The brokerage maintained a Buy rating on CESC, citing in-line operational performance alongside its planned expansion into solar manufacturing and an agreement to acquire an operational 1.5 GWp portfolio. For the quarter ending September 2026, the utility reported consolidated revenue of ₹5,607 crore, supported by strong results from its Noida Power operations. Consolidated net profit reached ₹438 crore compared to ₹448 crore a year earlier, reflecting resilient but flat underlying earnings.
Key points
Expanding into green power and solar manufacturing underpins the utility firm's strategic…: Expanding into green power and solar manufacturing underpins the utility firm's strategic push toward a 10 GW renewable portfolio.
Despite steady EBITDA of ₹11.4 billion, the equity suffered a sustained decline of roughl…: Despite steady EBITDA of ₹11.4 billion, the equity suffered a sustained decline of roughly 27% to 28% over six months.
Better-than-expected operational performance from Noida Power helped cushion consolidated…: Better-than-expected operational performance from Noida Power helped cushion consolidated revenue amid overall flat year-over-year earnings.
Sources checked by our analysis pipeline: 1
Shares of CESC witnessed sharp volatility during Thursday’s intraday trading session amid sharp surge in trading volume in the power utility stock. Meanwhile, the stock has declined nearly 27.89% over the past six months. However, CESC’s in-line results in the second quarter of financial year 2026-27, and positive growth outlook may benefit the stock in long-term, according to ICICI Direct which sees nearly 36% upside potential in it.
CESC shares came under pressure in the second half of the trading session, erasing all the gains recorded during the first half of the day.
CESC share price outlook, target
The company stock is on track to achieve its vision of 10 GW of RE capacity as it signed an agreement to acquire 1.5 GWp, operational portfolio during the quarter. CESC has also secured transmission connectivity for 4.8GW and 8.8k acres of land for solar projects and the firm aims to boost its presence in the solar manufacturing segment.
ICICI Direct maintained a ‘Buy’ rating for the stock with a target price of ₹176 per share (earlier the brokerage gave a buy…
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