CleanMax reports record FY2025-26 EBITDA as RE portfolio expands
Clean Max Enviro Energy Solutions Limited has reported its highest-ever consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for FY2025-26, supported by a sharp increase in its operational renewable energy (RE) portfolio and rising demand from the data and artificial intelligence (AI) sector.
The company’s operational RE power sales capacity increased nearly 80% year-on-year to around 3.1 GW as of March 31, 2026, compared to nearly 1.7 GW a year earlier. Its contracted RE power sales portfolio rose to about 5.7 GW, with another 2.6 GW under contract but pending execution. Including the RE Services business, the total contracted portfolio reached around 6.5 GW.
During the year, CleanMax commissioned nearly 1.4 GW of RE power sales capacity. This included its first 525 MWp Central Transmission Utility (CTU)-connected project in Bikaner, Rajasthan, which is intended to provide renewable energy offsets to large technology customers.
For FY2025-26, revenue from operations increased 28% to Rs 1,913 crore from Rs 1,496 crore in the previous fiscal year. EBITDA also rose 28% to Rs 1,295 crore, compared to Rs 1,015 crore in FY2024-25. Profit after tax climbed 340% to Rs 85.6 crore, against Rs 19.4 crore in the previous year.
In the quarter ended March 31, 2026, revenue from operations stood at Rs 557 crore, up 25% from Rs 446 crore in the corresponding quarter last year. Quarterly EBITDA rose 14% to Rs 350 crore from Rs 306 crore, while profit after tax increased 165% to Rs 45.4 crore from Rs 17.2 crore.
The company stated that the quarterly and annual financial performance included the impact of a specific United States dollar (USD)-denominated contract. It recorded a foreign exchange gain of Rs 70 crore under other income, which was largely offset by a corresponding foreign exchange loss of Rs 63 crore under other expenses due to rupee depreciation. The company said the net impact on overall financials was negligible.
The data and AI segment continued to be a major contributor, accounting for nearly 42% of the contracted RE power sales portfolio. Contracted capacity from this segment increased nearly tenfold between FY2023-24 and FY2025-26, rising from 254 MW to 2,380 MW.
CleanMax also announced a strategic co-investment partnership with Apple involving an investment of around Rs 104 crore in a 150 MW renewable energy portfolio focused on decarbonization in India’s commercial and industrial sector.
The company has additionally entered into long-term agreements with hyperscalers and data centre operators including STT Global Data Centers, Iron Mountain Data Centers and Princeton Digital Group.
CleanMax maintained a Net Debt to Adjusted EBITDA ratio of around 4.75x during the year. The weighted average cost of project-level debt declined to 8.5% from 9.2% a year earlier. The company has guided for annual commissioning volumes of more than 1.5 GW in FY2026-27.
