Clean Max Enviro Energy Solutions LtdQ4 FY27Power

Clean Max Enviro Energy Solutions Ltd

Q4 FY27 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Clean Max Enviro Energy Solutions expects to add about 1.5 GW of renewable energy (RE) power sales capacity in the fiscal year 2026-27, up from 1.3 GW added in the current fiscal year.
→Long-term contracted capacity has grown 3x in under two years, from 1.7 GW in March 2024 to 5.7 GW as of March 2026, indicating strong volume growth.
→Revenue grew 29% year-over-year to INR 13,554 million in the first nine months and EBITDA grew 33%, reflecting strong financial growth.
→EBITDA margins improved from 75% to 83% in RE power sales, showing operating leverage benefits.
→RE services segment saw 40% revenue growth with margin expansion from 15% to 22%.
→The company has 2.7 GW contracted and under execution pipeline, with firm evacuation capacity of 3.1 GW plus 1.6 GW pending, totaling 4.7 GW evacuation pipeline.
→Diversified across several states and customer segments, including 42% of contracted capacity from Data & AI clients, supporting sustained growth.

Margin guidance

Category 2

→Clean Max Enviro Energy Solutions Limited expects strong growth in earnings driven by capacity additions and efficient operations.
→Run-rate EBITDA increased by 57% to INR 1,790 crores as of March 1, 2026, reflecting growing operational scale.
→EBITDA margins improved to about 83% in RE power sales, projected to rise to 85-86% in 2-3 years due to operating leverage.
→Reported PAT grew from INR 22 million to INR 402 million in nine months YoY, indicating profitability gains.
→Capacity addition guidance: over 1.5 GW commissioned in FY27, growing trailing 12 months capacity additions from 500 MW to 1.3 GW.
→Stable and improving unit economics: equity payback improved to ~2.5 years versus earlier 3.4 years.
→No near-term plans for QIB equity; confident in being well-capitalized for growth for at least three years.
→Operating efficiencies, tariff premiums due to direct customer sales, and strong credit profile support earnings expansion.

Get access to all 5 sections — revenue, margin, fundraise, orderbook, and capex — for Clean Max Enviro Energy Solutions Ltd and 1,400+ other companies.

Fundraise plans

→No intention of a Qualified Institutional Buyer (QIB) equity fundraising in the near term.
→Company believes it is well-funded for continued high growth over the next three years.
→Strategic partnerships and overall balance sheet equity are expected to support growth.
→Equity requirements will be assessed annually and investors will be advised accordingly.
→No specific debt forecast provided for upcoming years, but refinancing and cost of debt reduction opportunities exist.
→IPO proceeds are mainly used for repayment of borrowings, exit of current investors, and general corporate purposes.
→Debt as of 31st December includes INR 4,688 crores for operational projects, INR 1,781 crores for recently commissioned projects, INR 1,739 crores for under-construction assets, and INR 1,490 crores of corporate loans.

Order book

Yes

→CleanMax has about 2.7 GW of contracted capacity with signed Power Purchase Agreements (PPAs) under execution as of March 1, 2026.
→Firm transmission evacuation capacity available but not yet contracted with customers stands at 3.1 GW.
→An additional 1.6 GW of evacuation capacity has been applied for but is not yet confirmed, totaling approximately 4.7 GW potential evacuation pipeline.
→CleanMax does not typically disclose a sales pipeline due to the large and granular nature of their sales efforts with 570 clients and over 50 business development executives.
→They sign about 100 new deals annually, resulting in 200-400 ongoing discussions, but only count contracted capacities once PPAs are signed.
→Guidance for FY’26-FY’27 includes 1.5 GW additional renewable energy power sales capacity (1 GW non-CTU connected and 0.5 GW CTU connected wind projects).

Capex plans

Yes

→Clean Max Enviro Energy Solutions Limited plans to build about 400 MW or more through a joint venture with Osaka Gas over three years.
→In Q3 FY26, they received an equity contribution of INR 176 crores from Osaka Gas for their 49% stake in this JV.
→There is a significant ongoing capacity addition with 2.7 GW contracted and under execution as of March 1, 2026.
→For FY 26-27, management guides capacity addition of upwards of 1.5 GW of RE power sales.
→Land acquisition for next fiscal’s capacity addition is 70%-80% complete, with construction underway.
→They aim to be well equity funded for high growth over the next three years without plans for Qualified Institutional Placement (QIP).
→Continued strategic partnerships and access to global capital (e.g., via Osaka Gas and JBIC) support equity efficiency and capital investments.

How does Clean Max Enviro Energy Solutions Ltd rank vs peers in Power?

Pro feature

1Clean Max Enviro Energy Solutions Ltd

Rev 2Mar 2

See full Power sector rankings

Unlock with Pro

Want more stocks like Clean Max Enviro Energy Solutions Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio