CleanMax Q3 FY26: EBITDA Surges 40% to ₹307 Crore, Capacity Reaches 3.0 GW
CleanMax reported a 40% year-on-year increase in Q3 FY26 EBITDA to ₹307 crore and a 33% rise for 9M FY26 to ₹945 crore. Commissioned capacity reached 3.0 GW, with total contracted capacity at 5.7 GW. The company added 1.3 GW in 9M FY26 and expects over 1.5 GW annually for FY27. PAT improved significantly to ₹40 crore for 9M FY26. D.K. Khara joined the board as Lead Independent Director.
Significant growth in financial metrics like EBITDA and PAT, coupled with substantial capacity additions and strategic sector demand (Data & AI), indicates a high impact on the company's market position and future prospects.
The company reported strong growth in EBITDA, PAT, and operational capacity, indicating a positive financial and operational performance.
Clean Max Enviro Energy Solutions Limited (CleanMax) announced its unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, approved by the Board of Directors on 17 March 2026. The company reported a significant 33% year-on-year growth in EBITDA for the first nine months of FY26, reaching ₹945 crore compared to ₹709 crore in the same period last year. For the third quarter of FY26 (October-December), EBITDA grew by 40% to ₹307 crore, up from ₹220 crore in the corresponding quarter of the previous year. Profit After Tax (PAT) for the nine months ended December 2025 was ₹40 crore, a substantial increase from ₹2 crore in the prior fiscal year. In Q3 FY26, PAT stood at ₹21 crore, compared to a loss of ₹4 crore in Q3 FY25.
Operationally, CleanMax added 1.3 GW of incremental capacity in the first 11 months of FY26, comprising 85% solar and 15% wind projects across seven states. This brings the total commissioned energy sale capacity to 3.0 GW as of 1 March 2026, a 76% growth from the start of the fiscal year. The total contracted energy sale capacity reached approximately 5.7 GW as of 1 March 2026. The company anticipates commissioning the remaining 2.7 GW of contracted capacity within the next 24 months and guides for an annual commissioning volume exceeding 1.5 GW for FY 2026-27.
The Data and AI sector has emerged as a key growth driver, now accounting for 42% of the contracted capacity (2.4 GW), a tenfold increase over the last two years. CleanMax also commissioned its first 0.5 GW CTU-connected plant in Bikaner to support this sector.
Beyond contracted energy sales, CleanMax has 523 MW of operational capacity from RE services and an additional 226 MW contracted for execution in this segment. The company also has a mid-and-early-stage power evacuation pipeline of 4.8 GW yet to be contracted.
Financially, EBITDA margins for the RE Power Sales segment improved to 83% (from 81%), and for the RE Services segment, they rose to 22% (from 15%). The company entered an asset-level investment partnership called CORE with Osaka Gas, where CleanMax holds a 51% stake, allowing for capital-efficient growth. Osaka Gas has invested approximately ₹176 crore in this partnership to date. The weighted average project finance interest rate declined to 8.9% per annum as of December 31, 2025.
In other updates, Mr. Arijit Basu resigned from the Board due to his appointment as Chairman of IndusInd Bank. Shri. D.K. Khara has been welcomed as an Independent Director and Lead Independent Director, bringing his experience from his previous role as Chairman of the State Bank of India.
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