Key Metrics of CESC Limited
About CESC Limited
Sectors
Company details
- Website
- cesc.co.in
- Registered office
- Cesc House, Chowringhee Square, Kolkata, In-wb, 700001
- Listed
- NSE: CESC · ₹124.79
Operational Areas of CESC Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Sep 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹2,700 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Diversified consumer base and healthy collection efficiency for Kolkata distribution business
CESC’s consumer base of 3.7 million is almost entirely concentrated within Kolkata.
+ Operational indicators superior to normative targets, leading to sizeable efficiency gains and incentive income
CESC’s business risk profile derives strength from its efficient operational indicators, with the actual performance variables (such as station heat rate, distribution loss levels, plant availability, oil consumption norms and auxiliary energy consumption) remaining superior to the regulatory targets.
+ Healthy performance of generation business under DIL with improved PPA tie-up
The availability of long-term PPAs for the capacity under DIL’s Unit 2 limits the offtake risk.
+ High reliability of power supply; limited fuel availability risks for generation stations
The peak demand in CESC’s command area stood at 2,572 MW in FY2026, against which it had an operational installed capacity of 1,485 MW (including the 600-MW capacity of HEL).
Credit challenges
− Sizeable debt-funded capex plans in RE segment to moderate leverage metrics; execution risks from large capex plans
ICRA notes the company’s large capex plans in the renewable energy (RE) segment over near to medium term, with the aim of scaling up the total renewable energy capacity to 10 GW gradually, of which, around 4.5 GW will be implemented in the first phase.
− Negative bid in Sarisatolli captive coal block, leading to fuel cost under -recoveries
Given the criticality of the captive coal block for the operational set -up of CESC’s 750-MW Budge Budge station, the company participated and won back the Sarisatolli coal block in the auction held in February 2015 at a negative bid of Rs. 470/MT (includi ng the reserve price of Rs. 100/MT, which is a pass-on in the tariff).
− Operation and maintenance expense higher than regulatory approved limits in Kolkata licensee business
The operation and maintenance expense is a controllable cost, as per the regulatory norms.
Could lead to an upgrade
The long-term rating can be upgraded if the company is able to increase the tariffs, in line with the cost structure, and recover the regulatory assets for the Kolkata licence area business, thereby leading to a material improvement in the leverage and coverage metrics.
Could lead to a downgrade
The ratings could be downgraded if inordinate delays in tariff revision, or discontinuation of the FPPAS mechanism, or tightening of operating norms in the future by the WBERC, or a deterioration in the operating performance results in a significant decline in profits, a build-up of regulatory assets and a marked deterioration in the consolidated
Agency-reported financials (ICRA, 30 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income* | ₹18,250 Cr | ₹19,473 Cr |
| PAT | ₹1,429 Cr | ₹1,618 Cr |
| OPBDIT/OI | 22.5% | 23.2% |
| PAT/OI | 7.8% | 8.3% |
| Total outside liabilities/Tangible net worth (times) | 2.30× | 2.50× |
| Total debt/OPBDIT (times) | 4.40× | 4.80× |
| Interest coverage (times) | 2.80× | 3.00× |
| Revenue growth (YoY) | — | 6.7% |
| EBITDA (margin × income) | ₹4,106 Cr | ₹4,518 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹18,068 Cr | ₹21,685 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹1,467 Cr | ₹1,506 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Commercial paper (CP) | Commercial paper | ₹2,200 Cr | ₹2,200 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Non-Convertible Debenture | Debentures & bonds | ₹300 Cr | ₹300 Cr | 0.0% | AA (Stable) | Reaffirmed | ICRA |
| Proposed non-convertible debenture | Debentures & bonds | ₹200 Cr | ₹200 Cr | 0.0% | AA (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE486A14GL0 | CP Sep Nov + | Commercial paper | — | — | — | ₹150 Cr | A1+ | Not stated |
| INE486A14GG0 | CP Aug Nov + | Commercial paper | — | — | — | ₹200 Cr | A1+ | Not stated |
| INE486A14GH8 | CP Aug Nov + | Commercial paper | — | — | — | ₹400 Cr | A1+ | Not stated |
| INE486A14GI6 | CP Sep Dec + | Commercial paper | — | — | — | ₹300 Cr | A1+ | Not stated |
| INE486A14GJ4 | CP Sep Dec + | Commercial paper | — | — | — | ₹300 Cr | A1+ | Not stated |
| INE486A14GK2 | CP Sep Dec + | Commercial paper | — | — | — | ₹200 Cr | A1+ | Not stated |
| INE486A07358 | convertible Sep ^ Sep | Debentures & bonds | 7.51% | — | — | ₹300 Cr | AA | Not stated |
Credit assessment · Power distribution
Rating Methodology – Power Distribution Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 80% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 80% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 3×
- ₹200 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of CESC Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
 Adani Power |
Part of Adani Group. | adanipower.com | 1996 | Ahmedabad, India |
| Power Generation & Utilities · Oil, Gas & Energy | powergridindia.com | 1989 | New Delhi, India | |
| Discovered Companies · Other Industries | torrentpower.com | 1996 | Ahmedabad, India | |
 Adani Energy Solutions |
Part of Adani Group. | adanienergysolutions.com | 2013 | Ahmedabad, India |
| Outlets operated by Gujarat Energy. | gujarat-energy.com | — | Gandhinagar, Gujarat, India | |
 Reliance Power |
Power Generation & Utilities · Oil, Gas & Energy | reliancepower.co.in/home.htm | 1995 | Mumbai, India |
 GMR POWER AND URBAN INFRA LIMITED |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
 JAIPRAKASH POWER VENTURES LIMITED |
Discovered Companies · Other Industries | jppowerventures.com | — | Nigrie, Madhya Pradesh, India |
| VEDANTA POWER LIMITED | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
electricity supply company, energy supply
Filings
No filings on record yet.