CESC

Listed Utility / PSU — per-stock model.

As of 21 Aug 2026

Utility / PSU—

CMP ₹155NSE: CESC

Latest concall

Q4 FY26 · 6 May 2026

FY26 consolidated PAT ₹1,618cr (+13%); standalone ₹852cr; revenue ~₹18,900cr.
Q4 PAT ₹459cr (+19% YoY); revenue ₹4,096cr (+4%); EBITDA margin fell to 18.1% from 20.9%.
CESC Kolkata T&D loss at all-time low 6.11%; Chandrapur stronger, Malegaon losses down.
Regulatory income moderated to ₹2.8bn in 9MFY26 (from ₹10bn) — positive for cash flows.

Order-book execution

RE pipeline scales to 1.2 GW by FY27 (0.7 GW contracted) and 3.2 GW by FY29; module plant onstream 2027.

Management guidance

RE to 1.2 GW by FY27 (0.7 GW PPAs signed) and 3.2 GW by FY29.
Recent wins: 300 MW hybrid (CESC Kolkata) and 250 MW wind (SECI).
3 GW solar cell & module plant in Greater Noida, commissioning 2027.

Q4 FY26 results & investor update, May 2026

UC + pipeline

3.2GW

own capacity, not an order book

Revenue FY26E

18,570₹ cr

EBITDA margin

19%

P/E

13.2×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY15	11,067	1,979	18.0%	299	—	—	—	—	—	1.5	—
FY16	12,124	3,285	27.0%	729	—	—	—	—	—	4.5	—
FY17	8,363	2,854	34.0%	810	—	—	—	—	—	5.2	—
FY18	10,275	3,040	30.0%	975	—	—	—	—	—	6.9	—
FY19	10,664	2,926	27.0%	1,198	—	—	—	—	—	8.9	—
FY20	12,159	3,257	27.0%	1,309	—	—	—	—	—	9.6	—
FY21	11,632	3,293	28.0%	1,363	—	—	—	—	—	10.0	—
FY22	12,544	3,035	24.0%	1,404	—	—	—	—	—	10.3	—
FY23	14,246	2,274	16.0%	1,397	—	—	—	—	—	10.1	—
FY24	15,293	2,276	15.0%	1,447	—	—	—	—	—	10.4	—
FY25	17,001	2,849	17.0%	1,428	—	—	—	—	—	10.3	—
FY26	18,570	3,447	19.0%	1,618	—	—	—	—	—	11.6	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q4FY23	3,102	513	17.0%	445	14.3%
Q1FY24	4,310	724	17.0%	368	8.5%
Q2FY24	4,352	646	15.0%	363	8.3%
Q3FY24	3,244	346	11.0%	301	9.3%
Q4FY24	3,387	410	12.0%	415	12.3%
Q1FY25	4,863	371	8.0%	388	8.0%
Q2FY25	4,700	896	19.0%	373	7.9%
Q3FY25	3,561	610	17.0%	282	7.9%
Q4FY25	3,877	812	21.0%	385	9.9%
Q1FY26	5,202	864	17.0%	404	7.8%
Q2FY26	5,267	1,061	20.0%	448	8.5%
Q3FY26	4,005	779	19.0%	304	7.6%
Q4FY26	4,096	743	18.0%	459	11.2%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

13.2×

EV / EBITDA

12.1×

P/B

1.6×

Operating metrics

What the rest of the dashboard tracks for CESC — capacity, auctions, offtake, manufacturing and returns.

725 MW

Auctions won

3 auctions

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
16 Jul 2026	SECI	Wind	175	3.78	source
5 Feb 2026	SECI	Wind	250	3.67	source
16 Oct 2025	SECI	Solar + BESS	300	2.86	source

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
Bhadla 300 MW solar (Rajasthan) First 300 MW still 'under commissioning' at the May-2026 results, slipping past its Q4FY26 target; park acquired under-construction Apr-2024.	0.3 GW	Q4 FY26	Q1 FY27	+1Q	delayed
Sub-phase I 1.2 GW hybrid (solar+wind)	1.2 GW	Q4 FY27	Q4 FY27	—	on track

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026