CESC Ltd

₹ 131 1.88%

04 Nov - close price

About

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

Key Points

Parentage:^[1] ^[2]
The company is the flagship entity of the RP-Sanjiv Goenka Group, a diversified conglomerate with operations across more than 60 countries and a global network of over 100 offices. The Group reported a turnover of Rs. 42,113 Cr in FY25 and has business interests spanning power, infrastructure, carbon black, retail, education, BPO, and media & entertainment.

Website BSE NSE

Market Cap ₹ 17,357 Cr.
Current Price ₹ 131
High / Low ₹ 204 / 122
Stock P/E 20.2
Book Value ₹ 73.3
Dividend Yield 4.58 %
ROCE 9.95 %
ROE 8.55 %
Face Value ₹ 1.00

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Pros

Stock is providing a good dividend yield of 4.58%.
Company has been maintaining a healthy dividend payout of 82.0%

Cons

The company has delivered a poor sales growth of 7.05% over past five years.
Company has a low return on equity of 8.05% over last 3 years.
Earnings include an other income of Rs.668 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 Nifty Energy Nifty Smallcap 100 BSE India Infrastructure BSE Utilities BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty 500 Multicap 50:25:25 Nifty Smallcap 250 Nifty MidSmallcap 400 Nifty Total Market Nifty500 Multicap Infrastructure 50:30:20 Nifty500 Value 50 BSE Power & Energy Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 BSE 500 Dividend Leaders 50 Nifty Conglomerate 50 Nifty India Infrastructure & Logistics Nifty Smallcap 500 Nifty MidSmallcap400 50:50

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,525	2,448	1,819	1,814	2,860	2,639	1,938	2,147	2,862	2,676	2,024	2,170	2,983
YoY Sales growth	+8%	+8%	+6%	+10%	+13%	+8%	+7%	+18%	+0%	+1%	+4%	+1%	+4%
	2,181	2,125	1,757	1,781	2,786	2,130	1,676	1,686	2,333	2,078	1,612	1,778	2,415
Operating Profit	344	323	62	33	74	509	262	461	529	598	412	392	568
OPM %	14%	13%	3.4%	1.8%	2.6%	19%	14%	21%	18%	22%	20%	18%	19%
	231	336	512	540	582	154	371	209	137	107	194	304	63
Interest	181	176	177	205	207	215	228	216	224	222	217	207	193
Depreciation	179	178	180	183	175	169	174	176	169	169	170	170	141
Profit before tax	215	305	217	185	274	279	231	278	273	314	219	319	297
Tax %	21%	25%	22%	-11%	30%	22%	26%	22%	23%	23%	20%	30%	26%
	170	230	170	205	192	218	172	218	211	242	176	223	220
EPS in Rs	1.28	1.74	1.28	1.55	1.45	1.64	1.30	1.64	1.59	1.83	1.33	1.68	1.66
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Upcoming result date: today

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	6,189	6,796	7,220	7,786	7,754	7,836	6,921	7,294	7,973	8,606	9,584	9,732	9,853
Sales growth	+12%	+10%	+6%	+8%	-0%	+1%	-12%	+5%	+9%	+8%	+11%	+2%	+3%
	4,552	4,765	5,486	6,046	6,286	6,297	5,633	6,075	6,686	7,725	8,148	7,664	7,883
Operating Profit	1,637	2,031	1,734	1,740	1,467	1,539	1,289	1,219	1,287	881	1,436	2,068	1,970
OPM %	26%	30%	24%	22%	19%	20%	19%	17%	16%	10%	15%	21%	20%
	85	-61	334	377	722	678	637	906	968	1,618	1,316	742	668
Interest	496	555	558	592	574	650	616	611	715	857	996	1,007	839
Depreciation	343	370	409	426	433	448	463	471	480	720	694	678	650
Profit before tax	883	1,046	1,101	1,099	1,183	1,119	847	1,044	1,060	922	1,062	1,125	1,149
Tax %	21%	19%	22%	22%	21%	18%	4%	22%	22%	16%	25%	24%
	698	845	863	862	937	918	814	816	830	775	800	852	861
EPS in Rs	5.26	6.38	6.51	6.50	7.07	6.92	6.14	6.15	6.26	5.85	6.03	6.43	6.50
Dividend Payout %	17%	16%	15%	19%	25%	29%	74%	73%	72%	77%	75%	94%

Compounded Sales Growth
10 Years:	4%
5 Years:	7%
3 Years:	7%
TTM:	3%

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

Stock Price CAGR
10 Years:	11%
5 Years:	7%
3 Years:	15%
1 Year:	-28%

Return on Equity
10 Years:	8%
5 Years:	8%
3 Years:	8%
Last Year:	9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	133	133	133	133	133	133	133	133	133	133	133	133
Reserves	7,947	12,868	13,191	9,314	9,631	9,905	9,844	9,822	9,831	9,755	9,752	9,584
	5,234	5,331	5,985	5,947	6,052	6,453	7,433	8,491	8,422	9,583	11,677	11,145
	5,604	9,008	9,138	10,635	10,273	10,461	10,247	9,559	9,874	8,880	8,651	10,513
Total Liabilities	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	28,351	30,213	31,375
	9,234	14,859	14,814	14,787	14,736	14,810	14,437	14,253	13,992	13,455	13,027	12,781
CWIP	262	196	188	127	67	89	66	43	64	78	95	232
Investments	4,249	4,608	4,648	4,700	4,943	4,446	5,074	5,016	5,063	5,220	6,381	6,407
	5,173	7,678	8,797	6,416	6,343	7,607	8,080	8,693	9,141	9,597	10,709	11,955
Total Assets	18,918	27,341	28,447	26,030	26,089	26,952	27,658	28,005	28,260	28,351	30,213	31,375

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	732	1,927	1,686	1,574	1,220	1,282	810	709	1,196	1,039	1,821	3,426
	-1,973	-1,141	-1,708	-1,087	-662	-114	-1,065	-379	-380	-563	-2,658	-634
	1,197	-670	112	-734	-672	-440	-243	-22	-1,280	-209	605	-2,251
Net Cash Flow	-44	116	90	-247	-114	729	-498	308	-464	266	-232	541
Free Cash Flow	-221	1,129	944	980	580	664	379	179	806	617	1,211	2,687
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	57%	104%	109%	100%	98%	94%	76%	77%	110%	158%	147%	181%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	81	52	49	49	48	46	74	52	49	52	53	53
Inventory Days
Days Payable
Cash Conversion Cycle	81	52	49	49	48	46	74	52	49	52	53	53
Working Capital Days	-53	-94	-102	-176	-196	-189	-142	-158	-155	-133	-177	-274
ROCE %	11%	11%	8%	9%	11%	11%	9%	9%	9%	9%	10%	10%

Insights

In beta

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Budge Budge (BBGS) Plant Load Factor
%

xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
x,xxx	xx,xxx	xx,xxx	xx,xxx	x,xxx	x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
						x,xxx	x,xxx	x,xxx	x,xxx
								x,xxx	x,xxx

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CESC Kolkata Power Sales Volume
MU

CESC Kolkata T&D Loss
%

Haldia Energy (HEL) Plant Load Factor
%

NPCL (Noida Power) Sales Volume
MU

NPCL (Noida Power) T&D Loss
%

Rajasthan DF Combined Sales Volume (Kota + Bharatpur + Bikaner)
MU

Budge Budge (BBGS) Sent Out Units
MU

Renewable Pipeline Capacity (Purvah Green)
MW

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%
	11.95%	12.91%	13.56%	13.30%	12.36%	11.01%	10.93%	11.09%	11.88%	11.61%	11.46%	11.49%
	21.44%	21.12%	22.63%	22.63%	23.75%	25.10%	25.38%	25.65%	25.61%	26.24%	26.14%	24.93%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	14.49%	13.83%	11.70%	11.96%	11.78%	11.77%	11.56%	11.14%	10.39%	10.05%	10.26%	11.45%
No. of Shareholders	3,27,212	3,63,776	3,32,459	4,05,312	4,10,015	4,23,004	4,08,741	3,85,958	3,62,407	3,47,619	3,46,570	3,55,470

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	49.92%	49.92%	49.92%	49.92%	49.92%	52.11%	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%	11.61%	11.49%
	20.28%	25.08%	25.32%	22.81%	23.84%	20.99%	21.75%	21.12%	25.10%	26.24%	24.93%
	0.00%	0.01%	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%	10.05%	11.45%
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	3,47,619	3,55,470

* 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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