CESC Moat Analysis: Score & Risks
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.
First-pass narrow (capped) read — primary edge in Switching Costs. Provisional, single-pass 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.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“For Unit-I, DIL had a medium term PPA with Central Railway in Maharashtra for supply of 210 MW.”
“Haldia TPP achieved a PLF of 94.9% in FY26 as against 91% in FY25”
“Banking of power is also done with other licensees to facilitate availability of power during periods of high demand.”
“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.”
“This innovative method, patented in October 2022, is actively promoted to encourage broader industry adoption.”
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 — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow (capped) read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
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.
Member discussion