CESC Ltd (IN:CESC)
:CESC
Want to see IN:CESC full AI Analyst Report?
Top Page
CESC Ltd
(CESC)
Select Model
Select Model
Rating:63Neutral
Price Target:
₹196.00
▲(13.00% Upside)
Action:Downgraded
Date:05/09/26
The score is driven primarily by weakening financial quality (margin compression, higher leverage, and negative free cash flow). These risks are partly offset by positive technical momentum and a supportive valuation with a moderate P/E and solid dividend yield.
Positive Factors
Integrated business model
CESC's vertical integration across generation, transmission and distribution creates durable operational synergies and supply security. Owning upstream generation and downstream distribution reduces exposure to third-party procurement, aids matching supply to demand, and supports regulated cash flows and capex recovery over the medium term.
Negative Factors
Rising leverage
The marked increase in leverage reduces financial flexibility and raises interest burden risk. Higher debt-to-equity makes the company more sensitive to interest rate moves and refinancing conditions, constraining discretionary capex and increasing default/coverage risk if operating cash generation weakens over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated business model
CESC's vertical integration across generation, transmission and distribution creates durable operational synergies and supply security. Owning upstream generation and downstream distribution reduces exposure to third-party procurement, aids matching supply to demand, and supports regulated cash flows and capex recovery over the medium term.
Read all positive factors
CESC Ltd (CESC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹238.80B
Dividend Yield3.56%
Average Volume (3M)158.22K
Price to Earnings (P/E)15.4
Beta (1Y)1.20
Revenue Growth9.23%
EPS Growth12.18%
CountryIN
Employees6,087
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)10.93
Shares Outstanding1,325,570,400
10 Day Avg. Volume196,144
30 Day Avg. Volume158,224
Financial Highlights & Ratios
PEG Ratio1.02
Price to Book (P/B)1.59
Price to Sales (P/S)1.07
P/FCF Ratio-16.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹216.00Price Target Upside24.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)12.94
Revenue Forecast (FY)₹206.52B
CESC Ltd Business Overview & Revenue Model
Company Description
CESC Limited, an integrated electrical utility company, engages in the generation and distribution of electricity in India. It owns and operates three thermal power plants, including Budge Budge, Southern, and Titagarh generating stations generati...
How the Company Makes Money
CESC primarily makes money by selling electricity to customers within its licensed distribution area. Revenue is earned from regulated electricity tariffs and charges that typically include energy charges (based on units consumed) and fixed/demand...
CESC Ltd Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
52
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 179.07B | 185.70B | 170.01B | 152.93B | 142.46B | 125.44B |
| Gross Profit | 56.00B | 44.04B | 53.94B | 47.58B | 45.52B | 51.72B |
| EBITDA | 45.82B | 34.47B | 44.25B | 42.28B | 38.10B | 39.79B |
| Net Income | 14.50B | 15.42B | 13.69B | 13.76B | 13.43B | 13.58B |
Balance Sheet | ||||||
| Total Assets | 431.85B | 464.70B | 409.81B | 371.68B | 377.12B | 374.93B |
| Cash, Cash Equivalents and Short-Term Investments | 46.01B | 56.71B | 40.42B | 25.90B | 25.75B | 32.30B |
| Total Debt | 188.11B | 216.71B | 179.78B | 145.44B | 142.63B | 149.61B |
| Total Liabilities | 298.54B | 332.81B | 283.79B | 251.82B | 263.23B | 266.63B |
| Stockholders Equity | 127.11B | 125.30B | 120.09B | 114.46B | 109.10B | 103.96B |
Cash Flow | ||||||
| Free Cash Flow | 4.81B | -12.32B | 7.19B | 15.80B | 12.83B | 17.21B |
| Operating Cash Flow | 15.85B | 26.84B | 25.82B | 23.51B | 19.78B | 24.99B |
| Investing Cash Flow | -7.79B | -34.17B | -30.13B | -5.64B | -5.45B | -5.75B |
| Financing Cash Flow | -360.00M | 27.60B | 13.37B | -16.42B | -24.57B | -6.11B |
CESC Ltd Technical Analysis
Neutral
173.45
Price Trends
172.70
Positive
163.91
Positive
164.68
Positive
Market Momentum
1.33
Positive
50.86
Neutral
36.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CESC, the sentiment is Neutral. The current price of 173.45 is below the 20-day moving average (MA) of 181.57, above the 50-day MA of 172.70, and above the 200-day MA of 164.68, indicating a neutral trend. The MACD of 1.33 indicates Positive momentum. The RSI at 50.86 is Neutral, neither overbought nor oversold. The STOCH value of 36.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:CESC.
CESC Ltd Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | ₹3.56T | 10.50 | ― | 2.66% | -0.38% | 15.48% | |
65 Neutral | ₹4.48T | 34.61 | ― | ― | -1.75% | -0.81% | |
63 Neutral | ₹238.80B | 15.35 | ― | 3.56% | 9.23% | 12.18% | |
57 Neutral | ₹723.66B | 30.05 | ― | 1.48% | -0.68% | -21.43% | |
55 Neutral | ₹1.06T | 46.18 | ― | 0.41% | 60.92% | 14.55% | |
51 Neutral | ₹1.32T | 34.99 | ― | 0.59% | -4.66% | -5.61% |
* Utilities Sector Average
IN:CESC
CESC Ltd
177.80
16.66
10.34%
IN:ADANIPOWER
Adani Power Limited
230.05
120.53
110.05%
IN:JSWENERGY
JSW Energy Limited
589.95
83.80
16.56%
IN:NTPC
NTPC Limited
366.35
46.15
14.41%
IN:TATAPOWER
Tata Power Company Limited
410.80
19.70
5.04%
IN:TORNTPOWER
Torrent Power Limited
1,441.55
50.06
3.60%
CESC Ltd Corporate Events
CESC Clears FY26 Results With Clean Audit, Backs Continuation of Independent Director
May 6, 2026
CESC Limited’s board has approved the audited standalone and consolidated financial results for the fourth quarter and full year ended 31 March 2026, with the company’s auditors issuing an unmodified opinion, indicating the accounts pr...
CESC Releases Q4 FY26 Investor Update for Stakeholders
May 6, 2026
CESC Ltd has notified the stock exchanges that it has released an investor update for the fourth quarter of FY26, in line with disclosure requirements. The update, which has been shared with shareholders and posted on the company’s website, ...
CESC Expands Renewable Push With Two New Wholly Owned Subsidiaries
Mar 24, 2026
CESC subsidiary Purvah Green Power has incorporated two new wholly owned units, Purvah Ecoenergy Solutions and Purvah Power Ventures, both focused on opportunities in the renewable power sector. The move deepens CESC’s renewable footprint an...
CESC awards 600 MW wind-solar hybrid power contracts on 25-year terms
Mar 17, 2026
CESC Ltd has issued four Letters of Award to domestic renewable developers for the long-term supply of a total 600 MW of wind-solar hybrid power under a tariff-based competitive bidding process. The awards, made under India’s guidelines for ...
CESC Clarifies NSE Query on Q3 FY26 Financial Result Disclosures
Feb 20, 2026
CESC Limited has responded to clarifications sought by the National Stock Exchange regarding its financial results for the quarter and nine months ended 31 December 2025. The company explained that a mismatch in reported total income between PDF a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.