CleanMax FY26 PAT Surges 340% to ₹85.6 Cr

Clean Max Enviro Energy Solutions Limited reported its audited standalone and consolidated financial results for the quarter and year ended 31 March 2026. The company achieved its highest ever consolidated EBITDA of ₹1,295 crore, while Run-Rate EBITDA reached ₹1,870 crore as of April 1, 2026. The earnings conference call transcript was made available on the company's website on May 18, 2026.

Consolidated Financial Performance

For the full year FY26, revenue from operations increased 28% to ₹1,913 crore from ₹1,496 crore in FY25. Reported Profit After Tax (PAT) surged 340% to ₹85.6 crore compared to ₹19.4 crore in the previous year. On a quarterly basis, Q4 FY26 revenue stood at ₹557 crore, a 25% increase from ₹446 crore in Q4 FY25, while PAT for the quarter rose 165% to ₹45.4 crore from ₹17.2 crore. Funds Flow from Operations (FFO) for the power business grew 71% to ₹546 crore in FY26.

Particulars	FY26	FY25	YoY Growth
Revenue from Operations (₹ Cr)	1,913	1,496	28%
Reported EBITDA (₹ Cr)	1,295	1,015	28%
Reported PAT (₹ Cr)	85.6	19.4	340%
Cost of Project Debt	8.5%	9.2%	70 bps improvement

Operational Capacity and Run-Rate EBITDA

Operational capacity grew nearly 80% year-on-year to approximately 3.1 GW, comprising 2,442 MWp solar and 646 MW wind. The contracted renewable energy power sales portfolio reached approximately 5.7 GW as of 31 March 2026. Run-Rate EBITDA reflects annualised earnings from the full commissioned fleet at steady state.

Particulars	As of April 1, 2024	As of April 1, 2025	As of April 1, 2026
RE Power Sales Capacity	1,341 MW	1,712 MW	3,088 MW
Run-Rate EBITDA (RE Power Sales)	₹950 Cr	₹1,140 Cr	₹1,870 Cr
Reported EBITDA	₹742 Cr	₹1,015 Cr	₹1,295 Cr

Strategic Partnerships and Financial Metrics

The company maintained a Net Debt/Adjusted EBITDA ratio of approximately 4.75x. Strategic partnerships included an investment of approximately ₹104 crore with Apple in a 150 MW renewable energy portfolio and an initial investment of ₹176 crore from Osaka Gas. Demand from the Data & AI segment contributed approximately 42% of the contracted RE power sales portfolio.

Management Guidance and Outlook

During the earnings conference call, management shared key guidance and strategic observations for the year ahead. While the company does not provide a formal EBITDA forecast for the next year, management noted that historically, reported EBITDA has been approximately 1.1x the run-rate EBITDA. The guidance for new RE power sales capacity addition in FY26-27 is at least 1,500 megawatts (1.5 gigawatts), and notably, this entire capacity expected to be commissioned is already 100% contracted at the start of the fiscal year.

On the contracting pipeline, management highlighted that 1,400 megawatts of new contracts were signed in FY25-26, matching the 1,400 megawatts commissioned during the same period, indicating active replenishment of the pipeline. The mix of wind and solar, as well as the share of Data & AI within the pipeline, is not expected to change based on current observations.

Guidance Parameter	Details
FY26-27 Capacity Addition Target	At least 1,500 MW (1.5 GW)
Contracted Status at Fiscal Year Start	100% contracted
New Contracts Signed in FY25-26	1,400 MW
Capacity Commissioned in FY25-26	1,400 MW
Historical Reported EBITDA vs Run-Rate	~1.1x Run-Rate EBITDA

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.76%	-2.64%	+0.04%	+25.69%	+25.69%	+25.69%

Clean Max Enviro Energy Solutions Limited has announced that Apple India Private Limited completed its acquisition of equity shares in Clean Max Taurus Private Limited on 14 May 2026. The transaction was executed on a private placement basis, following which Clean Max Taurus Private Limited ceased to be a wholly owned subsidiary of the Company. This development marks the finalization of the strategic co-investment agreement between the parties, valued at approximately INR 100 crore.

Transaction Overview

The completion follows a series of milestones under the amended and restated investment agreement dated 6 May 2026. Prior to Apple India's investment, the Company had acquired 2,38,732 equity shares of Clean Max Taurus Private Limited on 7 May 2026. Subsequently, Taurus acquired the shareholding of three identified subsidiary SPVs from the Company. The sale of equity shares of Clean Max Ganga Private Limited and Clean Max Kruger Private Limited was completed on 7 May 2026, followed by the sale of equity shares of Clean Max Sapphire Private Limited on 11 May 2026.

SPV Transfer Details

The shareholding and consideration details for the three SPVs transferred to Taurus are outlined below.

SPV:	Shares Held by Company	Stake (%)	Consideration (INR)	Completion Date
Clean Max Ganga Private Limited:	1,15,911 shares	51%	19,32,64,205.85	7 May 2026
Clean Max Kruger Private Limited:	91,307 shares	51%	7,15,60,035.11	7 May 2026
Clean Max Sapphire Private Limited:	6,85,57,368 shares	74%	1,22,03,21,150.40	11 May 2026

Strategic Context

The partnership reflects a shared commitment to enabling corporate clean energy transition and advancing low-carbon infrastructure. With the completion of Apple India's investment, the post-investment shareholding in Taurus stands at approximately 51% for the Company and 49% for Apple India. The collaboration supports Apple's broader carbon neutrality goals and accelerates decarbonization within India's Commercial & Industrial (C&I) sector.