CleanMax Reports 37 percent Revenue Growth in Q2 FY27

Clean Max Enviro Energy Solutions, a renewable energy solutions provider for the Commercial and Industrial (C&I) sector, has announced its financial results for the quarter, ended September 30, 2026 (Q2 FY27).

Revenue from operations during Q2 FY27 stood at INR 728 crore (up 37 percentage YoY), driving a strong Adj. EBITDA growth of 43 percent YoY; leading to expansion in consolidated EBITDA margins. The company also reported a strong PAT of INR 65 crore, up 82 percent YoY.

For the H1 FY27, Adj. EBITDA grew 56 percent to INR 1,047 crore. Profit after tax rose more than six-fold to INR 120 crore, compared with INR 19 crore in H1 FY26. Repeat customers accounted for approx 85 percent of new contracted capacity.

Further, during the first half of the year, CleanMax commissioned 550 MW of RE Power Sales capacity across six states, taking the operational RE Power Sales capacity to 3,638 MW, up ~57 percent YoY. In the second half of FY27, CleanMax expects to execute at least ~450 MW of STU-connected and on-site projects, alongside the 534 MW Koppal CTU project in Karnataka, which is planned to be commissioned in phases between December 2026 and March 2027. These projects will contribute towards achieving the company's FY27 capacity addition guidance of a minimum of 1.5 GW of RE Power Sales capacity. The company further reiterates its guidance of achieving a reported EBITDA above INR 3000 crores in FY28.

RE Power Sales operational and contracted capacity reached 6.3 GW (as of September 2026), while the RE Services segment contributed a further 0.8 GW, taking CleanMax’s total operational and contracted portfolio to 7.1 GW.

The operating base now spans 7 Indian states, plus onsite assets in 22 states and four countries. CleanMax’s total platform (including available grid evacuation/ applied for including CTU connectivity) stood at ~13 GW as on September 30, 2026 (vs 7.8 GW as on March 31, 2025).

CleanMax's capacity mix is diversified across State Transmission Utility (STU)- and Central Transmission Utility (CTU)-connected projects, with approximately 75 percent of its contracted capacity connected through STU and the remaining 25 percent through CTU, primarily catering to the requirements of large-scale hyperscalers.

During Q2 FY27, the company's revenue from operations increased by 37 percent year-on-year (YoY) to INR 728 crore, compared to INR 531 crore in Q2 FY26. For H1 FY27, revenue grew by 67 percent YoY to INR 1,560 crore, driven by an increase in its operational portfolio. Adjusted EBITDA for the quarter rose by 43 percent YoY to INR 553 crore, compared to INR 386 crore in the corresponding quarter of the previous year, while reported EBITDA increased by 51 percent to INR 548 crore. During H1 FY27, adjusted EBITDA grew by 56 percent YoY to INR 1,047 crore, while reported EBITDA increased by 58 percent to INR 1,011 crore.

The company's reported Profit After Tax (PAT) for Q2 FY27 stood at INR 65 crore, registering an 82 percent YoY growth. For H1 FY27, reported PAT increased six-fold to INR 120 crore. CleanMax's weighted average cost of debt stood at 8.33 percent as of September 2026, down from 9.49 percent in March 2025. The reduction reflects the company's focus on optimising its cost of capital, supported by its AA (Stable) credit rating from CRISIL.

As of September 30, 2026, CleanMax had a weighted average Power Purchase Agreement (PPA) tenor of approximately 23 years and served 606 commercial and industrial (C&I) customers.

CleanMax also raised INR 2,500 crore through India’s first green bond issuance in the C&I renewable energy sector, at fixed coupons for tenors of up to ten years; anchored by leading development finance institutions, alongside participation from banks, mutual funds and other institutional investors. The issue followed CleanMax’s first rating from CRISIL, at AA/Stable.

Kuldeep Jain, Founder and Managing Director, Clean Max Enviro Energy Solutions, said, “Our operational portfolio continues to expand, while our platform capacity has crossed 13 GW, providing the capacity and connectivity required to serve the next wave of C&I renewable energy demand. We believe securing grid connectivity ahead of demand is important for long-term value creation. We are comfortably placed to exceed our 1,500 MW capacity addition guidance during the year.”

Nikunj Ghodawat, Chief Financial Officer, Clean Max Enviro Energy Solutions, said, “Our focus remains on scaling with execution discipline, financial prudence and a diversified portfolio. Our H1 performance reflects the increasing scale and operating leverage of the business, with Adjusted EBITDA growing 56 percent and PAT increasing more than six-fold year-on-year. With demand growing across conventional C&I and Data & AI, we are focused on translating this opportunity into a sustainable growth trajectory.”