Down 27% in six months! This power stock could rally 36%, says ICICI Direct - Do you own? Check target price

Résumé détaillé

CESC shares swung sharply during Thursday trading as volume surged, while the stock remained down nearly 28% over six months. ICICI Direct maintained a Buy rating with a ₹176 target, citing growth prospects and renewable-energy expansion, including a 1.5 GWp portfolio acquisition.

Shares of CESC witnessed sharp volatility during Thursday’s intraday trading session amid sharp surge in trading volume in the power utility stock. Meanwhile, the stock has declined nearly 27.89% over the past six months. However, CESC’s in-line results in the second quarter of financial year 2026-27, and positive growth outlook may benefit the stock in long-term, according to ICICI Direct which sees nearly 36% upside potential in it.

CESC shares came under pressure in the second half of the trading session, erasing all the gains recorded during the first half of the day.

The company stock is on track to achieve its vision of 10 GW of RE capacity as it signed an agreement to acquire 1.5 GWp, operational portfolio during the quarter. CESC has also secured transmission connectivity for 4.8GW and 8.8k acres of land for solar projects and the firm aims to boost its presence in the solar manufacturing segment.

ICICI Direct maintained a ‘Buy’ rating for the stock with a target price of ₹176 per share (earlier the brokerage gave a buy rating of ₹220 per share).

CESC’s net profit stood at ₹438 crore during the quarter ended in September, 2026. The company had reported a net profit of ₹448 crore in the year ago period. Its consolidated revenue stood at 5,607 crore during the quarter under review. Revenue growth was supported by better-than-expected performance at Noida power.

“However, EBITDA was flat YoY at INR 11.4bn. As a result, profit for the quarter was flat YoY at INR 4.4bn. Standalone EBITDA/PAT came in at INR 6.3bn/INR 2.6bn,” read the ICICI Securities report.

The stock was trading 0.57% lower at ₹130.40 per share on BSE with a market capitalisation of ₹17,278.81 crore at 2:20 pm on Thursday, November 12. Its share price value touched an intraday high level of ₹132.40 apiece after witnessing sharp 2.03 times spurt in volumes.

The stock value has declined 19.67% in three months, 27.72% in six months, and 21.93% in 2026 so far.

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