CESC Limited (Calcutta Electric Supply Corporation Limited) is a leading electric utility company headquartered in Kolkata, India. As the flagship entity of the RP-Sanjiv Goenka Group, CESC has been a pioneer in the energy sector since its inception in 1897, becoming the first company to generate thermal power in India. With a rich legacy of over a century, CESC plays a crucial role in the generation, transmission, and distribution of electricity in Kolkata and its neighboring areas, including Howrah, Hooghly, and parts of North and South 24 Parganas.
As of 2022, CESC reported revenues of ₹12,550 crore (approximately $1.5 billion) and held total assets worth ₹34,372 crore (around $4.1 billion). Under the leadership of Sanjiv Goenka, Chairman, and Managing Directors Rabi Chawdhury (Generation) and Debasish Banerjee (Distribution), the company remains focused on operational excellence and customer satisfaction. CESC is also deeply committed to sustainability and community development, undertaking numerous initiatives to ensure environmental protection and a positive societal impact.
Latest News on CESC Ltd
Recently, CESC Ltd made headlines by incorporating a new subsidiary in the renewable power sector, leading to a 3.2% surge in its stock price. The new entity, named Greenpulse Power, was established by CESC’s existing subsidiary, Purvah Green Power, reflecting the company’s strategic expansion into renewable energy. In addition, CESC’s Chairman, Rameshbabu Bandisiddegowda, underscored the importance of flawless illumination for the upcoming 21-day Dasara festival, highlighting the celebration of the city’s heritage.
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | |
| Promoters + | 52.11% | 52.11% | 52.11% | 52.11% | 52.11% |
| FIIs + | 12.20% | 13.14% | 11.95% | 12.91% | 13.56% |
| DIIs + | 21.04% | 20.06% | 21.44% | 21.12% | 22.63% |
| Government + | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public + | 14.63% | 14.68% | 14.49% | 13.83% | 11.70% |
| No. of Shareholders | 3,10,987 | 3,12,839 | 3,27,212 | 3,63,776 | 3,32,459 |
CESC Ltd.’s shareholding pattern indicates stability among key stakeholders over the past year. The promoters maintained a steady 52.11% stake from June 2023 to June 2024, reflecting consistent ownership. Foreign Institutional Investors (FIIs) showed some volatility, starting at 12.20% in June 2023, increasing to 13.14% in September 2023, dipping to 11.95% in December 2023, and then rising again to 13.56% by June 2024. Domestic Institutional Investors (DIIs) saw an overall increase in their holdings, moving from 21.04% in June 2023 to 22.63% by June 2024, despite slight interim fluctuations. The government’s share remained unchanged at 0.01% throughout this period. Public shareholding, however, saw a decline from 14.63% in June 2023 to 11.70% by June 2024, indicating a reduced public stake. The total number of shareholders rose from 310,987 in June 2023 to a high of 363,776 in March 2024 before dropping to 332,459 in June 2024. This reflects a growing interest from institutional investors and a decrease in public participation over the year.
Below are the trading platforms that you can use to purchase CESC shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| September 2024 | 199.25 | 173.26 |
| October 2024 | 197.28 | 171.55 |
| November 2024 | 205.17 | 178.41 |
| December 2024 | 207.22 | 180.19 |
In September, the maximum price of CESC is expected to reach ₹199.25, with a minimum of ₹173.26. As we step into October, the maximum price might slightly decrease to ₹197.28, while the minimum could dip to ₹171.55. November may see a potential rise, with the maximum price reaching ₹205.17 and the minimum at ₹178.41. Finally, as we approach December, CESC’s maximum price is likely to climb to ₹207.22, while the minimum is projected at ₹180.19.
| When | Maximum Price | Minimum Price |
| January 2025 | 209.30 | 161.00 |
| February 2025 | 211.41 | 162.62 |
| March 2025 | 215.85 | 166.04 |
| April 2025 | 213.71 | 164.39 |
| May 2025 | 207.49 | 159.61 |
| June 2025 | 216.83 | 166.79 |
| July 2025 | 212.57 | 163.52 |
| August 2025 | 219.15 | 168.58 |
| September 2025 | 221.78 | 170.60 |
| October 2025 | 227.54 | 175.03 |
| November 2025 | 233.23 | 179.41 |
| December 2025 | 243.73 | 187.48 |
As we step into 2025, CESC’s share prices are expected to fluctuate between ₹209.30 and ₹161.00 in January, with a maximum of ₹211.41 and a minimum of ₹162.62 in February. By March, prices could reach ₹215.85 at the high and ₹166.04 at the low. April might see maximum prices of ₹213.71 and minimums of ₹164.39. In May, anticipate a range of ₹207.49 to ₹159.61. June could see highs of ₹216.83 and lows of ₹166.79. July’s range might be ₹212.57 to ₹163.52, while August may reach ₹219.15 and ₹168.58. September could see a maximum of ₹221.78 and a minimum of ₹170.60. October might peak at ₹227.54 with a minimum of ₹175.03. November could rise to ₹233.23 and a low of ₹179.41, with December potentially reaching ₹243.73 at the high and ₹187.48 at the low.
| When | Maximum Price | Minimum Price |
| January 2026 | 251.04 | 193.11 |
| February 2026 | 244.76 | 188.28 |
| March 2026 | 249.66 | 192.05 |
| April 2026 | 254.75 | 195.97 |
| May 2026 | 252.23 | 194.02 |
| June 2026 | 258.54 | 198.88 |
| July 2026 | 253.47 | 194.98 |
| August 2026 | 261.31 | 201.01 |
| September 2026 | 266.53 | 205.03 |
| October 2026 | 273.46 | 210.36 |
| November 2026 | 280.30 | 215.62 |
| December 2026 | 287.31 | 221.01 |
| When | Maximum Price | Minimum Price |
| January 2027 | 290.18 | 223.22 |
| February 2027 | 297.62 | 228.94 |
| March 2027 | 309.23 | 237.87 |
| April 2027 | 303.17 | 233.20 |
| May 2027 | 294.34 | 226.41 |
| June 2027 | 307.58 | 236.60 |
| July 2027 | 301.55 | 231.96 |
| August 2027 | 310.88 | 239.14 |
| September 2027 | 321.76 | 247.51 |
| October 2027 | 330.12 | 253.94 |
| November 2027 | 338.38 | 260.29 |
| December 2027 | 346.83 | 266.80 |
| When | Maximum Price | Minimum Price |
| January 2028 | 353.77 | 272.13 |
| February 2028 | 362.84 | 279.11 |
| March 2028 | 376.99 | 289.99 |
| April 2028 | 369.60 | 284.31 |
| May 2028 | 358.84 | 276.03 |
| June 2028 | 374.98 | 288.45 |
| July 2028 | 367.63 | 282.79 |
| August 2028 | 379.00 | 291.54 |
| September 2028 | 392.27 | 301.74 |
| October 2028 | 402.47 | 309.59 |
| November 2028 | 412.53 | 317.33 |
| December 2028 | 422.84 | 325.26 |
| When | Maximum Price | Minimum Price |
| January 2029 | 431.30 | 331.77 |
| February 2029 | 442.36 | 340.27 |
| March 2029 | 459.61 | 353.54 |
| April 2029 | 450.60 | 346.61 |
| May 2029 | 437.47 | 336.52 |
| June 2029 | 457.16 | 351.66 |
| July 2029 | 448.19 | 344.76 |
| August 2029 | 462.06 | 355.43 |
| September 2029 | 478.23 | 367.87 |
| October 2029 | 490.66 | 377.43 |
| November 2029 | 502.93 | 386.87 |
| December 2029 | 515.50 | 396.54 |
| When | Maximum Price | Minimum Price |
| January 2030 | 525.81 | 404.47 |
| February 2030 | 539.29 | 414.84 |
| March 2030 | 560.33 | 431.02 |
| April 2030 | 549.34 | 422.57 |
| May 2030 | 533.34 | 410.26 |
| June 2030 | 557.34 | 428.72 |
| July 2030 | 546.41 | 420.32 |
| August 2030 | 563.31 | 433.32 |
| September 2030 | 583.03 | 448.48 |
| October 2030 | 598.18 | 460.14 |
| November 2030 | 613.14 | 471.65 |
| December 2030 | 628.47 | 483.44 |
As we step into 2030, CESC’s share prices are expected to range from ₹525.81 to ₹404.47 in January. By December, CESC’s share price could reach a maximum of ₹628.47 and a minimum of ₹483.44.
Financial Condition of CESC: Last 5 years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 12,159 | 11,632 | 12,544 | 14,246 | 15,293 | 15,846 |
| Expenses + | 8,902 | 8,338 | 9,509 | 11,972 | 13,017 | 14,073 |
| Operating Profit | 3,257 | 3,293 | 3,035 | 2,274 | 2,276 | 1,773 |
| OPM % | 27% | 28% | 24% | 16% | 15% | 11% |
| Other Income + | 842 | 665 | 1,013 | 1,584 | 2,000 | 2,429 |
| Interest | 1,484 | 1,340 | 1,248 | 1,241 | 1,377 | 1,248 |
| Depreciation | 848 | 867 | 885 | 878 | 1,217 | 1,218 |
| Profit before tax | 1,768 | 1,752 | 1,915 | 1,739 | 1,683 | 1,736 |
| Tax % | 26% | 22% | 27% | 20% | 14% | |
| Net Profit + | 1,309 | 1,363 | 1,404 | 1,397 | 1,447 | 1,467 |
| EPS in Rs | 9.56 | 10.04 | 10.25 | 10.13 | 10.38 | 10.62 |
| Dividend Payout % | 21% | 45% | 44% | 45% | 44% |
CESC Ltd. has demonstrated a steady financial performance over the years, with notable growth in sales and strategic management of expenses. From March 2020 to March 2024, the company’s sales rose from ₹12,159 crore to ₹15,293 crore, reaching ₹15,846 crore in the trailing twelve months (TTM). However, expenses also increased during this period, from ₹8,902 crore in March 2020 to ₹13,017 crore by March 2024, and further to ₹14,073 crore in TTM, which has impacted the company’s operating profit. The operating profit decreased from ₹3,257 crore in March 2020 to ₹2,276 crore in March 2024 and further dropped to ₹1,773 crore in TTM, while the operating profit margin (OPM) contracted from 27% in March 2020 to 15% in March 2024, and then to 11% in TTM.
Other income showed a significant increase, rising from ₹842 crore in March 2020 to ₹2,000 crore by March 2024, and further to ₹2,429 crore in TTM, providing additional financial cushioning. Interest expenses remained relatively stable, fluctuating between ₹1,248 crore and ₹1,484 crore, while depreciation costs increased from ₹848 crore in March 2020 to ₹1,217 crore in March 2024. The profit before tax remained stable around ₹1,700 crore, ending at ₹1,736 crore in TTM. The company’s net profit improved slightly from ₹1,309 crore in March 2020 to ₹1,447 crore by March 2024 and reached ₹1,467 crore in TTM, supported by a reduced tax rate which decreased from 26% in March 2020 to 14% by March 2024.
Earnings per share (EPS) showed a gradual increase, moving from ₹9.56 in March 2020 to ₹10.38 in March 2024, with TTM EPS reaching ₹10.62. The dividend payout ratio also remained consistent, ranging between 44% and 45% in recent years, reflecting the company’s commitment to returning value to shareholders despite fluctuating profits.
FAQs
What is CESC current market capitalization?
The current market capitalization of CESC is approximately ₹24,911 crores.
The projected share price target for CESC in 2025 ranges from a minimum of ₹159.61 to a maximum of ₹243.73.
The expected share price target for CESC in 2030 ranges from a minimum of ₹404.47 to a maximum of ₹628.47.
What is CESC current price-to-earnings (P/E) ratio?
The current P/E ratio of CESC is 17.7.
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Conclusion on CESC:
CESC Limited’s financials showcase a strong and resilient performance. Over the past five years, the company has seen steady revenue growth, with sales rising from ₹12,159 crore in March 2020 to ₹15,293 crore in March 2024 and reaching ₹15,846 crore in the trailing twelve months. Net profit improved from ₹1,309 crore to ₹1,447 crore over the same period, reaching ₹1,467 crore in the TTM. Despite rising expenses impacting operating profit, CESC successfully increased other income, which surged from ₹842 crore to ₹2,000 crore. Earnings per share (EPS) grew from ₹9.56 to ₹10.38, and the consistent dividend payout ratio of 44% to 45% underscores its commitment to shareholders. With a stable P/E ratio of 17.7 and a market capitalization of approximately ₹24,911 crore, CESC’s projected share prices for 2025 and 2030, ranging from ₹159.61 to ₹243.73 and ₹404.47 to ₹628.47 respectively, reflect a positive growth trajectory and a solid financial foundation for future success.
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