CleanMax delivered one of its strongest quarters since listing, reinforcing its position as India's leading Commercial & Industrial (C&I) renewable energy platform. Revenue from operations more than doubled to ₹832 Cr (+107% YoY), while Adjusted EBITDA increased 74% YoY to ₹494 Cr and the company reported PAT of ₹55 Cr, supported by record project commissioning and improving operating leverage. During the quarter, CleanMax commissioned over 0.5 GW of renewable capacity, taking its total contracted portfolio to 6.8 GW, providing strong visibility into future earnings.
AI and Data Centres are emerging as the company's biggest structural growth driver
The most important takeaway from the quarter remains the accelerating demand from hyperscalers and AI infrastructure.
Nearly 42% of CleanMax's contracted RE Power Sales portfolio now serves Data Centre & AI customers, with dedicated capacity expanding from 240 MW in March 2024 to over 2.5 GW today, representing nearly 10x growth in just over two years. Management also highlighted that CleanMax now enjoys around 35% market share in India's hyperscaler renewable procurement, having secured projects with global technology leaders including Meta, Apple, Google and Amazon. As AI infrastructure scales rapidly across India, management believes renewable power demand from this segment will remain one of the company's largest long-term growth drivers.
Execution continues to be the company's biggest differentiator
Operational execution remained exceptionally strong during the quarter.
CleanMax commissioned over 400 MW of RE Power Sales capacity during Q1FY27, taking operational RE Power Sales capacity to 3.5 GW, while the total contracted RE Power Sales portfolio reached 6 GW. Over the last twelve months, the company has commissioned 1.74 GW of renewable capacity and reiterated that projects continue to be delivered within budget, reflecting disciplined execution despite a rapidly expanding project pipeline.
Importantly, management reiterated its guidance of over 1.5 GW of RE Power Sales capacity additions during FY27, with the current execution pipeline already supporting this target.
A highly contracted business model provides exceptional revenue visibility
Unlike merchant renewable developers, CleanMax continues to build a long-duration contracted infrastructure platform.
The company now has a 6.8 GW contracted portfolio, nearly 3x higher than two years ago, with 2.5 GW currently under execution. Customer quality also remains exceptionally strong, with 79% of newly contracted capacity coming from existing customers, demonstrating high customer satisfaction and repeat business.
CleanMax now serves 593 Commercial & Industrial customers, supported by a weighted average PPA tenor of 23 years, creating long-duration contracted cash flows with excellent revenue visibility. More than 80% of contracted capacity is backed by customers rated AA or above (including multinational subsidiaries), significantly reducing counterparty risk.
Operating leverage is beginning to unlock higher profitability
The benefits of scale are now becoming increasingly visible in the financials.
RE Power Sales EBITDA margins expanded to 83.7%, while RE Services EBITDA margins improved to 11.2%. At the same time, SG&A costs continued to decline as a percentage of revenue, highlighting the operating leverage embedded within the platform. Management expects profitability to improve further as recently commissioned assets stabilise over the coming quarters.
A contracted business model continues to strengthen earnings visibility
Beyond growth, the quality of CleanMax's portfolio remains one of its biggest differentiators.
The 2.5 GW currently under execution has already been contracted at tariffs of approximately ₹4 per unit, while the weighted average PPA tenor remains 23 years. Management highlighted that 79–80% of newly contracted volumes continue to come from existing customers, reflecting high customer retention and satisfaction.
The company now serves approximately 600 commercial and industrial customers across nearly 10 states. More than 80% of contracted volumes are backed by customers rated AA, AAA or multinational counterparties, reducing counterparty risk while supporting predictable long-term cash flows. Management reiterated that CleanMax's competitive moat lies in its 15-year focus on the C&I segment, broad geographic presence and ability to provide integrated wind and solar solutions across India's largest industrial markets.
Margins continue to benefit from scale
The quarter also reflected improving operating leverage across the platform.
Adjusted EBITDA increased to ₹494 Cr, with RE Power Sales contributing ₹460 Cr and RE Services contributing ₹34 Cr. Management noted that nearly ₹125 Cr of EBITDA now comes from projects commissioned over the last twelve months, indicating additional earnings potential as these assets stabilise.
Margins improved across both businesses. RE Power Sales EBITDA margins expanded by 730 bps to 83.7%, while RE Services margins improved to 11.2%. Gross margins remained stable at 92–93%, while SG&A expenses continued to decline as a percentage of revenue, falling to 8.7%, reflecting increasing operating leverage as the platform scales.
Funding profile continues to improve despite aggressive expansion
Despite commissioning projects at a record pace, CleanMax continues to strengthen its financing profile.
The weighted average cost of project debt declined to 8.4%, compared with 9.4% in April 2025, while the average loan tenure remains around 18–19 years against an average 23-year PPA tenor, providing strong asset-liability matching.
Board also approved the company’s first domestic corporate bond issuance to diversify funding sources and fix borrowing costs. Existing listed debentures have been reclassified as secured instruments to align with the upcoming bond programme. While net debt increased to ₹11,809 Cr, management clarified that almost 38% of the debt relates to projects currently under construction, reflecting execution activity rather than stress on the balance sheet.
Storage is moving from discussion to deployment
Battery Energy Storage Systems (BESS) emerged as another important discussion point.
CleanMax has already approved its first BESS investment in Rajasthan and signed MoUs with three customers during the past month. Management expects the initial opportunities to come from solar-only states, markets with significant peak power price differentials and BESS-as-a-service offerings for commercial customers.
The company estimates that storage services alone could command pricing of ₹3–4 per unit, excluding daytime generation costs, creating an additional revenue opportunity as renewable penetration increases.
Management remains pragmatic on execution risks
While the overall outlook remains positive, management acknowledged that CTU projects continue to face transmission-related challenges.
The Bikaner project is currently experiencing around 70% curtailment, affecting nearly 13% of run-rate EBITDA, and management has conservatively assumed that this situation could continue through the current financial year. At the same time, STU projects continue to report grid uptime above 99%, while wind PLFs have improved marginally on a trailing twelve-month basis.
Management also highlighted an opportunity arising from the ALMM-II deferral. Projects commissioned before the revised deadline can continue using domestic modules manufactured with imported cells, potentially creating a cost benefit of around ₹60 lakh per MW. The company is evaluating whether certain projects can be accelerated to capture this benefit.
FY28 guidance raises confidence in the earnings trajectory
Perhaps the biggest announcement during the call was the company's first formal FY28 earnings guidance.
Management expects minimum reported EBITDA of ₹3,000 Cr in FY28, representing approximately 2.4x FY26 EBITDA. This guidance is supported by more than 1.5 GW of RE Power Sales capacity additions during FY27, which would take operational RE Power Sales capacity to at least 4.6 GW by April 2027.
Management also expects steady-state net debt of around ₹16,000 Cr at this level of operations and reiterated that the FY27 capacity target remains achievable despite potential timing differences at the Kopal project, given the availability of alternate evacuation capacity. It also noted that renewable PPA tariffs are now stabilising to rising, supporting returns on future projects.
Outlook
The quarter suggests that CleanMax is moving beyond being just a renewable project developer. A larger operational portfolio, improving execution, lower funding costs and increasing exposure to hyperscalers are beginning to translate into stronger earnings and better visibility. With nearly 6.8 GW of contracted capacity, long-duration PPAs, a high proportion of repeat customers and formal FY28 EBITDA guidance, management appears increasingly confident that the platform can sustain profitable growth as renewable adoption and AI-led power demand continue to expand.
Disclaimer - Informational only. Not investment advice.GoIndia Advisors LLP | SEBI Registered Research Analyst | Reg. No. INH000020040 | BSE Enlistment No. - 6518