Clean Max Enviro Energy Solutions Ltd(CLEANMAX)

NSE: CLEANMAXBSE: 544717

₹ 1,145.75-2.51%refreshed 26 Oct, 12:16 pm ISTMarket cap: ₹ 13,469 crWebsite: www.cleanmax.comUpdated: 24 Oct 2026

About

CleanMax is India's largest C&I (commercial and industrial) renewable energy company, selling power under long-term PPAs and providing renewable energy services to corporate and hyperscaler customers. In FY26 it reported revenue of INR 1,912.87 crores and EBITDA of INR 1,295 crores, with 3,088 MW of operational RE Power Sales capacity and a total contracted book of 5,685 MW. It claims approximately 35% market share of hyperscaler C&I renewable business in India as of Q1 FY27.^[1][2][3]

Business segments

Renewable Energy Power Sales (Segment A): 73.2% of FY26 revenue at INR 1,399.45 crores; owns and operates solar and wind assets, selling generation under long-term PPAs to C&I customers.^[4]
Renewable Energy Services (Segment B): 26.0% of FY26 revenue at INR 497.33 crores; provides O&M and project management services, requiring minimal capital and contributing 5 - 7% of total EBITDA.^[4][5]

Installed and contracted capacity

RE Power Sales operational capacity reached 3,493 MW in Q1 FY27, up from 3,088 MW at end-FY26 and 1,712 MW at start of FY26, following ~400 MW commissioned in Q1 FY27.^[3][2]
Under-construction (contracted yet-to-be-executed) RE Power Sales pipeline was 2,510 MW as of Q1 FY27, at a weighted average tariff of INR 4.00/kWh.^[3]
FY26 full-year capacity additions: 1,377 MW commissioned in RE Power Sales and ~94 MW in RE Services, roughly 3x the ~422 MW added in FY25.^[2]
Trailing-12-month build rate reached 1,743 MW as of June 2026, up from 450 MW as of June 2025.^[3]

Key operating metrics

Generation exported in Q1 FY27: 1,302.36 million kWh, vs. 852.16 million kWh in Q1 FY26.^[3]
Weighted average realised tariff: INR 4.06/kWh in Q1 FY27.^[3]
Wind PLF (trailing 12 months): 35.42% in TTM Q1 FY27, vs. 34.04% in TTM Q1 FY26.^[3]
Solar offsite PLF (trailing 12 months): 25.43% in TTM Q1 FY27, vs. 17.33% in TTM Q1 FY26.^[3]
DSO for RE Power Sales: 22 days in Q1 FY27, unchanged from Q1 FY26.^[3]
Average grid availability (offsite): 99.24% in FY26, vs. 99.10% in FY25.^[2]
Weighted average PPA tenor: 23.19 years as of 9M December 2025.^[5]

EBITDA margins and profitability drivers

RE Power Sales EBITDA margin: 83.7% in Q1 FY27, up from 76.4% in Q1 FY26 and 83.5% in FY26; improvement driven by SG&A-to-revenue ratio declining from ~18% in FY23 to ~9% in FY26.^[3][2]
RE Services EBITDA margin: 11.2% in Q1 FY27, up from 8.7% in Q1 FY26; was 19.6% for full-year FY26.^[3][2]
Run-rate EBITDA on commissioned RE Power Sales capacity stood at INR 1,870 crores as of 31 March 2026, up from INR 1,140 crores at 1 April 2025.^[2]

Customers and distribution

Data & AI customers (hyperscalers and data centre operators) represent 42% of the 5,685 MW contracted capacity as of FY26, up from 14% two years prior; named clients include Meta, Apple, Google, Amazon, Princeton Digital Group, Iron Mountain, and STT Global Data Centers.^[2][5]
CleanMax estimates ~35% market share of hyperscaler C&I renewable business in India as of Q1 FY27.^[3]
Conventional (non-Data-AI) industrial corporate customers represent 58% of contracted capacity; this segment has grown at ~46% CAGR over the past two years.^[3]
82% of contracted volumes by MW are with AA/AAA-rated or multinational counterparties; 96% with A-rated and above, as of FY26.^[2]
Repeat business rate: 79% of new volumes in Q1 FY27 came from existing customers; was 74% for all of FY26.^[3][2]

Geographic operations

Projects operate across at least 7 states; Karnataka and Gujarat together fell from 68% of operational capacity at start of FY26 to 54% by 1 March 2026 as new states were added.^[5]
New capacity under construction in Rajasthan, Andhra Pradesh, and Uttarakhand in FY27; transmission capacities already secured in these states.^[3][2]

Funding and debt

Weighted average cost of project debt fell from 9.4% in April 2025 to 8.45% in Q1 FY27; credit rating upgraded to AA- (CRISIL AA/Stable) from A+.^[3][6]
CleanMax listed INR 2,500 crore of green non-convertible debentures on BSE on 29 September 2026; coupon range 8.25% - 8.76%, maturity 2 - 10 years; investors include IFC, NABFID, and IIFCL.^[7][6]
Net debt / adjusted EBITDA: 4.75x and DSCR on projects operational more than 12 months: 1.3x, both as of FY26.^[2]
40% of the debt portfolio was at fixed rates as of March 2026.^[2]

Expansion and capex

Target: minimum 1,500 MW of RE Power Sales capacity addition in FY27, with at least 4,600 MW total operational capacity by 1 April 2027; 403 MW added in Q1 FY27.^[3][2]
530 MW CTU project at Koppal substation, Karnataka (450 MW wind + 80 MW solar) targeted for commissioning in FY27.^[2]
BESS-as-a-Service initiative launched: first BESS investment greenlit (STU project, Rajasthan); MOUs signed with three C&I clients; target tariff INR 3.0 - 3.5/unit for 2-hour storage.^[3]
Osaka Gas JV (CORE, 51% CleanMax / 49% Osaka Gas): targets 400+ MW over 3 years focused on Japanese and MNC clients, primarily in Karnataka; Osaka Gas invested INR 176 crores for its stake.^[5]
Apple JV (Clean Max Taurus Private Limited, 51% CleanMax / 49% Apple India): Apple invested INR 104 crores of equity for a 49% stake in 150 MW of projects across Karnataka and Rajasthan.^[2]
FY28 EBITDA target: minimum INR 3,000 crores consolidated reported EBITDA, approximately 2.3x FY26 reported EBITDA of INR 1,295 crores.^[3][2]

Recent developments

On 9 October 2026, CleanMax acquired a 100% stake in Massmunch Company Limited (Thailand) for Thai Baht 1,250,000; expected completion 31 October 2026.^[8]
On 29 September 2026, CleanMax listed INR 2,500 crore of green NCDs on BSE, its first domestic bond market issuance enabled by the AA- credit rating upgrade.^[7][6][3]

Market Cap

₹13,469 Cr

High / Low

₹1,533 / 728

Stock P/E

146.6

Price / Book

3.0

Book Value

₹396

EPS

₹8.0

No. of Shares

11.71 Cr

ROCE

5.0%

ROE

2.0%

OPM

44.1%

Debt / Equity

2.68

Sales

₹1,913 Cr

Net Profit

₹86 Cr

Promoter holding

49.3%

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