CleanMax Q1 FY27 Revenue Doubles YoY to ₹832 Cr; Adj. EBITDA Jumps 74% to ₹494 Cr
CleanMax reported Q1 FY27 revenue of ₹832 Cr, a 107% YoY increase. Adjusted EBITDA grew 74% YoY to ₹494 Cr, with PAT at ₹55 Cr. Contracted RE Power Sales capacity reached 6 GW, and total contracted portfolio is 6.8 GW. The company commissioned a record 0.5 GW in the quarter and guides for over 1.5 GW addition in FY27.
The significant growth in revenue and EBITDA, coupled with record capacity additions and a strong order book, indicates a substantial positive impact on the company's financial performance and market position.
The company reported strong year-on-year growth in revenue and adjusted EBITDA, achieved record capacity commissioning, and provided a positive outlook for future capacity additions. Improvements in debt cost and operational efficiencies also contribute to the positive sentiment.
Clean Max Enviro Energy Solutions Limited (CleanMax) announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27). The company reported a significant increase in revenue from operations, which more than doubled year-on-year to ₹832 crore, compared to ₹402 crore in Q1 FY26.
Adjusted EBITDA saw a substantial growth of 74% year-on-year, reaching ₹494 crore from ₹284 crore in the previous year's corresponding quarter. Reported Profit After Tax (PAT) stood at ₹55 crore. The company's contracted renewable energy (RE) power sales capacity reached 6 GW as of June 30, 2026. Including the RE Services segment, CleanMax's total contracted portfolio expanded to 6.8 GW, marking a threefold increase over the past two years.
During the quarter, CleanMax achieved a record commissioning of 0.5 GW of capacity across India, the highest quarterly commissioning in its history. Demand from the data center and AI segment continues to be a strong growth driver, accounting for 42% of the contracted RE Power Sales capacity. Repeat customers represented 79% of new capacity additions, highlighting strong customer retention.
The company has guided for an addition of over 1.5 GW of RE Power Sales capacity in FY27. The weighted average cost of project debt improved to 8.4% as of June 2026, reflecting a continued focus on optimizing capital costs, supported by its CARE AA- (Stable) credit rating. Selling, General & Administrative expenses as a percentage of RE Power Sales total income reduced to 8.7% in Q1 FY27.
Key initiatives include the consolidation of select rooftop solar SPVs, representing 148 MWp of capacity, into the holding company to enhance operational efficiencies and strengthen cash flow generation. Additionally, the Board has approved the issuance of domestic bonds to diversify capital sources and secure long-term financing at fixed interest rates.
Kuldeep Jain, Founder & Managing Director, expressed satisfaction with the strong quarterly performance, driven by volume growth and higher EBITDA margins. Nikunj Ghodawat, Chief Financial Officer, highlighted the business model's strength as scale translates into improved financial performance, positioning the company well to fund its growth pipeline while maintaining financial discipline.
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