Clean Max Enviro Energy Solutions reported a profit after tax (PAT) of ₹55 crore for the quarter ended June 30, 2026, marking a significant turnaround driven by doubled revenues and expanded margins. The renewable energy provider added 500 megawatts of new operational capacity during the quarter and raised its EBITDA guidance for FY28 to a minimum of ₹3,000 crore, reflecting strong execution and demand in both data center and industrial segments.

The financial results were disclosed pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015. The earnings conference call transcript, signed by Company Secretary Ullash Parida on August 7, 2026, provides detailed insights into the company’s operational performance and strategic outlook.

Financial Performance Highlights

Revenue from operations surged 107% year-on-year to ₹832 crore. This growth was bifurcated across its two primary segments: Renewable Energy (RE) Power Sales grew 47% to ₹528 crore, while RE Services saw a six-fold increase to ₹300 crore due to higher project executions.

EBITDA margins improved across both segments. In RE Power Sales, margins rose from 76% to 84%, while RE Services margins increased from 9% to 11%. Founder and Managing Director Kuldeep Jain attributed the PAT growth to three key factors: revenue doubling, margin expansion, and reduced interest costs. The weighted average cost of debt fell by 100 basis points to 8.4% as of June 2026, down from 9.4% in April 2025.

Capacity Addition and Guidance

The company commissioned 400 MW in the RE Power Sales segment and 100 MW in the RE Services segment, totaling 500 MW in the quarter. As of June 30, 2026, Clean Max Enviro had 3.5 GW of operational capacity and 2.5 GW under construction, bringing the total portfolio to 6 GW contracted capacity.

Management provided a new forward-looking guidance, stating that it expects a minimum reported EBITDA of ₹3,000 crore in FY28. This represents nearly 2.4 times growth from the ₹1,290 crore EBITDA recorded in FY26. The guidance is underpinned by a plan to add at least 1.5 GW of new operational capacity in FY27, which would bring total operational sales capacity to a minimum of 4.6 GW by April 1, 2027.

Segmental Insights and Market Position

The Data and AI segment continues to be a major growth driver, accounting for 42% of contracted capacity. This segment has grown approximately 10 times between March 2024 and March 2026. Clean Max Enviro estimates holding a 35% market share in hyperscaler business in India, with deals announced with global entities such as Meta, Apple, Google, and Amazon in calendar 2026.

The conventional commercial and industrial (C&I) segment also demonstrated robust growth, with contracted volumes doubling over the last two years, translating to a 46% annual CAGR. Management highlighted that 80% of new volumes are secured from existing clients, maintaining a high-quality customer base where over 80% of clients are rated AA, AAA, or are multinational subsidiaries.

What the Numbers Show

The divergence between revenue growth (107%) and net debt increase (22%) indicates strong operating leverage and cash flow generation relative to capital expenditure. While net debt rose to ₹11,809 crore, 38% of this debt is linked to assets under construction, suggesting that future cash flows will support this leverage as these projects stabilize. The improvement in EBITDA margins despite rapid scale-up points to effective cost management and favorable tariff structures, with new contracted tariffs stabilizing at around ₹4 per unit.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE647U01026/e67d5b08-c161-40a4-af3a-2a3da2994428.pdf

Clean Max Enviro Energy Solutions has unveiled a comprehensive FY28 guidance, targeting a minimum EBITDA of ₹3,000 crore — representing a 2.4 times increase from FY26's ₹1,290 crore. Alongside this earnings target, the company expects its net debt to reach ₹16,000 crore by FY28, reflecting the scale of capital deployment planned to support its aggressive capacity expansion.

FY28 Financial and Operational Guidance

The management has laid out clear financial and operational benchmarks for FY28. The company aims to achieve a minimum operational sales capacity of 4.6 gigawatts by April 1, 2027, comprising 3.1 gigawatts from the start of the year and an additional 1.5 gigawatts from the current fiscal year. The key targets are summarised below:

Capacity Expansion and FY27 Milestones

Clean Max Enviro aims to meet or surpass 1.5 gigawatts of new capacity additions for FY27, having already added 500 megawatts in Q1. The management has indicated that achieving this target remains a priority, with execution momentum expected to accelerate through the remainder of the fiscal year.

ALMM II Delay: A Cost Advantage

The delay of ALMM II (Approved List of Models and Manufacturers) presents a notable cost benefit for the company. Projects commissioned before March 31, 2027, will be permitted to use cheaper imported solar cells, resulting in savings of ₹60 lakhs per megawatt. Clean Max Enviro has stated its intention to accelerate project commissioning timelines in order to capitalise on this regulatory window.

PPA Pipeline and Revenue Growth

Management anticipates significant growth in the Power Purchase Agreement (PPA) pipeline, supported by numerous ongoing discussions aimed at increasing energy sales. The expansion of the PPA pipeline is expected to underpin the revenue growth required to meet the company's stated EBITDA and capacity targets by FY28.