1. At a Glance
If Kolkata had a power superhero, it wouldn’t wear a cape — it would wear an RP-Sanjiv Goenka logo.
CESC Ltd, the ₹22,589 crore power utility that keeps Kolkata’s fans spinning, dropped an electrifying Q2 FY26: Revenue ₹5,351 Cr, PAT ₹445 Cr, YoY profit surge 20%, interim dividend ₹6/share, and a renewable-capex thunderbolt of ₹8,700 Cr.
At ₹170/share, it trades at 15.6× P/E, offers a 3.5 % dividend yield, and runs a ROE 11.3 % — respectable, if not shocking.
Debt sits at ₹18,800 Cr, but interest coverage is 2.4× — enough buffer before the lights flicker.
The company’s slogan might as well be:
“Kolkata ko bijli, Chandigarh ko charge, investors ko dividend.”
2. Introduction – How Kolkata Got Its Current
CESC isn’t just any power company — it’s the granddaddy of Indian electricity, wiring the City of Joy since before half the startups even discovered sockets.
Formed in 1978, it became the RP-Sanjiv Goenka Group’s crown jewel, powering cities, dreams, and now ESG presentations.
While peers chase green narratives, CESC is actually building them — 3 GW+ renewables in the pipeline, Chandigarh license bagged, and a mobile app that’s slicker than most fintech apps.
Yet, for all its old-school power plant DNA, the company throws modern financial punchlines: stable profits, quarterly dividends, and zero pledges.
In short, the old horse just downloaded its EV-charging update.
3. Business Model – WTF Do They Even Do?
CESC’s business is split between Generation, Distribution, and Renewable Expansion — essentially make, move, and monetize electricity.
- Generation: 5 thermal plants, 2,140 MW capacity, 82 % PLF.
- Distribution: Kolkata, Howrah & Noida + four franchisees (Rajasthan, Maharashtra).
- Renewables: Through subsidiary Purvah Green Power, target 10 GW by FY 29.
About 78 % of power generated is consumed within its own distribution network — a vertically integrated loop
