Clean Max Enviro Energy Solutions Reports 33% EBITDA Growth in First Nine Months of FY 2026
Mumbai, India – March 2026: Clean Max Enviro Energy Solutions Limited ('CleanMax') announced key operational and financial performance for the first nine months of Fiscal Year 2026, reflecting growth in capacity addition, contracted portfolio, and profitability.As of March 1, 2026, CleanMax has a total contracted energy sales capacity of 5.7 GW, compared to 1.75 GW as of April 1, 2024, 4.4 GW as of April 1, 2025, and 5.5 GW as of December 31, 2025. Of this, 3.0 GW is currently commissioned, representing a 76% growth from 1.7 GW at the start of the fiscal year. During the first 11 months of Fiscal 2026, the company commissioned 1.3 GW of new capacity, comprised of 85% solar and 15% wind projects across seven states in India. A remaining 2.7 GW of energy sales capacity is expected to be commissioned within the next 24 months, with CleanMax guiding to an annual commissioning volume in excess of 1.5 GW for Fiscal Years 2026-27.
Demand from the Data and AI sector has been a key driver, now representing 42% of contracted capacity (2.4 GW). CleanMax recently commissioned its first 0.5 GW CTU-connected plant in Bikaner, designed to supply renewable energy offsets to Data and AI customers.
Beyond contracted energy sales, CleanMax has 0.5 GW of capacity from renewable energy services and an additional 0.226 GW of solar and wind capacity contracted for execution under the renewable energy services segment. The company also has a power evacuation pipeline of 4.8 GW yet to be contracted.
The incremental energy sales capacity of 1.3 GW added during the fiscal year was executed at approximately 97% of the budgeted cost.
The 3.0 GW operational energy sales capacity has an annualized run-rate EBITDA of approximately INR 1800 crore from energy sales following technical and commercial stabilization of the renewable energy plants.
Key Financial Highlights
CleanMax reported an EBITDA of INR 945 crore for the nine months ended December 2025, reflecting a 33% year-on-year increase compared to INR 709 crore in the same period last year. The company’s EBITDA increased by 40% in the quarter ended December 2025, reaching INR 307 crore compared to INR 220 crore in the same quarter last year. Revenue for the nine-month period was INR 1355 crore, a 29% increase year-on-year. Reported Profit After Tax (PAT) for the nine months ended December 2025 was INR 40 crore, compared to INR 2 crore in the same period last fiscal.
| Particulars | 9MFY26 | 9MFY25 | YoY Growth |
|---|---|---|---|
| Revenue | 1355 | 1050 | 29% |
| EBITDA | 945 | 709 | 33% |
| Profit After Tax | 40 | 2 | 1726% |
| Particulars | Q3FY'26 | Q3FY'25 | YoY Growth |
|---|---|---|---|
| Revenue | 423 | 374 | 13% |
| EBITDA | 307 | 220 | 40% |
| PAT | 21 | (4) | NC |
NC = Not computed
CleanMax entered into asset-level investment partnerships with Osaka Gas called CORE (CleanMax Osaka Gas Renewable Energy), where CleanMax owns a majority 51% stake. Osaka Gas has invested approximately INR 176 crore in this partnership.
The company also lowered its weighted average project finance interest rate from 9.2% to 8.9% during the period.
CleanMax thanks Mr. Arijit Basu for his service on the Board and welcomes Shri. DK Khara as an Independent Director, who will also serve as the Lead Independent Director.
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