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# CESC Moat Analysis: Score & Risks
- URL: https://www.moatmarginresearch.com/cesc-moat/
- Published: 2026-08-16T17:36:53.000Z
- Updated: 2026-08-22T05:13:20.000Z
- Author: A K Karthikeyan
- Tags: First-pass note, Coverage

Moat Note · First-pass

## CESC Ltd.

A first-pass moat teardown of CESC Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.

**Moat & Margin**16 Aug 2026 First-pass · \~3 min

5.53 / 10

NARROW (CAPPED)Regulated-led

First-pass narrow (capped) read — primary edge in Switching Costs. Provisional, single-pass evidence.

Provisional score · subject to modification based on new evidence

CESC Ltd. scores **5.53** on MoatSCORE 6.0 — a narrow (capped) moat in Power. This is a **first-pass note**: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.

The teardown 

## Seven dimensions of moat

Ordered by contribution. Each dimension carries a verified filing quote, graded **\[M\]** mechanism or **\[O\]** outcome.

D2Switching Costs6.5

M · Mechanism✓ Verified verbatim

“For Unit-I, DIL had a medium term PPA with Central Railway in Maharashtra for supply of 210 MW.”

**CESC Ltd.** · FY2024-25 Annual Report · p.50

D3Cost Advantage6.5

M · Mechanism✓ Verified verbatim

“Haldia TPP achieved a PLF of 94.9% in FY26 as against 91% in FY25”

**CESC Ltd.** · Investor Presentation · p.5

D6Efficient Scale6

M · Mechanism✓ Verified verbatim

“Banking of power is also done with other licensees to facilitate availability of power during periods of high demand.”

**CESC Ltd.** · FY2024-25 Annual Report · p.46

D1Network Effects5.7

M · Mechanism✓ Verified verbatim

“We are the sole distributor of electricity within an area of 567sq km of Kolkata, Howrah and adjoining areas and serve 3.5 million consumers which include domestic, industrial, and commercial users.”

**CESC Ltd.** · Annual Report · p.7

D5Intangible Assets4.7

M · Mechanism✓ Verified verbatim

“This innovative method, patented in October 2022, is actively promoted to encourage broader industry adoption.”

**CESC Ltd.** · Xbrl Text

D4Price Discretion4.5

No verified filing quote surfaced for this dimension in the first-pass evidence sweep.

D7Counter-PositioningExcluded—

Excluded for this archetype.

D8Ungoverned RiskUnscored · Layer 2.5

D8 rating: **ADEQUATE**. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.

The barrier gate 

## The barrier gate — first-pass

Replication — can a rival copy it?6.5

How hard it is for a rival to copy the edge (first-pass estimate).

Bypass — can a rival route around it?6.0

How easily a rival can route around the edge (first-pass estimate).

Effective barrier 6 — at or above 6, consistent with a narrow (capped) read. First-pass estimate.

What would change our mind

1. **Deep two-pass review.** This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
2. **The barrier gate.** A firmer replication or bypass estimate is the most likely thing to shift the band.
3. **Adverse events.** Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.

First-pass note — provisional single-pass MoatSCORE 6.0 read, not the full deep dive. Educational research, not investment advice; no buy/sell recommendation, no price target. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.

**Where this note fits.** This company is one of **509 Indian companies** we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the [Moat Screener](https://www.moatmarginresearch.com/moat-screener/).