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22h ago
Q1 FY27: CleanMax Revenue Jumps 107% YoY To Rs 832 Cr, Profit At Rs 55 Cr
Clean Max Enviro Energy Solutions Limited (CleanMax), in its latest financial results for the quarter ended June 30, 2026 (Q1 FY27), delivered a strong start with revenue from operations more than doubling year-on-year to Rs. 832 Cr. CleanMax's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rising 74% YoY to Rs. 494 Cr. CleanMax , a renewable energy solutions provider for the commercial and industrial (C&I) sector, said in a press release that it reported a PAT of Rs. 55 Cr in Q1 FY27. Meanwhile, its revenue from operations increased 107% YoY from Rs. 402 Cr in Q1 FY26 to Rs. 832 Cr, driven by a larger operational asset base and the ramp-up of the RE Services segment. Adjusted EBITDA increased from Rs. 284 Cr in Q1 FY26 to Rs. 494 Cr in Q1 FY27. Profitability was aided by operating leverage and a larger base of stabilised assets. Meanwhile, its weighted average cost of project debt improved to 8.4% as of June 2026, compared to 9.2% in April 2025 and 8.5% in March 2026, extending the company's multi-year downward trend in borrowing costs. QoQ Growth Compared to the March quarter, CleanMax's revenue from operations rose to Rs. 8,321.56 Cr in the June quarter from Rs. 5,574.63 Cr in the March 2026 quarter, marking a 49.27% quarter-on-quarter (QoQ) increase. Similarly, its total income increased to Rs. 8,741.02 Cr in the June quarter from Rs. 6,395.87 Cr in the March 2026 quarter, representing 36.67% QoQ growth. CleanMax also reported a profit of Rs. 939.96 Cr in the June quarter, up from Rs. 752.55 Cr in the March quarter, reflecting a 24.90% QoQ increase. On a year-on-year (YoY) basis, the company swung to a profit of Rs. 939.96 Cr in the June 2026 quarter from a loss of Rs. 295.39 Cr in the June 2025 quarter. RE Power Sales CleanMax's selling, General & Administrative (SG&A) expenses as a percentage of RE Power Sales total income declined to 8.7% in Q1 FY27 from 18.2% in FY23, reflecting continued operating leverage as the portfolio scales. The weighted average PPA tenure stood at 23 years, with 593 C&I customers as of the quarter-end. The quarter was marked by strong execution across its renewable energy portfolio, with a record 0.5 GW of capacity commissioned across multiple states in India, representing the highest quarterly commissioning in the company's history. RE Power Sales contracted capacity reached 6 GW as of June 30, 2026. Including the RE Services segment, CleanMax's total contracted portfolio stood at 6.8 GW, representing a threefold increase over the past two years. Key Highlights Of CleanMax's 6 GW RE Power Sales contracted capacity as of June 30, 2026, 3.5 GW is operational, while the remaining 2.5 GW is contracted and under execution. Including the RE Services segment, the company's total contracted portfolio stood at 6.8 GW, representing a 3x increase over the past two years, with 1.6 GW contracted during the trailing twelve months. Across its total portfolio, CleanMax also achieved a record quarterly commissioning of over 0.5 GW of operational capacity. Demand from the data centre and AI segment continued to drive growth, accounting for 42% of contracted RE Power Sales capacity as of June 30, 2026. Capacity serving these customers increased from 0.24 GW as of March 31, 2024, to over 2.5 GW as of June 30, 2026, representing nearly 10x growth in just over two years. Repeat customers accounted for 79% of new contracted capacity, reflecting strong customer retention and satisfaction. The company has guided RE Power Sales capacity additions of over 1.5 GW in FY27. Key Initiatives 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 , said, "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.” Particulars (INR crore) Q1 FY 2027 Q1 FY 2026 % Variance Reported EBITDA 463 275 68% Add: Non-cash expenses 27 9 Add: Unrealised MTM Forex (Gain)/Loss on VPPA contract (a) Unrealised MTM Forex Loss - Other expense 23 - (b) Unrealised MTM Forex (Gain) - Other income - 16 - Less: Other non-cash/one-time income - 3 - Adjusted EBITDA 494 284 74% Adjusted EBITDA (excluding other income) 471 275 71%