Clean Max Enviro Energy Solutions Ltd

Q4 FY26Power

Clean Max Enviro Energy Solutions Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,267

Market cap₹16.2K Cr

P/E103.2

Updated23 Aug 2026

Read4 min read

The short version

Clean Max Enviro Energy Solutions expects sustainable growth in capacity addition, targeting at least 1,500 MW of renewable energy power sales capacity addition in FY27. Revenue and EBITDA grew ~28% year-on-year, reflecting strong business momentum.

From Clean Max Enviro Energy Solutions Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Clean Max Enviro Energy Solutions expects sustainable growth in capacity addition, targeting at least 1,500 MW of renewable energy power sales capacity addition in FY27.
The company has a robust order book with 2,600 MW contracted but yet to be built at the start of FY27.
Repeat business rate is high at around 74%, indicating strong customer retention and ongoing contracting.
The Data and AI segment is a significant growth driver, accounting for 42% of contracted capacity, growing 10x in two years.
The blend of wind and solar generation is expected to remain stable, supporting diversification and risk mitigation.

2 more points management made on revenue & sales performance

Profitability & Margins

Revenue and EBITDA grew ~28% year-on-year, reflecting strong business momentum.
EBITDA margins improved due to operating leverage; RE power sales EBITDA margin rose from 82% to 83.5%.
RE services EBITDA margin increased from 14.4% to 19.6%, showing margin expansion across segments.
Reported PAT surged 4.4x from ~INR 20 crores in FY25 to over INR 85 crores in FY26.
Run-rate EBITDA increased from INR 1,140 crores to INR 1,870 crores, reflecting capacity scaling.
Repeat business strong at 74%, indicating stable client base.
Forecast: 1.5 GW RE power sales capacity addition planned for FY 26-27, supporting further growth.
EBITDA margin expected to improve to ~86% over 3-4 years due to scale and efficiency gains.
EBITDA per MW is 30-35% superior versus peers, supporting profitability.

2 more points management made on profitability & margins

See what Clean Max Enviro Energy Solutions Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Joint venture with Apple India Private Limited: Apple investing INR104 crores for a 49% equity stake in 150 MW projects. This is a co-investment, not a PPA. (Page 16)
Investment in organizational capability and project development (land, evacuation) started around early 2024 to support growth and ensure sustainable commissioning capacity beyond 1,400 MW/year. (Page 19)
Expansion plan includes adding a minimum of 1,500 MW capacity in FY26-27, with 2,600 MW contracted and yet to be built at start of fiscal. (Page 18)

2 more points management made on capital expenditure plans

Top-ranked in Power

Ranked on what management guided this quarter

5x potential

1Insolation Ener₹2.0K Cr

Rev 1Mar 1

2ACME Solar Hold.₹31.3K Cr

Rev 1Mar 3

3₹15.1K Cr

Rev 1Mar 3

4₹3.9L Cr

Rev 2Mar 3

5₹2.1L Cr

Rev 2Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

No explicit mention of immediate or planned fundraising through new debt or equity in the provided pages.
The company has been actively refinancing existing projects to reduce interest costs, aiming to lower financing costs over time.
Net debt at ~INR9,600 crores aligns with capacity additions and remains within target leverage ranges; no indication of significant new debt plans beyond regular refinancing.
Weighted average loan tenor is being managed below PPA tenor, supporting stable cash flow and servicing.
IPO proceeds have been accounted for in total equity; no mention of further equity raises.

2 more points management made on fundraising & capital structure

See what Clean Max Enviro Energy Solutions Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

As of the start of fiscal 2026-27, Clean Max Enviro Energy Solutions Limited has 2,600 MW of contracted but yet-to-be-built capacity.
The company added 1,400 MW of capacity in FY25-26 and fully replenished its pipeline by contracting an additional 1,400 MW.
The contracting run rate remains strong with about 74% of new volumes contracted with existing customers.
Guidance for FY26-27 indicates an expected renewable energy power sales capacity addition of at least 1,500 MW.

2 more points management made on order book & pipeline

Clean Max Enviro Energy Solutions Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹557 Cr, net profit ₹45 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Clean Max Enviro's management said in earlier quarters

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Frequently Asked Questions

What were Clean Max Enviro Energy Solutions Ltd Q4 FY26 results?

What is Clean Max Enviro Energy Solutions Ltd share price analysis?

Clean Max Enviro Energy Solutions Ltd currently shows a neutral. The stock trades at a P/E of 103.2 with a market cap of ₹16,193 Cr. Investors should review the full earnings analysis for detailed insights.

Is Clean Max Enviro Energy Solutions Ltd planning capital expenditure?

Joint venture with Apple India Private Limited: Apple investing INR104 crores for a 49% equity stake in 150 MW projects.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.