CESC LimitedQ1 FY27 Results & Financial Update
CESC Limited: Q1 FY27 consolidated results and company financials – revenue ₹5,485.00 Cr, PAT ₹419.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore CESC Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended 30 June 2026 (Q1 FY27), CESC reported consolidated revenue from operations of INR 5,485.0 crore and total income of INR 5,739.0 crore.
Profit before tax (PBT) for the quarter stood at INR 546.0 crore, while profit after tax (PAT) was recorded at INR 419.0 crore.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 3.03 (not annualised).
Other income for the quarter contributed INR 254.0 crore to total earnings.
Financial performance was supported by steady operations across the company's licensed distribution areas and thermal generation plants.
The Board of Directors declared an interim dividend of INR 6.00 per equity share (600 percent) on the paid-up equity share capital of the company for the financial year 2026-27.
For the first quarter of fiscal year 2027 (ended June 30, 2026), CESC Limited reported consolidated revenue from operations of INR 5,485 crore and total income of INR 5,739 crore.
Profit before tax (PBT) for the quarter stood at INR 546 crore, while net profit after tax (PAT) came in at INR 419 crore, resulting in basic and diluted earnings per share (EPS) of INR 3.03.
01 · Business model
What does CESC do?
CESC Limited operates as a fully integrated utility company engaged in the generation and distribution of electricity, serving approximately 4.9 million consumers across seven geographic locations spanning 1,454 square kilometers.
The company's distribution footprint includes key licenses in Kolkata, Noida Power Company Limited (NPCL), and Chandigarh Power Distribution Limited (CPDL), alongside input-based distribution franchises in Rajasthan and Malegaon.
Power generation assets include thermal power plants such as Budge Budge, Haldia, Chandrapur (Dhariwal), Southern, and Crescent, backed by CIL coal linkages and captive coal mines.
Through its subsidiary Purvah Green, the company is actively expanding its renewable energy footprint toward a medium-term target of 10 GW of capacity, incorporating solar, wind, and battery energy storage systems (BESS).
02 · Historical context
What shaped the business before this quarter
The company previously expanded its distribution reach by acquiring 100% control in Chandigarh Power Distribution Limited (CPDL) with effect from February 2025.
Over the period from FY21 to FY26, CESC successfully compressed T&D losses in its flagship Kolkata distribution network from 8.4% to 6.11%.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹5,485.00 Cr |
| Total income | ₹5,739.00 Cr |
| Profit before tax | ₹546.00 Cr |
| Profit after tax | ₹419.00 Cr |
| EPS | ₹3.03 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue is driven by electricity sales across 4.9 million consumers spanning licensed areas in Kolkata, Noida, and Chandigarh, as well as distribution franchises in Rajasthan and Malegaon.
Thermal power plants including Budge Budge, Haldia, and Chandrapur supply base-load energy to proprietary distribution networks and external off-takers under long-term power purchase agreements (PPAs).
The company recorded other income of INR 254 crore during the quarter, contributing to total consolidated income of INR 5,739 crore.
Other income of INR 254 crore for the quarter contributed to total income of INR 5,739 crore alongside core revenue from operations.
Generated INR 5,485 crore in revenue from operations during Q1 FY27 from electricity supply and related services.
Contributed INR 254 crore to the total consolidated income of INR 5,739 crore for the quarter.
What drove margins
Energy purchase costs of INR 2,565.0 crore and fuel costs of INR 961.0 crore represent the primary operating expenses influencing consolidated margins.
Finance costs stood at INR 312.0 crore and depreciation and amortisation expenses were INR 291.0 crore for the quarter.
Consolidated expenses included energy purchase costs of INR 2,565 crore and fuel costs of INR 961 crore, which represent primary operational outlays for power generation and distribution.
The company incurred finance costs of INR 312 crore and depreciation and amortisation charges of INR 291 crore during the quarter.
Cost of energy purchased stood at INR 2,565 crore and cost of fuel at INR 961 crore for the quarter, forming the primary operational expenditure components.
Earnings include regulatory income adjustments made in accordance with tariff orders and relevant electricity regulatory commission rulings.
Energy purchase costs of Rs 2,565 crore and fuel costs of Rs 961 crore represent the largest operating expenditure items influencing overall margins.
Finance costs of Rs 312 crore and depreciation charges of Rs 291 crore reflect capital intensity across generation assets and distribution network build-outs.
Incurred finance costs of INR 312 crore during the quarter, impacting overall profitability before tax.
Recorded depreciation and amortisation charges of INR 291 crore for Q1 FY27, reflecting ongoing capital asset utilisation.
05 · Demand, customers & order book
Where demand is coming from
The utility serves a growing customer base of over 4.9 million consumers, with peak demand exceeding 4.9 GW and annual sales of approximately 21,000 MU across its footprint.
The utility serves approximately 4.9 million consumers across its licensed and franchise circles, representing a peak demand of over 4.9 GW and annual sales of around 21,000 million units.
CESC serves a total consumer base of 4.9 million customers with peak demand exceeding 4.9 GW across its licensed distribution and franchise areas.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The consolidated financial results include the unreviewed financial results of 48 subsidiaries, which collectively generated total revenues of INR 3,076.63 crore and net profit after tax of INR 208.27 crore for the quarter ended 30 June 2026.
The company maintained an integrated operating model where approximately 78% of its thermal generation capacity is tied directly to its own distribution networks, ensuring base-load reliability and margin stability.
The company operates primarily in the single segment of generation and distribution of electricity, structured across integrated distribution licenses, input-based franchises, and thermal/renewable generation assets.
The consolidated financial statements include unaudited financial results for 48 subsidiaries and one joint venture, collectively contributing significant regional utility revenues.
Geography and market mix
Operations remain concentrated across seven licensed geographies in India, combining integrated distribution licensees in Kolkata, Noida, and Chandigarh with input-based franchisees in Rajasthan and Maharashtra.
Operations span 4.9 million consumers across seven geographies, including integrated licenses in Kolkata, Noida (NPCL), and Chandigarh (CPDL), as well as distribution franchises in Kota, Bharatpur, Bikaner, and Malegaon.
Operations span across CESC Kolkata (37 lakh consumers), Noida Power Company Limited (2.2 lakh consumers), Chandigarh CPDL (2.4 lakh consumers), Rajasthan DFs, and Malegaon DF.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
CESC maintains an aggregate thermal power generation capacity of 2,140 MW across five power plants in India, with approximately 78% of generation tied to its own distribution networks.
The company operates five thermal power plants with a combined generation capacity of 2,140 MW, including Budge Budge (750 MW), Haldia (600 MW), Chandrapur (600 MW), Southern SGS (135 MW), and Crescent (40 MW).
The company maintains 2,140 MW of thermal generation capacity across five thermal power plants in India, maintaining high plant load factors.
Purvah Green drives the renewable energy expansion, targeting a medium-term capacity of 10 GW with an existing contracted capacity of 4.8 GWp.
Projects, capex and execution
The company is executing a large-scale capital expenditure plan to build out its 4.8 GWp contracted renewable capacity and establish a 3 GW solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh.
Purvah Green progressed on its strategic roadmap toward a medium-term target of 10 GW renewable capacity, backed by a planned 3 GW solar cell and module manufacturing facility in Greater Noida.
Continuous capital expenditure is underway across all distribution licenses to enhance regulated equity, improve reliability, and reduce T&D losses.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Subsidiary Purvah Green signed a share purchase agreement to acquire 100% of six SPVs from ReNew Solar Power, representing 1,411 MWp of operating solar capacity with an enterprise value of approximately INR 4,859 crore, scheduled for completion before 31 October 2026.
CESC is setting up a 3 GW TOPCon+ integrated solar cell and module manufacturing facility on 100 secured acres in Greater Noida under the Yamuna Expressway Industrial Development Authority (YEIDA).
09 · Reported developments
What changed operationally
The Board of Directors declared an interim dividend of INR 6.00 per equity share (600%) for the financial year 2026-27.
The distribution business achieved approximately 88% digital payment adoption, around 95% digital revenue collection, and resolved approximately 99.7% of customer queries within five minutes using generative AI.
Agreement to acquire 1,411 MWp of operational solar assets significantly accelerates Purvah Green's transition towards its 10 GW renewable capacity goal.
10 · Pressure points & risks
What is not going smoothly
Certain regulatory matters involving tariff petitions, APR orders, and coal mining issues remain pending before appellate tribunals and regulatory commissions.
11 · Items worth noticing
The line items that can distort a quick read
The financial statements include regulatory income (net) of INR 180.0 crore for the consolidated entity during the quarter.
Financial results included regulatory income adjustments determined in accordance with relevant West Bengal Electricity Regulatory Commission (WBERC) and Uttar Pradesh Electricity Regulatory Commission (UPERC) orders.
The financial results reflect regulatory income adjustments (net) of INR 180 crore on a consolidated basis and tax expenses of INR 127 crore for the quarter.
Financial results reflect adjustments from regulatory orders, FPPAS implementations, and provisions for coal mine recovery provisions under regulatory guidance.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Financial results reflect ongoing adjustments relating to regulatory orders from the West Bengal Electricity Regulatory Commission (WBERC) regarding fuel and power purchase adjustments (FPPAS) and carrying cost recovery.
The filing notes that current liabilities exceeded current assets as of June 30, 2026, while operations continue to generate stable cash flows from regulated distribution licenses.
Revenue from operations includes adjustments arising from tariff orders and Fuel and Power Purchase Adjustment Surcharges (FPPAS) as determined by electricity regulatory commissions.
Capital allocation & funding
As of 30 June 2026, the company maintained outstanding listed commercial papers amounting to INR 600 crore across three ISINs (INR 250 crore, INR 200 crore, and INR 150 crore).
As of June 30, 2026, the company maintained outstanding listed commercial papers, including INR 250 crore under ISIN INE486A14GC9, INR 200 crore under ISIN INE486A14GD7, and INR 150 crore under ISIN INE486A14GE5.
The company maintained listed commercial papers totaling INR 600 crore as of June 30, 2026, comprising tranches of INR 250 crore, INR 200 crore, and INR 150 crore.
The company maintained listed commercial papers outstanding as of June 30, 2026, including instruments worth Rs 250 crore, Rs 200 crore, and Rs 150 crore under respective ISINs.
13 · Management guidance & targets
What management is targeting from here
Management's Vision 2030 targets a doubling of PAT and a 400 bps expansion in Return on Equity (ROE), supported by planned renewable scaling to 10 GW, higher distribution capex of approximately INR 6,000 crore, and distribution privatization opportunities.
Management targets a doubling of PAT and a 400 bps ROE expansion by 2030, supported by renewable capacity additions, distribution investments, and T&D loss reduction.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditors Review
The standalone and consolidated financial results for Q1 FY27 were subjected to a limited review by statutory auditors S.R. Batliboi & Co. LLP.
Reported update
ESG and Digital Initiatives
CESC achieved high digital adoption with approximately 88 percent of payment channels and 95 percent of revenue collections handled digitally across its consumer base.
Reported update
Financial Results Filing
Submitted consolidated financial results for the quarter ended 30 June 2026 to the stock exchanges via structured XBRL filings.
15 · Previous-quarter changes
What changed since the previous quarter
The company transitioned from the previous quarter ended March 31, 2026, into Q1 FY27 with ongoing capital expenditure in distribution networks and continued execution of renewable power purchase agreements.
Consolidated revenue from operations moved from Rs 4,096 crore in Q4 FY26 to Rs 5,485 crore in Q1 FY27, while PAT moved from Rs 459 crore to Rs 419 crore.
16 · Key Q&A
The quarter, answered directly
What does CESC do?
CESC Limited operates as a fully integrated utility company engaged in the generation and distribution of electricity, serving approximately 4.9 million consumers across seven geographic locations spanning 1,454 square kilometers.
What is the clearest takeaway from Q1 FY27?
For the quarter ended 30 June 2026 (Q1 FY27), CESC reported consolidated revenue from operations of INR 5,485.0 crore and total income of INR 5,739.0 crore.
What drove revenue or demand?
Revenue is driven by electricity sales across 4.9 million consumers spanning licensed areas in Kolkata, Noida, and Chandigarh, as well as distribution franchises in Rajasthan and Malegaon.
What mattered most for margins or profitability?
Energy purchase costs of INR 2,565.0 crore and fuel costs of INR 961.0 crore represent the primary operating expenses influencing consolidated margins.
What changed operationally beyond the headline numbers?
CESC maintains an aggregate thermal power generation capacity of 2,140 MW across five power plants in India, with approximately 78% of generation tied to its own distribution networks.
What is management guiding or targeting from here?
Management's Vision 2030 targets a doubling of PAT and a 400 bps expansion in Return on Equity (ROE), supported by planned renewable scaling to 10 GW, higher distribution capex of approximately INR 6,000 crore, and distribution privatization opportunities.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Completion of Solar Portfolio Acquisition: Monitor the formal completion of the acquisition of the 1,411 MWp solar portfolio from ReNew Solar Power, expected before 31 October 2026.
- 02
Regulatory Tariff Orders: Track subsequent orders from the West Bengal Electricity Regulatory Commission (WBERC) and appellate tribunals regarding tariff revisions and regulatory asset recoveries.
- 03
Manufacturing Plant Milestones: Track progress on the 3 GW solar cell and module manufacturing facility in Greater Noida following equipment vendor finalization and site activity initiation.
- 04
Subsequent Quarter Performance: Monitor upcoming quarterly financial filings for operational trends and revenue progression.
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