CESC Limited has announced its audited financial results for the fourth quarter and fiscal year ended March 31, 2026. The Board of Directors, which met on May 06, 2026, approved the standalone and consolidated results, along with the continuation of a key director. The statutory auditors, S.R. Batliboi & Co. LLP, issued an audit report with an unmodified opinion on both the standalone and consolidated financial results.
Q4 Consolidated Performance
For the fourth quarter, CESC reported year-on-year growth in consolidated net profit and revenue. However, EBITDA declined and the EBITDA margin contracted, reflecting higher operating costs across energy purchase and employee benefit expenses at the consolidated level. The following table summarises the key Q4 metrics:
| Metric: |
Q4 FY26 |
Q4 FY25 |
Change (YoY) |
| Net Profit: |
Rs 459 crore |
Rs 386 crore |
Increase |
| Revenue from Operations: |
Rs 4096 crore |
Rs 3877 crore |
Increase |
| Total Income: |
Rs 4192 crore |
Rs 4030 crore |
Increase |
| Profit Before Tax: |
Rs 653 crore |
Rs 467 crore |
Increase |
| EBITDA: |
Rs 7.43b Rupees |
Rs 8.12b Rupees |
Decrease |
| EBITDA Margin: |
18.14% |
20.90% |
Contraction |
| EPS (Basic & Diluted): |
Rs 3.31 |
Rs 2.82 |
Increase |
Full-Year Consolidated Financial Performance
For the fiscal year 2025-26, CESC reported a consolidated profit for the period of Rs 1618 crore, up from Rs 1429 crore in the previous year. Total consolidated income for the year rose to Rs 18927 crore from Rs 17375 crore. Revenue from operations on a consolidated basis stood at Rs 18570 crore compared to Rs 17001 crore in the previous year. The profit attributable to the owners of the equity was Rs 1542 crore, while non-controlling interest accounted for Rs 76 crore. The consolidated EPS for the year was Rs 11.63.
| Particulars: |
FY26 (Audited) |
FY25 (Audited) |
| Total Income: |
Rs 18927 crore |
Rs 17375 crore |
| Revenue from Operations: |
Rs 18570 crore |
Rs 17001 crore |
| Total Expenses: |
Rs 17711 crore |
Rs 16841 crore |
| Profit Before Tax: |
Rs 2119 crore |
Rs 1783 crore |
| Profit for the Period: |
Rs 1618 crore |
Rs 1429 crore |
| EPS (Basic & Diluted): |
Rs 11.63 |
Rs 10.33 |
| Net Worth: |
Rs 12530 crore |
Rs 12010 crore |
Full-Year Standalone Financial Performance
On a standalone basis, CESC reported a profit for the year of Rs 852 crore, up from Rs 800 crore in the previous year. Revenue from operations reached Rs 9732 crore, while total standalone income stood at Rs 9939 crore compared to Rs 9765 crore. The profit before tax was Rs 1125 crore for the year, against Rs 1062 crore previously. The Earnings Per Share (EPS) on a standalone basis was recorded at Rs 6.43, compared to Rs 6.03 in the previous year.
| Particulars: |
FY26 (Audited) |
FY25 (Audited) |
| Total Income: |
Rs 9939 crore |
Rs 9765 crore |
| Revenue from Operations: |
Rs 9732 crore |
Rs 9584 crore |
| Total Expenses: |
Rs 9349 crore |
Rs 9838 crore |
| Profit Before Tax: |
Rs 1125 crore |
Rs 1062 crore |
| Profit for the Period: |
Rs 852 crore |
Rs 800 crore |
| EPS (Basic & Diluted): |
Rs 6.43 |
Rs 6.03 |
| Net Worth: |
Rs 9717 crore |
Rs 9885 crore |
Key Financial Ratios
The following table presents select key financial ratios for the full year on both a standalone and consolidated basis:
| Ratio: |
Standalone FY26 |
Standalone FY25 |
Consolidated FY26 |
Consolidated FY25 |
| Debt Equity Ratio: |
1.1 |
1.2 |
1.7 |
1.5 |
| Interest Service Coverage Ratio: |
2.8 |
2.7 |
3.1 |
3.0 |
| Operating Profit Margin (%): |
18.4% |
18.2% |
16.8% |
16.1% |
| Net Profit Margin (%): |
8.6% |
8.2% |
8.5% |
8.2% |
| Current Ratio: |
0.4 |
0.5 |
0.9 |
1.0 |
| Total Debts to Total Assets: |
0.4 |
0.4 |
0.5 |
0.4 |
Cash Flow Highlights
On a standalone basis, net cash flow from operating activities for FY26 stood at Rs 3426 crore, compared to Rs 1821 crore in the previous year. Cash and cash equivalents on a standalone basis closed at Rs 971 crore, up from Rs 430 crore at the start of the year. On a consolidated basis, net cash flow from operating activities was Rs 4057 crore versus Rs 2581 crore previously, with consolidated cash and cash equivalents closing at Rs 4208 crore compared to Rs 2181 crore at the opening of the year.
| Cash Flow Metric: |
Standalone FY26 |
Standalone FY25 |
Consolidated FY26 |
Consolidated FY25 |
| Net Cash from Operating Activities: |
Rs 3426 crore |
Rs 1821 crore |
Rs 4057 crore |
Rs 2581 crore |
| Net Cash used in Investing Activities: |
Rs (634) crore |
Rs (2658) crore |
Rs (3235) crore |
Rs (3012) crore |
| Net Cash from/(used in) Financing Activities: |
Rs (2251) crore |
Rs 605 crore |
Rs 1205 crore |
Rs 1337 crore |
| Closing Cash & Cash Equivalents: |
Rs 971 crore |
Rs 430 crore |
Rs 4208 crore |
Rs 2181 crore |
Regulatory and Operational Notes
Revenue from operations has been arrived at based on relevant orders of the West Bengal Electricity Regulatory Commission (WBERC) and the levy of Fuel and Power Purchase Adjustment Surcharge (FPPAS) from June 2024. Regulatory income (net) on a standalone basis was Rs 535 crore for the year, compared to Rs 1135 crore in the previous year. On a consolidated basis, regulatory income (net) was Rs 903 crore versus Rs 1249 crore previously. The company noted that the APR order for 2020-21 received during the current year deviated from past practices in certain matters, for which necessary appeals have been filed or are in process. The Government of India's consolidation of 29 labour legislations into four labour codes, made effective from November 21, 2025, had an assessed impact of Rs 5 crore on standalone employee benefit obligations and Rs 35 crore on consolidated employee benefit obligations, with consequential impact on regulatory income recognised during the year.
Board Decisions and Corporate Governance
In addition to the financial results, the Board approved the continuation of Mr. Paras Kumar Chowdhary (DIN: 00076807) as a Non-Executive/Independent Director. Mr. Chowdhary, aged 74 years, is a science graduate with more than 45 years of experience in strategies, finance, sales and marketing, and has held senior leadership positions including Managing Director of CEAT Limited and President & Whole-time Director of Apollo Tyres Limited. He will attain the age of 75 years on October 1, 2026, and his continuation is subject to the approval of members at the forthcoming Annual General Meeting. The Board meeting commenced at 3.30 p.m. and concluded at 4.45 p.m. on May 06, 2026.