Clean Max EnviroQ1 FY27
Clean Max Enviro Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹1,231P/E: 94.9Market Cap: ₹14.9K CrSector: Power
Management growth scorecard
Revenue
Category 1
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
4 of 5 growth signals are positive — a strong management growth story.
Full analysisRevenue guidance
Category 1- →CleanMax expects continued strong growth in renewable energy capacity and revenues.
- →The company targets adding over 1.5 gigawatt of new operational capacity in the current fiscal year.
- →FY28 guidance projects a minimum reported EBITDA of about INR 3,000 crore, nearly 2.3x growth from FY26.
- →Trailing 12 months capacity addition increased from 450 MW to about 1,740 MW.
- →Revenue from operation grew 107% year-over-year in Q1 FY27, with renewable power sales segment up 47%.
- →Data and AI segment, contributing 42% of capacity, grew 10x in last 2 years and expected to remain a strong growth driver.
- →Non-Data Center industrial customers doubled over last 2 years, growing at about 46% CAGR.
- →Growing pipeline with about 2.5 gigawatt contracted and under execution, plus a robust pipeline above that.
- →Tariffs stable or rising, supporting profitability on new contracts.
- →Strong repeat business with over 75-80% contracts from existing clients.
Margin guidance
Category 3- →CleanMax Enviro Energy Solutions projects a minimum reported EBITDA of about INR 3,000 crore in FY28, nearly 2.3-2.4x growth from FY26 (~INR 1,290 - 1,870 crore).
- →This growth is driven by adding over 1.5 gigawatt of new operating capacity in the current fiscal year.
- →The company expects continued strong demand, especially from Data and AI segment, which grew 10x over last 2 years and contributes ~42% of contracted capacity.
- →Industrial customer segment also demonstrates strong growth (~46% CAGR over 2 years).
- →EBITDA margins have expanded (RE power sales margin from 76% to 84%, RE services from ~9% to 11%).
- →Improved operational efficiencies and lower interest rates (from 9.4% to 8.4%) contribute positively.
- →Positive PAT turnaround seen with INR 55 crore profit in Q1 FY27.
- →Overall confidence in sustained capacity addition, operational performance, and profitability improvement over next 2-3 years.
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Fundraise plans
Yes- →CleanMax is planning to issue a domestic corporate bond (Debt Capital Market - DCM) soon, leveraging their improved AA credit rating.
- →The company aims to maintain consistent debt levels aligned with EBITDA growth; projected steady-state net debt by FY28 is INR16,000 crores against an EBITDA of INR3,000 crores.
- →There was a reclassification of debentures from unsecured to secured, increasing security cover from 0.7x to 1x to align with upcoming bond issuance, ensuring consistent security for debenture holders.
- →No specific announcement on new equity fundraising was mentioned.
- →The company is focused on maintaining disciplined capital expenditure and financing aligned with operational growth and project execution capacity.
Order book
Yes- →Total contracted capacity as of June 30, 2026, is about 6 gigawatts.
- →Of this, 3.5 gigawatts is operational and 2.5 gigawatts is contracted and under execution.
- →In the RE services segment, 682 megawatts is operational, with an additional 147 megawatts contracted and under execution.
- →Total portfolio (built and under construction) amounts to approximately 6.8 gigawatts.
- →The RE services order book currently stands at 147 megawatts contracted yet to be executed.
- →Order execution cycle for RE services is within 12 months.
- →The company has a strong pipeline with hundreds of ongoing customer discussions supporting future growth beyond the current order book.
- →They continue replenishing transmission and evacuation capacities to support expanding contracted volumes.
Capex plans
Yes- →The company is actively investing in Battery Energy Storage Systems (BESS), with the first BESS investment greenlit at their STU project in Rajasthan.
- →They have signed MOUs with three clients in the past month for BESS, indicating customer-backed investments.
- →BESS investments are seen as a natural evolution and huge growth opportunity aligned with their renewable portfolio.
- →They plan capacity additions of over 1.5 GW in FY27, including about 543 MW from a CTU project at Koppal.
- →The company is building CTU capacities at a rate of about 500 MW per year.
- →Capital expenditure is focused on renewable power sales and renewable energy services, with recent commissioning of 400 MW and 100 MW respectively in Q1.
- →They continuously review and address organizational gaps to support this rapid growth and capacity addition.
- →No detailed breakout of fixed assets growth is publicly shared; capacity commissioning is used as a proxy measure for capex.
How does Clean Max Enviro rank vs peers in Power?
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How does Clean Max Enviro rank in Power?
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