Clean Max Q1 revenue doubles to Rs 832 crore, returns to profit

Clean Max Enviro Energy Solutions Limited reported revenue from operations of Rs 832 crore for the quarter ended June 30, 2026, more than doubling from Rs 402 crore in the corresponding quarter of the previous fiscal year, driven by growth in both its renewable power sales and renewable energy services businesses.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased 74% year-on-year to Rs 494 crore from Rs 284 crore, while the company reported a Profit After Tax (PAT) of Rs 55 crore compared with a loss of Rs 17 crore in Q1 FY26.

Revenue from the Renewable Energy (RE) Power Sales segment rose 47% year-on-year to Rs 528 crore. The RE Services business reported revenue of Rs 300 crore, compared with Rs 41 crore in the year-ago quarter.

Portfolio growth

As of June 30, 2026, Clean Max’s contracted RE Power Sales portfolio had reached approximately 6.0 GW, comprising 3.5 GW of operational capacity and 2.5 GW under execution.

Including the RE Services segment, the company’s total contracted portfolio stood at 6.8 GW, representing a threefold increase over the past two years.

During the quarter, Clean Max commissioned more than 0.5 GW of renewable energy capacity across multiple states, the highest quarterly commissioning achieved by the company.

Demand from data centre and artificial intelligence (AI) infrastructure customers continued to increase, accounting for 42% of contracted RE Power Sales capacity as of June 30, 2026.

Capacity contracted with this customer segment increased from 0.24 GW in March 2024 to more than 2.5 GW by June 2026, representing nearly tenfold growth in just over two years.

Repeat customers accounted for 79% of new contracted capacity during the quarter. The company’s data centre customer base includes Cisco, STT Global Data Centers, NTT Data Group, Equinix, Iron Mountain India, Princeton Digital Group and L&T Data Center.

Financial metrics

The RE Power Sales business reported an EBITDA margin of 83.7% in Q1 FY27, compared with 76.4% in Q1 FY26, an improvement of 730 basis points.

EBITDA margin in the RE Services segment increased to 11.2% from 8.7% a year earlier.

The weighted average cost of project debt declined to 8.4% as of June 2026, compared with 9.2% in April 2025 and 8.5% in March 2026.

Selling, General and Administrative expenses as a percentage of RE Power Sales total income fell to 8.7% in Q1 FY27 from 18.2% in FY23.

The weighted average Power Purchase Agreement (PPA) tenor stood at 23 years, with the company serving 593 commercial and industrial (C&I) customers.

Management comments

Commenting on the quarterly performance, Kuldeep Jain, Founder & Managing Director, said: “We had a strong quarter. Operating results saw a strong growth in EBITDA; driven by volume growth and higher EBITDA margins in both business segments of RE power sales and RE services. Further, we added a record new capacity of over 500 MW in the first quarter, and are well on track to meet our guidance of adding a minimum of 1,500 MW of new capacity during the year.”

Nikunj Ghodawat, Chief Financial Officer, added: “Q1 FY27 reflects the strength of our business model as scale translates into stronger financial performance. As our commissioned portfolio grows, earnings, profitability and cash flows continue to strengthen. Combined with a lower cost of debt and a strong credit profile, we’re well positioned to fund our growth pipeline while maintaining financial discipline.”

The company has initiated the consolidation of select rooftop solar Special Purpose Vehicles (SPVs) into the holding company. The exercise covers four SPVs representing 148 MWp of capacity and is intended to improve operating efficiencies and strengthen cash flow generation.

The featured photograph is for representation only.