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CESC Ltd (CESC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500084 NSE: CESC Power Generation/Distribution | Small Cap | CESC Share Price

₹155 -1.60 (-1.02%)

As on 21-Aug'26 16:59

CESC Ltd (CESC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500084 NSE: CESC Power Generation/Distribution | Small Cap | CESC Share Price

₹155 -1.60 (-1.02%)

As on 21-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹20,546 Cr.
Current Price
₹155
52-Week Low / High
₹138 / 204
TTM EPS
₹6.5
TTM Sales
₹9,853 Cr.
Book Value per Share
₹75
P/E Ratio
23.86
Higher than its 5-year historical median
Industry PE
26.7
Price to Book (P/B)
2.07
Higher than its 5-year historical median
Price to Sales (P/S)
2.09
Higher than its 5-year historical median
EV/EBITDA
11.39
Higher than its 5-year historical median
Dividend Yield
3.87%
Profitability Efficiency
Return on Equity (ROE)
8.69%
Outperforms industry median
Return on Capital Employed (ROCE)
10.10%
Outperforms industry median
Return on Assets (ROA)
2.77%
Operating Profit Margin
21.2%
Net Profit Margin
8.76%
Gross Profit Margin
13%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
1.55%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
43.98%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
6.54%
Asset Quality
Promoter Holding
52.11%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹9,804 Cr.
Equity
₹132.6 Cr.
Face Value
₹1
All Time Low / High
₹0.91 / 212.70

CESC stock performance

Key Ratios
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Check Before You Invest

Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Weak
Check Price chart
Q.1 Is CESC Ltd a good quality company?
CESC Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does CESC Ltd performance compare with that of its Peers?
Q.1 Revenue growth of CESC Ltd vs industry peers?
CESC Ltd revenue CAGR is 7.05%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of CESC Ltd?
Promoters hold 52.11% of the CESC Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of CESC Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 9% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
CESC Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ8.8%9.8%11.3%11%8.7%9.3%9.7%9.5%10.1%10.1%-
Value Creation
Index ⓘ		-0.4-0.3-0.2-0.2-0.4-0.3-0.3-0.3-0.3-0.1-

Growth Parameters ⓘ
Sales ⓘ7,2207,7867,7547,8366,9217,2947,9738,6069,5849,7329,853
Sales YoY Gr.-7.8%-0.4%1.1%-11.7%5.4%9.3%7.9%11.4%1.6%-
Adj EPS ⓘ5.35.143.93.72.21.9-2.2-0.13.56.5
YoY Gr.--4.3%-21.6%-3%-5.9%-40%-14.6%-217.1%NANA-
BVPS (₹) ⓘ100.571.373.775.775.375.175.274.674.673.375
Adj Net
Profit ⓘ		707677530514483291248-290-6.3463862
Cash Flow from Ops. ⓘ1,6861,5741,2201,2828107091,1961,0391,8213,426-
Debt/CF from Ops. ⓘ3.53.855911.86.99.16.43.2-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ3.4%7.1%6.9%1.6%
Adj EPS ⓘ-4.6%-0.9%23.1%NA
BVPSⓘ-3.5%-0.5%-0.8%-1.7%
Share Price 9% 15.7% 25.5% -7.1%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		5.45.95.55.24.82.92.5-2.9-0.14.78.8
Op. Profit
Mgn % ⓘ		24.222.318.919.418.116.716.110.21521.324.7
Net Profit
Mgn % ⓘ		9.88.76.86.6743.1-3.4-0.14.88.7
Debt to
Equity ⓘ		0.50.60.60.60.70.80.811.21.1-
Working Cap
Days ⓘ		37231826927735136436035634637778
Cash Conv.
Cycle ⓘ		42383429394135273-54-91

Valuation of CESC - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales7,2207,7867,7547,8366,9217,2947,9738,6069,5849,732
Operating Expenses ⓘ + 5,5586,0746,3096,3415,6856,0866,6867,7268,1487,664
Manufacturing Costs4,4344,6404,8384,8134,3454,6995,1976,0156,5115,962
Material Costs0000000000
Employee Cost 7808609269699008869839919461,049
Other Costs ⓘ 344574545559440500506719690654
Operating Profit ⓘ 1,6621,7121,4451,4951,2371,2081,2878801,4362,068
Operating Profit Margin (%) 23.0%22.0%18.6%19.1%17.9%16.6%16.1%10.2%15.0%21.2%
Other Income ⓘ + 205199185189232201180123181207
Exceptional Items ⓘ 1902095605324577167871,4961,135535
Interest ⓘ 5585925746506166117158579961,007
Depreciation ⓘ 401426433448463471480720694678
Profit Before Tax ⓘ 1,0991,1021,1831,1198471,0441,0609221,0621,125
Tax ⓘ 23823824620133228229147262273
Profit After Tax 861865937918814816830775800852
PAT Margin (%) 11.9%11.1%12.1%11.7%11.8%11.2%10.4%9.0%8.4%8.8%
Adjusted EPS (₹)6.56.57.16.96.16.26.35.96.06.4
Dividend Payout Ratio (%)15.40%18.40%24.80%28.90%73.20%73.10%71.80%77%74.60%93.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 13,3249,4489,76410,0389,9789,9559,9649,8889,8859,717
Share Capital ⓘ 133133133133133133133133133133
Reserves ⓘ 13,1919,3149,6319,9059,8449,8229,8319,7559,7529,584
Debt +5,2074,9604,8455,2786,3256,9836,4107,94210,1519,147
Long Term Debt3,7723,6673,3603,6885,4115,6695,4587,2728,3296,994
Short Term Debt1,4351,2931,4851,5909141,3149526701,8222,153
Minority Interest0000000000
Trade Payables3774886195977825567251,1151,7783,350
Others Liabilities ⓘ 9,52311,13410,86011,03810,57410,51211,1609,4068,3999,161
Total Liabilities ⓘ 28,43126,03026,08926,95227,65828,00528,26028,35130,21331,375

Fixed Assets

Net Fixed Assets ⓘ +14,81414,73114,68014,74714,37514,19013,92913,39212,94912,679
Gross Block16,10216,69417,35218,11818,43418,90819,33619,75820,18320,790
Accumulated Depreciation1,2891,9632,6713,3714,0594,7185,4086,3667,2348,112
CWIP ⓘ 18812767896643647895232
Investments ⓘ 4,5924,7004,9434,4465,0745,0165,0635,2206,3816,407
Inventories379387383387380434502513398386
Trade Receivables9691,0411,0289911,3941,0351,0801,2311,3941,401
Cash Equivalents 9247236241,4139571,2758281,1341,0081,536
Others Assets ⓘ 6,5664,3214,3654,8785,4126,0116,7946,7827,9888,732
Total Assets ⓘ 28,43126,03026,08926,95227,65828,00528,26028,35130,21331,375
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 1,6861,5741,2201,2828107091,1961,0391,8213,426
PBT ⓘ 1,1011,0991,1831,1198471,0441,0609221,0621,125
Adjustment ⓘ 7528588479488738669991,4061,4671,420
Changes in Working Capital ⓘ 35-222-599-619-738-972-643-932-4221198
Tax Paid ⓘ -202-161-212-165-172-230-220-358-286-317
Cash Flow From Investing Activity ⓘ + -1,708-1,042-662-114-1,065-379-380-563-2,658-634
Capex -730-594-640-619-431-530-390-422-610-739
Net Investments 371082655017758251420
Others ⓘ -1,016-557-49-45-651143-48-166-2,06285
Cash Flow From Financing Activity ⓘ + 112-734-672-440-243-22-1,280-209605-2,251
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 746149-1033271,5226783111,467945-878
Interest Paid ⓘ -476-502-483-526-463-475-606-769-871-886
Dividend Paid ⓘ -133-158-231-264-594-595-594-596-593-794
Others ⓘ -25-22314524-709370-391-3111,125307
Net Cash Flow ⓘ 90-202-114729-498308-464266-232541
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)6.547.599.769.278.148.198.347.818.098.69
ROCE (%)8.89.7711.2610.958.679.319.719.4610.0910.1
Asset Turnover Ratio0.260.290.30.30.250.260.280.30.330.32
PAT to CFO Conversion(x)1.961.821.31.410.871.441.342.284.02
Working Capital Days
Receivable Days48.9047.1048.704762.9060.8048.40495052.40
Inventory Days17.601818.1017.9020.2020.4021.4021.5017.4014.70
Payable Days0000000000

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CESC Ltd FAQs

The current trading price of CESC on 21-Aug-2026 16:59 is ₹155.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Aug-2026 the market cap of CESC stood at ₹20,546.3 Cr

The latest P/E ratio of CESC as of 20-Aug-2026 is 23.86.

The latest P/B ratio of CESC as of 20-Aug-2026 is 2.07.

The 52-week high of CESC is ₹204.4 and the 52-week low is ₹138.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of CESC is ₹9,853 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that CESC Ltd is a average quality company.

The key valuation ratios of CESC Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of CESC Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About CESC Ltd

CESC is India’s first fully integrated electrical utility company and it has been on an epic ride ever since 1899 in generating and distributing power in Kolkata and Howrah. The company has private participation in generation, transmission and distribution of electrical power. The company is the sole distributor of electricity within an area of 567sq km of Kolkata & Howrah which include domestic, industrial and commercial users. The company own & operate three thermal power plants. The company own & operate the Transmission & Distribution System through which it supplies electricity to consumers.

In diurnal course, the company has verged upon renewable sources. It has brought forth three projects in three different areas of renewable sources. These are Gujarat Solar, which is a solar plant in Gujarat’s Kutch, Hydro Power Venture (Papu Hydropower Projects Limited & Pachi Hydropower Projects) in Arunachal Pradesh and Wind Power Operation at Dangi in Rajasthan.

The company also installed two thermal power plants to meet the requirement of its electricity. These are Chandrapur Thermal Plant at Chandrapur, Maharastra and Haldia Thermal Plant at Haldia, West Bengal.

With its continuous effort to accomplish the requirement of its consumers and make them easily avail all its services from their premises, it has employed value added online services. By online services, work can be done from consumer’s premises and they don’t have to visit offices for any work.

Business area of the company

The company is engaged in electricity distribution with embedded generation facility, across 567 square kilometres of its licensed area in Kolkata, Howrah, Hooghly, North and South 24 Parganas in West Bengal. CESC supplies safe, cost-effective and reliable electricity to millions of customers. The Company, through its subsidiaries and an associate, also has a portfolio of independent power generation projects and distribution ventures in other parts of the country.

Awards and recognition

Generation

2015

  • 14th Annual Greentech Safety Award 2015
  • 16th National Awards for Excellence in Energy Management 2015” organised by Confederation of Indian Industry, Hyderabad
  • “IPPAI Power Award 2015” organised by Independent Power Producer Association of India
  • All India Runner up Shield as “Best Thermal Power Generator (Cheapest producing with efficiency)”
  • Asia Regional Plant Operational Excellence Award for the period 2012-14, by M/S Nevigant of USA & EEI (Edison Electric Institute of USA)

2016

  • FAME Excellence Award 2016 in Environment Protection
  • 15th Annual Greentech Safety Award 2016
  • ICC Environment Excellence Award 2016

2017

  • Rashtra Vibhushan Award 2016-17
  • Asian Power Awards 2017

2018

  • Apex India Occupation Health & Safety Gold Award 2018
  • Environmental Excellence Award 2018 from Mission Energy Foundation 
  • 19th National Award for Excellence in Energy Management 2018 organized by Confederation of Indian Industry (CII)
  • 2nd Annual Exceed Gold Award 2018
  • 18th Annual Greentech Environment

2019

  • IPPAI Power Awards 2019

Distribution

2015

  • IUKAN (India Utility Knowledge And Networking) Forum in the Power Distribution Sector 
  • 9th ENERTIA Awards 2015
  • 3rd Innovation with Impact Awards for Discoms, 2015 organised by Indian Chamber of Commerce
  • Frost & Sulivan Best Practices Award 2015

2016

  • ICC Award 2016 ; 1st Runner-up under the category - Quality of Service Award

2017

  • ICC Award 2017; 1st Runner-up under the category - Efficient Distribution Operation Award
  • ICC Award 2017; 1st Runner-up under the category - Quality of Service Award
  • 11th ENERTIA Awards 2017
  • 6th CII National Excellence Practice Competition on “Customer Engagement & Satisfaction Practices”

2018

  • ICC 6th Innovation Award 2018; Overall Winner - under the category Innovation with Impact
  • ICC 6th Innovation Award 2018; Winner - under the category Quality of Service
  • ICC 6th Innovation Award 2018; Winner - under the category Efficient Distribution Operation
  • 12th ENERTIA AWARDS 2018
  • “CBIP Award for Best Performing Power Distribution Utility” 

2019

  • IPPAI Power Awards 2019
  • ICC 7th Innovation with Impact Awards 2019
  • Project Evaluation & Recognition Program 2019 (PERP)
  • Assocham India Energy Excellence Awards 2019
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