CleanMax Upgraded to AA-/Stable by CARE Ratings After Strong FY26 Growth

Mumbai-based CleanMax, a renewable energy company focused on the commercial and industrial (C&I) segment, has received a credit rating upgrade from CARE Ratings Ltd. to ‘CARE AA-/Stable’ from ‘CARE A+/Positive’. The upgrade applies to the company’s long-term bank facilities and non-convertible debentures.

The revised rating reflects the company’s stronger financial profile, improving operational performance, expanding scale and prudent financial management. The rating agency also cited CleanMax’s healthy liquidity position, strong debt servicing capability and established presence in India’s rapidly growing renewable energy market.

The upgrade follows a strong FY26 performance by the company. CleanMax reported its highest-ever consolidated EBITDA of nearly INR 1,295 crore during the fiscal year, marking a 28 percent year-on-year increase. Consolidated profit after tax rose 4.4 times from the previous year to around INR 85.6 crore.

Operationally, the company expanded its contracted renewable energy portfolio to 5.7 GW, while its operational capacity reached nearly 3.1 GW.

Commenting on the development, Nikunj Ghodawat, CFO of CleanMax, said that the rating upgrade reflects the company’s strong business fundamentals, financial discipline and growing contribution to corporate clean energy adoption. He added that the improved rating is expected to strengthen the company’s leverage profile and potentially lower financing costs over time.

The company said it continues to focus on portfolio expansion across multiple Indian states while strengthening business models such as Renewable Energy Sales and Renewable Energy Services. Demand from data centres and AI-driven industries has emerged as a key growth driver for the company.

According to CleanMax, the Data & AI segment now contributes nearly 42 percent of its contracted renewable energy power sales portfolio. Contracted capacity from this segment has increased nearly tenfold between FY2023-24 and FY2025-26, reflecting rising clean energy demand from digital infrastructure and AI-led industries.