Cesc Ltd · NSE:CESC
Cesc — Investor Presentation (September 2026)
29 slides from Cesc's investor presentation, Sep 18, 2026
Slide 1: Investor Presentation filing letter to exchanges
DOC:SEC:1959/2026-27/220 September 18, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot No. C/1, Phiroze Jeejeebhoy Towers, G- Block, Bandra – Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 SCRIP CODE: 500084 SCRIP CODE: CESC De
Slide 2: An Integrated Utility Transitioning to a Greener Tomorrow
An Integrated Utility Transitioning to a GREENER TOMORROW CESC Limited Corporate Presentation – September 2026
Slide 3: RPSG Group: Key Businesses at a Glance
RPSG Group: Key Businesses at a Glance India’s first fully integrated utility company, Aiming for medium-term 10 GW RE capacity. 4.8 serving 4.9 Mn Consumers across 7 locations. GWp contractual capacity LSG is a premier IPL franchisee focused on A global leader in BPS- delivering transformative, nur
Slide 4: CESC at a Glance
CESC at a Glance Unlocking value through integrated energy dominance Distribution Generation ( T h e r m a l ) 4.9 Mn + 2,140 MW customers across 7 geographies Generation capacity 4.9 GW+ peak demand 78% tied to own distribution 21,000 MU annual sales 5 thermal plants across India spanning across 1,
Slide 5: Integrated Moat: Delivering Value Across Power Chain
Integrated Moat: Delivering Value Across Power Chain A 125 years-old integrated utility, entering its strongest growth phase — distribution-led, renewables-fueled, and balance-sheet ready Distribution Generation Strong and established position across all circles Reliable base-load capacity with stro
Slide 6: Entering Growth Phase: Vision 2030
Entering Growth Phase: Vision 2030 Where CESC will be in five years — and how we get there FY25 → 2030 · PAT doubling trajectory & +400 bps ROE expansion 2x 2x Doubling of Profit ~2x PAT (Rs. Cr) 1,618 1,429 +400 Bps 12.6 11.7 ROE ROE ROE 400 RoE Expansion bps FY25 FY26 2030 (E) Growth in Distributi
Slide 7: Building Blocks – Growth Vision 2030
Building Blocks – Growth Vision 2030 Structural levers — across distribution, generation, renewables and manufacturing — engineered to compound earnings Higher Distribution Investment Planned 10 GW Renewables Improved Franchisee Performance Continuous investment in all the distribution licenses ~4.8
Slide 8: Power Demand & Reform Unlocking Sector Potential
Power Demand & Reform Unlocking Sector Potential The macro-opportunity for CESC is driven by India's position as the world's fastest-growing major energy market India's per-capita electricity consumption (~1,538 kWh) is well below the global average 900 GW ~Rs. 9.15 tn transmission capex by 2032E, p
Slide 9: Reforms creating a $200B opportunity
Reforms creating a $200B opportunity Market estimates privatization as the primary lever for fiscal recovery and efficiency in the power sector Fiscal Impact 11 states could cut combined fiscal deficit : 3.5%→3.0% of GSDP by privatizing DISCOMs Operational Gap Private utilities maintain AT&C losses
Slide 10: Distribution Dominance
Distribution Dominance Consumer Reach The Cash-Generating Core 4.9 million consumers High-yield license areas with structural demand tailwinds — funding the growth with regulated, annuity-like cash flows Distribution Franchisee PAT positive Value Creation Roadmap Kolkata Noida Chandigarh demand visi
Slide 11: Portfolio across 7 geographies
Portfolio across 7 geographies The macro-opportunity for CESC is driven by India's position as the world’s one of the fastest-growing major energy market Operating Customer Base Peak Distribution Assets Units sold T&D loss Revenue (FY26) model (Lakhs) demand CESC Kolkata Distribution Licensee 11,990
Slide 12: Improvement in T&D Losses
Improvement in T&D Losses T&D Loss trajectory across all distribution businesses CESC Kolkata Noida Power CPDL Rajasthan DF Malegaon DF Power Sales (BU) 12.0 9.6 3.9 0.92 1.7 0.74 2.3 +14%* 1.4 2.4 +6%* +5%* 1.9 +6%* +6%* FY22 FY26 FY22 FY26 FY22 FY26 FY22 FY26 FY22 FY26 *CAGR growth rate T&D Losses
Slide 13: Distribution Business – Operational Performance
Distribution Business – Operational Performance Year Q4 FY26 FY26 Q4 FY25 FY25 T&D Loss Revenue T&D Loss Revenue Station Sales (MU) Sales (MU) % (Rs Cr.) % (Rs Cr.) CESC Kolkata 11,990 6.11 9,939 11,857 6.5 9,765 Noida Power (NPCL) 3,888 6.95 3,001 3,598 7.5 2,777 Chandigarh Power (CPDL)# 1,746 8.30
Slide 14: Operational Excellence: Generation Assets Supporting The Grid
Operational Excellence: Generation Assets Supporting The Grid Baseload fleet (TPP*) supports distribution reliability and margin stability Southern (SGS) Crescent Budge Budge Haldia Chandrapur TPP TPP (BBGS) TPP TPP TPP Installed 3* 250 2* 300 2* 300 2* 67.5 40 Capacity (MW) Generation 5,368 4,986 4
Slide 15: Generation Business – Operational Performance
Generation Business – Operational Performance Year Q4 FY26 FY26 Q4 FY25 FY25 Capacity Sent Out Units Sent Out Units Station PLF (%) PLF (%) (MW) (MU) (MU) Budge Budge (BBGS) TPP 750 4,948 82 5,060 84 Southern (SGS) 135 333 31 399 37 TPP Haldia TPP 600 4,627 95 4,441 91 Dhariwal Infrastructure 600 4,
Slide 16: Key Initiatives to Enhance Generation Efficiency
Key Initiatives to Enhance Generation Efficiency Programs supporting generation efficiency, reliability and long-term asset performance Asset life enhancement initiative Process standardisation initiative to built around repair/replace discipline improve KPI tracking, consistency and and return-focu
Slide 17: Renewable Energy Push — A Structural Sectoral Tailwind
Renewable Energy Push — A Structural Sectoral Tailwind India power sector: green capacity now dominates the build-out — record additions, dispatchable-RE bids and a long generation runway Capacity vs Generation mix Renewable annual capacity addition (GW) Installed capacity — Jul’26 51 41% 30% 11% 9%
Slide 18: Acquisition of Operating Solar Portfolio by Purvah
Acquisition of Operating Solar Portfolio by Purvah Purvah Green signs SPA for acquisition of 100% of six SPVs from ReNew Solar Power Portfolio Quality Project Details of Acquired Assets Pokhran I Pokhran II Bhalki Chincholi Humnabad Siruguppa Rajasthan Rajasthan Karnataka Karnataka Karnataka Karnata
Slide 19: Purvah Green – The Green Pivot
Purvah Green – The Green Pivot CESC’s acceleration towards 10 GW of renewable capacity Growth Vision Access to Best-in-Class Solar & Wind Resource Clusters 1.8 GWp 3.0 GWp - + - = 4.8 10 GW Operational* Under Medium term implementation GWp Vision 3,514 MWp Land bank Operational Under implementation
Slide 20: Purvah Green 2.0 — Organic Momentum, Strategic Expansion
Purvah Green 2.0 — Organic Momentum, Strategic Expansion The acquisition converts Purvah from a development-led platform into one generating recurring contracted cash flows today Seamless Fit — Operating Core Meets Development Pipeline Integration & Operational Synergies Contracted Renewable Capacit
Slide 21: Capacity Overview & Strategic Roadmap
Capacity Overview & Strategic Roadmap Contracted Capacity & Annualized Financial Impact (₹ Cr) Execution Pipeline 10 GW 4.8 GWp Anchors the annualized revenue, EBITDA and committed capex shown below — built from an organic pipeline plus acquisitions. Contracted renewable capacity Future Bid win Tran
Slide 22: Strong Pipeline of Hybrid / RTC / BESS Projects
Strong Pipeline of Hybrid / RTC / BESS Projects Signed PPAs, LOAs, secured connectivity and land tie-ups create a clear path to the long-term ambition CESC Kolkata NPCL CESC Kolkata SECI 300 MW SECI REMCL SECI SECI 300 MW Solar* 300 MW Hybrid* 300 MW Hybrid* Solar+BESS* 175 MW Wind* 180 MW RTC* 250
Slide 23: DCR Cell & Module Ecosystem — Structural Momentum
DCR Cell & Module Ecosystem — Structural Momentum Multi-gigawatt production volumes across cells and modules, with policy and integration acting as compounding structural moats for domestic manufacturers 150 GW → 817 GW by FY35 · a 5.4× build-out FY26 Solar capacity Grid-led capacity (+416 GW) Green
Slide 24: Strategic Foray into Cell & Module Manufacturing
Strategic Foray into Cell & Module Manufacturing LOCATION LAND SECURED TECHNOLOGY Greater Noida 100 acres TOPCon+ In Sector 8D, Yamuna Expressway Industrial Integrated solar cell mfg. · Center of Excellence + LOA received from UP Govt. — attractive incentives Development Authority (YEIDA) R&D labs W
Slide 25: Digital First Customer Engagement
Digital First Customer Engagement One technology reset — every service metric transformed ~88% ~95% ~83%+ Payment channels are Revenue collection digitally Dockets raised digitally digital Gold Award Customer Loyalty Gen-AI Rewards Resolution in the Change Management for Gain strong momentum with Im
Slide 26: Investment Thesis
Investment Thesis Why CESC – Why Now Best-in-class distribution & Power demand growth driven by Targeting double-digit PAT growth 4.9 mn consumers across Pivoting towards 10 GW RE generation, with low T&D losses urbanisation, electrification & with sustained RoE expansion established, high-growth ma
Slide 27: Key Subsidiaries – Financial Performance
Key Subsidiaries – Financial Performance FY26 FY25 Particulars Rev EBITDA PAT Rev EBITDA PAT CESC Ltd (Consolidated) 18,927 4,707 1,618 17,375 4,312 1,429 CESC Standalone 9,939 2,673 852 9,765 2,622 800 Noida Power 3,001 442 227 2,777 345 171 Chandigarh Power# 1,007 61 25 127 5 1 Haldia Energy Ltd 2
Slide 28: High on ESG Commitment
AK ‘ RP- Sanjiv Goenka Group Growing Lega es | High on ESG Commitment ill 2 © C Oo © rE | Environment @ 100% 9.65 GJ/MWh CG) zero liquid discharge ‘of energy intensity in 3 out of 5 thermal power plants Maintained 34% stack at emissions. increase in rainwater well below normative harvesting equall t
Slide 29: Disclaimer
Disclaimer Statement in this "Investor Presentation" describing the Company's objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities law and regulations. Actual results could differ materially from those express