CESC financials and balance sheet

NSE: CESCBSE: 500084PowerSmall Cap

₹124.79₹5.17 (3.98%)BSE ₹124.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹129.96.

52-week range of traded prices to 23 Oct 2026

₹123.66Low, 23 Oct 2026₹204.50High, 4 May 2026

Market cap: ₹16,542 Cr326th largest listed
P/E: 10.7
P/B: 1.3
Dividend yield: 9.62%
ROE: 12.6%
ROCE: 6.6%
Debt to equity: 1.62
Volume, NSE: 28,37,90252.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.CESC annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹11,639 Cr, differs from its quarters added, ₹10,839 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue18,570
Materials and goods−11,460
Employee costs−1,478
Other expenses−2,185
Operating profit3,447
Depreciation−1,228
Other income+1,260
One-off items0.0
Finance costs−1,360
Profit before tax2,119
Tax−501
Net profit1,618

What the company owns

Plant, investments and other assets₹37,685 Cr
Cash and bank₹5,572 Cr
Receivables₹2,416 Cr
Inventory₹698 Cr
Current investments₹99 Cr

What pays for it: net worth and liabilities

Borrowings₹21,319 Cr
Net worth₹13,189 Cr
Other liabilities₹10,114 Cr
Owed to suppliers₹1,848 Cr

Profit and loss

Consolidated, ₹ crore, years to March.CESC quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 29 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue from operations	13,903	16,161	10,664	11,014	11,639	12,544	14,246	15,293	17,001	18,570
	10,792	12,780	7,847	8,142	8,453	9,627	12,097	13,167	14,312	15,123
Materials and goods bought	1,625	145	5,552	5,730	5,925	6,810	9,145	9,978	11,011	11,460
Employee costs	–	–	1,036	1,083	1,074	1,081	1,189	1,213	1,221	1,478
Other expenses	–	–	1,259	1,329	1,454	1,736	1,763	1,976	2,080	2,185
Operating profit before depreciation	3,111	3,381	2,817	2,872	3,186	2,917	2,149	2,126	2,689	3,447
Operating margin	22.4%	20.9%	26.4%	26.1%	27.4%	23.3%	15.1%	13.9%	15.8%	18.6%
Materials, % of revenue	–	–	52.1%	52.0%	50.9%	54.3%	64.2%	65.2%	64.8%	61.7%
Employee costs, % of revenue	–	–	9.7%	9.8%	9.2%	8.6%	8.3%	7.9%	7.2%	8.0%
Other expenses, % of revenue	–	–	11.8%	12.1%	12.5%	13.8%	12.4%	12.9%	12.2%	11.8%
Depreciation and amortisation	816	874	764	781	867	885	878	1,217	1,205	1,228
Operating profit after depreciation	2,295	2,507	2,053	2,091	2,319	2,032	1,271	909	1,484	2,219
Other income	299	280	204	866	659	1,013	1,585	2,008	1,622	1,260
Finance costs	1,497	1,374	1,325	1,357	1,226	1,129	1,117	1,234	1,324	1,360
Profit before one-off items and tax	1,097	1,413	932	1,600	1,752	1,916	1,739	1,683	1,782	2,119
One-off items	46	67	570	0	0	0	0	0	0	0
Profit before tax	1,143	1,480	1,502	1,600	1,752	1,916	1,739	1,683	1,782	2,119
	381	374	373	363	389	511	342	236	354	501
Current tax	–	–	362	293	272	382	350	365	419	486
Deferred tax	–	–	11	70	117	129	−8	−129	−65	15
Share of profit of joint ventures and associates	48	–	69	69	–	–	–	–	–	–
	810	1,155	1,198	1,306	1,363	1,405	1,397	1,447	1,428	1,618
Belonging to the company's shareholders	–	–	1,184	1,302	1,331	1,359	1,343	1,376	1,369	1,542
Belonging to outside owners of subsidiaries	–	–	14	4	32	46	54	71	59	76
Other comprehensive income	–	–	−47	−38	−29	−11	−18	5	−13	−39
Total comprehensive income	–	–	1,151	1,268	1,334	1,394	1,379	1,452	1,415	1,579
Net margin	5.8%	7.1%	11.2%	11.9%	11.7%	11.2%	9.8%	9.5%	8.4%	8.7%
Net margin without joint ventures and associates	5.5%	–	10.6%	11.2%	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 29 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	9,056	9,713	10,270	10,831	11,389	11,985	12,602	13,189
	8,974	9,627	9,873	10,397	10,910	11,445	12,009	12,530
Share capital	133	133	133	133	133	133	133	133
Reserves	8,841	9,494	9,740	10,264	10,777	11,312	11,876	12,397
Belonging to outside owners of subsidiaries	82	86	397	434	479	540	593	659
	12,612	12,181	12,465	14,961	14,262	14,363	17,978	21,319
Repayable after a year	10,225	9,760	10,899	10,766	9,735	10,856	13,073	15,292
Repayable within a year	2,387	2,421	1,566	4,195	4,527	3,507	4,905	6,027
	6,460	6,489	5,662	6,799	7,410	6,805	8,480	10,584
Trade payables	678	657	939	1,041	1,089	1,272	1,588	1,848
Other financial liabilities	2,582	2,646	2,420	855	895	1,057	1,072	1,590
Other liabilities	661	585	575	584	761	907	856	994
Provisions	67	66	92	62	53	60	53	102
Tax owed	85	114	70	62	85	2	6	23
	16,275	16,430	18,058	17,829	16,938	18,238	19,897	22,697
Other financial liabilities	7	278	2,269	1,928	2,074	2,372	2,505	2,974
Other liabilities	1,715	1,823	191	286	272	263	287	322
Provisions	344	425	476	498	515	539	582	632
Deferred tax	3,940	4,005	4,159	4,287	4,279	4,150	3,391	3,410
Trade payables	44	139	64	64	63	58	59	67
Total assets	33,468	34,372	35,862	37,493	37,711	37,168	40,981	46,470
	24,722	24,644	24,773	23,951	23,565	23,036	24,896	28,059
Plant in use, after depreciation	23,435	23,376	23,971	23,019	22,634	21,949	21,673	21,724
Plant being built	161	147	134	103	140	174	427	2,905
Intangible assets	158	0	163	0	129	0	955	963
Goodwill	0	148	0	134	0	119	76	89
Property held to earn rent	56	63	63	63	63	63	63	63
Investments	199	163	140	114	77	52	59	55
Stakes in joint ventures and associates	474	507	–	0	0	0	0	0
Loans given	31	39	52	6	6	6	6	6
Other financial assets	208	56	56	218	232	277	277	308
Other assets	0	145	194	294	284	396	1,360	1,946
	4,749	5,003	5,597	7,152	6,535	6,597	8,341	9,745
Inventories	700	718	597	659	880	878	725	698
Trade receivables	1,739	1,882	2,315	2,095	2,192	2,256	2,428	2,416
Cash and cash equivalents	503	1,213	840	2,153	1,129	1,275	2,181	4,208
Other bank balances	528	578	1,018	1,097	1,459	1,436	1,861	1,364
Current investments	513	15	169	345	0	5	0	99
Loans given	17	17	26	16	2	2	4	4
Other financial assets	104	148	212	238	288	323	747	537
Tax paid in advance	30	24	3	16	11	27	14	25
Other assets	615	408	417	533	574	395	381	394
Net debt	11,068	10,375	10,438	11,366	11,674	11,647	13,936	15,648

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 17 Jun	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	2,818	2,499	1,978	2,352	2,582	4,057
	3,138	2,891	2,276	2,803	2,962	4,506
	−200	−203	−65	552	95	946
Receivables	−794	−31	282	129	−514	164
Inventories	123	−62	−221	2	153	26
Payables	471	−110	−126	421	456	756
Tax paid	−320	−392	−298	−451	−380	−449
Capital spending	683	778	696	771	1,863	3,916
Free cash flow	2,135	1,721	1,282	1,581	719	141
	−1,490	−575	−545	−564	−3,013	−3,235
Plant and property sold	8	8	5	6	11	7
Companies bought	−452	0	0	0	−941	0
Interest received	34	90	76	100	142	182
Dividends received	11	9	5	4	0	0
	−1,751	−611	−2,457	−1,642	1,337	1,205
Borrowings raised	2,515	1,830	1,110	2,520	3,500	5,178
Borrowings repaid	−1,598	−1,383	−1,583	−1,590	−1,477	−1,990
Interest paid	−1,178	−1,109	−1,129	−1,275	−1,372	−1,555
Lease payments	−41	−47	−46	−59	−52	−48
Dividends paid	594	603	604	606	603	803
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−423	1,313	−1,024	146	906	2,027

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.CESC dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 29 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
	₹4.72	₹7.58	₹8.93	₹9.82	₹10.04	₹10.25	₹10.13	₹10.38	₹10.32	₹11.63
As stated that year	₹47.22	₹75.77	₹89.32	₹98.24	₹100.40	₹10.25	₹10.13	₹10.38	₹10.32	₹11.63
	₹4.72	₹7.58	₹8.93	₹9.82	₹10.04	₹10.25	₹10.13	₹10.38	₹10.32	₹11.63
As stated that year	₹47.22	₹75.77	₹89.32	₹98.24	₹100.40	₹10.25	₹10.13	₹10.38	₹10.32	₹11.63
	₹1.00	₹1.20	₹1.75	₹2.00	₹4.50	₹4.50	₹4.50	₹4.50	₹4.50	₹6.00
As declared that year	₹10.00	₹12.00	₹17.50	₹20.00	₹45.00	₹4.50	₹4.50	₹4.50	₹4.50	₹6.00
	–	–	₹67.47	₹72.38	₹74.23	₹78.17	₹82.03	₹86.05	₹90.29	₹94.21
On that year's share count	–	–	₹674.74	₹723.83	₹742.33	₹78.17	₹82.03	₹86.05	₹90.29	₹94.21
Dividend payout	–	–	19.7%	20.4%	45.0%	44.0%	44.6%	43.5%	43.7%	51.8%
Shareholder yield	–	–	–	–	7.5%	6.0%	6.8%	3.8%	3.0%	4.0%
Market cap at the year end (₹ crore)	11,151	12,808	9,685	5,416	7,868	10,054	8,835	16,126	20,395	19,906

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.CESC PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 29 Jun	Mar 2021Filed 17 Jun	Mar 2022Filed 16 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 10 Jun	Mar 2026Filed 6 May
Revenue growth	16.8%	16.2%	−34.0%	3.3%	–	7.8%	13.6%	7.3%	11.2%	9.2%
Operating profit growth	9.2%	8.7%	−16.7%	2.0%	–	−8.4%	−26.3%	−1.1%	26.5%	28.2%
Net profit growth	121.3%	42.6%	3.7%	9.0%	–	3.1%	−0.6%	3.6%	−1.3%	13.3%
Earnings per share growth	–	60.5%	17.9%	10.0%	–	2.1%	−1.2%	2.5%	−0.6%	12.7%
	–	–	13.2%	14.0%	13.7%	13.4%	12.6%	12.3%	11.7%	12.6%
	–	–	–	0.8 pts	−0.3 pts	−0.2 pts	−0.8 pts	−0.3 pts	−0.6 pts	0.9 pts
From the net margin	–	–	–	0.9 pts	−0.5 pts	−0.7 pts	−1.7 pts	−0.6 pts	−1.3 pts	0.4 pts
From asset turnover	–	–	–	0.3 pts	0.3 pts	0.4 pts	1.3 pts	0.9 pts	0.7 pts	−0.3 pts
From borrowing	–	–	–	−0.3 pts	−0.2 pts	0.1 pts	−0.3 pts	−0.7 pts	−0.1 pts	0.8 pts
Return on capital employed	–	–	9.5%	9.6%	10.2%	7.9%	5.0%	3.5%	4.9%	6.4%
Cash conversion	–	–	–	–	206.7%	177.9%	141.6%	162.5%	180.8%	250.7%
Interest cover	1.5	1.8	1.5	1.5	1.9	1.8	1.1	0.7	1.1	1.6
Debt to equity	–	–	1.39	1.25	1.21	1.38	1.25	1.20	1.43	1.62
Receivable days	–	–	60	62	73	61	56	54	52	47
Inventory days	–	–	46	46	37	35	35	32	24	22
Payable days	–	–	45	42	58	56	43	47	53	59
Cash conversion cycle, days	–	–	61	66	52	40	48	39	24	11
Working capital days	–	–	−30	−29	−16	28	27	14	16	−9
Asset turnover	–	–	0.32	0.32	0.33	0.34	0.38	0.41	0.44	0.42
Assets per rupee of net worth	–	–	3.73	3.65	3.60	3.62	3.53	3.35	3.33	3.56
Sales per rupee of plant	–	–	0.46	0.47	0.49	0.54	0.63	0.70	0.78	0.85
Capital spending to depreciation	–	–	–	–	0.79	0.88	0.79	0.63	1.55	3.19
Plant being built, % of plant in use	–	–	0.7%	0.6%	0.6%	0.4%	0.6%	0.8%	2.0%	13.4%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.5%
Cash from operations against operating profit: 117.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.6%	9.8%	9.2%
Profit growth, yearly rate	15.5%	3.0%	4.7%
Return on equity, average	–	12.5%	12.2%
Return on capital employed, average	–	5.5%	4.9%
Operating margin, average	21.0%	17.3%	16.1%
Net margin, average	9.5%	9.5%	8.9%
Asset turnover, average	–	0.40	0.42
Cash conversion cycle, days, average	–	32	25
Interest cover, average	1.5	1.3	1.2
Debt to equity, average	–	1.38	1.41

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	13,468	8,991	4,057
Cash from investing	−7,932	−6,812	−3,235
Cash from financing	−2,168	900	1,205
Capital spending	8,024	6,550	3,916
Dividends paid	3,219	2,012	803
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	14,138	11,198	5,178
Borrowings repaid	8,023	5,057	1,990

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	6	7	8	6
Altman Z-scorePublished threshold 1.1	–	–	1.48	1.61	1.85	1.93	1.74	1.98	1.90	1.67
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−2.67	−2.27	−2.57	−2.52	−2.71
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.10	−1.42	−0.10	−0.91	4.76	1.82
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.75	1.61	1.62	2.00
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.94	17.33	−17.28	−8.94	−4.43	−3.54	−9.72
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.63	−20.26	−4.55	−0.75	−9.34	−27.78	−7.80
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.53	0.45	1.24	0.60	−0.84	2.34	−1.00
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.20	0.09	–	0.28	0.33	0.46	2.27
Effective tax ratePublished threshold 17.16 per cent	33.33	25.27	24.83	22.69	22.20	26.67	19.67	14.02	19.87	23.64
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	6.21	2.53	−12.77	−1.46	2.45

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Aug 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Other		1,100
19 Aug 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAReview, Other	Stable	100
12 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AAReview, Re-affirm	Stable	2,025.57
12 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAReview, Re-affirm	Stable	2,200
12 Aug 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAReview, Re-affirm	Stable	200
12 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		2,250
12 Aug 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		300
12 Aug 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AAReview, Re-affirm	Stable	2,192.91
29 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		2,200
29 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Stable	11,749.10
29 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAReview, Re-affirm	Stable	150

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.