Kolkata-based power utility CESC Limited, part of the RPSG Group, reported consolidated gross revenue of ₹5,686 crore for the quarter ended 30 September 2026, up 6% from ₹5,351 crore a year earlier. Consolidated profit after tax (PAT) slipped 2% to ₹438 crore from ₹448 crore. The company filed its results with the stock exchanges on 5 November 2026. Its investor update shows contracted renewable capacity at subsidiary Purvah Green Power of 4.9 GWp, including a 1.4 GWp solar portfolio it is buying from ReNew, subject to closing.
Key Financials
According to the company’s investor update, the consolidated figures for Q2 FY27 were:
- Gross revenue: ₹5,686 crore, up 6% from ₹5,351 crore
- Earnings before interest, tax, depreciation and amortisation (EBITDA): ₹1,217 crore, unchanged
- PAT: ₹438 crore, against ₹448 crore
For the first half of FY27, consolidated revenue rose 6% to ₹11,245 crore and PAT stood at ₹857 crore, against ₹855 crore. The standalone business, which covers the Kolkata licence area, reported Q2 revenue of ₹2,914 crore, up 7%, and PAT of ₹256 crore, against ₹242 crore.
Distribution and Losses
The distribution business serves more than 4.9 million customers across 1,454 sq km in Kolkata, Greater Noida, Chandigarh and franchise areas in Rajasthan and Maharashtra. Transmission and distribution (T&D) loss in the Kolkata business stood at 6.61% in H1 FY27.
Noida Power Company Limited (NPCL) raised Q2 revenue 14% to ₹1,002 crore, while its PAT fell to ₹53 crore from ₹59 crore. Its sales volume grew 11% to 1,285 MU, and its T&D loss fell to 6.98% from 8.16% a year earlier. The company says the Ministry of Power ranked NPCL India’s third-best power distribution utility. Chandigarh Power sold 603 MU, up 6%, and earned revenue of ₹341 crore, up 10%. The Rajasthan distribution franchises recorded a combined T&D loss of 13.0% and EBITDA of ₹24 crore. At the Malegaon distribution franchise, T&D loss fell to 35.7% from 37.3%, which CESC attributes to vigilance and loss reduction work.
Renewables and Manufacturing
Purvah Green has signed a share purchase agreement to acquire six solar special purpose vehicles from ReNew, with 1,411 MWp of operating capacity, at an enterprise value of about ₹4,859 crore. More than 90% of that capacity is tied up with the Solar Energy Corporation of India (SECI), and the deal is expected to close before 21 November 2026. CESC disclosed on 31 October 2026 that the completion timeline had been revised from 31 October to 21 November 2026. CESC estimates annual revenue from the portfolio at about ₹600 crore.
Purvah’s pipeline includes a 300 MW solar-plus-battery energy storage system (BESS) project for SECI and a 70 MW round-the-clock (RTC) project for which a letter of award (LoA) has been received. CESC is also setting up a TOPCon solar cell and module plant on 100 acres near Jewar Airport in Uttar Pradesh. It says land is secured, the equipment vendor is finalised and site activity has begun. The update does not give a capital cost or capacity for the cell plant.
CESC puts the committed capital expenditure for Purvah’s 4.9 GWp of contracted capacity at more than ₹26,000 crore. It estimates the annualised revenue from that capacity at more than ₹3,400 crore and annualised EBITDA at more than ₹3,000 crore once built. Purvah has applied for 10.4 GW of grid connectivity, of which 3.8 GW is secured, and has 15,700 acres of land secured or under acquisition. In Q2 FY27, Purvah reported revenue of ₹36 crore and a loss of ₹28 crore.
Policy Backdrop
CESC says the Approved List of Models and Manufacturers (ALMM) List-II will favour domestic cell makers, and that the Uttar Pradesh government is offering incentives for its cell plant. At the Bharat Renewable Energy Summit & Expo 2026 on 2 November 2026, Prime Minister Narendra Modi announced a goal to add another 500 GW of non-fossil capacity over the next 10 to 11 years.
About the Company
CESC describes itself as India’s first fully integrated utility company. Its thermal fleet includes the 750 MW Budge Budge station, which ran at a plant load factor (PLF) of 90.4% in Q2 FY27, and the 600 MW Haldia and Chandrapur plants. The Southern generating station’s PLF rose to 83.8% from 29.8% a year earlier. Among the subsidiaries, Dhariwal Infrastructure, which runs the Chandrapur plant, raised Q2 PAT to ₹139 crore from ₹98 crore, while Haldia Energy’s PAT fell to ₹61 crore from ₹84 crore. The RPSG Group reports a turnover of about US$5 billion.
The Company’s Recent Pipeline
- August 2026 (5 August): Purvah received a SECI LoA for a 175 MW wind project under SECI Tranche-XX.
- August 2026 (10 August): Purvah signed the agreement to buy the 1.4 GWp ReNew solar portfolio.
- August 2026 (14 August): Purvah received a SECI LoA under the firm and dispatchable renewable energy RTC tender (FDRE-RTC-V).
- Q2 FY27: Purvah signed a 25-year power purchase agreement (PPA) under a commercial and industrial (C&I) model with Prism Johnson for a 49.5 MW wind project.
Outlook
Closing the ReNew acquisition is the next milestone; CESC says the deal speeds its plan to build a 10 GW renewable company within a few years. Most of the Purvah pipeline is due for commercial operation between FY27 and FY30. Further progress on the Jewar cell plant, where long-lead equipment orders have been placed, and loss reduction at the franchise areas are the other items to watch.
Official Sources
- CESC Limited – Investors Update Q2 FY27 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/CESC_05112026160433_1.pdf
- CESC Limited – Financial Results for the Quarter Ended 30 September 2026 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/CESC_05112026112827_1.pdf
- CESC Limited – Purvah Green Receives SECI LoA for Wind Project, Tranche-XX (NSE, 6 August 2026): https://nsearchives.nseindia.com/corporate/CESC_06082026154312_1.pdf
- CESC Limited – Revised Completion Timeline for ReNew Solar Portfolio Acquisition (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/CESC_31102026160947_1.pdf
- CESC Limited – Acquisition of Solar Portfolio from ReNew (NSE, 10 August 2026): https://nsearchives.nseindia.com/corporate/CESC_10082026125238_1.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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