CleanMax Reports Strong Q1 FY27 Results, Achieving 74% YoY Growth in Adjusted EBITDA; Contracted RE Power Sales Reach 6 GW

CleanMax Reports Strong Q1 FY27 Results, Achieving 74% YoY Growth in Adjusted EBITDA; Contracted RE Power Sales Reach 6 GW​

Clean Max Enviro Energy Solutions Limited (NSE: CLEANMAX | BSE: 544717), India's leading provider of renewable energy solutions to the Commercial and Industrial (C&I) sector, announced robust financial results for the quarter ended June 30, 2026 (Q1 FY27). The company saw significant growth across its operational segments, with revenue from operations more than doubling year-on-year.

The company reported a strong start to the fiscal year. Revenue from operations reached INR 832 crore in Q1 FY27, compared to INR 402 crore in Q1 FY26. Adjusted EBITDA grew by 74% year-on-year to INR 494 crore, while Reported PAT stood at INR 55 crore.

As of June 30, 2026, CleanMax's contracted RE Power Sales capacity stood at approximately 6.0 GW. Including the RE Services segment, the company’s total contracted portfolio amounted to 6.8 GW, representing a threefold increase over the past two years.

Key Financial Highlights for Q1 FY27​

The performance across segments demonstrated strong operational leverage and growth. The financial breakdown is summarized below:


The company’s operational strength was further reflected in the metrics related to project debt and expense management. The weighted average cost of project debt improved to 8.4% as of June 2026, down from 9.2% in April 2025 and 8.5% in March 2026. Furthermore, Selling, General & Administrative expenses as a percentage of RE Power Sales total income reduced to 8.7% in Q1 FY27, marking continued operating leverage compared to 18.2% in FY23.

Portfolio Growth and Strategic Focus​

The quarter featured strong execution across the renewable energy portfolio, with a record commissioning of over 0.5 GW of capacity across multiple states in India. This represented the highest quarterly commissioning in the company's history.

A key area of growth is the demand from the data centre and AI segment, which accounted for 42% of contracted RE Power Sales capacity as of June 30, 2026. Contracted capacity serving these customers has expanded significantly, increasing from 0.24 GW on March 31, 2024, to over 2.5 GW as of June 30, 2026, indicating nearly 10x growth in this segment over two years.

The company services 593 customers, and repeat customers accounted for 79% of the new capacity additions, underscoring high customer retention. Key clientele includes Cisco, STT Global Data Centers, NTT Data Group, Equinix, Iron Mountain India Data Centers, Princeton Digital Group, and L&T Data Center.

Initiatives and Future Outlook​

CleanMax has initiated several strategic initiatives to bolster its operational efficiency and financial structure. The company is consolidating select rooftop solar SPVs, representing 148 MWp across four entities, into the holding company to drive operating efficiencies and strengthen cash flow generation. Additionally, the Board approved the issuance of domestic bonds to diversify capital sources, optimize borrowing costs, and enable securing long-term financing.

Kuldeep Jain, Founder & Managing Director, stated that the quarter was strong, noting growth in EBITDA driven by volume and higher margins across both RE power sales and RE services. He added that the company is on track to meet its guidance of adding a minimum of 1,500 MW of new capacity during FY27.

Nikunj Ghodawat, Chief Financial Officer (CFO), commented that Q1 FY27 demonstrates the strength of the business model, noting that as commissioned portfolios grow, earnings, profitability, and cash flows continue to strengthen in conjunction with a lower cost of debt and a solid credit profile.

CLEANMAX Stock Price Movement​

On Friday, Clean Max Enviro Energy Solutions Limited shares rallied, settling higher by 2.48% to close at ₹1335.60. The equity saw significant activity during the session, with a total traded volume reaching 265,039 shares.