Cesc Limited (CESC) · mywealthgrid

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About

Cesc Limited is an integrated power utility with ₹22,247.54 Cr market capitalisation serving India's utilities sector. The company generated ₹4,096 Cr revenue and ₹459 Cr net profit in FY26, achieving an operating margin of 18.56%. Supported by promoter leadership and institutional investors, Cesc maintains regular dividend payments reflecting stable cash generation.

Face value: ₹1

Market cap

₹17,448 Cr

P/E

11.2×

P/B

1.4×

Dividend yield

9.1%

ROE

12.6%

ROCE

10.2%

Debt / equity

1.7

OPM

18.6%

EPS (TTM)

₹11.7

Book value

₹94.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

D/E ratio of 1.7 represents material leverage; verify debt maturity, refinancing capacity, and debt service coverage amid rising interest rates
Operating margin swung from 16.61% to 22.35% across recent quarters, indicating volatile cost or pricing execution; identify root causes and likelihood of repetition
ROE of 12.57% may not adequately compensate equity investors given leverage; verify whether tariff regulation ensures sufficient returns and whether growth is constrained by these returns
1-year stock return of only 1.2% despite regular dividends suggests valuation pressure; determine whether this reflects growth concerns, leverage, or market expectations

Generated analysis · source review pending

Growth drivers

Jun 2025 OPM of 22.35% versus current 18.56% shows margin has upside if operational execution tightens
FY26 net profit of ₹459 Cr funds dividends and potential reinvestment; verify whether management plans capex for capacity or geographic expansion
Quarterly revenues range ₹2,000–₹5,000 Cr; growth will require tariff revisions or volume expansion (verify regulatory timeline for next tariff review and demand trends)

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹131.6-1.7%1Y

Quick read

rule-based

Pros

+Dividend yield of 9.1%

Cons

−Modest revenue growth of 9.8% a year over the last 5 years
−Heavily leveraged (debt/equity 1.7)

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 24
Growth: 28
Valuation: 89

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Power LimitedADANIPOWERADANIPOWER	₹3,78,385 Cr	₹4,31,941 Cr	₹59,033 Cr	₹22,070 Cr	36.5%	₹14,255 Cr	23.9%	17.3%	21.2%	89
Adani Energy Solutions LimitedADANIENSOLADANIENSOL	₹1,59,340 Cr	₹2,08,239 Cr	₹30,480 Cr	₹9,778 Cr	32.9%	₹2,919 Cr	8.7%	11.1%	9.6%	-139
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Torrent Power LimitedTORNTPOWERTORNTPOWER	₹62,630 Cr	₹76,363 Cr	₹29,184 Cr	₹5,596 Cr	19.1%	₹2,324 Cr	8.5%	13.2%	13.2%	-285
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Cesc LimitedCESCCESC	₹17,448 Cr	₹38,767 Cr	₹18,853 Cr	₹3,478 Cr	18.6%	₹1,551 Cr	8.7%	10.2%	12.6%	11
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,664	11,014	11,639	12,544	14,246	15,293	17,001	18,570
COGS	20	5,730	5,925	6,810	9,145	9,978	11,011	11,460
Gross profit	—	5,284	5,714	5,734	5,101	5,315	5,990	7,110
	7,829	2,343	2,528	2,817	2,952	3,189	3,301	3,663
	2,815	2,941	3,186	2,917	2,149	2,126	2,689	3,447
OPM %	26.4%	26.7%	27.4%	23.3%	15.1%	13.9%	15.8%	18.6%
Depreciation	764	781	867	885	878	1,217	1,205	1,228
Interest	1,325	1,357	1,226	1,129	1,117	1,234	1,324	1,360
	204	866	659	1,013	1,585	2,008	1,622	1,260
Profit before tax	1,893	1,669	1,752	1,916	1,739	1,683	1,782	2,119
Tax	695	363	389	511	342	236	354	501
Tax %	36.7%	21.8%	22.2%	26.7%	19.7%	14%	19.9%	23.6%
	1,198	1,306	1,363	1,405	1,397	1,447	1,428	1,618
PAT margin %	11.2%	11.9%	11.7%	11.2%	9.8%	9.5%	8.4%	8.7%
EPS (₹)	—	98.2	100.4	10.3	10.1	10.4	10.3	11.6
EPS adjusted (₹)	—	9.8	10	10.2	10.1	10.4	10.3	11.6
	—	20.4%	44.8%	43.9%	44.4%	43.4%	43.6%	—
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	133	133	133	133	133	133	133
Reserves	—	9,740	10,263	10,777	11,312	11,876	12,397
Minority interest	—	396	434	479	540	593	659
	—	14,041	14,739	14,262	14,363	17,978	21,319
	—	11,551	11,924	12,060	10,820	10,401	11,962
Total equity & liabilities	—	35,862	37,493	37,711	37,168	40,981	46,470
	24,677	24,135	23,153	22,763	22,068	22,704	22,776
CWIP	—	134	102	140	174	427	2,905
Investments	—	371	523	140	120	122	217
	—	11,222	13,716	14,668	14,806	17,728	20,572
Total assets	—	35,862	37,493	37,711	37,168	40,981	46,470

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	48%	49.1%	45.7%	35.8%	34.8%	35.2%	38.3%
EBITDA margin %	26.4%	26.1%	27.4%	23.3%	15.1%	13.9%	15.8%	18.6%
EBIT margin %	19.2%	19%	19.9%	16.2%	8.9%	5.9%	8.7%	11.9%
PAT margin %	11.2%	11.9%	11.7%	11.2%	9.8%	9.5%	8.4%	8.7%
Working capital
Receivable days	—	—	73	61	56	54	52	47
Inventory days	—	—	37	35	35	32	24	22
Payable days	—	—	57	56	43	47	53	59
NWC days	—	—	52	40	48	39	24	11
Leverage
Current ratio	—	—	0.99	1.04	0.88	0.97	0.98	0.92
Debt to EBITDA	—	—	4.41	5.05	6.64	6.76	6.69	6.18
Debt to equity	—	—	1.42	1.42	1.31	1.25	1.5	1.7
Interest coverage	1.7	2.2	2.4	2.7	2.6	2.4	2.3	2.6
Asset turnover	—	—	0.32	0.33	0.38	0.41	0.41	0.4
Return ratios
Return on assets %	—	—	3.8%	3.7%	3.7%	3.9%	3.5%	3.5%
Return on capital employed %	—	—	9.9%	10%	9.4%	9.6%	9.9%	10.2%
Return on equity %	—	—	13.8%	13.5%	12.8%	12.6%	11.9%	12.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%	52.11%
	13.13%	11.95%	12.9%	13.56%	13.3%	12.36%	11.01%	10.93%	11.08%	11.88%	11.61%	11.47%
	20.07%	21.44%	21.13%	22.63%	22.63%	23.76%	25.1%	25.38%	25.65%	25.62%	26.23%	26.14%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	14.69%	14.5%	13.86%	11.7%	11.96%	11.77%	11.78%	11.58%	11.15%	10.38%	10.04%	10.27%
No. of shareholders	—	—	—	—	—	—	—	—	3,85,958	3,62,407	3,47,619	3,46,570

Promoter holding up 0 percentage points since Sep 2023.

16 deals · 19 Sept 2022 – 17 Oct 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	26,26,726	₹78.45	₹20.61 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	26,26,726	₹78.45	₹20.61 Cr
17 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	3,32,569	₹78.45	₹2.61 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	3,32,569	₹78.45	₹2.61 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	12,77,878	₹78.35	₹10.01 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	12,77,878	₹78.35	₹10.01 Cr
11 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	1,61,790	₹78.35	₹1.27 Cr
11 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	1,61,790	₹78.35	₹1.27 Cr
3 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	12,76,138	₹77.30	₹9.86 Cr
3 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	12,76,138	₹77.30	₹9.86 Cr

1–10 of 16

1 / 2

Mr. SANJIV GOENKANon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. SHASHWAT GOENKANon-Executive - Non Independent Director
Mr. PRADIP KUMAR KHAITANNon-Executive - Non Independent Director
Mr. DEBANJAN MANDALNon-Executive - Independent Director
Mr. ARJUN KUMARNon-Executive - Independent Director
Mr. BRAJESH SINGHExecutive Director
Mr. VINEET SIKKAExecutive Director
Ms. KUSUM DADOONon-Executive - Independent Director
Mr. PARAS KUMAR CHOWDHARYNon-Executive - Independent Director
Mr. UMANG KANORIANon-Executive - Independent Director
Mr. Jagdish PatraCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

14.78%

of the company's equity

All mutual funds

18.27%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

57 schemes · 10 fund houses

		Shares
Balanced Advantage Fund	SBI Mutual Fund	3.7 Cr	540.79	1.29%	2.791%	-0
Contra Fund	SBI Mutual Fund	2.19 Cr	319.41	0.67%	1.649%	-0
Multi Asset Allocation Fund	SBI Mutual Fund	1.85 Cr	271.05	1.29%	1.399%	+10.07 L
Multi Cap FundNEW	Nippon India Mutual Fund	1.46 Cr	212.81	0.38%	1.098%	—
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	1.28 Cr	186.96	1.27%	0.965%	-6.1 L
Energy Opportunities Fund	SBI Mutual Fund	1.21 Cr	177.07	2.13%	0.914%	-0
SMALL CAP FUND	Nippon India Mutual Fund	1.12 Cr	163.53	0.2%	0.844%	-0
Dividend Yield Fund	SBI Mutual Fund	1 Cr	146.16	1.71%	0.754%	-0

1–8 of 57

1 / 8

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

10 Sept 2026, 11:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	48%	49.1%	45.7%	35.8%	34.8%	35.2%	38.3%
EBITDA margin %	26.4%	26.1%	27.4%	23.3%	15.1%	13.9%	15.8%	18.6%
EBIT margin %	19.2%	19%	19.9%	16.2%	8.9%	5.9%	8.7%	11.9%
PAT margin %	11.2%	11.9%	11.7%	11.2%	9.8%	9.5%	8.4%	8.7%
Working capital
Receivable days	—	—	73	61	56	54	52	47
Inventory days	—	—	37	35	35	32	24	22
Payable days	—	—	57	56	43	47	53	59
NWC days	—	—	52	40	48	39	24	11
Leverage
Current ratio	—	—	0.99	1.04	0.88	0.97	0.98	0.92
Debt to EBITDA	—	—	4.41	5.05	6.64	6.76	6.69	6.18
Debt to equity	—	—	1.42	1.42	1.31	1.25	1.5	1.7
Interest coverage	1.7	2.2	2.4	2.7	2.6	2.4	2.3	2.6
Asset turnover	—	—	0.32	0.33	0.38	0.41	0.41	0.4
Return ratios
Return on assets %	—	—	3.8%	3.7%	3.7%	3.9%	3.5%	3.5%
Return on capital employed %	—	—	9.9%	10%	9.4%	9.6%	9.9%	10.2%
Return on equity %	—	—	13.8%	13.5%	12.8%	12.6%	11.9%	12.9%

Date	Category	Subject	Filing
10 Sept 2026, 11:06 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
10 Sept 2026, 11:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 7:25 pm	Company Update General	Incorporation Of Subsidiary Companies	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,655	2,432	2,294	3,408	2,818	2,499	1,978	2,352	2,582	4,057
	-1,493	-981	-687	-466	-1,490	-575	-545	-564	-3,013	-3,235
	-760	-1,449	-1,737	-2,219	-1,751	-611	-2,457	-1,642	1,337	1,205
Net cash flow	-13	4	-130	723	-423	1,313	-1,024	146	906	2,027
Free cash flow	1,183	1,538	1,456	2,489	2,135	1,721	1,282	1,581	719	141
CFO / Operating profit %	—	—	81.5%	118.7%	88.5%	85.7%	92%	110.6%	96%	117.7%

Cesc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

21

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Cesc Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends21

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

21

1

1