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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +5% YoY · PAT +4% YoY · +34% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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
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.
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.
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -4.7% / mo · MACD − · near 52W low
Technical chart
CESCdaily · 1Y · AUTO-5.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 30. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 30 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 28% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 11.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.4%.
- Cash flow contributes 7/10 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -41.2%.
- Balance sheet is weaker at 1/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.47.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Power: 78th pctile, median 65 · Small: 69th pctile, median 66
68 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.4%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.47.
- ▸Debt/equity is 1.73.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 12.50
- P/B
- 1.54
- EV/EBITDA
- 8.76
- Market Cap
- 19420.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 10.90%
- ROA
- 3.51%
- Dividend Y
- 4.10%
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
- 1.47
- Book Value
- 94.50
Cash Flow
- FCF Yield
- 5.38%
- FCF Positive Y
- 10/5
- OCF
- 4057.00 Cr
- EPS TTM
- 11.72
Shareholding
- Promoter Hold
- 52.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.