CESC Ltd

CESC Limited - Trading Window closed from Thursday, October 1, 2026 till the expiry of 48 hours after the declaration of the Unaudited Financial Results of the Company for the 2nd quarter and half-year ending on September 30, 2026 in respect of the Financial Year 2026-27.

CESC Limited — Trading Window closed from October 1, 2026 till expiry of 48 hours after the declaration of the Unaudited Financial Results for the 2nd quarter and half-year ending September 30, 2026 (FY 2026-27).

Key terms

• PJL enters captive PPA with KRPL for a 49.5 MW wind project in MP.
• PPA will supply wind power to Prism Johnson's cement facility at Satna, MP.
• KRPL is a subsidiary of Purvah Green Power, itself a CESC unit.
• PJL will subscribe 26.5% equity and redeemable shares in KRPL, up to ₹40 crore.
• Investment will be made in three tranches.
• Date of agreement: September 25, 2026.
• COD targeted for wind plant: 25 January 2028.
• Not a related party transaction.

NCD issuance details

• Board committee approved private placement of 19,000 secured, unlisted NCDs for Rs 190 crore.
• Face value Rs 1 lakh; tenor five years; deemed allotment 24 Sep 2026; maturity 24 Sep 2031.
• Coupon: One Month MIBOR OIS plus 2.20% per annum; monthly payments.
• Security: first ranking mortgage over immoveable assets and hypothecation over moveable assets.
• Call/Put option exercisable at end of three years, at par.
• Default interest: 2% per annum on overdue payments.
• Total issue size: Rs 190 crore; 19,000 NCDs; unlisted.
• Scheduled principal repayments: equal installments of Rs 11.87 crore through 2027–2031.
• Approval date: meeting held Sep 22, 2026.

Business Overview

• Integrated utility with distribution-led growth, generation, renewables, and solar cell/module manufacturing.
• Vision 2030 prioritizes higher regulated investment and multi-segment earnings.
• Pursuing 10 GW renewables with 4.8 GWp contracted capacity.
• Purvah Green converts development pipeline into contracted cash flows.
• CPDL acquisition completed February 2025 expanding distribution footprint.

Key Operational Highlights

• Purvah Green acquired six SPVs from ReNew Solar Power.
• Purvah Green: 1,411 MWp operational capacity; >90% SECI-tied.
• Contracted renewable capacity stands at 4.8 GWp.
• Committed capex ~₹26,000 Cr for renewables pipeline.
• Capex plan: ₹6,000 Cr for distribution expansion.
• 5-year capex program of ~₹350 bn ongoing.
• FY26 revenue up 9% YoY; PAT up 13% YoY.
• 9 million customers across 7 geographies.

Financial Performance

• FY26 consolidated revenue ₹18,927 Cr; EBITDA ₹4,707 Cr; PAT ₹1,618 Cr.
• Standalone revenue ₹9,939 Cr; PAT ₹852 Cr.
• OCF FY26 ₹40 bn, up 57% YoY.
• Noida Power revenue ₹3,001 Cr; PAT ₹227 Cr.
• Haldia Energy: revenue ₹2,166 Cr; EBITDA ₹825 Cr; PAT ₹286 Cr.
• Dhariwal Infrastructure: revenue ₹2,250 Cr; EBITDA ₹797 Cr; PAT ₹359 Cr.
• Malegaon DF: revenue ₹799 Cr; EBITDA -₹112 Cr; PAT -₹125 Cr.
• Purvah Green annualized revenue ~₹600 Cr; annualized EBITDA ~₹3,000 Cr.

Capital Structure & Liquidity

• Self-funded growth driven by operating cash flow.
• Capex funded via cash flows; no explicit debt data disclosed.
• CPDL acquisition expands regulated asset base.

Strategic Priorities & Outlook

• Vision 2030 targets double-digit PAT growth and RoE expansion.
• Capex focus on distribution, grid efficiency, and renewable deployment.
• Target 10 GW renewables by 2030 with 3 GW cell/module manufacturing.
• Purvah Green 2.0 to convert pipeline into recurring cash flow.

Governance & Leadership

• Acquired 100% stake in Chandigarh Power Distribution Limited w.e.f. 01 Feb 2025.
• One woman director; 80% non-executive directors.
• Zero whistle-blowing complaints reported.
• Dividend track record with consistent payouts.

Debt issuance update

• Proposal to issue Secured, Unlisted, Redeemable, Rated NCDs to be considered by Board Committee on Sept 22, 2026.

Debt issuance proposal

• Proposal to issue Secured, Unlisted, Redeemable, Rated NCDs to be considered by Board Committee.
• Meeting date: September 22, 2026.
• No amount or tenor disclosed.
• No terms or parties beyond the issuer identified.