CESC · Power
CESC Ltd. reported revenue of ₹5,485 cr for April to June 2026, +5.4% on the year and +33.9% on the quarter. That is slower than this quarter has grown in recent years (+9.9% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹18,853 cr, +8.7% on the four before.
Operating profit (EBITDA) was ₹895 cr, a margin of 16.3%, −29 bps on the year and −182 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 16.3% to 20.9%). Operating costs grew +5.8%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹419 cr, +3.7% on the year and −8.7% on the quarter, with earnings per share of ₹3.03. Profit before other income, one-offs and tax grew faster, at +139.6%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,630 cr, +12.9% on the four before.
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. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹11.72 over the last four quarters, the stock at ₹135.94 trades at 11.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +3.7% on the year; profit before other income, exceptional items and tax +139.6%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q2 FY26 |
|---|---|
| PLF or PAF | 85.8% |
| Generation (BU) | 1,494 |
| Regulated equity (₹ cr) | 8,666 |
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.
| 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 ₹5,485 cr (+5.4% on the year) and net profit of ₹419 cr (+3.7% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +139.6% on the year, against +3.7% for reported profit.
None of the 7 checks that could run raised a question.
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