CESC · Power · filed 5 Nov 2026
CESC Ltd. reported revenue of ₹2,854 cr for July to September 2026, +6.7% on the year and −4.3% on the quarter.
Operating profit (EBITDA) was ₹599 cr, a margin of 21.0%, −136 bps on the year and +195 bps on the quarter. Operating costs grew +8.5%, faster than revenue at +6.7%, so operating profit grew less than sales.
Net profit was ₹256 cr, +5.8% on the year and +16.4% on the quarter, with earnings per share of ₹1.93. Profit before other income, one-offs and tax grew faster, at +9.6%; other income, one-offs or tax held the headline back.
Of the 15 companies in Power and utilities that have reported Q2 FY27 so far, CESC Ltd. ranks 12th on revenue growth; the sector median is +23.7%. Its margin moved −136 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.
Depreciation fell while the business grew. Were asset lives changed?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹1,912 cr | ₹1,401 cr | ▲ 36.5% |
| Inventory | ₹366 cr | ₹386 cr | ▼ 5.2% |
| Cash | ₹291 cr | ₹971 cr | ▼ 70.0% |
| Bank balances | ₹601 cr | ₹565 cr | ▲ 6.4% |
| Long-term borrowings | ₹7,191 cr | ₹6,994 cr | ▲ 2.8% |
| Short-term borrowings | ₹3,734 cr | ₹4,032 cr | ▼ 7.4% |
| Trade payables | ₹3,841 cr | ₹3,350 cr | ▲ 14.7% |
| Net block | ₹12,338 cr | ₹12,603 cr | ▼ 2.1% |
| Capital work in progress | ₹390 cr | ₹232 cr | ▲ 68.1% |
| Equity | ₹9,300 cr | ₹9,717 cr | ▼ 4.3% |
| Total assets | ₹32,028 cr | ₹31,375 cr | ▲ 2.1% |
Receivables at 60 days of sales (+7 days against the last year end). Inventory at 11 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.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,676 cr | ₹2,983 cr | ₹2,854 cr |
| YoY | — | — | +7% |
| EBITDA margin | 22.3% | 19.0% | 21.0% |
| Other income, % of PBT | 17% | 14% | 17% |
| Exceptional items | — | — | — |
| Tax rate | 23% | 26% | 26% |
| Net profit | ₹242 cr | ₹220 cr | ₹256 cr |
| YoY | — | — | +6% |
| Core profit YoY | — | — | +10% |
| EPS | ₹1.83 | ₹1.66 | ₹1.93 |
| Flags | · | · | 1 |
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 ₹2,854 cr (+6.7% on the year) and net profit of ₹256 cr (+5.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +9.6% on the year, against +5.8% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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