CESC FY26 Results: Net profit up 13% to ₹1,618 crore; eyes 10 GW RE
- Consolidated net profit rose 13% YoY to ₹1,618 crore in FY26
- Revenue increased 9% to ₹18,927 crore with EBITDA growing 9%
- Purvah Green acquires 1,411 MWp solar assets for ~₹4,859 crore
- Company targets 10 GW renewable capacity and 3 GW solar manufacturing by 2027
- Operating cash flow surged 57% YoY to ₹40 billion in FY26
*this image is generated using AI for illustrative purposes only.
CESC Limited reported a consolidated net profit of ₹1,618 crore for FY26, marking a 13% year-on-year increase. Revenue rose 9% to ₹18,927 crore, supported by improved operational efficiency across its integrated power chain and stable cash flows.
The Kolkata-based utility filed its investor presentation with the National Stock Exchange of India Limited on September 18, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document outlines the company's financial performance and strategic roadmap under its Vision 2030 plan.
Financial Performance
CESC’s operating profit (EBITDA) grew 9% to ₹4,707 crore in FY26, aligning with revenue growth. The company generated operating cash flow of ₹40 billion in FY26, a 57% year-on-year increase, enabling self-funded growth initiatives.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue | ₹18,927 crore | ₹17,375 crore | +9% |
| EBITDA | ₹4,707 crore | ₹4,312 crore | +9% |
| Net Profit | ₹1,618 crore | ₹1,429 crore | +13% |
Return on equity expanded to 12.6% in FY26 from 11.7% in FY25. The company targets doubling profits and expanding ROE by 400 basis points by 2030.
Distribution and Generation Efficiency
The distribution segment remains the cash-generating core, serving 4.9 million consumers across seven geographies. CESC Kolkata reduced transmission and distribution (T&D) losses to 6.11% in FY26 from 8.4% in FY21. Noida Power (NPCL) achieved 6.95% T&D losses, while Chandigarh Power (CPDL) recorded 8.3% losses after its acquisition in February 2025.
Thermal generation assets maintained high plant load factors (PLF). Haldia TPP operated at 95% PLF, and Budge Budge TPP at 82%. The company plans ₹6,000 crore in distribution investments to enhance regulated equity and capacity build-out.
Renewable Energy Expansion
CESC is accelerating its pivot toward renewable energy through Purvah Green, targeting 10 GW of medium-term capacity. The subsidiary signed a share purchase agreement to acquire 1,411 MWp of operational solar assets from ReNew Solar Power for an enterprise value of approximately ₹4,859 crore. The transaction is expected to complete before October 31, 2026.
This acquisition brings Purvah Green’s total contractual capacity to 4.8 GWp, including 1.8 GWp operational assets. The portfolio includes 3,514 MWp of solar, 1,335 MW of wind, and 2,230 MWh of battery energy storage systems (BESS). Committed capex for the contracted capacity exceeds ₹26,000 crore.
Manufacturing and Strategic Initiatives
The company is establishing a 3 GW integrated solar cell and module manufacturing facility in Greater Noida, Uttar Pradesh, with an investment of approximately ₹3,000 crore. The project aims for completion by 2027, leveraging captive offtake from Purvah Green’s pipeline and policy tailwinds from the Approved List of Models and Manufacturers (ALMM) regulations.
What the Numbers Show
The divergence between EBITDA growth (9%) and net profit growth (13%) suggests operational leverage or favorable non-operating items contributing to the bottom line. With T&D losses dropping significantly in key franchises like Kolkata and Noida, the distribution segment is converting efficiency gains into margin expansion, funding the capital-intensive renewable and manufacturing expansions without diluting shareholder equity.
Historical Stock Returns for CESC
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.02% | -4.10% | -16.85% | -9.23% | -15.21% | +53.50% |
How will the ₹4,859 crore acquisition of ReNew Solar assets impact CESC's debt-to-equity ratio and interest coverage in the short term?
What are the specific regulatory or market risks associated with the 3 GW solar manufacturing facility in Greater Noida, given the competitive landscape and ALMM policy changes?
Can CESC sustain its target of doubling profits by 2030 if renewable energy margins remain lower than its traditional thermal generation assets during the transition phase?
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
