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CESC Q4 FY26 results: net profit up 19.2% to ₹459 crore, revenue up 5.6%
CESC Limited reported consolidated revenue of ₹4,096 crore in Q4 FY26, up 5.6% from Q4 FY25. EBITDA fell 8.5% to ₹743 crore and the margin declined 2.8 percentage points to 18.1%, while net profit rose 19.2% to ₹459 crore and basic EPS increased to ₹3.31.
Key points
- Consolidated Q4 FY26 revenue was ₹4,096 crore, up 5.6% year on year and 2.3% from Q3 FY26.
- EBITDA was ₹743 crore, down 8.5% from Q4 FY25 and 4.6% from Q3 FY26, while the margin declined to 18.1%.
- Net profit was ₹459 crore, up 19.2% from Q4 FY25 and 51.0% from Q3 FY26; basic EPS was ₹3.31.
- Other income rose ₹238 crore to ₹531 crore, while total expenses increased ₹270 crore to ₹3,974 crore and tax rose ₹113 crore to ₹194 crore.
- For FY26, revenue rose 9.2% to ₹18,570 crore and net profit rose 13.3% to ₹1,618 crore.
How did CESC perform in Q4 FY26?
CESC’s consolidated Q4 FY26 revenue was ₹4,096 crore, up 5.6% from ₹3,877 crore in Q4 FY25 and 2.3% from ₹4,005 crore in Q3 FY26. EBITDA fell 8.5% year on year to ₹743 crore and declined 4.6% from ₹779 crore in the previous quarter. The EBITDA margin was 18.1%, down 2.8 percentage points year on year and 1.4 percentage points sequentially.
Profit before tax rose 40.1% to ₹653 crore from ₹466 crore in Q4 FY25 and 69.6% from ₹385 crore in Q3 FY26. Net profit increased 19.2% year on year to ₹459 crore and 51.0% sequentially from ₹304 crore. Basic EPS was ₹3.31, against ₹2.81 in Q4 FY25 and ₹2.15 in Q3 FY26. On a standalone basis, revenue was ₹2,170 crore and profit after tax was ₹223 crore, against ₹218 crore in the previous year.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,096 | 4,005 | 3,877 | +5.6% | +2.3% |
| Other income | 531 | 257 | 293 | +81.2% | +106.6% |
| Total expenses | 3,974 | 3,877 | 3,704 | +7.3% | +2.5% |
| EBITDA | 743 | 779 | 812 | −8.5% | −4.6% |
| EBITDA margin | 18.1% | 19.5% | 20.9% | −2.8 pp | −1.4 pp |
| Profit before tax | 653 | 385 | 466 | +40.1% | +69.6% |
| Tax | 194 | 81 | 81 | +139.5% | +139.5% |
| Net profit | 459 | 304 | 385 | +19.2% | +51.0% |
| EPS (₹) | 3.31 | 2.15 | 2.81 | +17.8% | +54.0% |
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?
Other income increased ₹238 crore to ₹531 crore from ₹293 crore in Q4 FY25, while total expenses rose ₹270 crore to ₹3,974 crore. Cost of materials was ₹2,471 crore, up ₹290 crore, and employee cost was ₹332 crore, up ₹59 crore. Finance costs fell ₹18 crore to ₹317 crore, depreciation was unchanged at ₹304 crore, and other expenses fell ₹70 crore to ₹540 crore. There was no exceptional item.
Profit before tax rose ₹187 crore to ₹653 crore despite EBITDA declining ₹69 crore to ₹743 crore. Tax expense increased ₹113 crore to ₹194 crore from ₹81 crore, and net profit rose ₹74 crore to ₹459 crore. The company’s investor update said significant savings were achieved in variable costs for fuel and power procurement, and it reported reduced transmission and distribution losses across its distribution businesses.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,471 | 2,181 | +290 | +13.3% |
| Employee cost | 332 | 273 | +59 | +21.6% |
| Finance costs | 317 | 335 | −18 | −5.4% |
| Depreciation | 304 | 304 | 0 | +0.0% |
| Other expenses | 540 | 610 | −70 | −11.5% |
| Total expenses | 3,974 | 3,704 | +270 | +7.3% |
| Other income | 531 | 293 | +238 | +81.2% |
| Tax | 194 | 81 | +113 | +139.5% |
Source: Company's results filing (XBRL).
How did CESC do in FY26 as a whole?
For FY26, consolidated revenue was ₹18,570 crore, up 9.2% from ₹17,001 crore in FY25. Total income rose 6.5% to ₹19,830 crore, while profit before tax increased 18.9% to ₹2,119 crore. Net profit rose 13.3% to ₹1,618 crore from ₹1,428 crore, and basic EPS increased 12.7% to ₹11.63 from ₹10.32.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 18,570 | 17,001 | +9.2% |
| Profit before tax | 2,119 | 1,782 | +18.9% |
| Net profit | 1,618 | 1,428 | +13.3% |
| EPS (₹) | 11.63 | 10.32 | +12.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2026, total assets were ₹46,470 crore, compared with ₹43,185 crore at 30 September 2025. Total equity was ₹13,189 crore, against ₹13,331 crore, while borrowings rose to ₹21,319 crore from ₹18,811 crore. Cash and cash equivalents were ₹4,208 crore, compared with ₹2,951 crore. Inventories were ₹698 crore, trade receivables ₹2,416 crore and trade payables ₹1,848 crore.
For FY26, operating cash flow was ₹4,057 crore, compared with ₹2,582 crore in FY25. Investing cash flow was negative ₹3,235 crore, compared with negative ₹3,013 crore, while financing cash flow was ₹1,205 crore against ₹1,337 crore. Capital expenditure was ₹3,916 crore in FY26, compared with ₹1,863 crore in FY25.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 46,470 | 43,185 |
| Total equity | 13,189 | 13,331 |
| Borrowings | 21,319 | 18,811 |
| Cash and equivalents | 4,208 | 2,951 |
| Inventories | 698 | 612 |
| Trade receivables | 2,416 | 3,003 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 4,057 | 2,582 |
| Cash from investing | −3,235 | −3,013 |
| Cash from financing | 1,205 | 1,337 |
| Capital expenditure | 3,916 | 1,863 |
Source: Company's results filing (XBRL).
How has CESC done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters, while profit rose year on year in each of the last four quarters. Quarterly revenue peaked at ₹10,469 crore in Q2 FY26 and was lowest at ₹3,561 crore in Q3 FY25. Net profit peaked at ₹849 crore in Q2 FY26 and was lowest at ₹282 crore in Q3 FY25.
The EBITDA margin peaked at 20.9% in Q4 FY25 and bottomed at 7.6% in Q1 FY25. After reaching 19.5% in Q3 FY26, it eased to 18.1% in Q4 FY26. Revenue rose to ₹4,096 crore from ₹4,005 crore in Q3 FY26, while net profit increased from ₹304 crore to ₹459 crore.
What else did the company announce?
On 6 May 2026, the board approved and took note of the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, with an unmodified audit opinion. Subject to shareholder approval at the forthcoming Annual General Meeting, it also approved the continuation of Paras Kumar Chowdhary as a Non-Executive/Independent Director, as recommended by the Nomination and Remuneration Committee.
CESC filed an Investor Update for Q4 FY26 on the same day. The company said Purvah Green won a 300 MW hybrid project with CESC Kolkata and a 250 MW wind project with SECI during the quarter. The 300 MW solar project with CESC Kolkata was under commissioning. The filing also noted that the company had secured a letter of intent from the Uttar Pradesh government for 100 acres for a solar-cell manufacturing complex in Greater Noida, with cell lines scheduled for commissioning in 2027.
How did CESC shares react?
After the filing appeared after market hours, CESC was up 2.6% after 5 minutes, 1.9% after 15 minutes and 1.4% after 30 minutes. It closed 0.9% higher than the previous close on the reaction day. By the next day’s close, the stock was up 0.2% from its pre-results close, and by the fifth session it was up 0.4%.
The Power industry’s median move was 0.2% on the reaction day, negative 0.6% by the next session and negative 4.7% by the fifth session. CESC exceeded the industry median by 0.7 percentage points on the reaction day, 0.7 percentage points by the next session and 5.1 percentage points by the fifth session. Earlier results-day moves included 5.1% on 17 October 2025, negative 4.5% on 30 July 2025 and negative 4.7% on 10 January 2025.
| After the filing | Stock | Power median |
|---|---|---|
| 5 minutes | +2.6% | |
| 15 minutes | +1.9% | |
| 30 minutes | +1.4% | |
| Reaction day | +0.9% | +0.2% |
| Next day | +0.2% | −0.6% |
| 5 days | +0.4% | −4.7% |
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 |
|---|---|
| 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% |
| 9 August 2024 | +1.7% |
| 23 May 2024 | −1.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was CESC's revenue in Q4 FY26?
Revenue from operations was ₹4,096 crore, up 5.6% from ₹3,877 crore in Q4 FY25 (consolidated).
Did CESC make a profit in Q4 FY26?
Yes. Net profit was ₹459 crore, against a net profit of ₹385 crore in Q4 FY25.
What was CESC's EPS in Q4 FY26?
Basic earnings per share were ₹3.31, against ₹2.81 in Q4 FY25.
How did CESC shares react to the Q4 FY26 results?
On the reaction day the stock moved +0.9% from the previous close; the median Power stock moved +0.2%.
When did CESC announce its Q4 FY26 results?
On 6 May 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Taking On Record The Audited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Financial Year Ended On March 31, 2026. (BSE, 28 April 2026) · PDF
- Outcome Of Board Meeting Held On May 06, 2026 (BSE, 6 May 2026) · PDF
- Outcome of Board Meeting (NSE, 6 May 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 6 May 2026) · PDF
- Continuation Of Directorship Pursuant To Reg 17OA) Of SEBI LODR (BSE, 6 May 2026) · PDF
- General Updates (NSE, 6 May 2026) · PDF
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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