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CESC Q2 FY27 results: net profit down 48.4% to ₹438 crore, revenue down 46.4%
CESC Limited reported consolidated revenue of ₹5,607 crore and a net profit of ₹438 crore for Q2 FY27. EBITDA was ₹1,039 crore and the margin was 18.5%, while basic EPS was ₹3.20; revenue and profit were lower than a year earlier but higher than in Q1 FY27.
Key points
- Consolidated revenue was ₹5,607 crore, down 46.4% from ₹10,469 crore in Q2 FY26 but up 2.2% from ₹5,485 crore in Q1 FY27.
- Q2 FY27 EBITDA was ₹1,039 crore, down 46.0% year on year but up 16.1% sequentially; the margin was 18.5%, up 0.1 percentage points from a year earlier.
- Net profit was ₹438 crore, down 48.4% from ₹849 crore in Q2 FY26 but up 4.5% from ₹419 crore in Q1 FY27.
- Basic EPS was ₹3.20, against ₹6.13 in Q2 FY26 and ₹3.03 in Q1 FY27.
- Total assets were ₹47,882 crore at 30 September 2026, while borrowings were ₹22,017 crore and cash was ₹2,764 crore.
How did CESC perform in Q2 FY27?
CESC reported consolidated revenue of ₹5,607 crore for Q2 FY27, against ₹10,469 crore in Q2 FY26 and ₹5,485 crore in Q1 FY27. EBITDA was ₹1,039 crore, compared with ₹1,925 crore a year earlier and ₹895 crore in the previous quarter; the EBITDA margin was 18.5%, against 18.4% and 16.3%, respectively.
Consolidated net profit was ₹438 crore, down from ₹849 crore in Q2 FY26 but up from ₹419 crore in Q1 FY27. Profit attributable to owners was ₹423 crore, while basic EPS was ₹3.20, compared with ₹6.13 a year earlier and ₹3.03 in the previous quarter. The standalone results showed revenue of ₹2,854 crore and profit for the period of ₹256 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,607 | 5,485 | 10,469 | −46.4% | +2.2% |
| Other income | 178 | 254 | 463 | −61.6% | −29.9% |
| Total expenses | 5,199 | 5,193 | 9,859 | −47.3% | +0.1% |
| EBITDA | 1,039 | 895 | 1,925 | −46.0% | +16.1% |
| EBITDA margin | 18.5% | 16.3% | 18.4% | +0.1 pp | +2.2 pp |
| Profit before tax | 586 | 546 | 1,073 | −45.4% | +7.3% |
| Tax | 148 | 127 | 224 | −33.9% | +16.5% |
| Net profit | 438 | 419 | 849 | −48.4% | +4.5% |
| EPS (₹) | 3.20 | 3.03 | 6.13 | −47.8% | +5.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in CESC's costs and profit?
Against Q2 FY26, total expenses were ₹5,199 crore, lower by ₹4,660 crore. Cost of materials fell by ₹3,019 crore to ₹3,574 crore, employee cost by ₹321 crore to ₹434 crore, finance costs by ₹365 crore to ₹335 crore, depreciation by ₹319 crore to ₹296 crore and other expenses by ₹577 crore to ₹560 crore. Other income was ₹178 crore, down ₹285 crore, and tax was ₹148 crore, down ₹76 crore; there was no exceptional item.
Compared with Q1 FY27, total expenses were ₹5,199 crore, up ₹6 crore. Cost of materials rose ₹48 crore, employee cost ₹27 crore, finance costs ₹23 crore and depreciation ₹5 crore, while other expenses fell ₹96 crore. Other income declined ₹76 crore to ₹178 crore, while tax increased ₹21 crore to ₹148 crore. No reason for these changes was stated in the filing.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,574 | 6,593 | −3,019 | −45.8% |
| Employee cost | 434 | 755 | −321 | −42.5% |
| Finance costs | 335 | 700 | −365 | −52.1% |
| Depreciation | 296 | 615 | −319 | −51.9% |
| Other expenses | 560 | 1,137 | −577 | −50.7% |
| Total expenses | 5,199 | 9,859 | −4,660 | −47.3% |
| Other income | 178 | 463 | −285 | −61.6% |
| Tax | 148 | 224 | −76 | −33.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹47,882 crore, against ₹46,470 crore at 31 March 2026, while total equity was ₹13,158 crore, compared with ₹13,189 crore. Borrowings increased to ₹22,017 crore from ₹21,319 crore, and cash declined to ₹2,764 crore from ₹4,208 crore. Inventories were ₹634 crore, trade receivables ₹3,178 crore and trade payables ₹2,154 crore.
For H1 FY27, operating cash flow was ₹1,384 crore, compared with ₹1,585 crore in H1 FY26. Investing cash flow was negative ₹1,973 crore, compared with negative ₹779 crore, and financing cash flow was negative ₹855 crore, compared with negative ₹36 crore. Capital expenditure was ₹2,010 crore in H1 FY27, against ₹1,104 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 47,882 | 46,470 |
| Total equity | 13,158 | 13,189 |
| Borrowings | 22,017 | 21,319 |
| Cash and equivalents | 2,764 | 4,208 |
| Inventories | 634 | 698 |
| Trade receivables | 3,178 | 2,416 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,384 | 1,585 |
| Cash from investing | −1,973 | −779 |
| Cash from financing | −855 | −36 |
| Capital expenditure | 2,010 | 1,104 |
Source: Company's results filing (XBRL).
How has CESC done over the last 8 quarters?
Revenue reached its peak among the reported quarters at ₹10,469 crore in Q2 FY26 and its low at ₹3,561 crore in Q3 FY25. It was ₹5,607 crore in Q2 FY27, up from ₹5,485 crore in Q1 FY27, while the latest EBITDA margin was 18.5%, above 16.3% in the preceding quarter.
Net profit peaked at ₹849 crore in Q2 FY26 and was lowest at ₹282 crore in Q3 FY25. It was ₹438 crore in Q2 FY27, up from ₹419 crore in Q1 FY27, while the EBITDA margin rose to 18.5% from 16.3%. The quarterly series does not provide a stated streak.
What else did the company announce?
The board approved and took note of the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, along with the statutory auditors’ limited review report. The company’s investor communication also covered Q2 FY27 growth, Purvah Green’s proposed 1.4 GWp solar acquisition and a 10 GW target. The same-day filings did not announce a dividend, fund raise or appointment.
What did CESC's management say?
Management said NPCL’s Q2 revenue increased by 14% to ₹1,002 crore and PAT was ₹53 crore, with T&D loss reduced to 6.98% from 8.16%. It said Chandigarh Power reported sales volume of 603 MU and revenue of ₹341 crore, up 10% year on year, while Rajasthan’s consolidated T&D loss was 13.0% and Malegaon’s was 35.7%, compared with 37.3% in Q2 FY26.
Management said BBGS TPP achieved a PLF of 90.4% and Southern TPP 83.8%, against 29.8% year on year. It also said Purvah Green signed an SPA for 100% of six ReNew SPVs comprising 1.4 GWp of operating renewable capacity at an enterprise value of ~Rs. 4,859 Cr, with closing expected before 21 Nov’26.
Management set a medium-term target of 10 GW of contracted renewable capacity. It said the 4.9 GWp tied-up or under-implementation pipeline requires ~₹26,000+ Cr of committed capex and has an annualised revenue run-rate of ~₹3,400+ Cr and annualised EBITDA run-rate of ~₹3,000+ Cr. Management said the acquired portfolio has estimated annual revenue of ~Rs. 600 Cr.
How did CESC shares react?
After the filing appeared in the market, CESC’s shares fell 1.4% in five minutes, 1.1% in 15 minutes and 1.9% in 30 minutes. On the reaction day, the stock closed 0.5% lower from its pre-results close of ₹131.00, while the median move for the Power industry’s other stocks was 1.2%; CESC therefore underperformed the industry median by 1.7 percentage points.
Earlier reaction-day moves were mixed: CESC rose 1.4% on 13 August 2026 and 0.9% on 6 May 2026, was unchanged on 6 February 2026, and moved 5.1% on 17 October 2025. The remaining earlier reactions were negative, including 4.5% on 30 July 2025 and 4.7% on 10 January 2025.
| After the filing | Stock | Power median |
|---|---|---|
| 5 minutes | −1.4% | |
| 15 minutes | −1.1% | |
| 30 minutes | −1.9% | |
| Reaction day | −0.5% | +1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | +1.4% |
| 6 May 2026 | +0.9% |
| 6 February 2026 | −0.0% |
| 17 October 2025 | +5.1% |
| 30 July 2025 | −4.5% |
| 15 May 2025 | −3.1% |
| 10 January 2025 | −4.7% |
| 12 November 2024 | −0.4% |
Source: MarketPing price-reaction measurement.
Quick answers
What was CESC's revenue in Q2 FY27?
Revenue from operations was ₹5,607 crore, down 46.4% from ₹10,469 crore in Q2 FY26 (consolidated).
Did CESC make a profit in Q2 FY27?
Yes. Net profit was ₹438 crore, against a net profit of ₹849 crore in Q2 FY26.
What was CESC's EPS in Q2 FY27?
Basic earnings per share were ₹3.20, against ₹6.13 in Q2 FY26.
How did CESC shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.5% from the previous close; the median Power stock moved +1.2%.
When did CESC announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for The Unaudited Financial Results Of The Company For The 2Nd Quarter And Half-Year Ended On September 30, 2026 Pertaining To The Financial Year-2026-27. (BSE, 29 October 2026) · PDF
- Outcome Of Board Meeting - Results (BSE, 5 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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