CESC
Small CapCESC Limited
Power
CESC is India's first fully integrated utility company, powering millions of Indian homes and businesses. It operates across thermal generation, renewable power, and distribution, with a vision to scale its clean energy capacity to 10GW 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 is neutral, 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 31 Mar 2026
Bad · 27/100margin compression · Rev +6% YoY · PAT +19% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,096 Cr | +5.7% | +2.3% |
| EBITDA | ₹743 Cr | -8.5% | -4.6% |
| Operating margin | 18.0% | -300 bps | -100 bps |
| PAT | ₹459 Cr | +19.2% | +51.0% |
| PAT margin | 11.2% | +128 bps | +362 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Revenue in FY26 grew 9% YoY to Rs 18,570 Cr, while PAT increased to Rs. 1,618 Cr. Q4FY26 consolidated Revenue was up 4% YoY to Rs. 4,096 Cr, and PAT at Rs. 459 Cr.
CESC delivered strong FY26 and Q4FY26 consolidated performance, driven by revenue growth, PAT increase, and significant variable cost savings. The company's aggressive renewable energy pipeline and consistent T&D loss reduction across distribution assets are positive indicators.
Renewable Project Wins
Purvah Green won two new projects: a 300 MW hybrid project with CESC Kolkata and a 250 MW wind project with SECI.
Renewable Capacity Expansion
The company aims to scale up its clean energy capacity to 3,200 MW by FY29 and 10,000 MW by FY32.
Solar Manufacturing Ecosystem
Setting up a 3 GW Solar cell & Module Manufacturing Ecosystem in Greater Noida, with cell lines scheduled for commissioning in 2027.
Distribution Loss Reduction
Continued reduction in T&D losses across CESC Kolkata, NPCL, Chandigarh Power, Rajasthan DF, and Malegaon DF.
300 MW Solar Project
A 300 MW Solar Project with CESC Kolkata is under commissioning stage.
Solar Cell & Module Manufacturing
3 GW Solar Cell & Module Manufacturing cell lines are scheduled for commissioning in 2027.
Renewable Capacity Targets
Targeting 3,200 MW of renewable capacity by FY29 and 10,000 MW by FY32.
BESS Capacity
Executing 1,500 MWh of BESS capacity across RTC & Solar + BESS projects.
Variable Cost Savings
Significant savings achieved in variable cost on both fuel and power procurement during the period.
Government Incentives for Manufacturing
Secured LOC from the UP Govt. for allotment of 100 acres, offering attractive incentives to establish a solar cell manufacturing complex.
Forward-Looking Statement Risks
Actual results could differ materially from projections due to demand-supply, prices, raw materials, government regulations, tax regimes, economic development, litigations, and labor negotiations.
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.
The document provides both annual (FY26 vs FY25) and quarterly (Q4 FY26 vs Q4 FY25) comparisons for financial results and operational KPIs, indicating the importance of both long-term trends and recent momentum.
Consolidated Revenue
Consolidated Revenue in FY26 grew 9% YoY to Rs 18,570 Cr. Q4FY26 consolidated Revenue was up 4% YoY to Rs. 4,096 Cr.
Consolidated PAT
Consolidated PAT increased to Rs. 1,618 Cr in FY26 vs. Rs. 1,429 Cr. in FY25. Q4FY26 PAT was Rs. 459 Cr. as against Rs. 386 Cr. in Q4 FY25.
Haldia TPP PLF
Haldia TPP achieved a PLF of 94.9% in FY26 as against 91% in FY25.
CESC Kolkata T&D Loss
In FY26, CESC Kolkata distribution business T&D loss reduced to an all-time low of 6.11%.
Vision for Renewables
Management aims to scale up clean energy capacity to 10GW by FY32.
Strategic Foray into Manufacturing
The company is establishing a 3 GW solar cell & module manufacturing ecosystem, with an opportunity to utilize for captive demand.
Focus on Operational Efficiency
Management highlights continued vigilance drives and loss reduction initiatives in distribution businesses.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Renewable Capacity | 2,400 MW (Operational, Near Commissioning, PPA Signed, LOA Issued, Under Implementation) | Progress towards 3,200 MW by FY29 and 10,000 MW by FY32. |
| Solar Manufacturing Commissioning | Technology selection and vendor finalization underway for 3 GW solar cell & module manufacturing. | Commissioning of cell lines in 2027. |
| CESC Kolkata T&D Loss | 6.11% in FY26 (all-time low). | Sustained reduction or further improvement in T&D losses. |
| Consolidated PAT Growth | 13% YoY in FY26. | Continued growth momentum in subsequent quarters/years, supported by cost savings and new capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +11.5% / mo
Technical chart
CESCweekly · 1Y+4.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 rising (~10.3% over last month) — short-term momentum positive.
- RSI(14) at 48 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 24% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.5%.
- Cash flow contributes 7/10 to the score.
- Valuation contributes 10/30 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -37.7%.
- Quality is weaker at 2/20; 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: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 51st 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 1.52.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 51st pctile, median 67 · Small: 58th pctile, median 65
68 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 positive at 4.5%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Altman Z is 1.52.
- ▸Debt/equity is 1.73.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.00
- P/B
- 1.84
- EV/EBITDA
- 9.58
- Market Cap
- 23112.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 10.60%
- ROA
- 3.48%
- Dividend Y
- 3.44%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 1.73
- Interest Coverage
- 2.53×
- Altman Z
- 1.52
- Book Value
- 94.50
Cash Flow
- FCF Yield
- 4.52%
- FCF Positive Y
- 10/5
- OCF
- 4057.00 Cr
- EPS TTM
- 11.63
Shareholding
- Promoter Hold
- 52.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.