company background image


Last Price


Market Cap







04 Oct, 2022


Company Financials +
CESC fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance2/6
Financial Health1/6

CESC Stock Overview

CESC Limited, an integrated electrical utility company, engages in the generation and distribution of electricity in India.

CESC Competitors

Price History & Performance

Summary of all time highs, changes and price drops for CESC
Historical stock prices
Current Share Price₹78.90
52 Week High₹102.45
52 Week Low₹68.00
1 Month Change-1.38%
3 Month Change9.36%
1 Year Change-15.16%
3 Year Change7.93%
5 Year Change-25.33%
Change since IPO268.69%

Recent News & Updates

Aug 31
Is CESC Limited (NSE:CESC) Potentially Undervalued?

Is CESC Limited (NSE:CESC) Potentially Undervalued?

CESC Limited ( NSE:CESC ), is not the largest company out there, but it saw a double-digit share price rise of over 10...

Shareholder Returns

CESCIN Electric UtilitiesIN Market

Return vs Industry: CESC underperformed the Indian Electric Utilities industry which returned 44.9% over the past year.

Return vs Market: CESC underperformed the Indian Market which returned -3% over the past year.

Price Volatility

Is CESC's price volatile compared to industry and market?
CESC volatility
CESC Average Weekly Movement3.3%
Electric Utilities Industry Average Movement3.9%
Market Average Movement5.9%
10% most volatile stocks in IN Market9.2%
10% least volatile stocks in IN Market3.8%

Stable Share Price: CESC is less volatile than 75% of Indian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: CESC's weekly volatility (3%) has been stable over the past year.

About the Company


CESC Limited, an integrated electrical utility company, engages in the generation and distribution of electricity in India. It owns and operates three thermal power plants, including Budge Budge, Southern, and Titagarh generating stations generating 1125 megawatts (MW) of power; a thermal power project with a capacity of 600 MW in Haldia, West Bengal; two thermal power projects with a capacity of 600 MW in Chandrapur, Maharashtra and 40 MW atmospheric fluidized bed combustion power plant in Asansol, West Bengal; and transmission and distribution network of 23468 circuit kms, and distributes power in Uttar Pradesh with license area of 335 square kilometers. The company also owns and operates solar power project with a capacity of 18 MW data center in Ramanathapuram, Tamil Nadu.

CESC Fundamentals Summary

How do CESC's earnings and revenue compare to its market cap?
CESC fundamental statistics
Market Cap₹104.59b
Earnings (TTM)₹13.73b
Revenue (TTM)₹134.30b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CESC income statement (TTM)
Cost of Revenue₹81.35b
Gross Profit₹52.95b
Other Expenses₹39.22b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 14, 2022

Earnings per share (EPS)10.36
Gross Margin39.42%
Net Profit Margin10.22%
Debt/Equity Ratio138.1%

How did CESC perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is CESC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CESC?

Other financial metrics that can be useful for relative valuation.

CESC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.7x
Enterprise Value/EBITDA7.8x
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

How does CESC's PE Ratio compare to its peers?

CESC PE Ratio vs Peers
The above table shows the PE ratio for CESC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average38.4x
540565 India Grid Trust
TORNTPOWER Torrent Power
DPSCLTD India Power

Price-To-Earnings vs Peers: CESC is good value based on its Price-To-Earnings Ratio (7.6x) compared to the peer average (38.4x).

Price to Earnings Ratio vs Industry

How does CESC's PE Ratio compare vs other companies in the Asian Electric Utilities Industry?

Price-To-Earnings vs Industry: CESC is good value based on its Price-To-Earnings Ratio (7.6x) compared to the Asian Electric Utilities industry average (13.4x)

Price to Earnings Ratio vs Fair Ratio

What is CESC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CESC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.6x
Fair PE Ratio14.3x

Price-To-Earnings vs Fair Ratio: CESC is good value based on its Price-To-Earnings Ratio (7.6x) compared to the estimated Fair Price-To-Earnings Ratio (14.3x).

Share Price vs Fair Value

What is the Fair Price of CESC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CESC (₹78.9) is trading below our estimate of fair value (₹268.9)

Significantly Below Fair Value: CESC is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

Future Growth

How is CESC forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CESC's forecast earnings growth (9.3% per year) is above the savings rate (6.8%).

Earnings vs Market: CESC's earnings (9.3% per year) are forecast to grow slower than the Indian market (18.4% per year).

High Growth Earnings: CESC's earnings are forecast to grow, but not significantly.

Revenue vs Market: CESC's revenue (3% per year) is forecast to grow slower than the Indian market (10.6% per year).

High Growth Revenue: CESC's revenue (3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CESC's Return on Equity is forecast to be low in 3 years time (13.4%).

Discover growth companies

Past Performance

How has CESC performed over the past 5 years?

Past Performance Score


Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CESC has high quality earnings.

Growing Profit Margin: CESC's current net profit margins (10.2%) are lower than last year (11.4%).

Past Earnings Growth Analysis

Earnings Trend: CESC's earnings have grown by 7.6% per year over the past 5 years.

Accelerating Growth: CESC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CESC had negative earnings growth (-1.9%) over the past year, making it difficult to compare to the Electric Utilities industry average (-16.9%).

Return on Equity

High ROE: CESC's Return on Equity (13.1%) is considered low.

Discover strong past performing companies

Financial Health

How is CESC's financial position?

Financial Health Score


Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CESC's short term assets (₹71.5B) do not cover its short term liabilities (₹88.3B).

Long Term Liabilities: CESC's short term assets (₹71.5B) do not cover its long term liabilities (₹178.3B).

Debt to Equity History and Analysis

Debt Level: CESC's net debt to equity ratio (106.1%) is considered high.

Reducing Debt: CESC's debt to equity ratio has reduced from 139.8% to 138.1% over the past 5 years.

Debt Coverage: CESC's debt is not well covered by operating cash flow (16.7%).

Interest Coverage: CESC's interest payments on its debt are not well covered by EBIT (1.9x coverage).

Balance Sheet

Discover healthy companies


What is CESC current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 6/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

CESC Dividend Yield vs Market
How does CESC dividend yield compare to the market?
SegmentDividend Yield
Company (CESC)5.7%
Market Bottom 25% (IN)0.4%
Market Top 25% (IN)1.6%
Industry Average (Electric Utilities)4.2%
Analyst forecast in 3 Years (CESC)6.4%

Notable Dividend: CESC's dividend (5.7%) is higher than the bottom 25% of dividend payers in the Indian market (0.36%).

High Dividend: CESC's dividend (5.7%) is in the top 25% of dividend payers in the Indian market (1.63%)

Stability and Growth of Payments

Stable Dividend: CESC's dividends per share have been stable in the past 10 years.

Growing Dividend: CESC's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (43.4%), CESC's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (34.7%), CESC's dividend payments are well covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


CESC has no CEO, or we have no data on them.

Leadership Team

Experienced Management: CESC's management team is considered experienced (4.4 years average tenure).

Board Members

Experienced Board: CESC's board of directors are considered experienced (6.2 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of CESC?
Owner TypeNumber of SharesOwnership Percentage
State or Government2,497,2860.2%
Individual Insiders2,844,5000.2%
Public Companies41,796,6803.2%
General Public202,182,82415.3%
Private Companies620,343,17046.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 83.73% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Rainbow Investments Limited
587,966,320₹46.4b0%no data
HDFC Asset Management Company Limited
Life Insurance Corporation of India, Asset Management Arm
SBI Funds Management Limited
ICICI Prudential Asset Management Company Limited
UTI Asset Management Company Limited
Massachusetts Financial Services Company
Quest Capital Markets Limited, Asset Management Arm
Nippon Life India Asset Management Limited
The Vanguard Group, Inc.
25,029,047₹2.0b1.67%no data
STEL Holdings Limited
24,934,700₹2.0b0%no data
PCBL Limited
16,861,980₹1.3b0%no data
Aditya Birla Sun Life AMC Limited
Composure Services Private Limited
15,449,880₹1.2b0%no data
DSP Investment Managers Pvt. Ltd.
Integrated Coal Mining Limited
10,753,640₹848.5m0%no data
BlackRock, Inc.
10,639,116₹839.4m0.61%no data
BNY Mellon Asset Management
10,011,485₹789.9m2%no data
Fidelity International Ltd
8,933,948₹704.9m0%no data
Dimensional Fund Advisors LP
7,257,799₹572.6m0.21%no data
Tata Asset Management Limited
3,650,000₹288.0m0%no data
Castor Investments Ltd
2,500,000₹197.3m0%no data
Investor Education and Protection Fund (IEPF)
2,321,440₹183.2m0%no data
Acadian Asset Management LLC

Company Information

CESC Limited's employee growth, exchange listings and data sources

Key Information

  • Name: CESC Limited
  • Ticker: CESC
  • Exchange: NSEI
  • Founded: 1899
  • Industry: Electric Utilities
  • Sector: Utilities
  • Implied Market Cap: ₹104.588b
  • Shares outstanding: 1.33b
  • Website:

Number of Employees


  • CESC Limited
  • CESC House
  • Chowringhee Square
  • Kolkata
  • West Bengal
  • 700001
  • India


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
500084BSE (Mumbai Stock Exchange)YesEquity SharesININRMar 1994
CESCNSEI (National Stock Exchange of India)YesEquity SharesININRMar 1994

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/04 00:00
End of Day Share Price2022/10/04 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.