Analysis: CESC Limited

What does CESC Limited do?

• CESC Limited is a power utility engaged in generation and distribution, headquartered in Kolkata, India.
• Operates as part of the RPSG Group, a diversified conglomerate with over 50,000 professionals globally.
• Serves 3.7 million customers across Kolkata, Howrah, Hooghly, and North/South 24 Parganas in West Bengal.

• Generation: Operates 750 MW (Budge Budge), 135 MW (Garden Reach), and 600 MW (Haldia Energy) thermal plants.
• Distribution: Manages power distribution in Kolkata and through subsidiaries in Noida, Rajasthan, and Chandigarh.
• Renewables: Plans 3.2 GW hybrid renewable capacity by 2028-29, including solar and wind projects in Rajasthan, Madhya Pradesh, and Andhra Pradesh.

Growth thesis

CESC Ltd generates and distributes electricity, operating in thermal power, renewable energy, and transmission/distribution infrastructure. Key segments include thermal generation, renewable projects, and grid infrastructure. Growth is likely driven by renewable energy capacity additions and grid modernization aligned with India’s clean energy transition. Over 2-3 years, regulatory support for renewables and infrastructure upgrades could accelerate revenue and margin expansion. Key execution risks involve timely regulatory approvals for projects and seamless integration of renewable energy into existing grids.

Research report

companyname: CESC Limited ticker: CESC sector: Power / Electricity Utility (Generation and Distribution) CESC Limited is the flagship power company of the RP-Sanjiv Goenka Group and one of India's oldest integrated utilities. It generates and distributes electricity across a licensed area of 567 square kilometres covering Kolkata, Howrah, Hooghly, and North and South 24 Parganas in West Bengal, serving 3.78 million customers. The company was incorporated in 1978 and runs a house of fifty subsid...