CESC · Power · filed 5 Nov 2026
CESC Ltd. reported revenue of ₹5,607 cr for July to September 2026, +6.5% on the year and +2.2% on the quarter. That is slower than this quarter has grown in recent years (+10.0% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹19,193 cr, +7.2% on the four before.
Operating profit (EBITDA) was ₹1,039 cr, a margin of 18.5%, −161 bps on the year and +221 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.3% to 20.9%, averaging 18.4%. Operating costs grew +8.6%, faster than revenue at +6.5%, so operating profit grew less than sales.
Net profit was ₹438 cr, −2.2% on the year and +4.5% on the quarter, with earnings per share of ₹3.20. Profit before other income, one-offs and tax grew faster, at +4.5%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,620 cr, +6.6% on the four before.
Of the 11 companies in Power and utilities that have reported Q2 FY27 so far, CESC Ltd. ranks 8th on revenue growth; the sector median is +22.8%. Its margin moved −161 bps on the year against a sector median of +82 bps.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less.
On earnings per share of ₹11.69 over the last four quarters, the stock at ₹128.94 trades at 11.0 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Operating margin slipped on the year.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹3,178 cr | ₹2,416 cr | ▲ 31.5% |
| Inventory | ₹634 cr | ₹698 cr | ▼ 9.2% |
| Cash | ₹2,764 cr | ₹4,208 cr | ▼ 34.3% |
| Bank balances | ₹1,479 cr | ₹1,364 cr | ▲ 8.4% |
| Long-term borrowings | ₹16,183 cr | ₹15,292 cr | ▲ 5.8% |
| Short-term borrowings | ₹5,834 cr | ₹6,027 cr | ▼ 3.2% |
| Trade payables | ₹2,154 cr | ₹1,848 cr | ▲ 16.6% |
| Net block | ₹22,836 cr | ₹21,724 cr | ▲ 5.1% |
| Capital work in progress | ₹2,969 cr | ₹2,905 cr | ▲ 2.2% |
| Equity | ₹12,468 cr | ₹12,530 cr | ▼ 0.5% |
| Total assets | ₹47,882 cr | ₹46,470 cr | ▲ 3.0% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹1,384 cr | ₹1,585 cr |
| Capital expenditure | −₹2,010 cr | −₹1,104 cr |
| Investing cash flow | −₹1,973 cr | −₹779 cr |
| Financing cash flow | −₹855 cr | −₹36.0 cr |
| Dividends paid | −₹804 cr | −₹10.0 cr |
Operating cash flow was 1.61× profit. Receivables at 52 days of sales (+5 days against the last year end). Inventory at 10 days of sales (−3 days).
Other matter 1: “54 subsidiaries, whose unaudited interim financial results include total assets of Rs 28,038 crores as at September 30, 2026, total revenues of Rs 3,327 crores and Rs 6,404 crores, total net profit after tax of Rs. 210 crores and Rs.… Read in full
54 subsidiaries, whose unaudited interim financial results include total assets of Rs 28,038 crores as at September 30, 2026, total revenues of Rs 3,327 crores and Rs 6,404 crores, total net profit after tax of Rs. 210 crores and Rs. 418 crores, total comprehensive income of Rs 211 crores and Rs. 424 crores, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash outflows of Rs. 864 crores for the period from April 1, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors.
Other matter 2: “1 joint venture, whose unaudited interim financial results include Group's share of net loss of Rs. Nil and Rs. Nil and Group's share of total comprehensive loss of Rs. Nil and Rs. Nil for the quarter ended September 30, 2026… Read in full
1 joint venture, whose unaudited interim financial results include Group's share of net loss of Rs. Nil and Rs. Nil and Group's share of total comprehensive loss of Rs. Nil and Rs. Nil for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026 respectively, as considered in the Statement whose interim financial results and other financial information have been reviewed by an independent auditor.
Other matter 3: “The accompanying Statement includes unaudited interim financial results and other unaudited financial information, in respect of 2 subsidiaries, whose interim financial results include total assets of Rs 0.11 crores as at September 30, 2026, total revenues of Rs Nil and… Read in full
The accompanying Statement includes unaudited interim financial results and other unaudited financial information, in respect of 2 subsidiaries, whose interim financial results include total assets of Rs 0.11 crores as at September 30, 2026, total revenues of Rs Nil and Rs Nil, total net loss after tax of Rs. 0.06 crores and Rs. 0.13 crores, total comprehensive loss of Rs. 0.07 crores and Rs. 0.15 crores, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash inflows of Rs. 0.06 crores for the period from April 1, 2026 to September 30, 2026.
Filing p. consolidated limited review report p.1-3
₹0.0 cr still unused. “Outstanding listed commercial papers as on 30.09.2026 totaling ₹1,550.00 crore across 6 ISINs; proceeds fully utilised for refinancing and normal business operations with NIL deviation.”
Purvah Green Power Private Limited (subsidiary) entered into SPA on August 10, 2026 to acquire 100% share capital of six SPVs from ReNew Solar Power Private Limited at an enterprise value of ₹4,859 crore. (p. consolidated note 13, presentation slide 10)
Approved Scheme of Amalgamation of RPSG Energy Services Limited with Purvah Green Power Private Limited with appointed date of October 01, 2026. (p. consolidated note 12)
Tax: Consolidated tax expense of ₹148.00 crore (current tax ₹122.00 crore, deferred tax ₹26.00 crore) on Profit before tax of ₹586.00 crore for Q2 FY27
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Capacity (MW) | 2,143 | — |
| PLF or PAF | 90.4% | 85.8% |
| Generation (BU) | 1,728 | 1,494 |
| Regulated equity (₹ cr) | 9,014 | 8,666 |
| Receivable days (days) | 52.29 | — |
| Merchant share | 10% | — |
Worked out from filed numbers. Receivable Days: Trade Receivables (₹3,178.00 crore) / (Annualised H1 FY27 Revenue ₹11,092.00 crore * 2) * 365 = 52.29 days
Regulatory deferral account balances stood at ₹9,014.00 crore as of Sept 30, 2026 (vs ₹8,666.00 crore as of March 31, 2026). Company recognized net regulatory income of ₹99.00 crore in Q2 FY27 (vs ₹72.00 crore in Q2 FY26) based on tariff/APR orders from WBERC & UPERC.
Regulatory deferral assets represent ~18.8% of total consolidated assets; appeals pending before APTEL regarding tariff methodology deviations.
Purvah Green contracted renewable capacity reached 4.9 GWp (including 1.411 GWp solar acquisition from ReNew signed in Aug 2026), moving towards medium-term vision of 10 GW RE capacity with 300 MW solar commissioned in Kolkata.
Execution pipeline accelerating with 1.4 GWp operating asset acquisition providing immediate cash flow.
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Medium-Term Renewable Energy Capacity Target | 10.00 | Medium term | unchanged or first given |
| Contracted Renewable Capacity Target | 4.90 | FY2026-27 | unchanged or first given |
| Committed Renewable Capex Outlay | 26000.00 | Execution pipeline | unchanged or first given |
| Contracted Renewable Annualized Revenue Run-Rate | 3400.00 | Full capacity run-rate | unchanged or first given |
Held for next quarter's said-then-did check.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,244 cr | ₹3,387 cr | ₹4,863 cr | ₹4,700 cr | ₹3,561 cr | ₹3,877 cr | ₹5,202 cr | ₹5,267 cr | ₹4,005 cr | ₹4,096 cr | ₹5,485 cr | ₹5,607 cr |
| YoY | — | — | +13% | +8% | +10% | +14% | +7% | +12% | +12% | +6% | +5% | +6% |
| EBITDA margin | 10.7% | 12.1% | 7.6% | 19.1% | 17.1% | 20.9% | 16.6% | 20.1% | 19.5% | 18.1% | 16.3% | 18.5% |
| Other income, % of PBT | 170% | 154% | 151% | 41% | 109% | 63% | 61% | 15% | 67% | 81% | 14% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 17% | 1% | 21% | 19% | 22% | 17% | 20% | 21% | 21% | 30% | 23% | 25% |
| Net profit | ₹301 cr | ₹415 cr | ₹388 cr | ₹373 cr | ₹282 cr | ₹385 cr | ₹404 cr | ₹448 cr | ₹304 cr | ₹459 cr | ₹419 cr | ₹438 cr |
| YoY | — | — | +5% | +3% | −6% | −7% | +4% | +20% | +8% | +19% | +4% | −2% |
| Core profit YoY | — | — | −317% | +618% | — | — | — | +78% | — | −29% | +140% | +5% |
| EPS | ₹2.12 | ₹3.02 | ₹2.85 | ₹2.66 | ₹2.00 | ₹2.81 | ₹2.92 | ₹3.23 | ₹2.15 | ₹3.31 | ₹3.03 | ₹3.20 |
| Flags | 1 | 2 | 3 | ✓ | 1 | 1 | 1 | ✓ | 1 | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
CESC Ltd. reported revenue of ₹5,607 cr (+6.5% on the year) and net profit of ₹438 cr (−2.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +4.5% on the year, against −2.2% for reported profit.
None of the 15 checks that could run raised a question.
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