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Last Updated: April 2, 2026, 2:45 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500084 | NSE: CESC

CESC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹124.33Overvalued by 18.74%vs CMP ₹153.00

P/E (13.8) × ROE (11.3%) × BV (₹95.90) × DY (3.92%)

₹130.41Overvalued by 14.76%vs CMP ₹153.00
MoS: -17.3% (Negative)Confidence: 60/100 (Moderate)Models: 1 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹126.3530%Over (-17.4%)
Graham NumberEarnings₹154.8322%Fair (+1.2%)
Net Asset ValueAssets₹95.8210%Over (-37.4%)
EV/EBITDAEnterprise₹102.6812%Over (-32.9%)
Earnings YieldEarnings₹111.1010%Over (-27.4%)
ROCE CapitalReturns₹178.4110%Under (+16.6%)
Revenue MultipleRevenue₹128.157%Over (-16.2%)
Consensus (7 models)₹130.41100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 1.6%

*Investments are subject to market risks

Investment Snapshot

59
CESC Ltd scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 11.2% AverageROE 11.3% AverageD/E 1.46 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.87% (6mo) Slight increaseDII holding up 0.51% MF buyingPromoter holding at 52.1% Stable
Earnings Quality50/100 · Moderate
OPM contracting (20% → 16%) DecliningWorking capital: -90 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): +11% YoY GrowingProfit (4Q): +3% YoY Positive
Industry Rank80/100 · Strong
P/E 13.8 vs industry 41.9 Cheaper than peersROCE 11.2% vs industry 9.0% Above peers3Y sales CAGR: 11% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:45 am

Market Cap 20,297 Cr.
Current Price 153
Intrinsic Value₹130.41
High / Low 185/137
Stock P/E13.8
Book Value 95.9
Dividend Yield3.92 %
ROCE11.2 %
ROE11.3 %
Face Value 1.00
PEG Ratio8.50

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for CESC Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
CESC Ltd 20,297 Cr. 153 185/13713.8 95.93.92 %11.2 %11.3 % 1.00
SJVN Ltd 26,432 Cr. 67.3 108/63.041.8 37.12.17 %4.91 %5.81 % 10.0
Jaiprakash Power Ventures Ltd 10,239 Cr. 14.9 27.7/12.516.5 18.60.00 %10.3 %6.85 % 10.0
Reliance Power Ltd 9,243 Cr. 22.4 76.5/20.232.7 39.90.00 %6.15 %1.08 % 10.0
GMR Power & Urban Infra Ltd 7,681 Cr. 98.4 141/89.0 19.70.00 %13.2 %% 5.00
Industry Average60,447.10 Cr156.8041.9494.050.95%8.95%11.73%7.77

All Competitor Stocks of CESC Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 3,9133,1293,1024,3104,3523,2443,3874,8634,7003,5613,8775,2025,267
Expenses 3,4232,6332,5893,5863,7062,8982,9774,4923,8042,9513,0654,3384,206
Operating Profit 4904965137246463464103718966108128641,061
OPM % 13%16%17%17%15%11%12%8%19%17%21%17%20%
Other Income 421426547323423617645744189396293311152
Interest 274289289308305296325322328339335363337
Depreciation 221219221300303303311301295305304304311
Profit before tax 416414550439461364419492462362466508565
Tax % 23%19%19%16%21%17%1%21%19%22%17%20%21%
Net Profit 319336445368363301415388373282385404445
EPS in Rs 2.302.413.272.622.632.123.022.852.662.002.812.923.21

Last Updated: January 2, 2026, 2:59 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 6:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 10,11111,06712,1248,36310,27510,66412,15911,63212,54414,24615,29317,00118,351
Expenses 8,4139,0888,8395,5107,2357,7388,9028,3389,50211,97213,01714,15214,835
Operating Profit 1,6981,9793,2852,8543,0402,9263,2573,2933,0422,2742,2762,8493,516
OPM % 17%18%27%34%30%27%27%28%24%16%15%17%19%
Other Income 1771531164754541,1638426651,0061,5842,0001,6181,017
Interest 6451,0451,5931,4821,4111,4321,4841,3401,2481,2411,3771,4791,378
Depreciation 4715897667157517648488678858781,2171,2051,227
Profit before tax 7584981,0421,1311,3311,8931,7681,7521,9151,7391,6831,7821,928
Tax % 24%40%30%28%27%37%26%22%27%20%14%20%
Net Profit 5732997298109751,1981,3091,3631,4041,3971,4471,4281,541
EPS in Rs 3.941.504.515.216.888.939.5610.0410.2510.1310.3810.3311.11
Dividend Payout % 20%60%22%19%18%20%21%45%44%45%44%44%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-47.82%143.81%11.11%20.37%22.87%9.27%4.13%3.01%-0.50%3.58%-1.31%
Change in YoY Net Profit Growth (%)0.00%191.63%-132.70%9.26%2.50%-13.61%-5.14%-1.12%-3.51%4.08%-4.89%

CESC Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:4%
5 Years:7%
3 Years:11%
TTM:9%
Compounded Profit Growth
10 Years:21%
5 Years:1%
3 Years:-1%
TTM:-2%
Stock Price CAGR
10 Years:15%
5 Years:20%
3 Years:24%
1 Year:-21%
Return on Equity
10 Years:11%
5 Years:12%
3 Years:12%
Last Year:11%

Last Updated: September 5, 2025, 1:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:06 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 126133133133133133133133133133133133133
Reserves 5,5095,89610,47010,4898,2878,8419,2789,74010,26310,77711,31211,87612,578
Borrowings 11,91614,20214,87715,59914,57814,47913,99114,27714,96114,26314,54417,97818,811
Other Liabilities 7,3967,62910,94711,2489,98810,01712,05511,71212,13612,53911,17910,99411,663
Total Liabilities 24,94827,86036,42837,47032,98633,47035,45735,86237,49337,71237,16840,98143,185
Fixed Assets 14,51120,86926,50026,62623,85423,64924,73924,19723,21622,82622,13122,76622,332
CWIP 5,312410505392217161168134102140175427890
Investments 1066701,0021,1101,1741,185180308460775759139
Other Assets 5,0195,9128,4209,3437,7428,47410,37111,22213,71614,66914,80617,72819,824
Total Assets 24,94827,86036,42837,47032,98633,47035,45735,86237,49337,71237,16840,98143,185

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 2,2518892,4802,6552,4692,2943,4082,8062,4991,9782,3512,582
Cash from Investing Activity + -3,180-2,381-1,220-1,493-1,606-686-466-1,489-575-545-564-3,013
Cash from Financing Activity + 8221,331-1,181-760-1,485-1,737-2,219-1,739-611-2,457-1,6421,337
Net Cash Flow -107-16180402-623-130723-4231,313-1,024146906
Free Cash Flow -1,135-1,0511,2551,2051,5871,4622,4952,1321,7291,2881,586729
CFO/OP 145%58%86%105%93%89%114%95%95%100%123%104%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-10.00-13.00-11.00-13.00-11.00-12.00-10.00-11.00-11.00-12.00-12.00-15.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 555643685560557361565452
Inventory Days
Days Payable
Cash Conversion Cycle 555643685560557361565452
Working Capital Days -91-98-103-123-102-109-120-66-94-89-70-90
ROCE %8%8%12%10%11%14%14%13%13%11%12%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 52.11%52.11%52.11%52.11%52.11%52.11%52.11%52.11%52.11%52.11%52.11%52.11%
FIIs 12.18%12.20%13.14%11.95%12.91%13.56%13.30%12.36%11.01%10.93%11.09%11.88%
DIIs 21.75%21.04%20.06%21.44%21.12%22.63%22.63%23.75%25.10%25.38%25.65%25.61%
Government 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 13.92%14.63%14.68%14.49%13.83%11.70%11.96%11.78%11.77%11.56%11.14%10.39%
No. of Shareholders 3,07,7943,10,9873,12,8393,27,2123,63,7763,32,4594,05,3124,10,0154,23,0044,08,7413,85,9583,62,407

Shareholding Pattern Chart

No. of Shareholders

CESC Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Balanced Advantage Fund 34,000,000 1.27 510.5434,000,0002025-04-22 17:25:380%
SBI Contra Fund 21,853,430 0.67 328.1521,853,4302025-04-22 17:25:380%
Franklin India Small Cap Fund 13,401,420 1.58 201.24N/AN/AN/A
HDFC Balanced Advantage Fund 12,780,789 0.18 191.92N/AN/AN/A
SBI Energy Opportunities Fund 12,114,574 2.11 181.9112,368,7422026-02-21 13:35:43-2.05%
Nippon India Multi Cap Fund 11,911,039 0.37 178.865,000,0002025-12-08 02:19:27138.22%
Nippon India Small Cap Fund 11,188,202 0.26 168N/AN/AN/A
ICICI Prudential Infrastructure Fund 9,789,059 1.82 146.9910,089,0592026-02-23 06:04:39-2.97%
Canara Robeco Small Cap Fund 8,694,821 1.03 130.56N/AN/AN/A
Franklin India Flexi Cap Fund 8,038,760 0.62 120.71N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.0010.00
Basic EPS (Rs.) 10.3210.3810.1310.25100.40
Diluted EPS (Rs.) 10.3210.3810.1310.25100.40
Cash EPS (Rs.) 19.7720.0017.0817.18167.35
Book Value[Excl.RevalReserv]/Share (Rs.) 90.1585.9285.4981.30770.84
Book Value[Incl.RevalReserv]/Share (Rs.) 90.1585.9285.4981.30770.84
Revenue From Operations / Share (Rs.) 127.62114.80106.9494.16873.64
PBDIT / Share (Rs.) 23.0017.8418.4523.96256.73
PBIT / Share (Rs.) 13.958.7111.8617.32191.68
PBT / Share (Rs.) 13.3812.6313.0514.38131.48
Net Profit / Share (Rs.) 10.7210.8610.4910.54102.30
NP After MI And SOA / Share (Rs.) 10.2810.3310.0810.1999.90
PBDIT Margin (%) 18.0215.5317.2525.4529.38
PBIT Margin (%) 10.937.5811.0918.3921.94
PBT Margin (%) 10.4811.0012.2015.2715.04
Net Profit Margin (%) 8.399.469.8011.1911.70
NP After MI And SOA Margin (%) 8.058.999.4210.8211.43
Return on Networth / Equity (%) 11.3912.0212.3013.0613.48
Return on Capital Employeed (%) 5.713.835.578.059.01
Return On Assets (%) 3.343.703.563.623.71
Long Term Debt / Equity (X) 1.071.141.061.201.31
Total Debt / Equity (X) 1.481.441.471.601.46
Asset Turnover Ratio (%) 0.430.400.370.220.22
Current Ratio (X) 1.902.031.511.531.47
Quick Ratio (X) 1.811.911.411.461.39
Inventory Turnover Ratio (X) 21.2017.390.000.000.00
Dividend Payout Ratio (NP) (%) 43.5743.3344.4243.9244.81
Dividend Payout Ratio (CP) (%) 23.1723.0026.8626.5927.14
Earning Retention Ratio (%) 56.4356.6755.5856.0855.19
Cash Earning Retention Ratio (%) 76.8377.0073.1473.4172.86
Interest Coverage Ratio (X) 2.311.932.202.832.79
Interest Coverage Ratio (Post Tax) (X) 1.140.741.111.591.77
Enterprise Value (Cr.) 34759.1530521.8122823.2223895.5520901.22
EV / Net Operating Revenue (X) 2.042.001.601.901.80
EV / EBITDA (X) 11.3512.849.297.486.11
MarketCap / Net Operating Revenue (X) 1.211.060.620.800.67
Retention Ratios (%) 56.4256.6655.5756.0755.18
Price / BV (X) 1.711.410.810.970.80
Price / Net Operating Revenue (X) 1.211.060.620.800.67
EarningsYield 0.060.080.150.130.16

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

CESC Ltd. is a Public Limited Listed company incorporated on 28/03/1978 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L31901WB1978PLC031411 and registration number is 031411. Currently Company is involved in the business activities of Collection and distribution of electric energy to households, industrial, commercial and other users. Company's Total Operating Revenue is Rs. 9584.04 Cr. and Equity Capital is Rs. 133.22 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Generation/DistributionCESC House, Chowringhee Square, Kolkata West Bengal 700001Contact not found
Management
NamePosition Held
Dr. Sanjiv GoenkaChairman
Mr. Shashwat GoenkaVice Chairman
Mr. Brajesh SinghManaging Director - Generation
Mr. Vineet SikkaManaging Director - Distribution
Mr. Pradip Kumar KaitanNon Exe.Non Ind.Director
Mr. Sunil MitraIndependent Director
Mr. Debanjan MandalIndependent Director
Mr. Arjun KumarIndependent Director
Ms. Kusum DadooIndependent Director
Mr. Paras Kumar ChowdharyIndependent Director

FAQ

What is the intrinsic value of CESC Ltd and is it undervalued?

As of 14 April 2026, CESC Ltd's intrinsic value is ₹130.41, which is 14.76% lower than the current market price of ₹153.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.3 %), book value (₹95.9), dividend yield (3.92 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of CESC Ltd?

CESC Ltd is trading at ₹153.00 as of 14 April 2026, with a FY2026-2027 high of ₹185 and low of ₹137. The stock is currently in the middle of its 52-week range. Market cap stands at ₹20,297 Cr..

How does CESC Ltd's P/E ratio compare to its industry?

CESC Ltd has a P/E ratio of 13.8, which is below the industry average of 41.94. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is CESC Ltd financially healthy?

Key indicators for CESC Ltd: ROCE of 11.2 % is moderate. Dividend yield is 3.92 %.

Is CESC Ltd profitable and how is the profit trend?

CESC Ltd reported a net profit of ₹1,428 Cr in Mar 2025 on revenue of ₹17,001 Cr. Compared to ₹1,404 Cr in Mar 2022, the net profit shows an improving trend.

Does CESC Ltd pay dividends?

CESC Ltd has a dividend yield of 3.92 % at the current price of ₹153.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in CESC Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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