Minerva Capital Research Solutions

CESC

NSE: CESCBSE: 500084
Compare with peers
₹ 123.70▲ 0.25 (+0.2%)28 Oct, 03:29 pm IST
Market cap
₹ 16,510 Cr.
P/E
10.6x
P/B
1.37x
52-week range
122.15 – 204.5
ROE
12%
ROCE
11%
Dividend yield
4.6%
Debt / equity
1.73
Sector
Power
Industry
Integrated Power Utilities
Listed on
NSE, BSE

About

CESC Limited is an India-based integrated power utility company engaged in the generation and distribution of electricity. Its business consists of Kolkata operations as well as other generation and distribution ventures. Its Kolkata operations include distribution of electricity, with its own generation facilities, across its licensed area in Kolkata, Howrah, Hooghly, North and South 24 Parganas, West Bengal. Its generation projects include operational thermal and renewables projects, which are owned and operated by its subsidiaries. The Company has a distribution license for Greater Noida, Uttar Pradesh; three distribution franchisees (DFs) in Kota, Bharatpur and Bikaner in Rajasthan; and THE DF in Malegaon, Maharashtra. Its subsidiaries include Bhadla Three SKP Green Ventures Private Limited, Purvah Hybrid Power Private Limited, Purvah Renewable Power Private Limited, ANP Renewables Private Limited, and SHN Green Power Private Limited.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Integrated Power Utilities: 6 companies →

CESC against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)10.6 against a typical 22.4: cheaper than most peers (1st = cheapest).2nd of 6
  • Sales growth+5.4% against a typical +6.5% from a year earlier.5th of 6
  • Profit growth+3.7% against a typical +11% from a year earlier.4th of 5
  • Share price, 3 months−24.6% against a typical −15.2%.6th of 6
  • Size₹ 16,510 Cr. market value against a typical ₹ 37,488.7 Cr. (1st = largest).4th of 6

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

High safety

Rated AA by 3 agencies
AA
DefaultRiskyModerateSafeVery safe
  • All agencies agree and none has raised a warning.
AgencyCurrent ratingOutlookAs of
ICRA[ICRA]AAStable19 Aug 2026
CARECARE AAStable12 Aug 2026
India RatingsIND AAStable29 Jul 2026
Credit rating actions
RatingDetails
19 Aug 2026
Reaffirmed
[ICRA]AA—ICRA₹ 2,400 Cr.
12 Aug 2026
▲ Outlook raised
CARE AA
Outlook Negative → Stable
—CARE₹ 14,585.3 Cr.
29 Jul 2026
Reaffirmed
IND AA—India Ratings₹ 16,699.1 Cr.
3 Feb 2026
New rating
IND AA—India Ratings₹ 15,949.1 Cr.
11 Sep 2025
Reaffirmed
CARE AA—CARE₹ 14,292.63 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
13 Aug 2026Financial Results/DividendTo consider and approve the financial results for the period ended Jun 30, 2026 and dividend
6 May 2026Financial ResultsTo consider and approve the financial results for the period ended March 31, 2026
6 Feb 2026Financial ResultsTo consider and approve the financial results for the period ended December 31, 2025
17 Oct 2025Financial Results/DividendTo consider and approve the unaudited financial results for the period ended September 30, 2025 and may consider and approve interim dividend.
30 Jul 2025Financial ResultsTo consider and approve the financial results for the period ended Jun 30, 2025
15 May 2025Financial ResultsTo consider and approve the financial results for the period ended March 31, 2025

Share price

1Y change −31.32%
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4,3523,2443,3874,8634,7003,5613,8775,2025,2674,0054,0965,485
Expenses3,7062,8982,9774,4923,8042,9513,0654,3384,2063,2263,3534,590
Operating Profit6463464103718966108128641,061779743895
OPM %15%11%12%8%19%17%21%17%20%19%18%16%
Other Income423617645744189396293311156257531254
Interest305296325322328339335363337343317312
Depreciation303303311301295305304304311308304291
Profit before tax461364419492462362466508569385653546
Tax %21%17%1%21%19%22%17%20%21%21%30%23%
Net Profit363301415388373282385404448304459419
EPS in Rs2.632.123.022.852.6622.812.923.232.153.313.03

Growth and returns

Compounded yearly rates over each period.

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
12%
5 Years
16%
3 Years
27%
TTM
—
Return on Equity
10 Years
12%
5 Years
12%
3 Years
12%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
52.11%
0 pts in a year
FIIs
11.46%
+0.53 pts in a year
DIIs
26.14%
+0.76 pts in a year
Government
0.01%
0 pts in a year
Public
10.26%
−1.3 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 10.6xEPS (12 months) ₹ 11.72Median P/E 12.5x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
CESC₹ 123.70₹ 16,510 Cr.10.6x1.4x12%—
Adani Power₹ 182.00₹ 70,196 Cr.32.2x6.4x21.2%23.9%
Power Grid Corporation of India₹ 247.20₹ 2,29,911 Cr.14.1x2.6x16.5%40%
Adani Green Energy₹ 1,185.00₹ 1,95,190 Cr.129.2x12.5x10.3%12.1%
Adani Energy Solutions₹ 1,219.85₹ 1,49,972 Cr.90.2x8.1x9.6%8.5%
Siemens Energy India₹ 2,649.00₹ 94,586 Cr.109x27.5x30.2%15%

Management

Rajarshi Banerjee
Chief Financial Officer, Executive Director
Jagdish Patra
Compliance Officer, Company Secretary
Vineet Sikka
Managing Director - Distribution, Executive Director
Brajesh Singh
Managing Director - Generation, Executive Director

Prices are delayed and for information only. Nothing on this page is investment advice.