CleanMax Receives Credit Rating Upgrade to AA-/Stable from CARE Ratings Limited
Mumbai, May 20, 2026: CleanMax Enviro Energy Solutions Limited, India's largest renewable energy company in the Commercial & Industrial (C&I) sector, has secured a credit rating upgrade from CARE Ratings Limited. The company’s rating was enhanced to 'CARE AA-/Stable' from 'CARE A+/Positive', underscoring its robust performance, expanding portfolio, and improved financial outcome.The rating upgrade highlights the company's strengthened financial profile, consistent operational performance, improving scale of business, and prudent financial management. CARE Ratings Limited attributed the enhancement to CleanMax's long-term bank facilities and non-convertible debentures. This action affirms the company's healthy liquidity position, strong debt servicing capability, and established presence within India's rapidly expanding renewable energy sector.
The rating details are as follows:
| Rating Aspect | Previous Rating | New Rating | Outlook | Rating Agency |
|---|---|---|---|---|
| Credit Rating | A+/Positive | AA-/Stable | Stable | CARE Ratings Limited |
The upgrade follows a period of strong financial and operational growth for the company. For the fiscal year 2026 (FY26), CleanMax reported its highest-ever consolidated EBITDA of approximately ₹1,295 crore, marking a 28% year-on-year growth. Consolidated Profit After Tax (PAT) increased to approximately ₹85.6 crore, representing a 4.4 times increase over the previous year. Furthermore, CleanMax expanded its contracted renewable energy portfolio to 5.7 GW, maintaining an operational capacity of approximately 3.1 GW.
Nikunj Ghodawat, CFO of CleanMax, commented on the development, stating that the upgrade marks an important milestone in the company's growth journey. He noted that it reflects the strength of the business fundamentals, financial discipline, and the growing role the company plays in advancing clean energy adoption for corporates. Ghodawat added that the upgrade is expected to further strengthen the company's leverage profile and eventually influence the cost of financing.
The company continues its focus on portfolio expansion across various states in India. CleanMax operates on resilient business models, including Renewable Energy Sales and Renewable Energy Services. The demand for clean energy solutions continues to accelerate across industries, supporting the company's balanced capital structure.
CleanMax is positioned as a pureplay C&I renewable energy company with over 15 years of operations. It primarily engages in selling power from wind and solar projects (both onsite and offsite) to corporate customers via bilateral energy supply agreements. A significant growth engine for the company remains the Data & AI segment. This high-potential sector now contributes approximately 42% of CleanMax's contracted RE Power Sales portfolio, demonstrating a growth of approximately 10 times between FY2023-24 and FY2025-26.
CLEANMAX Stock Price Movement
Clean Max Enviro Energy Solutions Limited shares today slipped by 1.32% to settle at ₹1201.9 in post-market trading. The stock traded on a volume of 94,632 shares and reached a session low of ₹1195.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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