CESC · Power
CESC Ltd. reported revenue of ₹4,096 cr for January to March 2026, +5.6% on the year and +2.3% on the quarter. Over the last four quarters revenue comes to ₹18,570 cr, +9.2% on the four before.
Operating profit (EBITDA) was ₹743 cr, a margin of 18.1%, −280 bps on the year and −131 bps on the quarter. Over the last 8 quarters the margin has ranged from 7.6% to 20.9%, averaging 17.4%. Operating costs grew +9.4%, faster than revenue at +5.6%, so operating profit grew less than sales.
Net profit was ₹459 cr, +19.2% on the year and +51.0% on the quarter, with earnings per share of ₹3.31. Profit before other income, one-offs and tax fell 29.5%, so 49 points of the headline growth came from outside the core business. The tax rate was 30% against an average of 18% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹1,615 cr, +13.1% 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 ₹11.61 over the last four quarters, the stock at ₹135.94 trades at 11.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 81% of profit before tax, against 63% a year earlier.
Source: Quarterly statements
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +19.2% on the year; profit before other income, exceptional items and tax −29.5%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 18.1%, −280 bps on the year (−131 bps on the quarter).
Source: Quarterly statements
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,352 cr | ₹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 |
| YoY | — | — | — | +13% | +8% | +10% | +14% | +7% | +12% | +12% | +6% | +5% |
| EBITDA margin | 14.8% | 10.7% | 12.1% | 7.6% | 19.1% | 17.1% | 20.9% | 16.6% | 20.1% | 19.5% | 18.1% | 16.3% |
| Other income, % of PBT | 92% | 170% | 154% | 151% | 41% | 109% | 63% | 61% | 27% | 67% | 81% | 47% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 21% | 17% | 1% | 21% | 19% | 22% | 17% | 20% | 21% | 21% | 30% | 23% |
| Net profit | ₹363 cr | ₹301 cr | ₹415 cr | ₹388 cr | ₹373 cr | ₹282 cr | ₹385 cr | ₹404 cr | ₹448 cr | ₹304 cr | ₹459 cr | ₹419 cr |
| YoY | — | — | — | +5% | +3% | −6% | −7% | +4% | +20% | +8% | +19% | +4% |
| Core profit YoY | — | — | — | −317% | +618% | — | — | — | +51% | — | −29% | +48% |
| EPS | ₹2.63 | ₹2.12 | ₹3.02 | ₹2.85 | ₹2.66 | ₹2.00 | ₹2.81 | ₹2.92 | ₹3.23 | ₹2.15 | ₹3.31 | ₹3.03 |
| Flags | 1 | 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 ₹4,096 cr (+5.6% on the year) and net profit of ₹459 cr (+19.2% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −29.5% on the year, against +19.2% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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