CESC Limited (CESC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+262.3%

₹465.45

vs ₹128.46 price

Levered DCF

₹198.58

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	12.91×	14.82×	12.09×	6.58×	7.4×	5.91×	4.27×	8.12×
P/B	1.59×	1.69×	1.45×	0.81×	0.97×	0.8×	0.58×	1.07×
P/S	1.07×	1.19×	1.09×	0.62×	0.8×	0.68×	0.45×	0.9×
EV / EBITDA	10.45×	8.16×	7.07×	5.77×	5.75×	5.46×	4.55×	5.82×
Gross margin	23.7%	31.7%	31.1%	32.0%	41.2%	44.6%	42.7%	43.7%
Operating margin	11.9%	9.9%	7.2%	10.1%	17.2%	20.9%	19.8%	20.2%
Net margin	8.3%	8.1%	9.0%	9.4%	10.8%	11.4%	10.4%	11.1%
Current ratio	0.92×	0.98×	0.95×	0.88×	1.04×	0.99×	0.72×	0.74×
Debt / equity	1.73×	1.5×	1.27×	1.31×	1.44×	1.45×	1.52×	1.61×
Interest coverage	1.63×	1.28×	0.89×	1.29×	1.91×	2.01×	1.67×	1.63×
Dividend yield	4.0%	3.0%	3.6%	6.8%	6.0%	7.5%	5.4%	2.4%
Payout ratio	52.1%	44.0%	44.0%	45.0%	44.4%	44.6%	23.2%	19.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.3%	11.4%	12.0%	12.3%	13.1%	13.5%	13.5%	13.2%
Return on invested capital	4.0%	3.6%	2.8%	3.3%	4.5%	5.7%	5.5%	4.4%
Return on assets	3.3%	3.3%	3.7%	3.6%	3.6%	3.7%	3.6%	3.5%
Free cash flow yield	-6.2%	3.5%	9.5%	14.5%	17.1%	27.0%	46.0%	15.1%
Earnings yield	7.7%	6.7%	8.3%	15.2%	13.5%	16.9%	23.4%	12.3%
Enterprise value	₹360.1B	₹360.9B	₹299B	₹219.7B	₹228.6B	₹213.1B	₹184.5B	₹235.9B
Net debt / EBITDA	4.67×	3.57×	3.14×	3.45×	3.22×	3.45×	3.22×	3.45×
Cash conversion cycle (days)	18	25	56	71	64	64	63	94