Clean Max Enviro Energy Solutions (CLEANMAX) Q4 25/26 earnings summary

Executive summary

• Achieved 28% year-over-year revenue growth to ₹19,129 million in FY26, driven by capacity commissioning and strong repeat business from high-quality customers.

• EBITDA rose 28% to ₹12,946 million, with a 32% CAGR from FY23–FY26, and PAT surged 340% to ₹856 million.

• Approved audited standalone and consolidated financial results for FY26, with unmodified audit opinions from statutory auditors.

• Completed IPO in March 2026, raising Rs. 12,029.78 million (fresh issue) and Rs. 18,769.06 million (offer for sale), with shares listed on NSE and BSE.

• Commissioned 1.4 GW of renewable energy capacity across 7 states, expanding operational capacity to 3.1 GW and contracted capacity to 5.7 GW.

Financial highlights

• Revenue from operations increased 28% year-over-year to ₹19,129 million; Q4 FY26 revenue up 25% to ₹5,575 million.

• EBITDA margin improved to 83.5% for RE Power Sales and 19.6% for RE Services.

• PAT grew from ₹194 million in FY25 to ₹856 million in FY26; Q4 PAT rose to ₹454 million.

• Consolidated EBITDA for FY26 was Rs. 12,945.63 million, up from Rs. 10,150.72 million year-over-year.

• Net debt increased to ₹96,841 million, reflecting growth in commissioned and under-construction assets.

Outlook and guidance

• Over 1.5 GW RE Power Sales capacity addition targeted for FY27.

• Continued focus on Data & AI sector and repeat business from existing customers.

• Weighted average PPA tenor stands at 23.17 years, supporting long-term revenue visibility.

• Board and management view the group as having adequate resources to meet obligations, with no material uncertainty regarding going concern.