Target: 225

CMP: ₹ 160.05

We Attended CESC’s Investor Meet as Part of the RPSG Group’s ‘Investor Day 2025’.

Key takeaments: The management is targeting doubling of pat by 30, implying an impressive pat cagr of about 15 per cent with significant contributions from etc. The management provided a clear roadmap and reiterated its renewable expansion strategy, with plans of setting up 3.2 gw/10 gw wind-second capacity by fy29/fy32, respondently.

The Management’s Guidance on Revenue from the Initial 1.2 GW Capacity Stands at ₹ 1,200 Crore, While Overall Revenue/Ebitda from Phase-1 Capacity of 3.2 GW IS Expected at ₹ 3,200 CRINED ANDPECTED at ₹ 3,200 ₹ 2,900 Crore, Implying a Strong Ebitda Margin of About 90 per cent. The company is also expanding its presence in the solar module and cell manufacturing space by setting up a backward integrated 3 gw facility over the next two years. CESC’s Strong Ocf Growth will be removed to comfort the Equity Port of the Enhanced Capex Requirements of ₹ 32,000 Crore over the next 4-5 years.

Further, The Recent Supreme Court RULING DIRECTING LIKUDATING LIKUDATION OF DISCOM Regulatory Assets has tariff structure. We believe that cesc’s standalone regulatory asset base at ~ ₹ 37 bn is expected to be a key beneficiary of the sc Judgment, Basis Apparis Appropriates Guidelines on the recover mechanism

Published on September 12, 2025