Clean Max Enviro Energy Solutions (CLEANMAX) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue from operations rose 67% YoY to ₹15,598.10 million; adjusted EBITDA increased 56% to ₹10,472 million and reported PAT was ₹1,201.23 million.

• RE power sales capacity reached 3.6 GW operational and 6.3 GW contracted; 0.6 GW was commissioned in H1, with 2.6 GW under execution.

• Total portfolio capacity, including operational, contracted and advanced-stage capacity, reached 13.2 GW at September 30, 2026.

Financial highlights

• Q2 FY27 revenue was ₹7,276.54 million versus ₹5,306.14 million YoY; reported EBITDA was ₹5,477.27 million versus ₹3,629.59 million.

• H1 reported EBITDA was ₹10,105.89 million versus ₹6,378.58 million; PAT was ₹1,201.23 million versus ₹340.91 million.

• H1 adjusted EBITDA was ₹10,472 million, up 56% YoY; Q2 adjusted EBITDA was ₹5,531 million, up 43%.

• Bikaner grid curtailment reduced H1 EBITDA growth by ~5 percentage points; without it, growth could have been 61% versus 56% reported.

Outlook and guidance

• FY27 RE power sales capacity additions guided at at least 1.5 GW; minimum FY28 reported EBITDA guidance is ₹3,000 crore, based on at least 4.6 GW capacity as of April 1, 2027.

• The 2.6 GW contracted execution backlog represents ~20–21 months of growth at a 1.5 GW annual run-rate.

• FY28 illustrative portfolio EBITDA margin is 83%–84%, with steady-state net debt projected at ₹16,000 crore.

• Koppal generation was expected to start in phases from December; its first 220 MW bay was expected in October–December and the second 300 MW bay likely within FY27.