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Buy CESC; target of Rs 204 : ICICI Securities
Buy CESC; target of Rs 204 : ICICI Securities
About this update from Cesc Ltd
ICICI Securities research report on CESCWe attended the RP-Sanjiv Goenka Group Investor Day 2025 this week where CESC unveiled its ‘Growth Vision 2030’. At the crux, it seeks to double profits by FY30 via the levers of Distribution Company (DISCOM) capex, RE generation and solar manufacturing. In order to achieve this, management has outlined an INR 320bn capex plan; within which, INR 230bn shall be earmarked for RE generation capacity, INR 60bn for distribution assets and INR 30bn for solar manufacturing over the next five years. Apart from building its businesses, CESC aims to win DISCOM bids. UP plans to privatise its DISCOMs due to AT&C losses of >30%. The DISCOMs have 17.5mn customers with consumption of ~65BU. Five major bids at UP are expected in the medium term. Retain BUY and TP of INR 204.OutlookWe reiterate BUY with an SoTP-based TP of INR 204.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.CESC - 09092025 - icici