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Swing Capital

CESC Ltd

NSE: CESC BSE: 500084Energy

CESC Ltd (CESC) is a Energy company listed on NSE: CESC | BSE: 500084. With a market cap of ₹23,476 Cr and ROCE of 9.41%, ROE of 8.69%, it operates in the Indian Energy sector.

₹177
52W: ₹138 — ₹204
PE 27.5 · Book ₹73.3 · +141% vs book
Market Cap₹23,476 Cr
Stock P/E27.5Price to Earnings
ROCE9.41%Return on Capital
ROE8.69%Return on Equity
Div. Yield3.45%Face Value ₹1

Weaknesses

  • −The company has delivered a poor sales growth of 7.05% over past five years.
  • −Company has a low return on equity of 8.10% over last 3 years.
  • −Earnings include an other income of Rs.742 Cr.

Shareholding Pattern

Promoters52.11%
FIIs11.61%
DIIs26.24%
Public10.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.11%52.11%52.11%52.11%52.11%52.11%52.11%52.11%
FIIs13.56%13.3%▼0.312.36%▼0.911.01%▼1.310.93%▼0.111.09%▲0.211.88%▲0.811.61%▼0.3
DIIs22.63%22.63%23.75%▲1.125.1%▲1.425.38%▲0.325.65%▲0.325.61%▼0.026.24%▲0.6
Public11.7%11.96%▲0.311.78%▼0.211.77%▼0.011.56%▼0.211.14%▼0.410.39%▼0.810.05%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,8191,8142,8602,6391,9382,1472,8622,6762,0242,170
Expenses1,7571,7812,7862,1301,6761,6862,3332,0781,6121,778
Operating Profit623374509262461529598412392
OPM %3%2%3%19%14%21%18%22%20%18%
Net Profit170205192218172218211242176223
EPS ₹1.281.551.451.641.31.641.591.831.331.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,732Cr, up 1.5% YoY. OPM at 20%.

Debt Position

Borrowings at ₹11,145Cr. Debt-to-equity ratio: 1.16x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹232Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.24% (+5.20pp change). FIIs: 11.61% (-0.59pp change). Promoters hold 52.11%.

Margin & Efficiency

ROCE declining from 11% (Mar 2015) to 9% (Mar 2026). Working capital days: -274.

Valuation

PE 27.5x with 9.41% ROCE. Price is 141% above book value of ₹73.3. Dividend yield: 3.45%.

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