Clean Max Enviro Energy Solutions Limited operates as a leading renewable energy partner for the Commercial and Industrial (C&I) sector, positioning itself as a "Net Zero Partner to Corporates." The company develops, owns, and operates renewable energy projects, primarily solar and wind, to sell power to corporate clients through long-term Power Purchase Agreements (PPAs). Its business is structured into two main segments: Renewable Energy (RE) Power Sales, which constitutes the core of its operations and revenue, and Renewable Energy (RE) Services, which includes EPC, O&M, and carbon services. With a rapidly expanding portfolio, CleanMax has established a significant footprint across India and has begun overseas expansion. The company has demonstrated a strong ability to secure contracts with high-quality, investment-grade customers, including a significant and growing share from the Data & AI sector. This strategic focus, combined with a disciplined approach to project execution and financing, underpins its growth trajectory. As of March 2026, the company manages a total contracted capacity of over 6.4 GW, with 3.0 GW operational and 2.7 GW under execution, reflecting its prominent position in the C&I renewable energy space.

Official Website: http://www.cleanmax.com/

• Revenue Performance:

• For the nine months (9M) ended December 31, 2025, total Revenue from Operations grew 29% year-over-year (YoY) to INR 13,554 million from INR 10,502 million.

• The core RE Power Sales segment drove this growth, with revenue increasing 26% YoY to INR 10,301 million.

• The RE Services segment also showed strong performance, with revenue up 40% YoY to INR 3,121 million.

• Profitability and EBITDA:

• Consolidated EBITDA for 9M Dec'25 stood at INR 9,448 million, a 33% increase from INR 7,087 million in the prior year period.

• The RE Power Sales segment is the primary profit driver, contributing 93% of the total EBITDA in 9M Dec'25.

• Reported Profit After Tax (PAT) showed a significant turnaround, increasing to INR 402 million for 9M Dec'25 from just INR 22 million in 9M Dec'24.

• Balance Sheet and Debt:

• The company is in a heavy investment phase, with Capital Work in Progress (CWIP) at INR 42,110 million as of 9M Dec'25, up from INR 6,851 million at the end of Fiscal 2025.

• Net Debt has increased to INR 96,987 million to fund this expansion.

• The weighted average interest rate on project finance has decreased from 9.2% in March 2025 to 8.7% as of December 2025, indicating improved borrowing costs.

• Run-Rate EBITDA:

• Based on the 3.0 GW of capacity commissioned as of March 1, 2026, the company projects a run-rate EBITDA of approximately INR 1,800 Cr. This is a forward-looking estimate based on stabilized asset performance.

The company's financials reflect a strong growth phase, characterized by significant revenue and EBITDA expansion driven by capacity additions, alongside a substantial increase in debt and capital work in progress to fund future projects.

• High-Quality Customer Base:

• As of December 2025, 83% of the company's contracted capacity is with clients rated AA/AAA or are MNC subsidiaries. This high-credit-quality customer base minimizes counterparty risk.

• The company demonstrates strong customer retention, with 76% of new PPAs in 9M Dec'25 coming from repeat business with existing clients.

• Long-Term Contracted Revenue:

• The weighted average PPA tenor is approximately 23 years as of December 2025. This provides long-term visibility and stability of revenue streams.

• Strategic Focus on Data & AI Sector:

• The Data & AI customer segment is a major growth driver, comprising 42% (2.4 GW) of the total contracted capacity. This focus aligns the company with a high-growth, energy-intensive industry.

• Strategic Partnerships:

• The company has formed a strategic partnership with Osaka Gas, creating a joint entity (CleanMax Osaka Gas Renewables) where CleanMax holds a 51% stake. This partnership, which has already received INR 176 Cr in capital, targets Japanese and multinational corporates and provides access to development finance.

CleanMax's business model is distinguished by its focus on high-credit-quality C&I customers, long-term contracts, a strategic pivot to the high-growth Data & AI sector, and value-accretive international partnerships.

• Rapid Capacity Expansion:

• Total contracted capacity has grown 3x in 23 months, from 2,191 MW in March 2024 to 6,455 MW by March 2026.

• Operational RE Power Sales capacity grew by nearly 70% in 11 months, from 1,712 MW on April 1, 2025, to 2,986 MW on March 1, 2026.

• A total of 1.3 GW of new capacity was commissioned in the 11 months leading up to March 1, 2026.

• Strong Contracting Momentum:

• The company contracted 1.3 GW of new RE Power Sales capacity in the 11 months to March 1, 2026.

• The contracted-but-yet-to-be-executed pipeline stands at a robust 2.7 GW, providing clear visibility for future growth into FY27 and FY28.

• Segment-Specific Growth Drivers:

• The Data & AI customer segment has been the primary growth engine, with contracted capacity for this segment growing nearly 10x from March 2024 to March 2026.

The company is in a hyper-growth phase, evidenced by the tripling of its contracted portfolio in under two years and a clearly defined execution pipeline that supports continued rapid expansion.

• Data Center and AI Boom:

• The company has successfully capitalized on the surging energy demand from data centers and AI. New contracts have been signed with major players like Princeton Digital Group and Iron Mountain, with repeat business from STT Global Data Center. This sector remains the company's single largest opportunity for future growth.

• Multinational Corporate Partnerships:

• The partnership with Osaka Gas and JBIC opens a dedicated channel to serve Japanese and other multinational corporations looking for renewable energy solutions in India. This provides a strategic advantage in capturing a specific segment of the C&I market.

• Central Transmission Utility (CTU) Projects:

• The successful commissioning of its first 525 MWp CTU-connected project in Bikaner, Rajasthan, proves the company's capability to execute large-scale projects that can serve customers across state lines, significantly expanding its addressable market.

CleanMax is strategically positioned to capitalize on the energy needs of the digital economy and leverage international partnerships to secure growth with multinational corporations.

• Plant Load Factor (PLF):

• For the trailing 12 months as of December 2025, the PLF for key asset classes was:

• Wind: 37%

• Offsite Solar (AC): 24%

• Hybrid: 45%

• Asset Availability:

• The portfolio demonstrates high operational reliability, with average grid availability at 99.1% and average plant availability at 97.8% for the trailing 12 months as of December 2025.

• Capital Expenditure and Execution:

• The company has a proven track record of efficient project execution, with actual construction costs consistently coming in under budget. For 9M Dec'25, actual costs were 96.5% of the budgeted cost.

• Significant capex is underway, as reflected by the Capital Work in Progress (CWIP) figure of INR 42,110 million, which will translate into future operational capacity.

The company maintains high asset availability and utilization rates while demonstrating disciplined and under-budget project execution, which is crucial for managing its aggressive capex cycle.

• Near-Term Capacity Addition:

• The company has provided clear guidance to add over 1.5 GW of new RE Power Sales capacity in the fiscal year 2026-2027.

• Execution of Contracted Pipeline:

• The existing 2.7 GW of contracted capacity is slated for execution, with 1,500 MW planned for commissioning in FY27 and the balance in FY28.

• Partnership Goals:

• The joint entity with Osaka Gas has a target to develop 400 MW of capacity over the next 3 years, primarily focused on the Karnataka market.

CleanMax has a well-defined execution roadmap for the next two fiscal years, with clear guidance on capacity additions and a substantial contracted pipeline to support its targets.

• Segment Margin Profile:

• The core RE Power Sales segment operates at very high margins, with an EBITDA margin of 83% for 9M Dec'25, an improvement from 81% in the prior year period.

• The RE Services segment has a lower margin profile but also showed improvement, with its EBITDA margin increasing to 22% in 9M Dec'25 from 15% YoY.

• Operating Leverage:

• Margin expansion in the RE Power Sales segment is being driven by operating leverage. As the revenue base has scaled, Selling, General & Administrative (SG&A) expenses as a percentage of total income have fallen from 18% in FY23 to 10% in 9M Dec'25.

• Gross margins in the RE Power Sales segment have remained stable at around 93%.

The company's profitability is improving due to strong and stable gross margins in its core business, coupled with significant operating leverage as it scales its asset base.

• Execution and Commissioning Risk:

• The company has a large pipeline of 2.7 GW under execution. The ability to commission these projects on time and within budget is critical to realizing projected revenues and returns.

• Operational Risk:

• The newly commissioned 525 MW CTU project in Rajasthan is expected to face grid backdowns over the next 6-12 months due to ongoing transmission system upgrades. This could temporarily impact generation and revenue stabilization for this key asset.

• Financial and Market Risk:

• The business is capital-intensive and sensitive to interest rate fluctuations. While the company has managed to lower its borrowing costs, future increases in interest rates could impact project economics and profitability.

• The disclaimer notes exposure to regulatory changes, economic conditions, and foreign exchange rates as potential risks.

While the company is executing well, it faces operational risks related to grid infrastructure for new projects and the inherent financial risks of its capital-intensive growth strategy.

• Improved Cost of Debt:

• The company has successfully reduced its weighted average cost of project borrowing from 9.46% in March 2024 to 8.70% in December 2025. This reduction in finance costs directly improves project returns and overall profitability.

• Conservative Leverage:

• The company maintains a CARE A+ Stable credit rating. Its Debt to Adjusted EBITDA ratio is reported at 4.8x-4.9x, and the Debt Service Coverage Ratio (DSCR) for stabilized projects is a healthy 1.4x.

• First CTU Project Commissioned:

• A major milestone was achieved with the commissioning of the first 525 MWp CTU-connected solar plant in Bikaner. This project is critical as it supplies energy offsets to global technology customers, solidifying the company's leadership in the Data & AI segment.

Key positive developments include a lower cost of capital and the successful commissioning of a landmark project, both of which enhance the company's financial and operational strength.