CESC Ltd
CESCCESC Ltd's earnings have outrun its stock. EPS grew +12.6% in a year against a −7.6% price move.
The sharpest disagreement: Foreign institutions moved −2.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (11 weeks in) while the P/E sits at the 66th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +19.2% year on year, and 200% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
CESC Ltd trades at ₹165, in a confirmed uptrend and 11 weeks into that stage. That is −1.3% against its own 200-day average. It sits at 52% of a 52-week range of ₹140 to ₹188. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (7 weeks and counting).
Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹165 it trades −1.3% versus its 200-day average and sits at 52% of its 52-week range (₹140–₹188).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +354% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (7 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 66th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
CESC Ltd trades at 14.0× P/E, mid-range by its own standards (66th percentile). Its long-run median P/E is 10.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 14.0× is mid-range by its own standards (66th percentile), against a long-run median of 10.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +12.6% against a −7.6% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +14.5%/yr price move, ~+3.2%/yr came from earnings growth and ~+11.3 pp from the multiple (expanding); over 10y, of the +13.6%/yr price move, ~+8.7%/yr came from earnings growth and ~+4.9 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.5% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
CESC Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 11.0% is below the 15% bar this page requires to call it Consistent. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +9.2% | +9.2% | +9.8% | +4.4% |
| Profit | +13.3% | +5.0% | +3.5% | +8.3% |
| EPS | +12.6% | +4.7% | +3.0% | +9.9% |
| Share price | −7.6% | +29.8% | +14.5% | +13.6% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
49.7/100 — rank 10 of 20 in Power - Generation/Distribution · 79% evidence confidence
CESC Ltd scores 49.7 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 16.2 + 12.6 + 10.6 + 10.3 = 49.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
CESC Ltd reported ₹4,096 Cr of revenue in the Mar 26 quarter, +5.6% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 4.4% a year. The last full year, FY26, came in at ₹18,570 Cr. The last four reported quarters add to ₹18,570 Cr.
CESC Ltd reported ₹4,096 Cr of revenue in the Mar 26 quarter, +5.6% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 4.4% a year. The last full year, FY26, came in at ₹18,570 Cr. The last four reported quarters add to ₹18,570 Cr.
FY26 revenue came in at ₹18,570 Cr (+9.2% on the year), capping 10 years at 4.4% compound. The latest quarter (Mar 26) printed ₹4,096 Cr, +5.6% year on year — the 10th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +9.3% growth against the decade's 4.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +9.2% over the last 4 quarters against +10.2%/yr over the last 8 — stabilising; TTM profit +13.1% vs +5.6%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 18.0% this quarter (−3.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
CESC Ltd's operating margin is 18.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 34.0%. The current quarter sits inside that band.
CESC Ltd's operating margin is 18.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 34.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 18.0%, −3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0%–34.0%.
🚨 Why the margin moved: operating margin went −2.8 pp year on year while gross margin went −4.3 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins slipped — did that reach the bottom line? Next: profit +19.2% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
CESC Ltd earned ₹459 Cr of net profit in the Mar 26 quarter, +19.2% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,618 Cr. The 10-year compound rate is 8.3%. That is 11.2% of the quarter's revenue. The same quarter a year earlier earned ₹385 Cr.
CESC Ltd earned ₹459 Cr of net profit in the Mar 26 quarter, +19.2% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,618 Cr. The 10-year compound rate is 8.3%. That is 11.2% of the quarter's revenue. The same quarter a year earlier earned ₹385 Cr.
Mar 26 profit was ₹459 Cr, +19.2% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹1,618 Cr (+13.3%), and the 10-year compound rate is 8.3%.
Why profit moved: revenue contributed +5.6% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +12.8% vs revenue +9.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 200% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 200% of CESC Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹4,057 Cr of operating cash against ₹1,618 Cr of profit. After ₹3,779 Cr of capital spending, ₹278 Cr was left as free cash.
FY26: operating cash of ₹4,057 Cr against reported profit of ₹1,618 Cr, leaving free cash of ₹278 Cr after ₹3,779 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 200% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 200%: the cash cycle tightened 26 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹6,428 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
CESC Ltd's cash conversion cycle runs 47 days in FY26, down from 73 days in FY21. Capital spending ran ₹6,428 Cr over the last 3 years. At FY26 sales of ₹18,570 Cr each day of that cycle holds about ₹50.9 Cr, so roughly ₹2,391 Cr sits inside the business at any moment.
FY26: debtors at 47 days (an asset-light business — no inventory to speak of) — for a full cycle of 47 days, tighter than FY21's 73.
In money terms: at FY26 sales of ₹18,570 Cr, each day of the cycle holds about ₹50.9 Cr — so the 47-day loop keeps roughly ₹2,391 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹6,428 Cr over the last 3 fiscal years against ₹3,650 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2,905 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 11%.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
CESC Ltd earns a ROCE of 11% in FY26. That is up from a trough of 8% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 8.7% net margin on 0.40× asset turns.
FY26 ROCE is 11%, recovered from a FY14 trough of 8% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 8.7% net margin × 0.40× asset turns × 3.71× balance-sheet leverage ≈ 12.9% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.5% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.73.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
CESC Ltd carries ₹21,671 Cr of borrowings against ₹12,530 Cr of equity in FY26, a debt-to-equity of 1.73. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹14,277 Cr to ₹21,671 Cr. Capital spending ran ₹6,428 Cr across the last 3 of those years.
FY26: borrowings of ₹21,671 Cr against equity of ₹12,530 Cr — a debt-to-equity of 1.73. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹14,277 Cr to ₹21,671 Cr while capital spending ran ₹6,428 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.5% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 3.5 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 3.5 points of CESC Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 26.1% of the company. Foreign institutions moved −2.1 points over the same window, to 11.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.5 points over 8 quarters to 26.1%; Foreign institutions: −2.1 points over 8 quarters to 11.5%; Promoters: +0.0 points over 8 quarters to 52.1%.
Why the register moved: rotation — foreign institutions −2.1 points against domestic institutions +3.5 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
CESC Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| CESC Ltd this page | 14.0× | ₹21,631 Cr | Mixed | |||
| Adani Power Ltd | 28.9× | ₹4.1L Cr | Improving | |||
| NTPC Ltd | 12.1× | ₹3.4L Cr | Mixed | |||
| Adani Green Energy Ltd | 119.0× | ₹2.3L Cr | Mixed | |||
| Tata Power Company Ltd | 31.1× | ₹1.2L Cr | Mixed | |||
| JSW Energy Ltd | 50.4× | ₹1L Cr | Mixed | |||
| NTPC Green Energy Ltd | 134.0× | ₹81,162 Cr | No read | |||
| NHPC Ltd | 21.2× | ₹79,748 Cr | Turning around | |||
| Torrent Power Ltd | 31.6× | ₹72,265 Cr | Mixed | |||
| NLC India Ltd | 11.5× | ₹40,601 Cr | Improving | |||
| SJVN Ltd | 41.4× | ₹26,558 Cr | Improving | |||
| Jaiprakash Power Ventures Ltd | 13.9× | ₹11,617 Cr | Turning around | |||
| Reliance Power Ltd | — | ₹9,951 Cr | No read | |||
| KPI Green Energy Ltd | 16.2× | ₹7,713 Cr | Mixed | |||
| RattanIndia Power Ltd | 41.6× | ₹4,634 Cr | No read | |||
| Gujarat Industries Power Co Ltd | 6.1× | ₹2,440 Cr | No read | |||
| BF Utilities Ltd | 14.3× | ₹2,186 Cr | Consistent | |||
| Orient Green Power Company Ltd | 22.0× | ₹1,177 Cr | Mixed | |||
| Mac Charles (India) Ltd | — | ₹938 Cr | No read | |||
| India Power Corporation Ltd | 54.5× | ₹698 Cr | Mixed |
Frequently asked questions
What is CESC Ltd's share price today?
CESC Ltd trades at ₹165, −7.6% over the past year. The company is valued at ₹21,631 Cr. The stock sits at 52% of its 52-week range of ₹140–₹188, −1.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 11 weeks in. — as of 24 July 2026.
What were CESC Ltd's latest quarterly results?
CESC Ltd reported revenue of ₹4,096 Cr and net profit of ₹459 Cr for the Mar 26 quarter. Revenue rose 5.6% and profit rose 19.2% year on year. Earnings per share were ₹3.31. The operating margin was 18.0%, 3.0 pp lower than a year earlier. — as of 24 July 2026.
What is CESC Ltd's revenue?
CESC Ltd reported revenue of ₹4,096 Cr in the Mar 26 quarter, +5.6% year on year. For the full FY26 fiscal year, revenue was ₹18,570 Cr (+9.2%). Over the last 10 years revenue compounded at 4.4% a year. — as of 24 July 2026.
What is CESC Ltd's profit?
CESC Ltd earned ₹459 Cr of net profit in the Mar 26 quarter, +19.2% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹1,618 Cr. The operating margin ran 18.0% in the latest quarter. — as of 24 July 2026.
What is CESC Ltd's market cap?
CESC Ltd's market capitalisation is ₹21,631 Cr at a share price of ₹165. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is CESC Ltd's P/E ratio?
CESC Ltd trades at a P/E of 14.0×, at the 66th percentile of its own 10-year range, against a long-run median of 10.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does CESC Ltd pay a dividend?
Yes — CESC Ltd's dividend payout was 52% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is CESC Ltd overvalued?
On its own history, CESC Ltd looks expensive against its own history: its P/E of 14.0× sits at the 66th percentile of its 10-year range (long-run median 10.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is CESC Ltd growing?
Yes — CESC Ltd is growing: latest-quarter revenue +5.6% year on year, profit +19.2%, and the margin −3.0 pp at 18.0%. The 10-year compound rates are 4.4% (revenue) and 8.3% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is CESC Ltd performing?
CESC Ltd is in a confirmed uptrend, 11 weeks in. Its latest quarter's revenue rose 5.6% and profit rose 19.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is CESC Ltd in?
Mixed — the growth curves are steadily positive, but ROCE at 11.0% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +5.6% latest, profit growth +19.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is CESC Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 11 of stage 2), trading −1.3% versus its 200-day average and at 52% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is CESC Ltd beating the market?
Not lately — on a trailing-13-week view CESC Ltd is currently behind the NIFTY 500 (7 weeks and counting; last ahead the week of 2026-06-17), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +354% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.
Will CESC Ltd's share price go up?
This page publishes no price forecast for CESC Ltd. What it measures instead: the share price is ₹165, the price is in a confirmed uptrend 11 weeks in. Its P/E of 14.0× sits at the 66th percentile of its own 10-year range. — as of 24 July 2026.
Who owns CESC Ltd?
Promoters hold 52.1% of CESC Ltd, foreign institutions 11.5%, domestic institutions 26.1% and the public 10.3% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.5 points over 8 quarters. — as of 24 July 2026.
Does CESC Ltd have too much debt?
It carries real leverage — CESC Ltd's debt-to-equity is 1.73, and operating profit covers the interest bill 3×. FY26 borrowings were ₹21,671 Cr against equity of ₹12,530 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is CESC Ltd's capex?
CESC Ltd spent ₹6,428 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹3,779 Cr, with ₹2,905 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is CESC Ltd's cash flow?
CESC Ltd generated ₹4,057 Cr of operating cash flow in FY26 and ₹278 Cr of free cash flow after ₹3,779 Cr of capital spending. Reported profit that year was ₹1,618 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is CESC Ltd's profit real cash?
Yes — over the last 3 fiscal years, 200% of CESC Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹4,057 Cr against reported profit of ₹1,618 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is CESC Ltd in its business cycle?
CESC Ltd's FY26 operating margin was 19.0%, against a 13-year band of 15.0%–34.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the CESC Ltd story?
The sharpest disagreement: Foreign institutions moved −2.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is CESC Ltd a stock worth studying right now?
This is not investment advice. The machine read: CESC Ltd's earnings have outrun its stock. EPS grew +12.6% in a year against a −7.6% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.