Clean Max Publishes Q3 FY26 Earnings Call Transcript and Financial Results
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.

*this image is generated using AI for illustrative purposes only.
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 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 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?































