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CESC Limited (500084) Fair Value & Analysis

Other · IN · Market cap ₹76.2B

CL CESC Limited 500084 · BSE
Price₹168.00
Fair Value₹226.64
Upside+34.9%
Quality51/100
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Mixed Growth
Solidly profitable · 12.5% net margin
Moderate debt
3.44% dividend yield
Mixed vs. peers (7/13)
Moderate moat 55/100
Evidence: High Range ₹208.09 – ₹363.92 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 5 days ago

Fair value updated Aug 13, 2026, revised from ₹236.76 to ₹226.64 (−4.3%) since Aug 9, 2026.

A solid business, screening 35% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (₹208.09). The market is more pessimistic than our downside scenario.
  • Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

₹198.85 ₹47.32 Fair Value ₹226.64 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹47.32 – ₹198.85 · fair‑value band ₹208.09 – ₹363.92 · the ₹168.00 price screens below the ₹226.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

CESC Limited (500084) currently trades at ₹168.00, while our model-based Fair Value estimate is ₹226.64, implying the stock looks roughly 34.9% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Other sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, CESC Limited generated revenue of ₹102B at a net margin of 12.5%. Revenue declined 0.7% year over year. It earns a return on equity of 13.0%. The stock trades on a trailing P/E of 6.0 (as of Jul 4, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹208.09 (bear case) to ₹363.92 (bull case); at ₹168.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 22% above its 52-week low. For context, the median of 10 Other peers we cover trades at -24% fair-value upside, at 35%, 500084 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹42.62 ₹182.43 80
Residual Income ₹241.90 ₹278.89 ₹491.75 76
Rev-Margin DCF ₹71.52 ₹298.82 ₹564.34 74
All 26 models by family
DCF Models
FCF DCF ₹54.36 ₹226.30 38
Owner Earnings ₹51.46 ₹221.69 31
5Y Revenue Exit ₹71.52 ₹303.78 ₹607.60 39
5Y EBITDA Exit ₹221.90 ₹590.03 ₹1,030 41
5Y P/E Exit ₹49.84 ₹262.51 ₹490.22 38
10Y Revenue Exit ₹12.00 ₹214.30 ₹499.21 36
10Y EBITDA Exit ₹120.77 ₹414.94 ₹826.87 37
10Y P/E Exit ₹10.32 ₹185.38 ₹408.15 35
Earnings-Based
Graham-Dodd ₹205.21 ₹693.44 ₹929.50 54
Lynch FV ₹158.44 ₹226.34 ₹294.24 50
PEG = 1.0 ₹158.44 ₹226.34 ₹294.24 46
EPV ₹291.44 ₹379.93 ₹457.37 59
Dividend Discount
Gordon GGM ₹122.07 ₹253.81 ₹402.64 70
DDM Multi-Stage ₹122.07 ₹209.69 ₹266.38 61
Multiples
P/E Multiple ₹384.78 ₹513.04 ₹641.29 63
P/S Multiple ₹384.78 ₹513.04 ₹641.29 58
P/B Multiple ₹384.78 ₹513.04 ₹641.29 55
EV/EBIT ₹429.83 ₹652.94 ₹876.05 53
EV/EBITDA ₹437.89 ₹663.70 ₹889.50 54
EV/Revenue ₹154.02 ₹322.68 ₹491.34 43
Asset-Based
NCAV (Graham) ₹132.38 ₹177.39 ₹264.76 50
Growth DCF
Growth DCF ₹42.62 ₹182.43 80
Rev-Margin DCF ₹71.52 ₹298.82 ₹564.34 74
Economic Profit
Residual Income ₹241.90 ₹278.89 ₹491.75 76
ROIC Compounder ₹299.76 ₹450.26 ₹647.42 72
Growth Earnings
Growth-Adj P/E ₹336.63 ₹480.90 ₹625.16 68

Widest divergence: Multiples (₹513.04) versus Growth DCF (₹42.62). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹102B
Revenue growth (YoY) -0.7%
Net margin 12.5%
Return on equity 13.0%
P/E ratio 6.0 as of Jul 4, 2026
Operating margin 18.7%
More key figures
EPS (TTM) ₹96.12
Dividend yield 3.4%
EPS growth (YoY) +1.7%

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 46 · Market factors (momentum, volatility) 44

Profitability 33
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CESC Limited, an integrated electrical utility company, engages in the generation, transmission, and distribution of electricity to approximately 3.3 million domestic, industrial, and commercial users in the area of 567 square kilometers of Kolkata, Howrah, Hooghly, and North and South 24 Parganas in West Bengal in India.

Full company description

CESC Limited, an integrated electrical utility company, engages in the generation, transmission, and distribution of electricity to approximately 3.3 million domestic, industrial, and commercial users in the area of 567 square kilometers of Kolkata, Howrah, Hooghly, and North and South 24 Parganas in West Bengal in India. It owns and operates three thermal power plants, including Budge Budge, Southern, and Titagarh generating stations generating 1125 megawatts (MW) of power; two thermal power projects with a capacity of 640 MW in Chandrapur, Maharashtra and Haldia, West Bengal; and transmission and distribution systems that comprise 474 km circuit of transmission lines linking the company's generating and receiving stations with 105 distribution stations, as well as 8,211 km circuit of HT lines, and 12,269 km circuit of LT lines. The company also owns and operates solar plant in Gujarat's Kutch generating 9 MW of solar energy, and a 18 MW DC project in Ramnathapuram, Tamil Nadu; hydro power venture in Arunachal Pradesh generating 146 MW energy; and wind power plants, including a 24 MW project at Dangri in Rajasthan, a 26 MW project in Surendranagar in Gujarat, a 36 MW project in Nipaniya in Madhya Pradesh, and a 70 MW project in Rojmal, Gujarat. The company was formerly known as The Calcutta Electric Supply Corporation (India) Limited and changed its name to CESC Limited in January 1987. CESC Limited was founded in 1899 and is headquartered in Kolkata, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CESC Limited reported revenue of ₹170B in FY2025 versus ₹116B in FY2021, a compound +9.9%/yr. Reported net income was ₹13.7B in FY2025, compounding +0.7%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
₹170B
Latest YoY
+11.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.6%
Avg. growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Revenue +9.9%/yr
FY21 ₹116B
FY22 ₹125B
FY23 ₹142B
FY24 ₹153B
FY25 ₹170B
Net income +0.7%/yr
FY21 ₹13.3B
FY22 ₹13.6B
FY23 ₹13.4B
FY24 ₹13.8B
FY25 ₹13.7B

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Cite: Fair Value Calculator (2026). "CESC Limited Fair Value". https://www.fairvalue-calculator.com/stock/500084

Peer Group

Other · 373 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 51 · Below median
Fair Value upside +35% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 3% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth -1% · Bottom 25%
Dividend yield (TTM) 3.4% · Above median
Debt / equity 1.07× · Higher than 75% of peers

Valuation Multiples vs Other median · lower = cheaper

P/E (TTM) 6.0× · Cheaper than 75% of peers
P/B 0.63× · Pricier than median
P/S (TTM) 0.75× · Pricier than median
EV/EBITDA 7.0× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 80 · sector 9
FUTURE 0 · sector 0
PAST 52 · sector 0
HEALTH 47 · sector 97
DIVIDEND 69 · sector 31

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is CESC Limited (500084) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹226.64 versus a price of ₹168.00, about +35% (undervalued).
What is the fair value of 500084?
Our model-based fair value for CESC Limited is ₹226.64 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹168.00.
What is the quality score of 500084?
CESC Limited has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CESC Limited (500084)?
CESC Limited reported trailing-twelve-month revenue of about ₹102B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 500084?
The net profit margin of CESC Limited is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does CESC Limited pay a dividend?
CESC Limited currently shows a dividend yield of about 3.44% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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