CESC Ltd(CESC)

NSE: CESCBSE: 500084

₹ 124.05-0.40%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 16,444 crWebsite: www.cesc.co.inUpdated: 27 Oct 2026

About

CESC is one of India's oldest integrated electricity utilities, generating and distributing power mainly in Kolkata and adjoining areas, and also running distribution businesses in other parts of India. The group has 2,140 MW of generation capacity from 5 thermal plants and 1 solar plant, and its Kolkata network serves about 3.78 million customers. FY26 consolidated revenue was Rs 18,570 Cr. Its Haldia plant ranked 1st in India for PLF among thermal stations in 2025-26, according to the CEA.^[1][2]

Generation assets

The group had 2,140 MW of generation capacity from 5 thermal plants and 1 solar plant as of FY26.^[1]
CESC runs a 750 MW station at Budge Budge and a 135 MW station at Garden Reach (Southern) in Kolkata.^[1]
Haldia Energy, a 100% subsidiary, runs a 600 MW station at Haldia and sells its power to CESC under a long-term PPA.^[1]
About 82% of Kolkata's energy requirement in FY26 was met by CESC's own generation, including Haldia.^[1]
Medium-term PPAs were signed for 225 MW of net capacity at the Chandrapur thermal plant (Q2 FY26 call).^[3]

Plant load factors

Haldia PLF was 94.9% in FY26 vs 91% in FY25. It ranked 1st in India by PLF among thermal stations, according to the CEA's 2025-26 report.^[4][1]
Budge Budge PLF was 82% in FY26 vs 84% in FY25.^[5]
Chandrapur PLF was 83% in FY26 vs 87% in FY25.^[5]
Southern Generating Station's sent-out PLF was 2% in Q3 FY26 vs 28.7% in Q3 FY25. Standalone generation was 1,232 MU in Q3 FY26, down 4% YoY.^[6]

Distribution and customers

The Kolkata network serves about 3.78 million customers across Kolkata, Howrah, Hooghly, and North and South 24 Parganas (FY26).^[1]
Kolkata sold 11,990 MU in FY26. System demand was 12,068 MU in 2025-26, compared with 12,318 MU in 2024-25.^[5][1][7]
Six distribution ventures outside Kolkata served about 11.4 lakh consumers and sold 8,983 MU in FY26, vs 7,119 MU in FY25 (up 26%).^[1]
Noida Power (NPCL) sold 3,888 MU in FY26, up 8% YoY.^[4]
Chandigarh Power Distribution, acquired in Feb 2025 with about 2.4 lakh customers, had FY26 revenue of Rs 1,007 Cr vs Rs 127 Cr in FY25.^[5][7]

Distribution losses and tariffs

Kolkata T&D loss was 6.11% in FY26, an all-time low, vs 6.5% in FY25.^[5][4]
NPCL T&D loss was 6.95% in FY26 vs 7.5% in FY25. Chandigarh's was 8.3% vs 12.5%.^[5]
Malegaon franchise T&D loss was 36.33% in FY26 vs 39.7% in FY25, down from over 50% at takeover.^[5][3]
Rajasthan franchise T&D loss was 11.5% in Q3 FY26 vs 14.2% in Q3 FY25.^[6]
An 8.2% FPPAS tariff increase applies in the Kolkata licence area from FY25.^[3]

Renewables (Purvah Green)

Contracted renewable capacity is 4.8 GWp plus 2.2 GWh of BESS (solar 3.5 GWp, wind 1.3 GW). Of this, 1.8 GWp is operational and 3.0 GWp is under implementation (Q1 FY27).^[5]
Purvah's development pipeline has about 8.4 GW of grid connectivity across the CTU and STU networks (FY26).^[1]
The renewable capacity target is 10 GW by 2031-32.^[1]
Committed renewable capex is about Rs 26,000+ Cr for the 4.8 GWp of contracted capacity, with expected annualised revenue of about Rs 3,400 Cr.^[5]
Q3 FY26 wins: a 300 MW SECI solar+BESS project at Rs 2.86/kWh and a 180 MW railways (REMC) round-the-clock project at Rs 4.35/kWh.^[6]
Q4 FY26 wins: a 300 MW hybrid project with CESC Kolkata and a 250 MW SECI wind project.^[4]
A 40 MW/80 MWh grid-connected BESS is being installed (FY26 annual report).^[1]

Expansion projects

A 3 GW TOPCon+ solar cell and module plant is planned at Greater Noida at about Rs 3,000 Cr, targeted for 2027. Land of 100 acres is secured and site work has started.^[5]
The 450 MW NPCL hybrid project is targeted for COD by March 2027.^[4]
Planned group capex is about Rs 35,000 Cr over the next 5 years, including Rs 6,000 Cr of distribution investment across licences.^[5]
A five-year import network augmentation plan covers 2026-27 to 2030-31.^[1]

Recent developments

Q1 FY27: Purvah Green signed an SPA to buy six operating ReNew solar SPVs (1,411 MWp, >90% tied to SECI) at an EV of about Rs 4,859 Cr. Closing is expected before 31 Oct 2026.^[5]
25 Sep 2026: Purvah signed a 25-year captive power agreement with Prism Johnson for a 49.5 MW wind project at Alot, Ratlam (MP). Prism Johnson is investing up to Rs 40 Cr for a 26.5% stake; COD is set for 25 Jan 2028.^[8]
296 MW of renewable capacity was commissioned after the end of FY26.^[1]
CESC had 5,289 employees as of 31 March 2026.^[1]

Market Cap

₹16,444 Cr

High / Low

₹204 / 124

Stock P/E

10.7

Price / Book

1.3

Book Value

₹95

EPS

₹11.6

No. of Shares

132.56 Cr

ROCE

9.9%

ROE

12.6%

OPM

17.5%

Debt / Equity

1.70

Sales

₹18,570 Cr

Net Profit

₹1,618 Cr

Promoter holding

52.1%

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CESC Ltd(CESC)

About

Generation assets

Plant load factors

Distribution and customers

Distribution losses and tariffs

Renewables (Purvah Green)

Expansion projects

Recent developments

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