Sept 2026 · CESC 48th AGM: All 6 resolutions passed including dividend and director appointments | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.