CESC Growth Vision 2030: ICICI Securities decodes key statements

ICICI Securities on CESC: ICICI Securities has reiterated its ‘Buy’ rating on CESC with a target price of ₹204 following the RP-Sanjiv Goenka Group Investor Day 2025, where the company laid out its ‘Growth Vision 2030’. 

 

On the bourses, CESC share price rose as much as 1.16 per cent to an intraday high of ₹156.15 per share. However, by 10:50 AM, CESC shares were trading 0.10 per cent lower at ₹154.70 per share. In comparison, BSE Sensex was trading 0.19 per cent higher at 80,940.91 levels.

 

That said, the vision focuses on doubling profits by FY30 through a combination of capex in distribution, renewable energy (RE) generation, and solar manufacturing, analysts noted.

 

 

CESC has mapped a total capex of ₹32,000 crore over the next five years, allocating ₹23,000 crore for RE generation, ₹6,000 crore for distribution assets, and ₹3,000 crore for solar cell and module manufacturing. 

 

Alongside building these businesses, the company is looking to expand its distribution company (DISCOM) footprint, particularly in Uttar Pradesh, where privatisation is expected due to AT&C losses exceeding 30 per cent. The state has 17.5 million customers with annual consumption of ~65BU, and five major DISCOM bids are expected in the medium term, offering growth opportunities for CESC.  Track Stock Market LIVE Updates 

Doubling profits by FY30

 

CESC expects its growth levers to drive a twofold increase in profits by FY30, anchored on three pillars, which include RE generation capacity of 3.2GW, ₹6,000 crore capex on distribution assets combined with cost optimisation and potential acquisitions, and 3GW of solar cell and module manufacturing.

 

Pushing the pedal on DISCOMs

 

The company expects DISCOM assets to deliver ₹1,600 crore profit by FY30, up from ₹840 crore in FY25. Profit growth will come from incremental capex in Kolkata, 1.5x demand growth at Noida, acquisition of the Chandigarh DISCOM, Malegaon reaching break-even by FY29, and winning new DISCOM bids.

 

Renewables expansion underway

 

CESC further plans to add 3.2GW of RE generation by FY29, with a locked-in Ebitda of over ₹2,000 crore, and targets 10GW by FY32. It has concluded PPAs for 1.2GW, with 2GW earmarked for captive use. The company has secured transmission rights for 3.8GW, with an additional 4GW submitted, and is building solar cell and module capacity of 3GW each by FY28 at a capex of ₹3,000 crore.

 

With these strategic investments across distribution, renewable energy, and solar manufacturing, ICICI Securities believes CESC is well-placed for sustained long-term growth.