Clean Max Q4 & FY26 Earnings Call Transcript Released
Clean Max released its Q4 & FY26 earnings call transcript. FY26 EBITDA reached ₹1,295 crore (up 28%), PAT ₹86 crore. Contracted capacity is 5.7 GW, with 3.1 GW operational. The company added 1,400 MW in FY26 and targets 1,500 MW in FY27. A JV with Apple was announced for 150 MW projects.
The announcement provides a comprehensive update on financial results, operational capacity, strategic initiatives like a JV with Apple, and future growth guidance, all of which are material to investors.
The company reported strong financial growth, increased capacity, and strategic partnerships, indicating positive performance and future outlook.
Clean Max Enviro Energy Solutions Limited has released the transcript of its earnings conference call for the quarter and financial year ended March 31, 2026. The call, held on May 13, 2026, featured insights from Founder and Managing Director Mr. Kuldeep Jain and CFO Mr. Nikunj Ghodawat.
Key highlights for FY26 include a contracted renewable energy sales capacity of 5.7 GW (5,700 MW) as of April 1, 2026, with 3.1 GW operational and 2.6 GW under execution. The company added 1,400 MW of new capacity in FY26. Financial performance showed EBITDA at ₹1,295 crore, a 28% increase from the previous fiscal year's ₹1,015 crore. Consolidated profit after tax (PAT) grew to ₹86 crore from ₹19 crore in FY25. Leverage cost reduced from 9.2% to 8.5%.
The company emphasized the growing importance of Data and AI customers, which now constitute 42% of its contracted capacity, up from 14% two years prior. This segment has seen a tenfold increase in contracted capacity from 260 MW to 2,400 MW over two years. Repeat business remains strong, with 74% of new volumes contracted with existing clients.
The RE Power Sales segment reported EBITDA margins improving to 83.5% from 82%, primarily due to operating leverage. The RE Services segment saw its EBITDA margin increase from 14.4% to 19.6%. The company's run-rate EBITDA as of March 31, 2026, was ₹1,870 crore.
Management discussed diversification across states and customer segments, highlighting that Karnataka, a key state, has capacity spread across 6 sites and 55 customers. The average PPA tenor is 23 years, with contracted capacity for the next two fiscal years (FY27-28) at an average tariff of ₹3.85 per unit.
Regarding future outlook, Clean Max guided for at least 1,500 MW (1.5 GW) of RE Power Sales capacity addition in FY26-27. The company also announced a joint venture with Apple, where CleanMax holds 51% and Apple India Private Limited holds 49%, with Apple investing ₹104 crore equity for a 49% stake in 150 MW of projects.
Financials showed a net debt of approximately ₹9,600 crore at year-end. The company has consistently reduced its cost of financing from 9.4% to 8.5% over the last three years, with 40% of its portfolio on fixed-rate financing as of March 2026.
Discussions also touched upon potential impacts of the Iran war and supply constraints, with no material adverse movements observed yet. The company is evaluating the impact of the new Deviation Settlement Mechanism (DSM) and exploring energy storage solutions. The transcript also clarified accounting entries for cash flow hedges and negative minority interest at the SPV level due to the young age of assets.
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Clean Max Enviro Energy Solutions Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Clean Max Enviro Energy Solutions Limited. Read the original for the full detail.