CleanMax reports highest ever consolidated EBITDA; reached 5.7 GW contracted RE portfolio; FY2025-26 Consolidated PAT is 4.4x of previous year

Mumbai, India – 13 May, 2026:  Clean Max Enviro Energy Solutions Limited (NSE: CLEANMAX | BSE: 544717) (“CleanMax”), India’s largest renewable energy provider for the Commercial & Industrial (“C&I”) segment, today reported strong operational and financial performance for the quarter (“Q4 FY2026”) and financial year (“FY2025–26”), driven by robust growth in operational capacity and healthy profitability. The company, with a 5.7 GW contracted RE power sales portfolio, continues to be one of the fastest growing renewable energy platforms in India, supported by industry-leading growth and return metrics.

CleanMax beat consensus profit estimates by 9% and revenue estimates by 3%. Reported Revenue and PAT stood at INR 1,913 crore and INR 86 crore respectively, compared with consensus estimates of INR 1,859 crore and INR 78 crore, based on coverage by a total of three analysts, JP Morgan, HSBC & IIFL. This translates into 28% growth in revenue and 340% growth in PAT compared with the previous financial year.

Key Highlights (Capacity and Portfolio)

o   CleanMax’s contracted RE Power Sales portfolio reached ~5.7 GW as of March 31, 2026

o   Commissioned ~1.4 GW of RE Power Sales capacity during FY2025–26

o   Operational RE Power Sales capacity grew nearly 80% year-on-year to ~3.1 GW as of March 31, 2026, from ~1.7 GW a year earlier

o   Contracted yet-to-be-executed RE Power Sales capacity stood at ~2.6 GW as of March 31, 2026

o   Including the RE Services business, total contracted portfolio reached ~6.5 GW

 

-          Demand from the Data & AI segment continued to be a major growth engine, with the segment now contributing ~42% of CleanMax’s contracted RE Power Sales portfolio. Contracted capacity from this high potential segment has grown by ~10x between FY2023-24 and FY2025-26 from 254 MW to 2,380 MW respectively. During FY2025–26, the company also commissioned its first 525 MWp CTU-connected project in Bikaner, Rajasthan, aimed at supplying renewable energy offsets to large technology customers.

 

-          Furthermore, Apple and CleanMax have entered into a strategic co-investment partnership with an investment of ~INR 104 crore in a 150 MW renewable energy portfolio towards decarbonization within India’s C&I sector. This builds on their earlier partnership supporting Apple’s India operations.

 

-          CleanMax has also partnered under long-term agreements with leading hyperscalers and data centre operators including STT Global Data Centers, Iron Mountain Data Centers and Princeton Digital Group, among others.

 

-          The company continued to enhance long-term business visibility in FY2025-26, with its client base increasing to 588 customers. Repeat customers accounted for nearly 74% of newly contracted volumes, supported by a weighted average PPA tenor of ~23 years supporting the annuity nature of cash flows.

 

-          The company maintained disciplined execution as new projects were built at ~97% of budgeted cost for FY2025-26.

 

-          CleanMax has guided for annual commissioning volume in excess of 1.5 GW for FY2026-27.            

 

Key Highlights (Financial Results)

CleanMax delivered robust financial results for the quarter and full year, led by continued scale-up in commissioned capacity and renewable energy power sales.

FY2025-26 Performance

CleanMax reported strong growth in revenue and profitability during FY2025-26 achieving its highest ever EBITDA.

o   Revenue from Operations increased to INR 1,913 crore, compared to INR 1,496 crore in FY2024-25; with 28% growth compared to the prior period

o   Reported EBITDA increased by 28% year-on-year to INR 1,295 crore from INR 1,015 Cr in FY2024-25.

o   In relation to a specific contract where both the tariff and debt are denominated in USD, the Company has recognised an FX gain of ₹70 Crore in Other Income and a corresponding FX loss of ₹63 Crore in Other Expenses, arising from the depreciation of the Indian Rupee. Given the back-to-back nature of this arrangement, both entries are substantially offsetting, resulting in a negligible net impact on overall financial performance.

o   Reported Profit After Tax (PAT) surged 4.4x to INR 85.6 crore compared to INR 19.4 crore in FY2024-25

 

Q4 FY2026 Performance

o   Revenue from Operations for Q4 FY2026 stood at INR 557 crore, compared to INR 446 crore in Q4 FY2025; with 25% growth compared to the prior period

o   Reported EBITDA for Q4 FY2026 stood at INR 350 crore, compared to INR 306 crore in the corresponding quarter last year, 14% growth compared to the prior period

o   The FX impact on account of the above USD denominated contract, the company recognised FX gain of INR 70 crore of in other income and a corresponding FX loss of INR 63 crore in other expenses

o   Reported Profit After Tax (PAT) for Q4 FY2026 stood at INR 45.4 crore, compared to INR 17.2 crore in Q4 FY2025, 165% growth compared to the prior period

 

The Renewable Energy Power Sales business continued to demonstrate strong operating leverage and margin expansion during FY2026. EBITDA margins improved from 81.9% in FY2024-25 to 83.5% in FY2025-26.

The company continued to maintain a conservative leverage profile during FY2025-26, with a Net Debt/ Adjusted EBITDA ratio of ~4.75x, which remains prudent for a long-term contracted renewable energy infrastructure platform supported by stable and predictable cashflows. Further, weighted average project level borrowing costs reduced to 8.5% as on March 31, 2026, compared to 9.2% at the end of FY2024-25.

 

Key Financial Highlights – Consolidated

Particulars	FY2026	FY2025	YoY Growth
Revenue from Operations [INR Cr]	1,913	1,496	28%
Reported EBITDA [INR Cr]	1,295	1,015	28%
Reported Profit After Tax (PAT) [INR Cr]	85.6	19.4	340%
Cost of Project Debt	8.5%	9.2%	70 bps improvement

                                              

Particulars	Q4 FY2026	Q4 FY2025	YoY Growth
Revenue from Operations [INR Cr]	557	446	25%
Reported EBITDA [INR Cr]	350	306	14%
Reported Profit After Tax (PAT) [INR Cr]	45.4	17.2	165%

 

Financing and capital efficiency metrics continued to strengthen during FY2025-26, supported by lower borrowing costs, disciplined leverage and efficient capital deployment across projects. Strategic partnerships also continued to support growth in a capital-efficient manner during the year.

 

Other Updates:

Customer quality remained strong, with over 95% of customers comprising A- rated and above while weighted average Power Purchase Agreement (PPA) tenor remained at ~23 years, supporting long-term revenue visibility.

Strategic partnerships continued to support growth in a capital-efficient manner during the year. The company maintained a diversified customer presence across sectors including technology, automotive, manufacturing and chemicals.