NSE:CESCNSEUtilities
CESC Limited
📊 Utilities - Regulated Electric
Day ₹189
₹195 Oversold
52W ₹138
₹195 Overbought
₹190.21
▼ ₹1.06 (-0.55%)
Vol: 1,445,532 · Avg: 2,478,608
As of April 29, 2026 · 06:43 IST
COMPOSITE RISK SCORE
67 MODERATE
VAL:17/25 · FIN:14/25 · GRO:18/25 · TECH:18/25
📈 P/E RATIO
17.1x
Trailing
📖 P/B RATIO
2.0x
Price to Book
💰 EPS
₹11.13
TTM
🏛 MARKET CAP
₹25,214Cr
Large Cap
📊 ROE
11.4%
Return on Equity
📈 REV GROWTH
12.5%
YoY
🏢 Company Analysis · CESC Limited
💼 BUSINESS MODEL
  • CESC Limited, an integrated electrical utility company, engages in the generation and distribution of electricity in India..
  • It owns and operates two thermal power plants, including Budge Budge generating station with a generating capacity of 750 megawatts and Southern generating stations with a generating capacity of 135 megawatts; a 40-megawatt atmospheric fluidized bed combustion power plant in Asansol, West Bengal; a 300-megawatt solar project in Bhadla, Rajasthan; a 450-megawatt hybrid project comprising a 150-megawatt solar unit and 300-megawatt wind unit in Mandsaur, Madhya, Pradesh; and a 450-megawatt hybrid project that consists of a 150-megawatt solar unit in Bikaner, Rajasthan and a 300-megawatt wind unit in Ananthapuram, Andhra Pradesh..
  • The company was founded in 1899 and is headquartered in Kolkata, India..
  • Operates in Utilities - Regulated Electric within the Utilities sector.
  • Workforce of 5,688 employees.
🏰 MOAT & COMPETITION
  • Large-cap (₹25,214 Cr) — established player with meaningful market presence.
  • Key competitors: Reliance Infra., Adani Power, Torrent Power, CESC.
🚀 CATALYSTS
  • No specific near-term catalysts identified from available data.
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹160 — ₹250 (mean ₹206, 12 analysts).
  • Moderate asymmetry — upside +31% vs downside -16% (2.0x).
  • P/E of 17.1x — fair value territory; catalysts needed for re-rating.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Strong Buy (12 analysts).
  • Latest quarter earnings change: +8% YoY — relatively flat.
✅ PROS
  • Stock is providing a good dividend yield of 3.13%.
  • Company has been maintaining a healthy dividend payout of 44.0%
❌ CONS
  • The company has delivered a poor sales growth of 6.93% over past five years.
  • Company has a low return on equity of 11.9% over last 3 years.
VALUATION
17/25
25% WEIGHT
  • P/E at 17x
  • P/B at 2.0x
  • Analyst target: ₹206 (+8.3%)
  • 1Y return: +25.1%
FINANCIAL HEALTH
14/25
25% WEIGHT
  • ROE: 11.4%
  • Profit margin: 8.0%
  • Revenue growth: 12.5%
  • Debt/Equity: 141%
GROWTH
18/25
25% WEIGHT
  • Revenue growth: 12.5%
  • Earnings growth: 8.0%
  • Beta: 0.20
  • Sector: Utilities
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
145.8 113.0 80.2 47.4 14.6 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 48.3 Mar 2015: 126.8 Mar 2016: 42.2 Mar 2017: 36.5 Mar 2018: 27.6 Mar 2019: 21.3 Mar 2020: 19.9 Mar 2021: 18.9 Mar 2022: 18.6 Mar 2023: 18.8 Mar 2024: 18.3 Mar 2025: 18.4 TTM: 17.1 17.1
💎 Valuation & Financial Metrics
P/E RATIO
17.1x
Trailing twelve months
P/B RATIO
2.0x
Price to Book value
ROE
11.4%
Return on Equity
PROFIT MARGIN
8.0%
Net profit margin
OPM
12.8%
Operating profit margin
ANALYST TARGET
₹206
Range: ₹160 - ₹250
Yahoo Finance ↗
PEG RATIO
N/A
Price/Earnings to Growth
EV/EBITDA
11.1x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
3.14%
Annual yield
ROA
3.6%
Return on Assets
GROSS MARGIN
38.1%
Gross profit margin
INDUSTRY AVERAGES — INTEGRATED POWER UTILITIES
P/E 32.5x (below avg)
P/B 2.0x (sector fair)
ROCE 13.6% (below avg)
ROE 15% (sector good)
OPM 20% (sector good)
Div Yield 0.79%
D/E <80 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹4,700 Cr— ₹353 Cr— N/A 23.1%
Q3 FY25 ₹3,561 Cr-24.2% ₹265 Cr-24.9% N/A 29.3%
Q4 FY25 ₹3,877 Cr+8.9% ₹373 Cr+40.7% N/A 28.7%
Q1 FY26 ₹5,202 Cr+34.2% ₹387 Cr+3.8% N/A 23.4%
Q3 FY26 ₹4,005 Cr-23.0% ₹285 Cr-26.4% N/A 26.9%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹12,544 Cr— ₹1,358 Cr— ₹2,499 Cr—
FY23 ₹14,246 Cr+13.6% ₹1,343 Cr-1.1% ₹1,978 Cr-20.8%
FY24 ₹15,293 Cr+7.3% ₹1,376 Cr+2.5% ₹2,351 Cr+18.9%
FY25 ₹17,001 Cr+11.2% ₹1,369 Cr-0.5% ₹2,582 Cr+9.8%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How CESC Limited Makes Its Money
Revenue ₹4.0K Cr Cost of Revenue ₹2.3K Cr Gross Profit ₹1.7K Cr Op. Expenses ₹699 Cr Operating Inc. ₹979 Cr Tax ₹81 Cr Interest ₹385 Cr Other ₹209 Cr Net Income ₹285 Cr (7.1% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of CESC Limited's Balance Sheet
Total Assets ₹41.0K Cr Cash & Equiv.: ₹2.2K Cr (5.3%) Receivables: ₹2.4K Cr (5.9%) Inventory: ₹725 Cr (1.8%) Other Current: ₹3.0K Cr (7.3%) PP&E: ₹23.1K Cr (56.5%) Goodwill: ₹76 Cr (0.2%) Other Intangibles: ₹955 Cr (2.3%) Other Non-Curr.: ₹8.5K Cr (20.7%) Liab. + Equity ₹41.0K Cr Current Liab.: ₹8.5K Cr (20.7%) Long-Term Debt: ₹12.9K Cr (31.4%) Other Liab.: ₹7.0K Cr (17.2%) Equity: ₹12.6K Cr (30.8%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into CESC Limited's Cash Flow
Operating CF ₹2.6K Cr Capital Exp. ₹1.9K Cr Free Cash Flow ₹718 Cr Dividends ₹603 Cr Debt Repaid ₹1.5K Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +4,3104,3523,2443,3874,8634,7003,5613,8775,2025,2674,005
Expenses +3,5863,7062,8982,9774,4923,8042,9513,0654,3384,2063,226
Operating Profit7246463464103718966108128641,061779
OPM %17%15%11%12%8%19%17%21%17%20%19%
Other Income +323423617645744189396293311156257
Interest308305296325322328339335363337343
Depreciation300303303311301295305304304311308
Profit before tax439461364419492462362466508569385
Tax %16%21%17%1%21%19%22%17%20%21%21%
Net Profit +368363301415388373282385404448304
EPS in Rs2.622.632.123.022.852.662.002.812.923.232.15
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +10,27510,66412,15911,63212,54414,24615,29317,00118,351
Expenses +7,2357,7388,9028,3389,50911,97213,01714,15214,835
Operating Profit3,0402,9263,2573,2933,0352,2742,2762,8493,516
OPM %30%27%27%28%24%16%15%17%19%
Other Income +4541,1638426651,0131,5842,0001,6181,017
Interest1,4111,4321,4841,3401,2481,2411,3771,4791,378
Depreciation7517648488678858781,2171,2051,227
Profit before tax1,3311,8931,7681,7521,9151,7391,6831,7821,928
Tax %27%37%26%22%27%20%14%20%
Net Profit +9751,1981,3091,3631,4041,3971,4471,4281,541
EPS in Rs6.888.939.5610.0410.2510.1310.3810.3311.11
Dividend Payout %18%20%21%45%44%45%44%44%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital133133133133133133133133133
Reserves8,2878,8419,2789,74010,26310,77711,31211,87612,578
Borrowings +14,57814,47913,99114,27714,96114,26314,54417,97818,811
Other Liabilities +9,98810,01712,05511,71212,13612,53911,17910,99411,663
Total Liabilities32,98633,47035,45735,86237,49337,71237,16840,98143,185
Fixed Assets +23,85423,64924,73924,19723,21622,82622,13122,76622,332
CWIP217161168134102140175427890
Investments1,1741,185180308460775759139
Other Assets +7,7428,47410,37111,22213,71614,66914,80617,72819,824
Total Assets32,98633,47035,45735,86237,49337,71237,16840,98143,185
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +2,6552,4692,2943,4082,8062,4991,9782,3512,582
Cash from Investing Activity +-1,493-1,606-686-466-1,489-575-545-564-3,013
Cash from Financing Activity +-760-1,485-1,737-2,219-1,739-611-2,457-1,6421,337
Net Cash Flow402-623-130723-4231,313-1,024146906
Free Cash Flow1,2051,5871,4622,4952,1321,7291,2881,586729
CFO/OP105%93%89%114%95%95%100%123%104%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days685560557361565452
Inventory Days
Days Payable
Cash Conversion Cycle685560557361565452
Working Capital Days-123-102-109-120-66-96-89-70-90
ROCE %10%11%14%14%13%13%11%12%11%
🏭 Industry Peers — Integrated Power Utilities
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Reliance Infra. ★₹790.7₹3,21434.0%+104.5%80
2Adani Power₹22237.3₹428,02422.5%-18.9%63
3Torrent Power₹1,73427.7₹87,40215.9%+35.2%51
4CESC₹19017.1₹25,17311.2%+7.5%41
5Tata Power Co.₹45638.6₹145,61210.8%-25.1%37
6India Power Corp₹10146.0₹9943.2%-30.2%0
★ Reliance Infra. ranks higher on combined P/E, ROCE, and growth metrics in Integrated Power Utilities
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.11%52.11%52.11%52.11%52.11%52.11%
FIIs12.36%11.01%10.93%11.09%11.88%11.61%
DIIs23.75%25.10%25.38%25.65%25.61%26.24%
Government0.01%0.01%0.01%0.01%0.01%0.01%
Public11.78%11.77%11.56%11.14%10.39%10.05%
No. of Shareholders4,10,0154,23,0044,08,7413,85,9583,62,4073,47,619
🟢 CATALYSTS
🏆Revenue Growth 12%: Above sector norm of 8% — strong top-line momentum.
💹Low Beta (0.20): Less volatile than market — defensive play.
🔀Earnings Growth (8%): Above sector norm — strong profit expansion.
🔴 RISKS
📜Market Risk: Broader market correction or sentiment shift could impact stock.
💰Sector Risk: Regulatory or competitive changes in Utilities space.
🔓Execution Risk: Growth may not meet elevated expectations.
🕸 Factor Analysis · Radar
Momentum 7/10: 1M +26.7%, 6M +4.7%, RSI 83, MACD bullish, Above 200DMA Sentiment 7/10: Analyst upside +8.3%, Rec: strong buy Value 8/10: P/E 17.1, P/B 2.0, EV/EBITDA 11.1 Quality 5/10: Margin 8.0%, D/E 141 Low Volatility 9/10: Beta 0.20, Ann. vol 29% Momentum 7 Sentiment 7 Value 8 Quality 5 Low Vol 9
Momentum 7/10
1M +26.7%, 6M +4.7%, RSI 83, MACD bullish, Above 200DMA
Sentiment 7/10
Analyst upside +8.3%, Rec: strong buy
Value 8/10
P/E 17.1, P/B 2.0, EV/EBITDA 11.1
Quality 5/10
Margin 8.0%, D/E 141
Low Volatility 9/10
Beta 0.20, Ann. vol 29%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYCapture 8.3% analyst upsideOPM of 13% provides margin buffer
HOLDRetain existing position; wait for better entry; FII stake falling (-0.27%)Miss further upside if momentum continues; 1M return of +26.7% shows momentum
SELLLock in +25.1% 1Y return; redeploy into Reliance Infra. at lower P/EAvoid further drawdown
REASONS TO BUY
  • Analyst upside of 8.3% with mean target of ₹206
  • Revenue growing at 12.5% YoY (sector norm: 2%)
REASONS TO SELL / AVOID
  • FII stake falling (-0.27%) — institutional exit signal
  • Reliance Infra. offers lower P/E (0.7) with ROCE of 34.0% in the same sector
📰 Latest News
No recent news available for this stock
RECOMMENDATION
SPECULATIVE BUY
COMPOSITE SCORE
67/100
CESC Limited trades at ₹190.21 with a composite risk score of 67/100. The stock scores 17/25 on valuation, 14/25 on financial health, 18/25 on growth, and 18/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 8.3% with a mean target of ₹206. Revenue growth is at 12.5%.

Within Integrated Power Utilities, Reliance Infra. (P/E 0.7, ROCE 34.0%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Utilities but monitor closely. The current recommendation is SPECULATIVE BUY.
CHEAP HIGH DEBT
RISK SCORE REPORT · NSE:CESC · GENERATED APR 29, 2026 06:43 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.