Highlights

• H1 FY27: PAT grew more than six-fold to ₹120 crore; H1 EBITDA grew 58% (from ₹638 crore to ₹1,011 crore).
• Q2 FY27: EBITDA rises 51% YoY, with reported PAT up 82% YoY.

Mumbai, India, November 03, 2026:

Clean Max Enviro Energy Solutions Limited (NSE: CLEANMAX | BSE: 544717) (“CleanMax”), India’s largest renewable energy solutions provider for the commercial and industrial (“C&I”) sector, today announced its financial results for the quarter, ended September 30, 2026 (“Q2 FY27”).

Revenue from operations during Q2 FY27 stood at ₹728 crore (up 37% YoY), driving a strong Adj. EBITDA growth of 43% YoY; leading to expansion in consolidated EBITDA margins. The company also reported a strong PAT of ₹65 crore, up 82% YoY.

For the H1 FY27, Adj. EBITDA grew 56% to ₹1,047 crore. Profit after tax rose more than six-fold to ₹120 crore, compared with ₹19 crore in H1 FY26. Repeat customers accounted for ~85% of new contracted capacity.

Further, during the first half of the year, CleanMax commissioned 550 MW of RE Power Sales capacity across six states, taking the operational RE Power Sales capacity to 3,638 MW, up ~57% YoY. In the second half of FY27, CleanMax expects to execute at least ~450 MW of STU-connected and onsite projects, alongside the 534 MW Koppal CTU project in Karnataka, which is planned to be commissioned in phases between December 2026 and March 2027. These projects will contribute towards achieving the Company's FY27 capacity addition guidance of a minimum of 1.5 GW of RE Power Sales capacity. The Company further reiterates its guidance of achieving a reported EBITDA above ₹3000 crores in FY28.

RE Power Sales operational and contracted capacity reached 6.3 GW (as of September 2026), while the RE Services segment contributed a further 0.8 GW, taking CleanMax’s total operational and contracted portfolio to 7.1 GW.

The operating base now spans 7 Indian states, plus onsite assets in 22 states and four countries. CleanMax’s total platform (including available grid evacuation/ applied for including CTU connectivity) stood at ~13 GW as on September 30, 2026 (vs 7.8 GW as on March 31, 2025).

CleanMax's capacity mix is diversified across STU and CTU connected projects, with ~75% contracted capacity connected through STU and a quarter through CTU, the latter primarily catering to large-scale hyperscaler requirements.

Financial Performance

• Revenue from operations during Q2 FY27 grew by 37% YoY to ₹728 Cr (vs ₹531 Cr in Q2 FY26) while H1 FY27 revenue grew by 67% YoY to ₹1,560 Cr; driven by increase in operational portfolio.
• Adjusted EBITDA for the quarter grew by 43% YoY to ₹553 Cr (Q2 FY26: ₹386 Cr) while on a reported basis EBITDA grew by 51% YoY to ₹548 Cr. In H1 FY27 Adj. EBITDA stood at ₹1,047 Cr (up 56% YoY), and reported EBITDA grew by 58% YoY to ₹1,011 Cr.
• Reported PAT at ₹65 Cr in Q2 FY27, grew by 82% on a YoY basis. H1 FY27 reported PAT grew six-fold to ₹120 Cr.
• Cost of debt: Weighted average cost of debt stood at 8.33% as of September 2026, down from 9.49% in March 2025, reflecting the Company's continued focus on optimizing its cost of capital, supported by its AA (Stable) credit rating from Crisil.
• PPA tenor and customer base: The weighted average PPA tenor stood at ~23 years, with 606 C&I customers as of September 30, 2026.

CleanMax also raised ₹2,500 crore through India’s first green bond issuance in the C&I renewable energy sector, at fixed coupons for tenors of up to ten years; anchored by leading development finance institutions, alongside participation from banks, mutual funds and other institutional investors. The issue followed CleanMax’s first rating from CRISIL, at AA/Stable.

Mr. Kuldeep Jain, Founder and Managing Director, Clean Max Enviro Energy Solutions Limited, said, “Our operational portfolio continues to expand, while our platform capacity has crossed 13 GW, providing the capacity and connectivity required to serve the next wave of C&I renewable energy demand. We believe securing grid connectivity ahead of demand is important for long-term value creation. We are comfortably placed to exceed our 1,500 MW capacity addition guidance during the year.”

Nikunj Ghodawat, Chief Financial Officer, Clean Max Enviro Energy Solutions Limited, said, “Our focus remains on scaling with execution discipline, financial prudence and a diversified portfolio. Our H1 performance reflects the increasing scale and operating leverage of the business, with Adjusted EBITDA growing 56% and PAT increasing more than six-fold year-on-year. With demand growing across conventional C&I and Data & AI, we are focused on translating this opportunity into a sustainable growth trajectory”

‍