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CESC Ltd
(CESC)
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Rating:53Neutral
Price Target:
₹135.00
▼(-17.23% Downside)
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
Resilient regulated utility revenue
Steady revenue growth indicates resilient electricity demand and an established customer base within CESC’s utility operations. This recurring demand profile can support business stability over the next several quarters, even as profitability remains exposed to cost and tariff pressures.
Negative Factors
Rising leverage reduces flexibility
The increase in debt and debt-to-equity materially reduces financial flexibility for a capital-intensive utility. Higher leverage can constrain future investment choices and make CESC more dependent on continued operating performance and financing access to support its infrastructure needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient regulated utility revenue
Steady revenue growth indicates resilient electricity demand and an established customer base within CESC’s utility operations. This recurring demand profile can support business stability over the next several quarters, even as profitability remains exposed to cost and tariff pressures.
Read all positive factors
CESC Ltd (CESC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹180.48B
Dividend Yield8.82%
Average Volume (3M)317.81K
Price to Earnings (P/E)11.6
Beta (1Y)1.17
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. Volume539,662
30 Day Avg. Volume317,808
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)12.75
Revenue Forecast (FY)₹208.62B
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
147.53
Negative
155.85
Negative
156.28
Negative
Market Momentum
-4.34
Negative
43.19
Neutral
40.10
Neutral
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 137.66, above the 50-day MA of 147.53, and above the 200-day MA of 156.28, indicating a bearish trend. The MACD of -4.34 indicates Negative momentum. The RSI at 43.19 is Neutral, neither overbought nor oversold. The STOCH value of 40.10 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹26.01B | 5.17 | ― | 2.43% | 23.78% | 147.63% | |
62 Neutral | ₹3.01T | 10.83 | ― | 2.90% | 2.36% | 15.88% | |
56 Neutral | ₹339.24B | 10.38 | ― | 1.57% | 16.85% | 12.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹23.71B | 0.73 | ― | 2.16% | -6.41% | -40.45% | |
53 Neutral | ₹180.48B | 11.65 | ― | 8.82% | 8.73% | 12.55% | |
51 Neutral | ₹5.88B | 50.71 | ― | 0.83% | 10.10% | 64.96% |
* General Sector Average
IN:CESC
CESC Ltd
136.15
-23.25
-14.58%
IN:DPSCLTD
India Power Corp. Ltd.
6.04
-5.77
-48.86%
IN:GIPCL
Gujarat Industries Power Co. Ltd.
167.55
-9.13
-5.17%
IN:NLCINDIA
NLC India Limited
244.65
-21.22
-7.98%
IN:NTPC
NTPC Limited
310.40
-22.24
-6.68%
IN:RELINFRA
Reliance Infrastructure Limited
58.09
-178.31
-75.43%
CESC Ltd Corporate Events
CESC Files SEBI Dematerialisation Compliance Certificate for September Quarter
Oct 8, 2026
CESC Ltd has submitted a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2026, as issued by its registrar and share transfer agent MUFG Intime India Pri...
CESC to Raise Rs 190 Crore via Private Placement of Unlisted Secured NCDs
Sep 22, 2026
CESC Ltd has approved the issue of 19,000 secured, unlisted, redeemable, rated non-convertible debentures with a face value of Rs 1 lakh each, aggregating to Rs 190 crore, through a private placement. The instruments, carrying a floating coupon li...
CESC Ltd Concludes 48th AGM with Clean Audit and Robust E-Voting
Sep 11, 2026
CESC Ltd held its forty-eighth Annual General Meeting on September 11, 2026, via video conferencing and other audio-visual means, with Chairman Dr. Sanjiv Goenka presiding and 120 members in attendance, including authorized representatives. The me...
CESC to Step Up Investor Outreach With Global Conference Roadshow
Sep 10, 2026
CESC Ltd has announced its participation in a series of upcoming investor conferences, underscoring its continuing outreach to the financial community. The company will join Morgan Stanley’s India Industrials Energy Seminar in a virtual for...
CESC to Step Up Investor Outreach With September Conference Roadshow
Sep 10, 2026
CESC Ltd has announced its participation in a series of upcoming investor conferences in September 2026, signalling continued engagement with global and domestic institutional investors. The company will join Morgan Stanley’s India Industria...
CESC to Step Up Investor Outreach with September Conference Lineup
Sep 10, 2026
CESC Ltd has announced its participation in a series of upcoming investor conferences, signaling an active engagement drive with institutional investors across key financial hubs. The company will join Morgan Stanley’s India Industrials Ene...
CESC to Step Up Investor Outreach With September Conference Schedule
Sep 10, 2026
CESC Ltd has announced that it will participate in a series of upcoming investor conferences in September 2026, including a virtual Industrials Energy seminar hosted by Morgan Stanley and physical investor forums organized by CLSA in Hong Kong an...
CESC Completes Dispatch and Publication of AGM Notice
Aug 15, 2026
CESC Ltd has notified the stock exchanges that it has completed dispatch of the notice for its forty-eighth Annual General Meeting to shareholders, underscoring its adherence to corporate governance and regulatory requirements. The company operate...
CESC Publishes Q1 FY27 Results and Interim Dividend Notice in Newspapers
Aug 14, 2026
CESC Limited has published newspaper advertisements announcing its unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026. The company also disclosed the declaration of an interim dividend, signaling cont...
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.