Power · NSE: CESC
CESC
FY26 · From the investor presentation
- M.Cap
- ₹17,277Cr
- P/E
- 11.2×
- 1Y return
- −24.15%
- From 52W high
- −36.3%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Guidance
More figures from the presentation
“3 GW integrated solar cells”
“Greater Noida 100 acres TOPCon+”
“1 GW acquired* (8,900 acres Secured)* Indicative cluster | PPA Signed 3465 MW AC”
“Contracted Renewable Capacity accelerates by 1.4x”
“attractive payback of 5 years”
“Operational 1.8 GWp”
In short
- 01FY26 consolidated revenue Rs 18,927 Cr, EBITDA Rs 4,707 Cr, PAT Rs 1,618 Cr.
- 02Company aims to double PAT from FY25 to 2030 and expand ROE by 400 bps.
- 03Renewables capex committed at about Rs 26,000+ Cr; medium-term aim of 10 GW RE capacity.
- 04Purvah Green is acquiring 1,411 MWp of operating solar assets from ReNew at an EV of about Rs 4,859 Cr.
- 05A 3 GW solar cell and module plant in Greater Noida needs about Rs 3,000 Cr; site work has started.
- 06About Rs 350 bn of capex is planned over the next five years; FY26 operating cash flow was Rs 40 bn.
- 07Malegaon franchisee still makes a loss; the company is taking steps to break even there.
Capex
Distribution; Renewables: Growth plan lists investments of Rs 6,000 Cr in distribution and Rs 26,000+ Cr in renewables
Slides · p. 7
Distribution; Renewables: Growth plan lists investments of Rs 6,000 Cr in distribution and Rs 26,000+ Cr in renewables
“Investment ₹ 6,000 Cr Investment ₹ 26,000 + Cr ₹ 250 Cr”
Distribution: Higher distribution investment planned across all distribution licenses
Slides · p. 7
Distribution: Higher distribution investment planned across all distribution licenses
“Continuous investment in all the distribution licenses”
Solar Manufacturing: Cell plant: LOA received, land secured, vendor finalised, LLI orders placed, site work started
Slides · p. 24
Solar Manufacturing: Cell plant: LOA received, land secured, vendor finalised, LLI orders placed, site work started
“LOA received Land secured Equipment vendor LLI orders placed Site activity initiated”
Renewables: Renewables: committed capex ~Rs 26,000+ Cr, annualized revenue ~Rs 3,400+ Cr, EBITDA ~Rs 3,000+ Cr
Slides · p. 21
Renewables: Renewables: committed capex ~Rs 26,000+ Cr, annualized revenue ~Rs 3,400+ Cr, EBITDA ~Rs 3,000+ Cr
“~₹26,000+ ~₹3,400+ ~₹3,000+”
Chandigarh (CPDL): Chandigarh: capex underway to improve efficiency and network reliability
Slides · p. 11
Chandigarh (CPDL): Chandigarh: capex underway to improve efficiency and network reliability
“1,746 MU Strong capex underway to enhance operational”
Capacity
Renewables: Renewable contractual capacity: solar 3.5 GWp, wind 1.3 GW, BESS 2.2 GWh
Slides · p. 5
Renewables: Renewable contractual capacity: solar 3.5 GWp, wind 1.3 GW, BESS 2.2 GWh
“(Solar 3.5 GWp , Wind 1.3 GW & BESS 2.2 GWh)”
Renewables: Pipeline projects expected COD from FY2027 to FY2030
Slides · p. 22
Renewables: Pipeline projects expected COD from FY2027 to FY2030
“Expected COD Operational FY 2027 FY 2028 FY 2029 FY 2029 FY 2030 FY 2030 FY 2030”
Segments
Malegaon DF: Company taking steps to reach breakeven in Malegaon distribution franchisee
Slides · p. 7
Malegaon DF: Company taking steps to reach breakeven in Malegaon distribution franchisee
“Taking steps to achieve breakeven in Malegaon DF”
CESC Kolkata: Kolkata losses cut from 8.4% to 6.11% (FY21-FY26); company sees itself as preferred bidder
Slides · p. 9
CESC Kolkata: Kolkata losses cut from 8.4% to 6.11% (FY21-FY26); company sees itself as preferred bidder
“Track record — CESC's proven ability to compress losses (e.g. Kolkata 8.4%→6.11% over FY21 to FY26) makes it a preferred bidder for upcoming privatisations”
CESC Kolkata: CESC Kolkata FY26: 11,990 MU sold, T&D loss 6.11%, revenue Rs 9,939 Cr
Slides · p. 13
CESC Kolkata: CESC Kolkata FY26: 11,990 MU sold, T&D loss 6.11%, revenue Rs 9,939 Cr
“CESC Kolkata 11,990 6.11 9,939 11,857 6.5 9,765”
Noida Power (NPCL): Noida Power FY26: 3,888 MU sold, T&D loss 6.95%, revenue Rs 3,001 Cr
Slides · p. 13
Noida Power (NPCL): Noida Power FY26: 3,888 MU sold, T&D loss 6.95%, revenue Rs 3,001 Cr
“Noida Power (NPCL) 3,888 6.95 3,001 3,598 7.5 2,777”
Noida Power (NPCL): Noida described as having industry-leading demand growth
Slides · p. 11
Noida Power (NPCL): Noida described as having industry-leading demand growth
“Distribution Licensee 2.2 Industry leading demand growth and best in class”
Demand
Solar Manufacturing: Purvah Green RE pipeline to give captive offtake for cells, plus external sales
Slides · p. 24
Solar Manufacturing: Purvah Green RE pipeline to give captive offtake for cells, plus external sales
“✓ Purvah Green’s RE pipeline provides captive offtake as well as external sales to scale up”
Distribution: Nine states seen as immediately suitable for full DISCOM privatisation
Slides · p. 9
Distribution: Nine states seen as immediately suitable for full DISCOM privatisation
“Nine states, like Uttar Pradesh, are now "immediately suitable" for full privatization”
Solar Manufacturing: Solar cells brought under the approved list, de-facto 100% DCR for cells
Slides · p. 23
Solar Manufacturing: Solar cells brought under the approved list, de-facto 100% DCR for cells
“Solar cells brought under Approved-List — de-facto 100% DCR for cells.”
Solar Manufacturing: 40% customs duty on modules and 25% on cells cited against imports
Slides · p. 23
Solar Manufacturing: 40% customs duty on modules and 25% on cells cited against imports
“40% BCD on modules · 25% BCD on cells — imports structurally uncompetitive”
Debt and working capital
Operating cash flow of Rs 40 bn in FY26, up 57%
Slides · p. 26
Operating cash flow of Rs 40 bn in FY26, up 57%
“₹ 40 bn OCF in FY26, up 57%”
Acquisitions and new business
Renewables: Purvah Green signs SPA to buy 100% of six solar SPVs from ReNew Solar Power
Slides · p. 18
Renewables: Purvah Green signs SPA to buy 100% of six solar SPVs from ReNew Solar Power
“Purvah Green signs SPA for acquisition of 100% of six SPVs from ReNew Solar Power”
Renewables: Enterprise value of acquired solar portfolio about Rs 4,859 Cr
Slides · p. 18
Renewables: Enterprise value of acquired solar portfolio about Rs 4,859 Cr
“Enterprise Value ~Rs. 4,859 Cr”
Renewables: Acquisition adds 1,411 MWp operating solar with 4,000 acres, closing before 31 Oct 2026
Slides · p. 19
Renewables: Acquisition adds 1,411 MWp operating solar with 4,000 acres, closing before 31 Oct 2026
“* Operational assets includes 1,411 MWp solar assets with 4000 acres of land acquired — subject to transaction closure before 31 Oct’26”
Renewables: Solar portfolio deal expected to complete before 31 Oct 2026
Slides · p. 18
Renewables: Solar portfolio deal expected to complete before 31 Oct 2026
“Transaction expected to complete before 31st Oct’26”
Renewables: Acquired solar assets have estimated annual revenue of about Rs 600 Cr
Slides · p. 18
Renewables: Acquired solar assets have estimated annual revenue of about Rs 600 Cr
“Est. Annual Revenue ~ Rs. 600 Cr”
Dividends and buybacks
Presentation cites consistent dividend payouts
Slides · p. 26
Presentation cites consistent dividend payouts
“Backward integration into 3 GW Consistent dividend payouts”
Risks
Malegaon DF: Malegaon DF FY26: EBITDA loss Rs 112 Cr, net loss Rs 125 Cr
Slides · p. 27
Malegaon DF: Malegaon DF FY26: EBITDA loss Rs 112 Cr, net loss Rs 125 Cr
“Malegaon DF 799 (112) (125) 718 (135) (149)”
Other
FY26 consolidated revenue Rs 18,927 Cr, EBITDA Rs 4,707 Cr, PAT Rs 1,618 Cr
Slides · p. 27
FY26 consolidated revenue Rs 18,927 Cr, EBITDA Rs 4,707 Cr, PAT Rs 1,618 Cr
“CESC Ltd (Consolidated) 18,927 4,707 1,618 17,375 4,312 1,429”
Distribution: About 99.7% of customer queries answered using Gen AI
Slides · p. 25
Distribution: About 99.7% of customer queries answered using Gen AI
“~99.7% of customer queries”
FY26 consolidated revenue and EBITDA up 9% YoY each, PAT up 13% YoY
Slides · p. 4
FY26 consolidated revenue and EBITDA up 9% YoY each, PAT up 13% YoY
“▲ 9% YoY ▲ 9% YoY ▲ 13% YoY”
Sources
- Investor presentation, FY26 Filed 18 Sept 2026 · 29 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.