CESC Q2 FY27 Results: Consolidated Net Profit ₹438 Crore on Total Income of ₹5,686 Crore
- Earnings
- Power generation and distribution
Reviewed byKeshav SehgalBlacklitt Research
CESC (NSE: CESC) reported consolidated total income of ₹5,686 crore and consolidated net profit of ₹438 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹2,914 crore and standalone net profit of ₹256 crore, it said in a filing on 05 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹5,686 crore, up 6.3% YoY and 2.3% QoQ
- Net profit and EPS: ₹438 crore, down 2.2% YoY and up 4.5% QoQ; basic EPS ₹3.20
- Regulatory income: Regulatory income (net) of ₹99 crore in the quarter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,914 crore, up 6.8% YoY and down 3.6% QoQ
- Net profit and EPS: ₹256 crore, up 5.8% YoY and 16.4% QoQ; basic EPS ₹1.93
- Finance costs: ₹199 crore, down 10.4% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 5,686 | 5,351 | +6.3% | 5,559 | +2.3% | |
| Revenue from operations | 5,607 | 5,267 | +6.5% | 5,485 | +2.2% |
| Other income | 79 | 84 | -6.0% | 74 | +6.8% |
| 438 | 448 | -2.2% | 419 | +4.5% | |
| Profit before tax | 586 | 569 | +3.0% | 546 | +7.3% |
| Finance costs | 335 | 337 | -0.6% | 312 | +7.4% |
| Depreciation | 296 | 311 | -4.8% | 291 | +1.7% |
| Tax expense | 148 | 121 | +22.3% | 127 | +16.5% |
| Net profit margin | 7.70% | 8.37% | -0.67 pp | 7.54% | +0.17 pp |
| EPS, basic (₹) | 3.20 | 3.23 | -0.9% | 3.03 | +5.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 2.2% YoY while total income rose 6.3%. Revenue from operations rose 6.5%, but other income fell 6.0% to ₹79 crore, and depreciation fell 4.8%. Profit before tax rose 3.0% to ₹586 crore, and tax expense rose 22.3% to ₹148 crore, so the gap between profit before tax and net profit widened.
Finance costs of ₹335 crore are 5.9% of total income this quarter. The statement and notes do not give the reason for the fall in profit for the period against the year-earlier quarter.
Consolidated net profit attributable to owners of the equity is ₹423 crore, with ₹15 crore attributable to non-controlling interest. Regulatory income (net) is ₹99 crore on a consolidated basis, against ₹72 crore a year earlier, and the notes say it is recognised on an assumption of recovery over a period of time.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,914 | 2,729 | +6.8% | 3,024 | -3.6% | |
| Revenue from operations | 2,854 | 2,676 | +6.7% | 2,983 | -4.3% |
| Other income | 60 | 53 | +13.2% | 41 | +46.3% |
| 256 | 242 | +5.8% | 220 | +16.4% | |
| Profit before tax | 346 | 314 | +10.2% | 297 | +16.5% |
| Finance costs | 199 | 222 | -10.4% | 193 | +3.1% |
| Depreciation | 143 | 169 | -15.4% | 141 | +1.4% |
| Tax expense | 90 | 72 | +25.0% | 77 | +16.9% |
| Net profit margin | 8.79% | 8.87% | -0.08 pp | 7.28% | +1.51 pp |
| EPS, basic (₹) | 1.93 | 1.83 | +5.5% | 1.66 | +16.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 5.8% YoY, slower than total income at 6.8% and slower than profit before tax at 10.2%. Finance costs fell 10.4% to ₹199 crore and depreciation fell 15.4% to ₹143 crore, while tax expense rose 25.0% to ₹90 crore.
Standalone profit before tax of ₹346 crore includes regulatory income (net) of ₹29 crore. The company says standalone EPS without regulatory income or expense (net) is ₹1.78. Depreciation includes an additional charge of ₹47 crore recouped from retained earnings for the increase in asset values from fair valuation.
The company has made a provision of ₹80 crore, net of unwinding of discount, for certain old regulatory asset balances in the current period. The notes say the company is confident of the pending appeals being decided in its favour, and that any adjustment will be made when the matter reaches finality; the amount of any such adjustment is not stated.
Inference
The company declared an interim dividend of ₹6 per equity share on 13 Aug 2026, which was paid in the current quarter. The filing does not state the record date or the total payout.
Consolidated net worth stood at ₹13,158 crore and standalone net worth at ₹9,300 crore as at 30 Sep 2026. The filing says PGPPL's board approved a scheme of amalgamation of RPSG Energy Services Limited with effect from 1 Oct 2026, subject to NCLT and other approvals, and PGPPL has signed a share purchase agreement on 10 Aug 2026 to acquire six ReNew entities, subject to conditions precedent. The consideration and the expected completion timing for that agreement are not stated.
Filed with BSE on . Reference: Original filing (PDF)
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