CleanMax Credit Rating Upgraded to AA-/Stable by CARE Ratings
CleanMax has been upgraded by CARE Ratings to AA-/Stable from A+/Positive. For FY26, the company reported consolidated EBITDA of ~₹1,295 crore (up 28% YoY) and PAT of ~₹85.6 crore (4.4x YoY). Its contracted renewable energy portfolio grew to 5.7 GW, with 3.1 GW operational.
A credit rating upgrade can improve borrowing costs and investor confidence, potentially impacting the company's financial strategy and market position.
The announcement details a credit rating upgrade, which is a positive indicator of the company's financial health and operational performance.
Clean Max Enviro Energy Solutions Limited (CleanMax), a leading renewable energy company in India's Commercial & Industrial (C&I) sector, has announced its credit rating upgrade to ‘CARE AA-/Stable’ from ‘CARE A+/Positive’ by CARE Ratings Limited. This upgrade signifies the company's robust financial performance, expanding portfolio, and improved financial outcomes.
The upgrade applies to CleanMax's long-term bank facilities and non-convertible debentures. It reflects the company's strengthened financial profile, consistent operational performance, increasing business scale, and prudent financial management. The rating also acknowledges CleanMax's healthy liquidity, strong debt servicing capability, and established market presence in the growing renewable energy sector.
For the fiscal year FY26, CleanMax reported a consolidated EBITDA of approximately ₹1,295 crore, marking a 28% year-on-year growth. Consolidated Profit After Tax (PAT) stood at approximately ₹85.6 crore, which is 4.4 times the previous year's figure. The company's contracted renewable energy portfolio expanded to 5.7 GW, with an operational capacity of approximately 3.1 GW.
Nikunj Ghodawat, CFO of CleanMax, stated that the upgrade is a significant milestone, reflecting strong business fundamentals, financial discipline, and the company's role in promoting clean energy adoption among corporates. He anticipates this will further enhance the company's leverage profile and potentially reduce financing costs.
CleanMax, with over 15 years of operations, is India's largest pure-play C&I renewable energy company. It primarily focuses on selling power from wind and solar projects to corporate customers. The company also facilitates renewable energy attributes through Environment Attribute Purchase Agreements, assisting data center and AI clients in offsetting carbon emissions. The Data & AI segment is a key growth driver, now contributing approximately 42% to CleanMax's contracted RE Power Sales portfolio, with capacity growing significantly between FY2023-24 and FY2025-26.
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Clean Max Enviro Energy Solutions Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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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.