Clean Max Enviro Energy Solutions (CLEANMAX) Q3 25/26 earnings summary

Executive summary

• Achieved 33% year-over-year EBITDA growth for the nine months ended December 2025, driven by 26% revenue growth and improved margins, with PAT rising to INR 402 million.

• Operational capacity increased 76% year-over-year to 3 GW, with total contracted RE Power Sales capacity at 5.7 GW, up 300% in two years, and Data & AI sector now representing 42% of contracted capacity.

• Strategic partnership with Osaka Gas resulted in INR 176 crore equity infusion for a 49% JV stake.

• Approved unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025.

• Board changes included appointment of Mr. Dinesh Khara as Additional Non-Executive Independent Director and acceptance of Mr. Arijit Basu's resignation.

Financial highlights

• Revenue grew 29% year-over-year to INR 13,554 million for the nine months ended December 2025; Q3 FY26 consolidated revenue was ₹4,224.57 million.

• EBITDA rose 33% to INR 9,448 million for 9M Dec'25; Q3 FY26 EBITDA was ₹3,069.63 million.

• PAT increased from INR 22 million to INR 402 million for 9M Dec'25; Q3 FY26 consolidated net profit was ₹211.77 million.

• Power Sales EBITDA margin improved from 81% to 83%; RE Services EBITDA margin rose from 15% to 22%.

• Earnings per share (consolidated, basic) for Q3 FY26 was ₹2.70, up from ₹0.26 in Q3 FY25.

Outlook and guidance

• Management guides for 1.5 GW of RE Power Sales capacity addition in FY 2027, with 1,500 MW contracted for commissioning in FY27 and balance in FY28.

• Operating leverage expected to further improve EBITDA margin to 85%-86% over the next 2-3 years.

• Confident in execution due to diversified projects and 80%+ land acquisition for upcoming capacity.

• Board views liquidity and capital structure as strengthened post-IPO, with adequate resources to meet obligations.