CleanMax Reports Strong Q1 FY27 Results With Revenue Doubling And Renewable Energy Capacity Growth
Clean Max Enviro Energy Solutions Limited delivered a strong financial performance in the first quarter of FY27, reporting significant growth in revenue, profitability, and renewable energy capacity. For the quarter ended June 30, 2026, the company’s revenue from operations rose to INR 832 crore, more than doubling from INR 402 crore recorded in the corresponding quarter of FY26. The growth was supported by the expansion of its operational renewable energy assets and rapid progress in its Renewable Energy (RE) Services business.
The company reported an Adjusted EBITDA of INR 494 crore, representing a 74% year-on-year increase. CleanMax also returned to profitability, posting a Profit After Tax (PAT) of INR 55 crore compared to a loss of INR 17 crore in the same period last year.
During the quarter, CleanMax achieved its highest-ever quarterly commissioning by adding more than 0.5 GW of operational renewable energy capacity. This helped increase its total contracted capacity to 6.8 GW, nearly three times higher than two years ago. Out of this, the RE Power Sales portfolio accounts for 6.0 GW, including 3.5 GW already operational and 2.5 GW currently under execution. The company expects to add more than 1.5 GW of RE Power Sales capacity during the remaining months of FY27.
The growing demand for clean energy from data centers and artificial intelligence (AI) infrastructure has become a major contributor to CleanMax’s business. The sector now represents 42% of the company’s contracted RE Power Sales capacity, increasing from 0.24 GW in March 2024 to more than 2.5 GW by June 2026. CleanMax serves several leading technology and data center companies, including Cisco, STT Global Data Centres, NTT Data Group, Equinix, and Princeton Digital Group. The company also reported strong customer loyalty, with 79% of new capacity additions coming from existing customers across its portfolio of 593 commercial and industrial clients.
CleanMax also strengthened its financial position during the quarter. The weighted average cost of project debt declined to 8.4% as of June 2026 from 9.2% in April 2025, supported by its CARE AA- (Stable) credit rating. The company also improved operating efficiency, with Selling, General and Administrative expenses falling to 8.7% of RE Power Sales income, compared to 18.2% in FY23.
At its Board meeting held on July 31, 2026, the company approved the consolidation of selected rooftop solar special purpose vehicles representing 148 MWp into the holding company. It also approved the issuance of domestic bonds to diversify funding sources, secure long-term fixed interest rates, and support future capital expenditure plans.
Managing Director Kuldeep Jain said the company remains on track to achieve its annual growth targets, while Chief Financial Officer Nikunj Ghodawat highlighted that improving scale, lower borrowing costs, and disciplined financial management will support CleanMax’s expanding renewable energy pipeline.
