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CleanMax Reports 33 Percent YoY EBITDA Growth in 9M FY26, Expands Contracted Capacity to 5.7 GW

Clean Max Enviro Energy Solutions (CleanMax) reported a 33 percent YoY rise in 9M FY26 EBITDA to INR 945 crore, driven by higher renewable power sales and improved margins, with total contracted energy capacity reaching 5.7 GW as of March 2026.

March 18, 2026. By Mrinmoy Dey

Clean Max Enviro Energy Solutions (CleanMax) has reported a 33 percent year-on-year (YoY) growth in Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) to INR 945 crore in 9M FY26, compared to INR 709 crore in the same period last year. In Q3 FY26, the company has reported a 40 percent increase in EBITDA to INR 307 crore, as compared to INR 220 crore in Q3 FY25.

This growth was primarily driven by a 26 percent increase in renewable energy power sales revenue and improving EBITDA margins for the power sales business, which expanded from 81 percent in 9M FY25 to 83 percent in 9M FY26, the company stated.

The company also continued to improve on its cost of borrowing, with its weighted average project finance interest rate declining from 9.2 percent per annum as of March 31, 2025 to 8.9 percent per annum as of December 31, 2025. During the same period, reported Profit After Tax (PAT) increased from INR 2 crore to INR 40 crore.

As of March 1, 2026, CleanMax has a total energy sale (contracted capacity) of about 5.7 GW, compared to 1.75 GW as of April 1, 2024, 4.4 GW as of April 1, 2025, and 5.5 GW as of December 31, 2025.

Of this 5.7 GW contracted energy sales capacity, 3 GW is commissioned as on March 1, 2026, which represents a 76 percent growth in commissioned capacity from 1.7 GW at the start of the fiscal year, the company stated.

During the first 11 months of FY26, CleanMax commissioned 1.3 GW of new capacity, comprising 85 percent solar and 15 percent wind projects, across seven states in India, including Gujarat, Karnataka, Maharashtra, Tamil Nadu, Haryana, Rajasthan and Chhattisgarh. Remainder 2.7 GW of energy sales capacity is expected to be commissioned within next 24 months, the company said.

CleanMax has stated that a key driver of this growth has been the demand from the Data and AI sector, which now represents 42 percent of contracted capacity (2.4 GW), which has risen by about 10 times in the last 2 years. The company also recently commissioned its first 0.5 GW CTU-connected plant in Bikaner, designed to supply renewable energy offsets to Data and AI customers.

Over and above the contracted energy sale volumes, CleanMax has operational 523 MW (0.5 GW) of capacity from RE services (Assets owned by CCI customers) as of March 1, 2026 and an additional 226 MW of solar and wind capacity contracted currently for execution under the RE Services segment.

In addition to the 6.5 GW of overall contracted volumes (5.7 GW energy sales and 0.75 GW RE services), CleanMax has a mid-and-early-stage power evacuation pipeline of 4.8 GW across the country, which is yet to be contracted with clients, the company stated.

The incremental energy sales capacity of 1.3 GW added during the financial year was executed at about 97 percent of the budgeted cost. In the past three fiscals, CleanMax has built capacity at 95-98 percent of sanctioned project costs, claimed the company.

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