CESC Ltd

₹ 134 1.60%

05 Oct 11:41 a.m.

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 ₹ 17,710 Cr.
Current Price ₹ 134
High / Low ₹ 204 / 130
Stock P/E 11.4
Book Value ₹ 94.5
Dividend Yield 4.57 %
ROCE 10.9 %
ROE 12.0 %
Face Value ₹ 1.00

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Pros

Stock is providing a good dividend yield of 4.45%.
Company has been maintaining a healthy dividend payout of 46.4%

Cons

The company has delivered a poor sales growth of 9.81% over past five years.
Company has a low return on equity of 11.8% over last 3 years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.1,198 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 Nifty 500 BSE 1000 BSE Utilities BSE 250 SmallCap Index 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 Nifty500 Value 50 BSE Power & Energy BSE 500 Dividend Leaders 50 Nifty Conglomerate 50 Nifty India Infrastructure & Logistics Nifty Smallcap 500 Nifty MidSmallcap400 50:50 BSE 400 MidSmallCap Index Nifty Energy BSE 500 BSE India Infrastructure Nifty MidSmallcap 400 Nifty Smallcap 100

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	4,310	4,352	3,244	3,387	4,863	4,700	3,561	3,877	5,202	5,267	4,005	4,096	5,485
	3,586	3,706	2,898	2,977	4,492	3,804	2,951	3,065	4,338	4,206	3,226	3,353	4,590
Operating Profit	724	646	346	410	371	896	610	812	864	1,061	779	743	895
OPM %	17%	15%	11%	12%	8%	19%	17%	21%	17%	20%	19%	18%	16%
	323	423	617	645	744	189	396	293	311	156	257	531	254
Interest	308	305	296	325	322	328	339	335	363	337	343	317	312
Depreciation	300	303	303	311	301	295	305	304	304	311	308	304	291
Profit before tax	439	461	364	419	492	462	362	466	508	569	385	653	546
Tax %	16%	21%	17%	1%	21%	19%	22%	17%	20%	21%	21%	30%	23%
	368	363	301	415	388	373	282	385	404	448	304	459	419
EPS in Rs	2.62	2.63	2.12	3.02	2.85	2.66	2.00	2.81	2.92	3.23	2.15	3.31	3.03
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	11,067	12,124	8,363	10,275	10,664	12,159	11,632	12,544	14,246	15,293	17,001	18,570	18,853
	9,088	8,839	5,510	7,235	7,738	8,902	8,338	9,509	11,972	13,017	14,152	14,947	15,375
Operating Profit	1,979	3,285	2,854	3,040	2,926	3,257	3,293	3,035	2,274	2,276	2,849	3,624	3,478
OPM %	18%	27%	34%	30%	27%	27%	28%	24%	16%	15%	17%	20%	18%
	153	116	475	454	1,163	842	665	1,013	1,584	2,000	1,619	1,255	1,198
Interest	1,045	1,593	1,482	1,411	1,432	1,484	1,340	1,248	1,241	1,377	1,479	1,532	1,309
Depreciation	589	766	715	751	764	848	867	885	878	1,217	1,205	1,228	1,214
Profit before tax	498	1,042	1,131	1,331	1,893	1,768	1,752	1,915	1,739	1,683	1,783	2,119	2,153
Tax %	40%	30%	28%	27%	37%	26%	22%	27%	20%	14%	20%	24%
	299	729	810	975	1,198	1,309	1,363	1,404	1,397	1,447	1,429	1,618	1,630
EPS in Rs	1.50	4.51	5.21	6.88	8.93	9.56	10.04	10.25	10.13	10.38	10.33	11.63	11.72
Dividend Payout %	60%	22%	19%	18%	20%	21%	45%	44%	45%	44%	44%	52%

Compounded Sales Growth
10 Years:	4%
5 Years:	10%
3 Years:	9%
TTM:	9%

Compounded Profit Growth
10 Years:	8%
5 Years:	2%
3 Years:	4%
TTM:	13%

Stock Price CAGR
10 Years:	10%
5 Years:	8%
3 Years:	14%
1 Year:	-21%

Return on Equity
10 Years:	12%
5 Years:	12%
3 Years:	12%
Last Year:	12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	5,896	10,470	10,489	8,287	8,841	9,278	9,740	10,263	10,777	11,312	11,877	12,397
	14,202	14,877	15,599	14,578	14,479	13,991	14,277	14,961	14,263	14,544	17,978	21,671
	7,629	10,947	11,248	9,988	10,017	12,055	11,712	12,136	12,539	11,179	11,022	12,269
Total Liabilities	27,860	36,428	37,470	32,986	33,470	35,457	35,862	37,493	37,712	37,168	41,010	46,470
	20,869	26,500	26,626	23,854	23,649	24,739	24,197	23,216	22,826	22,131	22,847	22,840
CWIP	410	505	392	217	161	168	134	102	140	175	403	2,905
Investments	670	1,002	1,110	1,174	1,185	180	308	460	77	57	59	154
	5,912	8,420	9,343	7,742	8,474	10,371	11,222	13,716	14,669	14,806	17,701	20,570
Total Assets	27,860	36,428	37,470	32,986	33,470	35,457	35,862	37,493	37,712	37,168	41,010	46,470

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	889	2,480	2,655	2,469	2,294	3,408	2,806	2,499	1,978	2,351	2,581	4,057
	-2,381	-1,220	-1,493	-1,606	-686	-466	-1,489	-575	-545	-564	-3,012	-3,235
	1,331	-1,181	-760	-1,485	-1,737	-2,219	-1,739	-611	-2,457	-1,642	1,337	1,205
Net Cash Flow	-161	80	402	-623	-130	723	-423	1,313	-1,024	146	906	2,027
Free Cash Flow	-1,051	1,255	1,205	1,587	1,462	2,495	2,132	1,729	1,288	1,586	729	148
CFO/OP	58%	86%	105%	93%	89%	114%	95%	95%	100%	123%	104%	124%

Ratios

Consolidated / View Standalone

	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	56	43	68	55	60	55	73	61	56	54	52	47
Inventory Days
Days Payable
Cash Conversion Cycle	56	43	68	55	60	55	73	61	56	54	52	47
Working Capital Days	-98	-103	-123	-102	-109	-120	-66	-96	-89	-70	-91	-128
ROCE %	8%	12%	10%	11%	14%	14%	13%	13%	11%	12%	11%	11%

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
% ・Standalone data

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	xxx

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CESC Kolkata Power Sales Volume
MU ・Standalone data

CESC Kolkata T&D Loss
% ・Standalone data

Haldia Energy (HEL) Plant Load Factor
% ・Standalone data

NPCL (Noida Power) Sales Volume
MU ・Standalone data

NPCL (Noida Power) T&D Loss
% ・Standalone data

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

Budge Budge (BBGS) Sent Out Units
MU ・Standalone data

Renewable Pipeline Capacity (Purvah Green)
MW ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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%
	13.14%	11.95%	12.91%	13.56%	13.30%	12.36%	11.01%	10.93%	11.09%	11.88%	11.61%	11.46%
	20.06%	21.44%	21.12%	22.63%	22.63%	23.75%	25.10%	25.38%	25.65%	25.61%	26.24%	26.14%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	14.68%	14.49%	13.83%	11.70%	11.96%	11.78%	11.77%	11.56%	11.14%	10.39%	10.05%	10.26%
No. of Shareholders	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	3,62,407	3,47,619	3,46,570

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 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%	11.46%
	20.28%	25.08%	25.32%	22.81%	23.84%	20.99%	21.75%	21.12%	25.10%	26.24%	26.14%
	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%	10.26%
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	3,46,570

* 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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