CESC Limited Reports Q2 & H1 FY 2026-27 Financial Results

CESC Limited has submitted its unaudited standalone and consolidated financial results for the second quarter and half-year ended September 30, 2026 (pertaining to Financial Year 2026-27) to the National Stock Exchange of India Limited (Scrip Code: CESC) and BSE Limited (Scrip Code: 500084), following approval by its Board of Directors on November 5, 2026.

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Standalone Financial Performance

Quarterly Results (Three Months Ended September 30, 2026)

• Total Income: 2914, compared to 3024 for the quarter ended June 30, 2026, and 2729 for the quarter ended September 30, 2025.
  • Revenue from Operations: 2854 versus 2676 in the prior-year period.
  • Other Income: 60 compared to 53 in Q2 FY 2025-26.
• Total Expenses: 2597, compared to 2469 in the corresponding quarter of the previous year.
  • Cost of Energy Purchased: 1180 compared to 1058 in Q2 FY 2025-26.
  • Cost of Fuel: 456 compared to 402 in Q2 FY 2025-26.
  • Finance Costs: 199 compared to 222 in Q2 FY 2025-26.
• Regulatory Income (net): 29 versus 54 in the corresponding period of the previous year.
• Profit Before Tax: 346 compared to 314 in Q2 FY 2025-26.
• Profit for the Period: 256 compared to 242 in the quarter ended September 30, 2025.
• Earnings Per Share (EPS): Basic and diluted EPS (not annualised) stood at Rs. 1.93 (or Rs 1.78 without regulatory income/expense), compared to Rs. 1.83 (Rs 1.57 without regulatory income/expense) in Q2 FY 2025-26.

Half-Year Performance (Six Months Ended September 30, 2026)

• Revenue from Operations: 5837 compared to 5538 in the six months ended September 30, 2025.
• Total Income: 5938 compared to 5635 in the prior-year period.
• Profit Before Tax: 643 compared to 587 for the six months ended September 30, 2025.
• Profit for the Period: 476 compared to 453 in the corresponding half-year period.
• EPS: Basic and diluted EPS (not annualised) stood at Rs. 3.59 (Rs 3.35 without regulatory income/expense) versus Rs. 3.41 (Rs 2.68 without regulatory income/expense) in H1 FY 2025-26.

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Consolidated Financial Performance

Quarterly Results (Three Months Ended September 30, 2026)

• Total Income: 5686 compared to 5351 in the corresponding quarter of the previous year.
  • Revenue from Operations: 5607 compared to 5267 in Q2 FY 2025-26.
  • Other Income: 79 compared to 84 in Q2 FY 2025-26.
• Total Expenses: 5199 compared to 4854 in Q2 FY 2025-26.
  • Cost of Energy Purchased: 2566 versus 2246 in Q2 FY 2025-26.
  • Cost of Fuel: 1008 versus 982 in the prior-year period.
  • Finance Costs: 335 compared to 337 in the corresponding period.
• Regulatory Income (net): 99 compared to 72 in Q2 FY 2025-26.
• Profit Before Tax: 586 compared to 569 in Q2 FY 2025-26.
• Profit for the Period: 438 compared to 448 in Q2 FY 2025-26.
  • Attributable to Owners of the Equity: 423 compared to 428 in the prior-year period.
  • Attributable to Non-controlling Interest: 15 compared to 20 in the prior-year period.
• Consolidated EPS: Basic and diluted EPS (not annualised) was Rs. 3.20 (Rs 2.58 without regulatory income/expense) compared to Rs. 3.23 (Rs 2.98 without regulatory income/expense) in Q2 FY 2025-26.

Half-Year Performance (Six Months Ended September 30, 2026)

• Revenue from Operations: 11092 compared to 10489 in the prior-year period.
• Total Income: 11245 compared to 10636 in H1 FY 2025-26.
• Profit Before Tax: 1132 compared to 1081 in the prior period.
• Profit for the Period: 857 compared to 855 in H1 FY 2025-26.
  • Attributable to Owners of the Equity: 825 compared to 818 in H1 FY 2025-26.
• Consolidated EPS: Basic and diluted EPS was Rs. 6.23 (Rs 4.63 without regulatory income/expense) compared to Rs. 6.17 (Rs 4.52 without regulatory income/expense) in H1 FY 2025-26.

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Balance Sheet Position

Standalone Balance Sheet (as at September 30, 2026)

• Total Assets: Rs. 32028 crore compared to Rs. 31375 crore as at March 31, 2026.
• Total Equity: Rs. 9300 crore (comprising Equity Share Capital of Rs. 133 crore and Other Equity of Rs. 9167 crore) versus Rs. 9717 crore as at March 31, 2026.
• Non-current Borrowings: Rs. 7491 crore compared to Rs. 6994 crore as at March 31, 2026.
• Current Borrowings: Rs. 3734 crore compared to Rs. 4032 crore as at March 31, 2026.
• Cash and Cash Equivalents: Rs. 291 crore compared to Rs. 971 crore as at March 31, 2026.

Consolidated Balance Sheet (as at September 30, 2026)

• Total Assets: Rs. 47882 crore compared to Rs. 46470 crore as at March 31, 2026.
• Total Equity: Rs. 13158 crore (including Non-controlling interest of Rs. 690 crore) compared to Rs. 13189 crore as at March 31, 2026.
• Non-current Borrowings: Rs. 16183 crore compared to Rs. 15292 crore as at March 31, 2026.
• Current Borrowings: Rs. 5834 crore compared to Rs. 6027 crore as at March 31, 2026.
• Cash and Cash Equivalents: Rs. 2764 crore compared to Rs. 4208 crore as at March 31, 2026.

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Key Ratios and Commercial Paper Disclosures (Regulation 52(4))

For the standalone results:

• Debt Equity Ratio: 1.2 as on September 30, 2026 (1.0 as on June 30, 2026; 1.1 as on September 30, 2025).
• Debt Service Coverage Ratio [net of proceeds utilised for Refinancing]: 2.9 for the quarter ended September 30, 2026 (compared to 1.2 in the quarter ended September 30, 2025).
• Debt Service Coverage Ratio [net of Prepayments & proceeds utilised for Refinancing]: 2.9 for the quarter ended September 30, 2026 (compared to 2.1 in the quarter ended September 30, 2025).
• Interest Service Coverage Ratio: 3.0 for the quarter ended September 30, 2026 (compared to 2.8 in the prior-year quarter).
• Operating Profit Margin (%): 17.0% for the quarter ended September 30, 2026 (versus 18.1% for the quarter ended September 30, 2025).
• Net Profit Margin (%): 8.8% for the quarter ended September 30, 2026 (versus 8.9% for the quarter ended September 30, 2025).
• Current Ratio: 0.4 as on September 30, 2026.
• Total Debts to Total Assets: 0.4 as on September 30, 2026.

Outstanding Listed Commercial Papers (as on September 30, 2026)

• INE486A14GL0: Rs 150 crore
• INE486A14GG0: Rs 200 crore
• INE486A14GH8: Rs 400 crore
• INE486A14GI6: Rs 300 crore
• INE486A14GJ4: Rs 300 crore
• INE486A14GK2: Rs 200 crore

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Regulatory and Operational Notes

• Regulatory Asset Provisions: As a matter of prudence, the Company made a provision of Rs 80 crore (net of unwinding of discount impact) in the current period concerning certain old regulatory asset balances following recent APR orders.
• Tariff and APR Appeals: Appeals have been filed or are being processed before the Appellate Tribunal for Electricity (APTEL) regarding orders issued by the West Bengal Electricity Regulatory Commission (WBERC) and Uttar Pradesh Electricity Regulatory Commission (UPERC). Based on legal opinions obtained, management is confident of the matters being adjudicated in its favor.
• Dividends: An interim dividend of Rs 6 per equity share was declared on August 13, 2026, and paid during the quarter. The standalone statement of cash flows recorded dividend paid of Rs. 794 crore, and the consolidated cash flow recorded dividend paid of Rs. 804 crore.
• Segment Information: The Company and Group are primarily engaged in the generation and distribution of electricity and do not operate in any other reportable segment.
• Corporate Updates: During the period, several new entities were incorporated as wholly owned subsidiaries, including Purvah Energy Ventures Private Limited, Novarion Power Private Limited, Purvah Sustainable Energy Private Limited, Purvah Future Energy Private Limited, Purvah Nextgen Energy Private Limited, Purvah Sunlight Energy Private Limited, Purvah Sunrise Energy Private Limited, Purvah Nexgen Energy Private Limited, and RPSG Nexgen Energy Private Limited.