CESC (CESC) Q2 26/27 earnings summary

Executive summary

• H1 FY27 consolidated gross revenue rose 6% YoY to Rs 11,245 Cr; PAT was Rs 857 Cr, up 1%.

• Contracted renewables reached 4.9 GWp, supporting a 10 GW medium-term target; a 1,411 MWp operating solar acquisition from ReNew is pending closure.

Financial highlights

• Q2 consolidated gross revenue was Rs 5,686 Cr, up 6% YoY, while consolidated revenue was Rs 5,607 crore; EBITDA was Rs 1,217 Cr and PAT was Rs 438 Cr, versus Rs 448 crore a year earlier.

• H1 consolidated gross revenue was Rs 11,245 Cr, up 6%; consolidated revenue was Rs 11,092 crore versus Rs 10,469 crore. EBITDA was Rs 2,366 Cr, down 1%, and PAT was Rs 857 Cr versus Rs 855 Cr.

• Standalone Q2 revenue was Rs 2,914 Cr, up 7% YoY; EBITDA was Rs 688 Cr, down 2%, and PAT was Rs 256 Cr, up 6%.

• Standalone H1 revenue was Rs 5,938 Cr, up 5% YoY; EBITDA was Rs 1,319 Cr, down 4%, and PAT was Rs 476 Cr, up 5%.

• Consolidated Q2 PBT was Rs 586 crore, including Rs 99 crore net regulatory income; H1 PBT was Rs 1,132 crore, including Rs 279 crore. Q2/H1 EPS was Rs 3.20/Rs 6.23.

Outlook and guidance

• Contracted renewable capacity of 4.9 GWp supports annualized revenue of ~Rs 3,400 Cr and EBITDA of ~Rs 3,000 Cr; committed capex is ~Rs 26,000 Cr+.

• Medium-term renewable capacity target is 10 GW, with ~1 GW in the execution pipeline and ~1 GW of future bid wins.

• Solar cell and module manufacturing has a 3 GW capacity target by 2027.