CESC Limited (formerly Calcutta Electric Supply Corporation) is a leading integrated power utility in Eastern India, engaged in the generation, transmission, and distribution of electricity. Headquartered in Kolkata and part of the RP-Sanjiv Goenka Group, CESC serves over 3 million consumers across West Bengal, Bihar, and Odisha. As of January 2026, CESC is delivering steady growth—11.36% sales growth and 3.22% profit growth—with a healthy ROCE of 10.09%, ROE of 8.09%, and a consistent dividend yield of 3.2%. However, it carries significant debt (₹11,565 Cr), which limits capital flexibility. This article provides a data-driven outlook on the CESC share price target 2026–2030.
CESC: Company Overview
- Incorporated: 1978
- Managing Director: Mr. Sanjiv Goenka
- NSE Symbol: CESC
- Core Business:
- Power Generation (Thermal & Renewable) – 60%
- Power Distribution – 40%
- Market Position: Largest private power utility in Eastern India; operates 3,000+ MW of generation capacity
CESC benefits from regulated tariffs, long-term power purchase agreements (PPAs), and a stable retail consumer base—but faces headwinds from high coal costs and regulatory delays in tariff revisions.
CESC: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹140.50 |
| Market Capitalization | ₹18,630.89 Cr |
| No. of Shares Outstanding | 132.56 Cr |
| P/E Ratio (TTM) | 22.10 |
| P/B Ratio | 1.82 |
| EPS (TTM) | ₹6.36 |
| Book Value (TTM) | ₹77.16 |
| ROE | 8.09% |
| ROCE | 10.09% |
| Dividend Yield | 3.20% |
| Face Value | ₹1 |
| Cash | ₹1,007.70 Cr |
| Debt | ₹11,565.03 Cr |
| Promoter Holding | 52.11% |
| Sales Growth (YoY) | 11.36% |
| Profit Growth (YoY) | 3.22% |
Note: The company maintains a debt-to-equity ratio of ~1.5x, which is manageable but constrains aggressive capex.
CESC Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹152 – ₹168 |
| 2027 | ₹164 – ₹182 |
| 2028 | ₹176 – ₹198 |
| 2029 | ₹188 – ₹216 |
| 2030 | ₹200 – ₹236 |
CESC Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹152 | ₹168 |
CESC reported 3.22% YoY profit growth and 11.36% sales growth in FY2025, driven by higher power demand and improved plant load factors. Trading at a P/E of 22.1x and P/B of 1.82x, the stock is fairly valued for a utility with regulated returns. The 2026 target assumes continued volume growth and no major tariff shocks.
CESC Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹164 | ₹182 |
If the company sustains 8–10% earnings growth and benefits from partial pass-through of fuel cost inflation, EPS could reach ₹6.80–₹7.10 by FY27. Assuming a P/E of 22–23x, the 2027 target range is justified.
CESC Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹176 | ₹198 |
By 2028, benefits from renewable energy integration (solar + wind) and grid modernization should reflect in margins. A P/E of 23–24x on projected EPS of ₹7.20–₹7.60 supports the ₹176–₹198 band.
CESC Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹188 | ₹216 |
Long-term tailwinds include India’s rising per-capita power consumption and CESC’s expansion into EV charging and smart metering. If competition doesn’t erode pricing, EPS could reach ₹7.80–₹8.30 by FY29. At a P/E of 24–25x, the 2029 target is ₹188–₹216.
CESC Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹200 | ₹236 |
Over a five-year horizon, CESC remains a stable dividend compounder in the utility space. A terminal P/E of 25–26x on FY30 EPS (~₹8.00–₹8.60) justifies the ₹200–₹236 range.
CESC: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (RP-SG Group) | 52.11% |
| Domestic Institutional Investors (DII) | 25.65% |
| Foreign Institutional Investors (FII) | 11.86% |
| Public & Retail | 10.39% |
High promoter holding ensures strategic continuity. Strong DII interest reflects confidence in cash flow stability.
CESC: Strengths vs Risks
Strengths:
- Monopoly-like position in Eastern India
- Consistent dividend payer (3.2% yield + 44% payout)
- Vertically integrated model reduces supply risk
- Strong retail consumer base with low AT&C losses
Risks:
- High debt (₹11,565 Cr) limits financial flexibility
- Coal price volatility impacts margins
- Regulatory delays in tariff revisions
- Low ROE (8.09%) caps re-rating potential
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 5+ years |
| Volatility | Lower than market average |
| Dividend/Income Potential | Moderate (3.2% yield) |
| Best For | Income-focused investors seeking utility exposure with dividend safety |
Final Verdict
CESC is a high-quality, dividend-paying utility with regional dominance and stable cash flows. While not a high-growth story, it offers reliable income and moderate capital appreciation.
Our CESC share price target 2026–2030 (₹152 to ₹236) reflects steady earnings growth, multiple stability, and sustained investor confidence. Upside is modest but dependable; downside is limited by asset value and dividends.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – CESC Consolidated Page (FY2025 + TTM)
- Finology Ticker – CESC Financials & Analysis
- CESC Investor Presentation (Q3 FY26, Jan 2026)
- Ministry of Power – Tariff Order Guidelines 2025
