Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Oct
Source: Bse
CESC Limited (CESC)
Small CapPower stocks · Small cap · NSE
CESC Limited is India's first fully integrated utility company, operating across power generation (thermal and renewable) and distribution. It serves millions of Indian homes and businesses, with a strategic vision to expand its clean energy portfolio and achieve 10 GW renewable capacity by FY32.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result13 Aug, 12:55 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
24Bearishfull bear SMA stack · SMA20 -7.8% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CESCD candles · FIT view-26.2%Latest close ₹133.35 on 2026-10-19
Bar
-1.9%
RSI
39
MACD hist
0.82
52W pos
7%
2026-10-19O ₹135.87H ₹136.17L ₹133.00C ₹133.35Vol 9.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CESCNifty PowerNifty 500
- CESC
- -19.5%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -13.9 pp
Chart stats
19 Oct 2026- From 52W high
- -34.8%
- 52W range position
- 7%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.51x
- Avg traded value
- ₹22 Cr
- 20D price channel
- ₹128.3 - ₹144.3
₹204.5
₹128.3 - ₹204.5
₹3.6
Latest completed session
20-session average
27.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +5.4% · PAT +3.7% YoY
Technical
Bearish24
Price trend and sector-relative-strength timing.
Valuation
Legacy model-28.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +5% YoY · PAT +4% YoY · +34% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,485 Cr | +5.4% | +33.9% |
| EBITDA | ₹895 Cr | +3.6% | +20.5% |
| Operating margin | 16.0% | -100 bps | -200 bps |
| PAT | ₹419 Cr | +3.7% | -8.7% |
| PAT margin | 7.6% | -13 bps | -357 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.40
- P/B
- 1.41
- EV/EBITDA
- 8.39
- Market Cap
- 17676.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 10.90%
- ROA
- 3.51%
- Dividend Y
- 4.40%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 1.73
- Interest Coverage
- 2.66×
- Altman Z
- 1.44
- Book Value
- 94.50
Cash Flow
- FCF Yield
- 5.91%
- FCF Positive Y
- 10/5
- OCF
- 4057.00 Cr
- EPS TTM
- 11.72
Shareholding
- Promoter Hold
- 52.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 18.6k+9.2% vs prev
Net Profit
₹ CrLatest: 1,618+13.2% vs prev
Return on Equity
%Latest: 12.9+8.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.4% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
12
RS percentile
Stage 4 Downtrend
1M return
-5.8%
3M return
-19.5%
6M return
-26.0%
1Y return
-25.4%
RS 1D
-2
RS 20D
-9
Sector rank
#17
Industry rank
#25
Stage evidence
- Price is 17.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 84.02-0.86%
RS vs Nifty 50084
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation15/30
Growth6/25
Quality2/20
Balance Sheet1/15
Cash Flow7/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 5.9%.
- Cash flow contributes 7/10 to the score.
- Valuation contributes 15/30 to the score.
Main drags
- Altman Z is 1.4, in distress territory.
- Fair-value margin of safety is negative at -28.6%.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
11.4
PB
1.4
EV/EBITDA
8.4
ROE
12.0%
ROCE
10.9%
FCF Yield
5.9%
Debt/Equity
1.7
MoS
-28.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-28.6%
Previous: -28.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
34
35
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹157.86
+15.5% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹103.72
-28.6% MoS
PEG
4.07
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RPOWER
Small
Reliance Power Limited
Power Generation
match 161
24
2166.0
-0.9%
-22025%
OVERVALUED
POWERICA
Small
Powerica Limited
Power Generation
match 161
53
26.4
17.4%
+11%
FAIR VALUE
JPPOWER
Large
Jaiprakash Power Ventures Limited
Power Generation
match 160
42
32.3
3.6%
-24%
WATCHLIST
ORIENTELEC
Small
Orient Electric Limited
Power Generation
match 160
32
31.9
14.2%
-465%
WATCHLIST
TRUALT
Small
TruAlt Bioenergy Limited
Power Generation
match 159
25
24.2
8.4%
+7%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T22:24:25.453Z
Management commentary snapshot
CESC reports strong FY26 consolidated performance with 9% YoY revenue growth to Rs 18,570 Cr and 13% YoY PAT increase to Rs 1,618 Cr. Q4FY26 also saw robust growth in revenue and PAT.
The company demonstrated solid financial results for FY26 and Q4FY26, driven by operational efficiencies, including significant T&D loss reduction across distribution franchisees and strong thermal plant performance. Aggressive renewable capacity expansion and a foray into solar manufacturing provide clear growth visibility.
Growth engines
Renewable Capacity Expansion
Purvah Green won 300 MW hybrid project with CESC Kolkata and 250 MW wind project with SECI. Aiming for 10 GW by FY32.
Solar Cell & Module Manufacturing
Setting up 3 GW solar cell & module manufacturing ecosystem, with cell lines scheduled for commissioning in 2027.
Distribution Loss Reduction
Continued T&D loss reduction across CESC Kolkata (6.11%), NPCL (6.9%), Rajasthan DF (11.4%), and Malegaon DF (36.3%) in FY26.
Strong Thermal Operating Performance
Major generating stations like Haldia TPP achieved 94.9% PLF in FY26, demonstrating strong operational efficiency.
Capacity and execution
CESC Kolkata Solar Project
300 MW solar project is under commissioning stage.
Purvah Green Hybrid Project (CESC Kolkata)
300 MW hybrid project with PPA signed, expected COD Q3 FY28.
Purvah Green Wind Project (SECI)
250 MW wind project with PPA signed, expected COD Q1 FY29.
Solar Cell & Module Manufacturing
Setting up 3 GW capacity in Greater Noida, with cell lines scheduled for commissioning in 2027.
Tailwinds
Variable Cost Optimization
Significant savings achieved in variable cost on both fuel and power procurement.
Renewable Resource Access
Access to best-in-class solar & wind resource clusters supports growth vision.
Government Incentives for Manufacturing
Secured LOC from UP Govt. for 100 acres, offering attractive incentives for solar cell manufacturing.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Year-over-year (YoY) comparison is essential for assessing annual performance and seasonal trends in the power sector. Quarterly (QoQ) data is also provided and useful for tracking sequential momentum and project execution progress.
Sector KPIs management disclosed
Consolidated Revenue
FY26: Rs 18,570 Cr (+9% YoY); Q4FY26: Rs 4,096 Cr (+4% YoY)
Consolidated PAT
FY26: Rs 1,618 Cr (+13% YoY); Q4FY26: Rs 459 Cr (+19% YoY)
Haldia TPP PLF
94.9% in FY26 vs 91% in FY25
CESC Kolkata T&D Loss
Reduced to an all-time low of 6.11% in FY26
Management forward view
Conglomerate Vision
To be a responsive conglomerate driven by sustainable growth, efficiency and innovation.
Renewable Capacity Target
Aiming to scale up renewable capacity to 10 GW by FY32.
Clean Energy Mix Target
Targeting a significant clean energy mix by 2030.
Solar Manufacturing Timeline
Cell lines for solar manufacturing are scheduled for commissioning in 2027.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Renewable Capacity | 300 MW operational | Ramp-up to 3,200 MW by FY29 and 10,000 MW by FY32, including projects under implementation. |
| Solar Cell & Module Manufacturing | Technology selection and vendor finalization underway | Commissioning of cell lines in 2027 and progress towards 3 GW capacity. |
| T&D Loss Reduction | CESC Kolkata at 6.11% in FY26 | Continued reduction across all distribution franchisees, especially in higher loss areas like Malegaon. |
| Variable Cost Savings | Significant savings achieved | Sustained cost optimization in fuel and power procurement. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 78th percentile within Power. Main check: balance sheet trust is weak at 35/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
72 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Power: 78th pctile, median 65 · Small: 69th pctile, median 66
Evidence depth
Financial-only
72 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.8%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.44.
- ▸Debt/equity is 1.73.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching CESC Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Aug - Subsidiary Purvah received SECI LOA for 70 MW FDRE-RTC supply at Rs. 5.25/kWh for 25 years.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 3 Jun - CESC appoints Rajeev Chowdhury as Head of Regulatory Affairs effective June 3, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.