🔄 Last Updated: Analysis Based on Data Till 2 Sep 2025
CESC Share Price Target
Based on recent technical trends and moving averages, CESC Ltd. (CESC.NS) is trading within a consolidation range but shows potential for a directional move. If power demand remains robust and financial performance sustains, the stock could aim for ₹185–₹190 in the medium term, aligning with its broader uptrend signals.
📉 Downside Risk: ₹145
📈 Upside Potential: ₹185–₹190 (approx. +20–22%)
🔎 Note: These targets are indicative and reflect technical analysis around 50-day and 200-day moving averages. Investors should track sector developments, regulatory updates, and earnings performance, and consult a registered financial advisor before making investment decisions.
Company Overview
CESC Ltd. is a leading power utility company in India, engaged in electricity generation, transmission, and distribution. Serving millions of consumers across Kolkata and nearby regions, CESC combines reliable operations with sustainable practices, making it a trusted energy provider with a strong legacy and focus on growth.
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Between 2020 and 2024, CESC delivered an eventful ride for investors, combining steady growth with notable spikes. The highlight was 2023, when the stock surged +94.16%, fueled by strong operational performance and investor optimism in the power sector. Other years were mixed: 2020 remained stable at +0.05%, 2021 saw a healthy +53.04% rise, 2022 experienced a mild –5.10% correction, and 2024 delivered a solid +34.15% gain, reflecting steady momentum.
👉 Overall, CESC has showcased resilient long-term growth, making it an attractive PSU play with cyclical opportunities.
हिंदी सारांश:
CESC ने 2023 में +94% रिटर्न दिया। 2021 में +53% और 2024 में +34% बढ़त रही, जबकि 2022 में –5% गिरावट हुई। 2020 स्थिर रहा। कुल मिलाकर, CESC निवेशकों के लिए भरोसेमंद PSU विकल्प बना हुआ है।
CESC Return (Apr 2020 – Sep 2024)
CESC Multibagger Returns (Apr 2020–Sep 2024)
If an investor had bought CESC shares at ₹38 in April 2020 and held them until September 2024, when the price reached around ₹205 –
Total Return = (205 − 38) ÷ 38 × 100 = 439.47%
That means an investment of ₹1,00,000 would have grown to nearly ₹5,39,474 in about 4.5 years.
👉 This shows that CESC delivered multibagger returns over this period — driven by steady earnings growth, strong fundamentals, and favourable investor sentiment in the power sector.
CESC is currently trading near its support at ₹152, with the stock priced at ₹156. Immediate resistance sits at ₹170, where upside momentum could face supply pressure.
In simple terms: the stock is moving within a ₹152–₹170 range.
Quick numbers:
• ~2.63% above the support (₹156 vs ₹152).
• ~8.24% below the resistance (₹156 vs ₹170).
🔼 Bull case: A clear breakout above ₹170 may invite fresh buying interest and push the next upside targets.
🔽 Bear case: A drop below ₹152 could trigger short-term weakness and extend the downside.
👉 हिंदी सारांश: शेयर ₹152–₹170 के दायरे में ट्रेड कर रहा है। ₹170 के ऊपर breakout होने पर खरीदारी बढ़ सकती है; जबकि ₹152 के नीचे गिरावट होने पर short-term कमजोरी बढ़ सकती है।
📊 CESC Financial Overview (2021–2025)
| Particulars | Mar 25 | Mar 24 | Mar 23 | Mar 22 | Mar 21 |
|---|---|---|---|---|---|
| EQUITIES AND LIABILITIES | |||||
| Equity Share Capital | 133.22 | 133.22 | 133.22 | 133.22 | 133.22 |
| Total Share Capital | 133.22 | 133.22 | 133.22 | 133.22 | 133.22 |
| Reserves and Surplus | 11,876.50 | 11,312.42 | 10,777.15 | 10,263.21 | 9,739.56 |
| Total Reserves and Surplus | 11,876.50 | 11,312.42 | 10,777.15 | 10,263.21 | 9,739.56 |
| Total Shareholders Funds | 12,009.72 | 11,445.64 | 10,910.37 | 10,396.43 | 9,872.78 |
| Minority Interest | 592.76 | 539.71 | 478.73 | 434.16 | 396.31 |
| NON-CURRENT LIABILITIES | |||||
| Long Term Borrowings | 12,853.79 | 13,013.57 | 11,576.17 | 12,437.54 | 12,896.43 |
| Deferred Tax Liabilities [Net] | 3,391.10 | 4,150.48 | 4,279.45 | 4,287.52 | 4,158.34 |
| Other Long Term Liabilities | 3,069.52 | 534.89 | 568.13 | 605.36 | 526.17 |
| Long Term Provisions | 582.15 | 538.53 | 514.88 | 498.00 | 475.95 |
| Total Non-Current Liabilities | 19,896.56 | 18,237.47 | 16,938.63 | 17,828.42 | 18,056.89 |
| CURRENT LIABILITIES | |||||
| Short Term Borrowings | 4,865.22 | 3,506.97 | 4,493.54 | 4,161.91 | 1,566.46 |
| Trade Payables | 1,588.00 | 1,271.94 | 1,089.82 | 1,041.58 | 939.20 |
| Other Current Liabilities | 1,975.33 | 2,106.07 | 3,748.24 | 3,568.73 | 4,938.01 |
| Short Term Provisions | 53.49 | 59.98 | 52.56 | 62.24 | 91.88 |
| Total Current Liabilities | 8,482.04 | 6,944.96 | 9,384.16 | 8,834.46 | 7,535.55 |
| Total Capital And Liabilities | 40,981.08 | 37,167.78 | 37,711.89 | 37,493.47 | 35,861.53 |
| ASSETS | |||||
| Tangible Assets | 21,735.63 | 22,011.92 | 22,696.50 | 23,081.61 | 24,033.83 |
| Intangible Assets | 955.13 | 118.66 | 129.39 | 134.02 | 163.64 |
| Capital Work-In-Progress | 427.31 | 174.60 | 140.42 | 102.48 | 133.56 |
| Fixed Assets | 23,118.07 | 22,305.18 | 22,966.31 | 23,318.11 | 24,331.03 |
| Non-Current Investments | 59.37 | 51.58 | 76.99 | 114.48 | 139.41 |
| Long Term Loans And Advances | 6.40 | 6.57 | 6.26 | 6.21 | 51.87 |
| Other Non-Current Assets | 1,636.53 | 672.53 | 515.52 | 512.88 | 249.78 |
| Total Non-Current Assets | 24,896.10 | 23,035.86 | 23,565.08 | 23,951.68 | 24,772.09 |
| CURRENT ASSETS | |||||
| Current Investments | 0.00 | 5.07 | 0.00 | 345.16 | 168.96 |
| Inventories | 725.19 | 878.49 | 880.22 | 659.42 | 597.67 |
| Trade Receivables | 2,427.66 | 2,256.42 | 2,191.52 | 2,095.49 | 2,314.98 |
| Cash And Cash Equivalents | 4,041.86 | 2,711.35 | 2,588.35 | 3,249.46 | 1,857.93 |
| Short Term Loans And Advances | 4.29 | 1.86 | 1.49 | 16.09 | 25.70 |
| Other Current Assets | 8,885.98 | 8,278.73 | 8,485.23 | 7,176.17 | 6,124.20 |
| Total Current Assets | 16,084.98 | 14,131.92 | 14,146.81 | 13,541.79 | 11,089.44 |
| Total Assets | 40,981.08 | 37,167.78 | 37,711.89 | 37,493.47 | 35,861.53 |
| OTHER ADDITIONAL INFORMATION | |||||
| Contingent Liabilities | 10,429.76 | 1,187.92 | 1,213.53 | 1,193.93 | 553.74 |
| Non-Current Investments Quoted Market Value | 35.19 | 28.41 | 16.80 | 0.00 | 0.00 |
| Non-Current Investments Unquoted Book Value | 24.18 | 23.17 | 60.19 | 0.00 | 5,060.45 |
| Current Investments Quoted Market Value | 0.00 | 0.00 | 0.00 | 369.40 | 13.49 |
| Particulars | Mar 25 | Mar 24 | Mar 23 | Mar 22 | Mar 21 |
|---|---|---|---|---|---|
| INCOME | |||||
| Revenue From Operations [Gross] | 16,581.47 | 14,922.11 | 13,909.30 | 12,543.88 | 11,351.77 |
| Revenue From Operations [Net] | 16,581.47 | 14,922.11 | 13,909.30 | 12,543.88 | 11,351.77 |
| Other Operating Revenues | 419.82 | 371.10 | 337.05 | 0.00 | 286.84 |
| Total Operating Revenues | 17,001.29 | 15,293.21 | 14,246.35 | 12,543.88 | 11,638.61 |
| Other Income | 374.20 | 251.05 | 308.77 | 275.69 | 234.67 |
| Total Revenue | 17,375.49 | 15,544.26 | 14,555.12 | 12,819.57 | 11,873.28 |
| EXPENSES | |||||
| Purchase Of Stock-In Trade | 6.13 | 10.57 | 13.55 | 15.24 | 17.31 |
| Cost of Power Purchased | 6,987.90 | 5,587.78 | 5,164.57 | 3,535.24 | 2,778.14 |
| Cost Of Fuel | 4,017.28 | 4,379.36 | 3,966.92 | 3,259.52 | 3,130.16 |
| Employee Benefit Expenses | 1,220.96 | 1,213.57 | 1,189.22 | 1,080.89 | 1,074.21 |
| Finance Costs | 1,324.01 | 1,233.90 | 1,117.24 | 1,129.30 | 1,225.91 |
| Depreciation And Amortisation Expenses | 1,205.45 | 1,216.73 | 877.87 | 884.66 | 866.65 |
| Other Expenses | 2,079.51 | 1,976.49 | 1,762.80 | 1,736.19 | 1,453.27 |
| Total Expenses | 16,841.24 | 15,618.40 | 14,092.17 | 11,641.04 | 10,545.65 |
| Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax | 534.25 | -74.14 | 462.95 | 1,178.53 | 1,327.63 |
| Exceptional Items | 1,248.04 | 1,757.27 | 1,276.15 | 736.95 | 423.91 |
| Profit/Loss Before Tax | 1,782.29 | 1,683.13 | 1,739.10 | 1,915.48 | 1,751.54 |
| TAX EXPENSES - CONTINUED OPERATIONS | |||||
| Current Tax | 419.22 | 364.74 | 349.79 | 382.27 | 272.29 |
| Deferred Tax | -64.87 | -128.90 | -8.02 | 129.13 | 116.44 |
| Total Tax Expenses | 354.35 | 235.84 | 341.77 | 511.40 | 388.73 |
| Profit/Loss After Tax And Before ExtraOrdinary Items | 1,427.94 | 1,447.29 | 1,397.33 | 1,404.08 | 1,362.81 |
| Profit/Loss From Continuing Operations | 1,427.94 | 1,447.29 | 1,397.33 | 1,404.08 | 1,362.81 |
| Profit/Loss For The Period | 1,427.94 | 1,447.29 | 1,397.33 | 1,404.08 | 1,362.81 |
| Minority Interest | -59.00 | -70.94 | -54.50 | -46.01 | -31.88 |
| Consolidated Profit/Loss After MI And Associates | 1,368.94 | 1,376.35 | 1,342.83 | 1,358.07 | 1,330.93 |
| OTHER ADDITIONAL INFORMATION | |||||
| EARNINGS PER SHARE | |||||
| Basic EPS (Rs.) | 10.00 | 10.00 | 10.00 | 10.00 | 100.00 |
| Diluted EPS (Rs.) | 10.00 | 10.00 | 10.00 | 10.00 | 100.00 |
| DIVIDEND AND DIVIDEND PERCENTAGE | |||||
| Equity Share Dividend | 596.51 | 596.51 | 596.51 | 596.51 | 596.51 |
| Particulars | Mar '25 | Mar '24 | Mar '23 | Mar '22 | Mar '21 |
|---|---|---|---|---|---|
| Investment Valuation Ratios | |||||
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 10.00 |
| Dividend Per Share | -- | -- | -- | -- | -- |
| Operating Profit Per Share (Rs) | 20.29 | 16.03 | 16.21 | 22.00 | 240.31 |
| Net Operating Profit Per Share (Rs) | 128.26 | 115.37 | 107.47 | 94.63 | 878.01 |
| Free Reserves Per Share (Rs) | -- | -- | -- | -- | -- |
| Bonus in Equity Capital | -- | -- | -- | -- | -- |
| Profitability Ratios | |||||
| Operating Profit Margin(%) | 15.81 | 13.89 | 15.08 | 23.25 | 27.37 |
| Profit Before Interest And Tax Margin(%) | 8.54 | 5.84 | 8.73 | 15.85 | 19.53 |
| Gross Profit Margin(%) | 8.72 | 5.94 | 8.92 | 16.20 | 19.92 |
| Cash Profit Margin(%) | 7.97 | 5.83 | 6.86 | 12.10 | 15.20 |
| Adjusted Cash Margin(%) | 7.97 | 5.83 | 6.86 | 12.10 | 15.20 |
| Net Profit Margin(%) | 8.05 | 8.99 | 9.42 | 10.82 | 11.43 |
| Adjusted Net Profit Margin(%) | 7.87 | 8.85 | 9.22 | 10.59 | 11.20 |
| Return On Capital Employed(%) | 6.25 | 4.14 | 5.85 | 8.54 | 10.49 |
| Return On Net Worth(%) | 11.39 | 12.02 | 12.30 | 13.06 | 13.48 |
| Adjusted Return on Net Worth(%) | 1.49 | -2.70 | 1.11 | 6.41 | 9.50 |
| Return on Assets Excluding Revaluations | 95.07 | 90.42 | 85.92 | 81.71 | 774.69 |
| Return on Assets Including Revaluations | 95.07 | 90.42 | 85.92 | 81.71 | 774.69 |
| Return on Long Term Funds(%) | 7.47 | 4.74 | 7.02 | 10.10 | 11.21 |
| Liquidity And Solvency Ratios | |||||
| Current Ratio | 0.87 | 0.94 | 0.76 | 0.75 | 0.79 |
| Quick Ratio | 1.60 | 1.61 | 1.34 | 1.30 | 0.95 |
| Debt Equity Ratio | 1.48 | 1.44 | 1.47 | 1.60 | 1.46 |
| Long Term Debt Equity Ratio | 1.07 | 1.14 | 1.06 | 1.20 | 1.31 |
| Debt Coverage Ratios | |||||
| Interest Cover | 1.40 | 0.94 | 1.41 | 2.04 | 2.08 |
| Total Debt to Owners Fund | 1.48 | 1.44 | 1.47 | 1.60 | 1.46 |
| Financial Charges Coverage Ratio | 2.31 | 1.93 | 2.20 | 2.83 | 2.79 |
| Financial Charges Coverage Ratio Post Tax | 2.94 | 3.10 | 2.99 | 2.99 | 2.79 |
| Management Efficiency Ratios | |||||
| Inventory Turnover Ratio | 23.44 | 17.41 | 16.18 | 19.02 | 19.47 |
| Debtors Turnover Ratio | 7.26 | 6.88 | 6.65 | 5.69 | 5.55 |
| Investments Turnover Ratio | 0.57 | 0.55 | 0.53 | 0.46 | 0.48 |
| Fixed Assets Turnover Ratio | 0.52 | 0.48 | 0.46 | 0.42 | 0.38 |
| Total Assets Turnover Ratio | 0.58 | 0.54 | 0.52 | 0.46 | 0.47 |
| Asset Turnover Ratio | 0.58 | 0.55 | 0.52 | 0.48 | 0.48 |
| Average Raw Material Holding | -- | -- | -- | -- | -- |
| Average Finished Goods Held | -- | -- | -- | -- | -- |
| Number of Days In Working Capital | -1.35 | 32.05 | -7.81 | 7.26 | -66.58 |
| Profit & Loss Account Ratios | |||||
| Material Cost Composition | 0.87 | 0.93 | 0.97 | 1.08 | 1.06 |
| Imported Composition of Raw Materials Consumed | -- | -- | -- | -- | -- |
| Selling Distribution Cost Composition | -- | -- | -- | -- | -- |
| Expenses as Composition of Total Sales | -- | -- | -- | -- | -- |
| Cash Flow Indicator Ratios | |||||
| Dividend Payout Ratio Net Profit | 43.57 | 43.33 | 44.42 | 43.92 | 44.81 |
| Dividend Payout Ratio Cash Profit | 23.17 | 23.00 | 26.86 | 26.59 | 27.14 |
| Earning Retention Ratio | -231.57 | 292.43 | -392.25 | 10.59 | 36.47 |
| Cash Earning Retention Ratio | 56.95 | 34.22 | 40.30 | 61.56 | 66.97 |
| Adjusted Cash Flow Times | 12.79 | 18.22 | 16.08 | 10.70 | 8.01 |
| Particulars | Mar '25 12 mths | Mar '24 12 mths | Mar '23 12 mths | Mar '22 12 mths | Mar '21 12 mths |
|---|---|---|---|---|---|
| Net Profit Before Tax | 1782.29 | 1683.13 | 1739.10 | 1915.48 | 1751.54 |
| Net Cash From Operating Activities | 2581.50 | 2351.41 | 1978.35 | 2499.07 | 2818.52 |
| Net Cash (used in)/from Investing Activities | -3012.53 | -563.60 | -544.70 | -575.03 | -1489.24 |
| Net Cash (used in)/from Financing Activities | 1336.87 | -1641.63 | -2457.15 | -610.94 | -1752.09 |
| Net (decrease)/increase In Cash and Cash Equivalents | 905.84 | 146.18 | -1023.50 | 1313.10 | -422.81 |
| Opening Cash & Cash Equivalents | 1275.38 | 1129.20 | 2152.70 | 839.60 | 1262.41 |
| Closing Cash & Cash Equivalents | 2181.22 | 1275.38 | 1129.20 | 2152.70 | 839.60 |
CESC: Growth, Profitability & Leverage Overview (2021–2025)
CESC has delivered steady revenue growth over the past five years, though profitability has shown signs of pressure. Revenue expanded from ₹11,873 crore in FY21 to ₹17,375 crore in FY25, reflecting a CAGR of ~10%. Growth has been fairly consistent, with FY23 showing a strong 13.5% rise and FY25 posting an 11.8% uptick.
On profitability, however, margins have gradually declined. Net profit increased only modestly — from ₹1,331 crore in FY21 to ₹1,369 crore in FY25. Net profit margins slipped from 11.2% in FY21 to 7.9% in FY25, pointing to cost pressures and lower efficiency gains.
EPS tells a similar story. After an abnormal base of ₹100 in FY21, EPS dropped sharply to ₹10 from FY22 onward and has since remained flat, suggesting limited earnings scalability during this period.
Return on Equity (ROE) has softened in line with profit trends. From 13.4% in FY22, ROE fell to 11.7% in FY25, reflecting slower earnings growth despite higher revenues.
On leverage, CESC remains debt-heavy. Total borrowings rose from ~₹14,463 crore in FY21 to ~₹17,719 crore in FY25. The debt-to-equity ratio has stayed elevated, moving between 1.44–1.60x, and stood at 1.48x in FY25. The overall liabilities-to-equity ratio also remains above 2x, highlighting a balance sheet still tilted towards debt funding.
Cash Flow Analysis (2021–2025)
Operating Cash Flow (OCF): Data not disclosed in detail, but stable profits suggest moderate cash generation.
Investing Cash Flow (ICF): Likely negative, given CESC’s ongoing infrastructure and power projects requiring consistent capital expenditure.
Financing Cash Flow (FCF): Stretched, as borrowings remain high while dividend obligations continue.
Liquidity: With rising borrowings and pressure on profitability, liquidity remains an area to watch closely.
Fundamental Summary
✅ Strengths
Consistent revenue growth (CAGR ~10%)
Stable absolute net profits despite cost pressures
Reliable dividend-paying PSU with steady cash flows
Large equity base supporting ongoing operations
⚠️ Risks
Declining margins (11.2% → 7.9% over FY21–25)
Flat EPS at ₹10 since FY22
ROE trending downwards, limiting shareholder value creation
High leverage (Debt-to-equity ~1.5x) continues
Limited earnings growth despite revenue expansion
Investor Takeaway
CESC has delivered steady top-line growth but faces challenges on the profitability and efficiency front. Declining margins, flat EPS, and elevated debt remain concerns, though revenue visibility and dividends offer comfort.
👉 More suitable for income-oriented investors who value stability and dividends, rather than those seeking high growth.
Quick Hindi Summary (2021–2025)
CESC ने पिछले पाँच सालों में लगभग 10% CAGR से राजस्व में वृद्धि की है। लेकिन Net Profit Margin FY21 के 11.2% से FY25 में घटकर 7.9% पर आ गया। EPS भी FY22 से ₹10 पर स्थिर रहा है।
👉 यह कंपनी स्थिर राजस्व और डिविडेंड चाहने वाले निवेशकों के लिए ठीक है, लेकिन कम मुनाफ़ा और ज़्यादा कर्ज़ चिंता का विषय हैं।
CESC Shareholding Pattern (Jun 2025)
| Category | Percentage | % Change QoQ |
|---|---|---|
| Promoters | 52.11% | 0.00 |
| Pledge | 0.00% | 0.00 |
| FII | 10.93% | -0.08 |
| DII | 25.38% | +0.28 |
| Mutual Funds | 17.62% | +0.11 |
| Others | 11.57% | -0.21 |
CESC Shareholding Pattern (June 2025)
As of June 2025, CESC continues to show a stable ownership structure, with promoters holding a commanding 52.11% stake, fully unpledged, reflecting strong control and financial prudence. Foreign Institutional Investors (FIIs) hold 10.93%, slightly down from last quarter, signaling steady foreign interest. Domestic Institutional Investors (DIIs) increased their stake to 25.38%, supported by mutual funds contributing 17.62%, highlighting healthy institutional confidence. The remaining 11.57% is held by retail and other investors, maintaining stability.
👉 Overall, CESC’s shareholding pattern blends promoter strength, institutional backing, and steady retail presence, offering both stability and confidence to shareholders.