Clean Max Publishes Q3 FY26 Earnings Call Transcript and Financial Results

4 min read     Updated on 23 Mar 2026, 09:21 AM
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Clean Max Enviro Energy Solutions released Q3 FY26 financial results and earnings conference call transcript, demonstrating strong performance with consolidated revenue of ₹4,662.82 million, standalone revenue of ₹16,119.19 million, and 33% EBITDA growth. The company reported 5.7 GW of contracted renewable energy capacity representing 3x growth over two years, with management providing guidance of 1.5 GW capacity addition for FY27.

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Clean Max Enviro Energy Solutions Limited has published its Q3 FY26 unaudited standalone and consolidated financial results in newspapers pursuant to Regulations 47 and 52(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also released the transcript of its maiden earnings conference call held on March 18, 2026, under Regulation 30, showcasing exceptional financial performance with consolidated quarterly revenue of ₹4,662.82 million and standalone revenue of ₹16,119.19 million for the quarter ended December 31, 2025.

Regulatory Compliance and Publication Details

The company fulfilled its regulatory obligations by publishing the financial results on March 19, 2026, in Financial Express (All India Edition) and Mumbai Lakshdeep (Mumbai Edition). The Board of Directors approved these unaudited financial results at their meeting held on March 17, 2026. Company Secretary and Compliance Officer Ullash Parida confirmed the publication and made the results available on the company's website at cleanmax.com under the shareholder information section.

Publication Details: Information
Board Approval Date: March 17, 2026
Publication Date: March 19, 2026
Conference Call Date: March 18, 2026
Newspapers: Financial Express, Mumbai Lakshdeep
Company Secretary: Ullash Parida (FCS 8689)

Management Commentary and Business Performance

During the earnings conference call hosted by Axis Capital, Managing Director Kuldeep Jain and Chief Financial Officer Nikunj Ghodawat highlighted the company's strong operational performance. The management reported 33% year-on-year EBITDA growth for the nine months ended December 2025, driven by 26% increase in power sales revenue growth and improved EBITDA margins from 81% to 83% due to operating leverage.

Key Business Metrics: Current Status Growth
Contracted RE Power Sales: 5.7 GW 3x growth in 2 years
Operational Capacity: 3.0 GW 76% increase YoY
Capacity Under Execution: 2.7 GW -
Data and AI Segment: 42% of contracted volume 10x growth

Consolidated Financial Performance

The consolidated financial results demonstrate strong operational performance with total income from operations reaching ₹4,662.82 million for Q3 FY26 compared to ₹4,093.60 million in the corresponding quarter of the previous year. The company achieved net profit after tax of ₹211.77 million, marking a significant turnaround from the loss of ₹43.17 million in Q3 FY25. For the nine months ended December 31, 2025, consolidated revenue grew to ₹14,356.27 million from ₹11,152.05 million in the previous year.

Consolidated Metrics: Q3 FY26 Q3 FY25 Growth
Total Income: ₹4,662.82 million ₹4,093.60 million +13.9%
Net Profit After Tax: ₹211.77 million (₹43.17 million) Positive
Basic EPS: ₹2.70 ₹0.26 +938%
Outstanding Debt: ₹1,14,326.41 million ₹70,076.33 million +63.2%

Standalone Financial Results

The standalone financial performance showed remarkable growth with total income from operations of ₹16,119.19 million in Q3 FY26 versus ₹6,869.89 million in Q3 FY25, representing a substantial increase of 134.6%. Net profit after tax surged to ₹2,702.78 million from ₹1,043.54 million in the previous year's corresponding quarter. The nine-month standalone revenue reached ₹43,501.31 million compared to ₹13,622.95 million in the previous year.

Standalone Metrics: Q3 FY26 Q3 FY25 Growth
Total Income: ₹16,119.19 million ₹6,869.89 million +134.6%
Net Profit After Tax: ₹2,702.78 million ₹1,043.54 million +159.0%
Basic EPS: ₹26.44 ₹10.97 +141.0%
Net Worth: ₹40,670.11 million ₹32,737.61 million +24.2%

Strategic Partnerships and Future Guidance

The management highlighted the operationalization of a 51% Clean Max owned partnership with Osaka Gas, which saw an equity investment of ₹176.00 crores from Osaka Gas for a 49% stake during the financial year. The company provided guidance for commissioning upwards of 1.5 GW of RE power sales capacity in FY27, with weighted average interest rates improving from 9.2% to 8.7% as of December 2025.

Strategic Initiatives: Details
Osaka Gas Partnership: 51%-49% joint venture
Equity Investment Received: ₹176.00 crores
FY27 Capacity Guidance: 1.5 GW+
Interest Rate Improvement: 9.2% to 8.7%

Stock Exchange Compliance

The complete financial results and earnings call transcript have been filed with BSE Limited (Scrip Code: 544717/973979/977267) and National Stock Exchange of India Ltd. (Symbol: CLEANMAX) under Regulation 33, 52, and 30 of SEBI Listing Regulations. The results are accessible on the respective stock exchange websites and the company's investor relations portal. Managing Director Kuldeep Jain (DIN: 02683041) signed the published results on behalf of the Board of Directors.

Historical Stock Returns for Clean Max Enviro Energy Solutions

1 Day5 Days1 Month6 Months1 Year5 Years
+0.42%+10.23%-3.88%-2.20%-2.20%-2.20%

How will Clean Max's aggressive capacity expansion plan of 1.5+ GW in FY27 impact the competitive landscape in India's renewable energy sector?

What strategic advantages could the Osaka Gas partnership provide for Clean Max's expansion into international markets or new technology segments?

Will Clean Max's 10x growth in the Data and AI segment position the company to capitalize on India's growing digital infrastructure and data center demand?

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Clean Max Enviro Energy Solutions Updates Corporate Identification Number Following Stock Exchange Listing

1 min read     Updated on 18 Mar 2026, 06:38 PM
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Clean Max Enviro Energy Solutions Limited has updated its Corporate Identification Number from 'U93090MH2010PLC208425' to 'L93090MH2010PLC208425' following its listing on NSE and BSE on 02 March 2026. The Ministry of Corporate Affairs has changed the company's status from 'Unlisted' to 'Listed', with the notification sent to stock exchanges on 18 March 2026 by Company Secretary Ullash Parida.

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Clean Max Enviro Energy Solutions Limited has officially notified stock exchanges about the change in its Corporate Identification Number (CIN) following its recent listing on major Indian bourses. The company informed the National Stock Exchange of India and BSE Limited on 18 March 2026 about this regulatory update mandated by the Ministry of Corporate Affairs.

CIN Update Details

The Ministry of Corporate Affairs has changed the company's CIN from 'U93090MH2010PLC208425' to 'L93090MH2010PLC208425' following the listing of equity shares on 02 March 2026. This change reflects the company's transition from unlisted to listed status on Indian stock exchanges.

Parameter: Details
Previous CIN: U93090MH2010PLC208425
Updated CIN: L93090MH2010PLC208425
Status Change: From 'Unlisted' to 'Listed'
Listing Date: 02 March 2026
Notification Date: 18 March 2026

Company Information

According to the Ministry of Corporate Affairs master data, Clean Max Enviro Energy Solutions Limited operates under the ROC Mumbai I jurisdiction. The company, incorporated on 29/09/2010, was formerly known as Clean Max Enviro Energy Solutions Private Limited before its transformation into a public limited company.

Corporate Details: Information
Registration Number: 208425
Date of Incorporation: 29/09/2010
Authorised Capital: ₹31,16,77,444
Paid up Capital: ₹11,70,79,174
Company Status: Active
Last AGM Date: 26/09/2025
Balance Sheet Date: 31/03/2025

Stock Exchange Listing

The company is now listed on both the National Stock Exchange of India Limited under the symbol 'CLEANMAX' and BSE Limited. The notification was signed by Ullash Parida, Company Secretary and Compliance Officer (Membership No.: FCS 8689), ensuring compliance with regulatory requirements under Regulation 30.

Regulatory Compliance

This intimation fulfills the company's obligation to inform stock exchanges about material changes in corporate structure and regulatory status. The company has provided a copy of the updated master data from the MCA website to both exchanges for their records and appropriate dissemination to market participants.

Historical Stock Returns for Clean Max Enviro Energy Solutions

1 Day5 Days1 Month6 Months1 Year5 Years
+0.42%+10.23%-3.88%-2.20%-2.20%-2.20%

What are Clean Max Enviro Energy Solutions' expansion plans now that it has access to public capital markets?

How will the company utilize the significant gap between its authorized capital (₹31.16 crores) and paid-up capital (₹11.70 crores) for future growth?

What impact will Clean Max's public listing have on India's renewable energy sector consolidation and competition?

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