Clean Max Enviro Energy Solutions (CLEANMAX) Q1 26/27 earnings summary

Executive summary

• Achieved 107% year-over-year revenue growth in Q1 FY27, driven by significant capacity commissioning, improved EBITDA margins, and strong repeat business from high-quality customers.

• Profit after tax improved to ₹552 million from a loss of ₹166 million in Q1 FY26, with EBITDA up 74% to ₹4,940 million.

• Operational renewable energy (RE) power sales capacity reached 3.5 GW, with total contracted capacity at 6.0 GW.

• Data & AI sector accounted for 42% of contracted RE power sales capacity, emerging as a major growth driver.

• The company completed its IPO in March 2026 and listed on NSE and BSE.

Financial highlights

• Revenue from operations grew 107% year-over-year to ₹8,322 million in Q1 FY27.

• Adjusted EBITDA rose 74% to ₹4,940 million; reported EBITDA up 68% to ₹4,628.62 million.

• PAT for the quarter stood at ₹552 million, compared to a net loss of ₹166 million in Q1 FY26.

• Net debt increased to ₹118,092 million, reflecting growth in commissioned and under-construction capacity.

• Equity base increased to ₹58,310 million.

Outlook and guidance

• Minimum run-rate EBITDA guidance for FY28 is ₹30,000 million, representing 2.3x growth over FY26.

• At least 1.5 GW of new RE power sales capacity expected to be commissioned in FY27.

• Steady-state net debt corresponding to ₹30,000 million EBITDA projected at ₹160,000 million.

• Board approved the issuance of up to ₹25,000 million in listed, rated, secured, redeemable NCDs for capital expenditure and debt repayment.

• Management asserts adequate resources and no material uncertainty regarding going concern.