CESC Ltd
Incorporated in 1978, CESC Ltd is in the business of generation and distribution of Electricity[1]
- Market Cap ₹ 19,247 Cr.
- Current Price ₹ 145
- High / Low ₹ 185 / 119
- Stock P/E 13.3
- Book Value ₹ 95.9
- Dividend Yield 4.14 %
- ROCE 11.2 %
- ROE 11.3 %
- Face Value ₹ 1.00
Pros
- Stock is providing a good dividend yield of 4.20%.
- 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.
- Earnings include an other income of Rs.1,152 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,111 | 11,067 | 12,124 | 8,363 | 10,275 | 10,664 | 12,159 | 11,632 | 12,544 | 14,246 | 15,293 | 17,001 | 17,907 | |
| 8,413 | 9,088 | 8,839 | 5,510 | 7,235 | 7,738 | 8,902 | 8,338 | 9,502 | 11,972 | 13,017 | 14,152 | 14,560 | |
| Operating Profit | 1,698 | 1,979 | 3,285 | 2,854 | 3,040 | 2,926 | 3,257 | 3,293 | 3,042 | 2,274 | 2,276 | 2,849 | 3,347 |
| OPM % | 17% | 18% | 27% | 34% | 30% | 27% | 27% | 28% | 24% | 16% | 15% | 17% | 19% |
| 177 | 153 | 116 | 475 | 454 | 1,163 | 842 | 665 | 1,006 | 1,584 | 2,000 | 1,618 | 1,152 | |
| Interest | 645 | 1,045 | 1,593 | 1,482 | 1,411 | 1,432 | 1,484 | 1,340 | 1,248 | 1,241 | 1,377 | 1,479 | 1,374 |
| Depreciation | 471 | 589 | 766 | 715 | 751 | 764 | 848 | 867 | 885 | 878 | 1,217 | 1,205 | 1,224 |
| Profit before tax | 758 | 498 | 1,042 | 1,131 | 1,331 | 1,893 | 1,768 | 1,752 | 1,915 | 1,739 | 1,683 | 1,782 | 1,901 |
| Tax % | 24% | 40% | 30% | 28% | 27% | 37% | 26% | 22% | 27% | 20% | 14% | 20% | |
| 573 | 299 | 729 | 810 | 975 | 1,198 | 1,309 | 1,363 | 1,404 | 1,397 | 1,447 | 1,428 | 1,516 | |
| EPS in Rs | 3.94 | 1.50 | 4.51 | 5.21 | 6.88 | 8.93 | 9.56 | 10.04 | 10.25 | 10.13 | 10.38 | 10.33 | 10.94 |
| Dividend Payout % | 20% | 60% | 22% | 19% | 18% | 20% | 21% | 45% | 44% | 45% | 44% | 44% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 7% |
| 3 Years: | 11% |
| TTM: | 11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 1% |
| 3 Years: | -1% |
| TTM: | 3% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 19% |
| 3 Years: | 25% |
| 1 Year: | 3% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 12% |
| 3 Years: | 12% |
| Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 5,509 | 5,896 | 10,470 | 10,489 | 8,287 | 8,841 | 9,278 | 9,740 | 10,263 | 10,777 | 11,312 | 11,876 | 12,578 |
| 11,916 | 14,202 | 14,877 | 15,599 | 14,578 | 14,479 | 13,991 | 14,277 | 14,961 | 14,263 | 14,544 | 17,978 | 18,811 | |
| 7,396 | 7,629 | 10,947 | 11,248 | 9,988 | 10,017 | 12,055 | 11,712 | 12,136 | 12,539 | 11,179 | 10,994 | 11,663 | |
| Total Liabilities | 24,948 | 27,860 | 36,428 | 37,470 | 32,986 | 33,470 | 35,457 | 35,862 | 37,493 | 37,712 | 37,168 | 40,981 | 43,185 |
| 14,511 | 20,869 | 26,500 | 26,626 | 23,854 | 23,649 | 24,739 | 24,197 | 23,216 | 22,826 | 22,131 | 22,766 | 22,332 | |
| CWIP | 5,312 | 410 | 505 | 392 | 217 | 161 | 168 | 134 | 102 | 140 | 175 | 427 | 890 |
| Investments | 106 | 670 | 1,002 | 1,110 | 1,174 | 1,185 | 180 | 308 | 460 | 77 | 57 | 59 | 139 |
| 5,019 | 5,912 | 8,420 | 9,343 | 7,742 | 8,474 | 10,371 | 11,222 | 13,716 | 14,669 | 14,806 | 17,728 | 19,824 | |
| Total Assets | 24,948 | 27,860 | 36,428 | 37,470 | 32,986 | 33,470 | 35,457 | 35,862 | 37,493 | 37,712 | 37,168 | 40,981 | 43,185 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,251 | 889 | 2,480 | 2,655 | 2,469 | 2,294 | 3,408 | 2,806 | 2,499 | 1,978 | 2,351 | 2,582 | |
| -3,180 | -2,381 | -1,220 | -1,493 | -1,606 | -686 | -466 | -1,489 | -575 | -545 | -564 | -3,013 | |
| 822 | 1,331 | -1,181 | -760 | -1,485 | -1,737 | -2,219 | -1,739 | -611 | -2,457 | -1,642 | 1,337 | |
| Net Cash Flow | -107 | -161 | 80 | 402 | -623 | -130 | 723 | -423 | 1,313 | -1,024 | 146 | 906 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 55 | 56 | 43 | 68 | 55 | 60 | 55 | 73 | 61 | 56 | 54 | 52 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 55 | 56 | 43 | 68 | 55 | 60 | 55 | 73 | 61 | 56 | 54 | 52 |
| Working Capital Days | -91 | -98 | -103 | -123 | -102 | -109 | -120 | -66 | -94 | -89 | -70 | -90 |
| ROCE % | 8% | 8% | 12% | 10% | 11% | 14% | 14% | 13% | 13% | 11% | 12% | 11% |
Documents
Announcements
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Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015
21 Jan - CESC Green Power signs Jan 20 MoU for 3GW solar cell/module plant, 60MW plant and Rs.3,800 crore investment in UP.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
17 Jan - Regulation 74(5) certificate for December 2025 confirming dematerialisation processing and securities' listing confirmation.
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Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosures Requirements) Regulations, 2015 ('SEBI LODR Regulations')
17 Jan - CESC Green Power MoU with IPICOL: 3GW cell, 3GW module, 5GWh ACC pack, 60MW CPP; ~Rs4,500 crore.
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Announcement under Regulation 30 (LODR)-Demise
12 Jan - Independent director Sunil Mitra (DIN 00113473) died January 12, 2026; company notified exchanges.
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Announcement under Regulation 30 (LODR)-Change in Management
2 Jan - Kush Singh resigned as Head of Power Sector; cessation effective January 1, 2026.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Nov 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Aug 2019TranscriptAI SummaryPPT
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May 2019TranscriptAI SummaryPPT
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Nov 2016TranscriptAI SummaryPPT
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Sep 2016TranscriptAI SummaryPPT
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]