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CESC Ltd
(CESC)
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Rating:53Neutral
Price Target:
₹167.00
▲(2.39% Upside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by deteriorating cash flow (negative free cash flow and weak cash conversion) and a rising leverage trend alongside margin compression. Valuation provides some offset through a moderate P/E and a solid dividend yield, while technical indicators remain neutral-to-weak with negative momentum and price below key moving averages.
Positive Factors
Regulated distribution franchise
CESC operates a licensed, regulated distribution franchise in Kolkata, giving it structural access to captive demand and tariff-setting frameworks. This regulatory moat supports predictable volumes and revenues over multi-year horizons, reducing exposure to pure merchant-market volatility.
Negative Factors
Rising leverage
Material increase in leverage reduces financial flexibility and raises refinancing and interest-coverage risk for a capital-intensive utility. Higher debt burdens constrain the firm's ability to fund capex or absorb tariff lag, increasing vulnerability to demand shocks or regulatory delays over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated distribution franchise
CESC operates a licensed, regulated distribution franchise in Kolkata, giving it structural access to captive demand and tariff-setting frameworks. This regulatory moat supports predictable volumes and revenues over multi-year horizons, reducing exposure to pure merchant-market volatility.
Read all positive factors
CESC Ltd (CESC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹203.34B
Dividend Yield7.89%
Average Volume (3M)158.22K
Price to Earnings (P/E)13.0
Beta (1Y)1.13
Revenue Growth8.73%
EPS Growth12.55%
CountryIN
Employees5,289
SectorGeneral
Sector StrengthN/A
IndustryRegulated Electric
Share Statistics
EPS (TTM)11.70
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.77
Revenue Forecast (FY)₹210.30B
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 two thermal power plants, including Budge Budge generating station with a generating capacity of 750 m...
How the Company Makes Money
CESC primarily makes money by selling electricity to customers within its licensed distribution area. Its core revenue model is utility-based: it procures and/or generates electrical energy, delivers it through its distribution infrastructure, and...
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 | 188.53B | 185.70B | 170.01B | 152.93B | 142.46B | 125.44B |
| Gross Profit | 44.92B | 44.04B | 53.94B | 47.58B | 45.52B | 51.72B |
| EBITDA | 36.30B | 34.47B | 44.25B | 42.28B | 38.10B | 39.79B |
| Net Income | 15.51B | 15.42B | 13.69B | 13.76B | 13.43B | 13.58B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 464.70B | 409.81B | 371.68B | 377.12B | 374.93B |
| Cash, Cash Equivalents and Short-Term Investments | 56.71B | 56.71B | 40.42B | 25.90B | 25.75B | 32.30B |
| Total Debt | 0.00 | 216.71B | 179.78B | 145.44B | 142.63B | 149.61B |
| Total Liabilities | -131.89B | 332.81B | 283.79B | 251.82B | 263.23B | 266.63B |
| Stockholders Equity | 131.89B | 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
Negative
163.10
Price Trends
159.20
Negative
164.76
Negative
159.97
Negative
Market Momentum
-1.50
Positive
36.38
Neutral
3.97
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CESC, the sentiment is Negative. The current price of 163.1 is above the 20-day moving average (MA) of 157.75, above the 50-day MA of 159.20, and above the 200-day MA of 159.97, indicating a bearish trend. The MACD of -1.50 indicates Positive momentum. The RSI at 36.38 is Neutral, neither overbought nor oversold. The STOCH value of 3.97 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CESC.
CESC Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | ₹3.25T | 11.56 | ― | 2.55% | 2.36% | 15.88% | |
62 Neutral | ₹24.93B | 0.78 | ― | ― | -6.41% | -40.45% | |
58 Neutral | ₹6.92B | 61.80 | ― | 0.70% | 10.10% | 64.96% | |
57 Neutral | ₹31.29B | 6.19 | ― | 2.60% | 23.78% | 147.63% | |
56 Neutral | ₹376.19B | 11.41 | ― | 1.74% | 16.85% | 12.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹203.34B | 13.00 | ― | 3.68% | 8.73% | 12.55% |
* General Sector Average
IN:CESC
CESC Ltd
152.20
8.29
5.76%
IN:DPSCLTD
India Power Corp. Ltd.
7.36
-4.70
-38.97%
IN:GIPCL
Gujarat Industries Power Co. Ltd.
200.45
22.89
12.89%
IN:NLCINDIA
NLC India Limited
268.75
45.31
20.28%
IN:NTPC
NTPC Limited
328.70
6.26
1.94%
IN:RELINFRA
Reliance Infrastructure Limited
61.23
-212.67
-77.65%
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.