CESC Ltd

₹ 180 -2.45%

27 Oct - close price

About

Incorporated in 1978, CESC Ltd is in the business of generation and distribution of Electricity^[1]

Key Points

Parentage
The company is the flagship of the RP-Sanjiv Goenka Group (RPSG), which reported a turnover of Rs. 36,509 Cr and assets of Rs. 60,590 Cr+ in FY24. The group operates across various sectors, including power, infrastructure, carbon black, retail, education, BPO, and media & entertainment with a presence in 60+ countries and 100+ offices globally. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 23,863 Cr.
Current Price ₹ 180
High / Low ₹ 204 / 119
Stock P/E 28.3
Book Value ₹ 77.2
Dividend Yield 3.33 %
ROCE 9.95 %
ROE 7.97 %
Face Value ₹ 1.00

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Pros

Stock is providing a good dividend yield of 3.33%.
Company has been maintaining a healthy dividend payout of 74.8%

Cons

The company has delivered a poor sales growth of 4.11% over past five years.
Company has a low return on equity of 7.87% over last 3 years.
Earnings include an other income of Rs.824 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Utilities Power Power Integrated Power Utilities

Part of BSE 500 Nifty 500 BSE SmallCap Nifty Energy Nifty Smallcap 100 Nifty Dividend Opportunities 50 BSE India Infrastructure Index BSE Allcap BSE Utilities BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty500 Value 50 Nifty MidSmallcap 400 Nifty Smallcap 50 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Multicap Infrastructure 50:30:20 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	2,263	1,708	1,655	2,525	2,448	1,819	1,814	2,860	2,639	1,938	2,147	2,862	2,676
	1,943	1,483	1,417	2,181	2,125	1,757	1,781	2,786	2,130	1,676	1,686	2,333	2,078
Operating Profit	320	225	238	344	323	62	33	74	509	262	461	529	598
OPM %	14%	13%	14%	14%	13%	3%	2%	3%	19%	14%	21%	18%	22%
	258	287	389	231	336	512	540	582	154	371	209	137	107
Interest	148	156	166	181	176	177	205	207	215	228	216	224	222
Depreciation	119	119	122	179	178	180	183	175	169	174	176	169	169
Profit before tax	311	237	339	215	305	217	185	274	279	231	278	273	314
Tax %	22%	22%	22%	21%	25%	22%	-11%	30%	22%	26%	22%	23%	23%
	243	186	263	170	230	170	205	192	218	172	218	211	242
EPS in Rs	1.83	1.40	1.98	1.28	1.74	1.28	1.55	1.45	1.64	1.30	1.64	1.59	1.83
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	5,510	6,189	6,796	7,220	7,786	7,754	7,836	6,921	7,294	7,973	8,606	9,584	9,623
	3,999	4,552	4,765	5,486	6,046	6,286	6,292	5,633	6,075	6,686	7,725	8,148	7,773
Operating Profit	1,511	1,637	2,031	1,734	1,740	1,467	1,544	1,289	1,219	1,287	881	1,436	1,850
OPM %	27%	26%	30%	24%	22%	19%	20%	19%	17%	16%	10%	15%	19%
	100	85	-61	334	377	722	673	637	906	968	1,618	1,316	824
Interest	448	496	555	558	592	574	650	616	611	715	857	996	890
Depreciation	339	343	370	409	426	433	448	463	471	480	720	694	688
Profit before tax	825	883	1,046	1,101	1,099	1,183	1,119	847	1,044	1,060	922	1,062	1,096
Tax %	21%	21%	19%	22%	22%	21%	18%	4%	22%	22%	16%	25%
	652	698	845	863	862	937	918	814	816	830	775	800	843
EPS in Rs	5.22	5.26	6.38	6.51	6.50	7.07	6.92	6.14	6.15	6.26	5.85	6.03	6.36
Dividend Payout %	15%	17%	16%	15%	19%	25%	29%	74%	73%	72%	77%	75%

Compounded Sales Growth
10 Years:	4%
5 Years:	4%
3 Years:	10%
TTM:	5%

Compounded Profit Growth
10 Years:	1%
5 Years:	-2%
3 Years:	0%
TTM:	7%

Stock Price CAGR
10 Years:	15%
5 Years:	26%
3 Years:	33%
1 Year:	-1%

Return on Equity
10 Years:	8%
5 Years:	8%
3 Years:	8%
Last Year:	8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	126	133	133	133	133	133	133	133	133	133	133	133	133
Reserves	6,913	7,947	12,868	13,191	9,314	9,631	9,905	9,844	9,822	9,831	9,755	9,752	10,096
	4,030	5,234	5,331	5,985	5,947	6,052	6,453	7,433	8,491	8,422	9,583	11,677	11,494
	5,261	5,604	9,008	9,138	10,635	10,273	10,461	10,247	9,559	9,874	8,880	8,651	10,029
Total Liabilities	16,329	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	28,351	30,213	31,752
	8,619	9,234	14,859	14,814	14,787	14,736	14,810	14,437	14,253	13,992	13,455	13,027	12,712
CWIP	410	262	196	188	127	67	89	66	43	64	78	95	187
Investments	3,191	4,249	4,608	4,648	4,700	4,943	4,446	5,074	5,016	5,063	5,220	6,381	6,381
	4,109	5,173	7,678	8,797	6,416	6,343	7,607	8,080	8,693	9,141	9,597	10,709	12,472
Total Assets	16,329	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	28,351	30,213	31,752

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,986	732	1,927	1,686	1,574	1,220	1,282	810	709	1,196	1,039	1,821
	-1,839	-1,973	-1,141	-1,708	-1,087	-662	-114	-1,065	-379	-380	-563	-2,658
	-138	1,197	-670	112	-734	-672	-440	-243	-22	-1,280	-209	605
Net Cash Flow	10	-44	116	90	-247	-114	729	-498	308	-464	266	-232

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	78	81	52	49	49	48	46	74	52	49	52	53
Inventory Days
Days Payable
Cash Conversion Cycle	78	81	52	49	49	48	46	74	52	49	52	53
Working Capital Days	-46	-53	-94	-102	-176	-196	-189	-142	-158	-155	-133	-177
ROCE %	12%	11%	11%	8%	9%	11%	11%	9%	9%	9%	9%	10%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%
	12.71%	12.18%	12.20%	13.14%	11.95%	12.91%	13.56%	13.30%	12.36%	11.01%	10.93%	11.09%
	22.00%	21.75%	21.04%	20.06%	21.44%	21.12%	22.63%	22.63%	23.75%	25.10%	25.38%	25.65%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	13.15%	13.92%	14.63%	14.68%	14.49%	13.83%	11.70%	11.96%	11.78%	11.77%	11.56%	11.14%
No. of Shareholders	2,90,495	3,07,794	3,10,987	3,12,839	3,27,212	3,63,776	3,32,459	4,05,312	4,10,015	4,23,004	4,08,741	3,85,958

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	49.92%	49.92%	49.92%	49.92%	49.92%	52.11%	52.11%	52.11%	52.11%	52.11%
	21.08%	13.38%	13.04%	18.48%	14.70%	13.80%	12.18%	12.91%	11.01%	11.09%
	20.28%	25.08%	25.32%	22.81%	23.84%	20.99%	21.75%	21.12%	25.10%	25.65%
	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	8.71%	11.61%	11.71%	8.78%	11.53%	13.09%	13.92%	13.83%	11.77%	11.14%
No. of Shareholders	34,598	50,958	55,670	54,181	84,055	2,96,485	3,07,794	3,63,776	4,23,004	3,85,958

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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