Clean Max Enviro Energy Solutions Limited stands as India's largest provider of renewable energy to the Commercial and Industrial (C&I) sector, positioning itself as a "Net Zero Partner to Corporates." The company develops, owns, and operates a substantial portfolio of renewable energy assets, including solar, wind, and hybrid power plants. It serves a diverse and high-quality customer base of over 588 corporate clients across various industries, with a significant and rapidly growing focus on the Data & AI sector. CleanMax operates through two primary business segments: Renewable Energy (RE) Power Sales, where it sells power to clients via long-term Power Purchase Agreements (PPAs), and RE Services, which includes capital expenditure and carbon services. The company's operational footprint is geographically diversified across seven states in India for its utility-scale projects and spans 22 states and four countries for its onsite solar solutions. A key indicator of its strong market position and customer trust is its high rate of repeat business, demonstrating an ability to grow alongside its clients as they expand their own renewable energy procurement. By offering a comprehensive suite of solutions, from large-scale offsite farms to rooftop solar installations, CleanMax enables corporations to achieve their sustainability and cost-saving objectives.

Official Website: www.cleanmax.com

• Income Statement Performance: The company demonstrated robust top-line and bottom-line growth in Fiscal Year 2026 (FY26).

• Revenue from Operations grew by 28% year-over-year (YoY) to INR 19,129 million from INR 14,957 million in FY25. This was driven by a 26% increase in the RE Power Sales segment and a 32% increase in the RE Services segment.

• EBITDA increased by 28% YoY to INR 12,946 million in FY26. The company has maintained a strong 32% EBITDA Compounded Annual Growth Rate (CAGR) from FY23 to FY26.

• Profit After Tax (PAT) saw exceptional growth of 340% YoY, reaching INR 856 million in FY26 compared to INR 194 million in FY25. This significant increase in profitability reflects the larger portfolio of stabilized, revenue-generating assets.

• Balance Sheet Health: The balance sheet expanded significantly to support the company's aggressive growth trajectory.

• Gross Block of assets increased to INR 128,236 million from INR 88,002 million in the prior year, reflecting the large capacity additions.

• Capital Work-in-Progress (CWIP) rose sharply to INR 53,392 million, indicating a large pipeline of projects under construction.

• Net Debt increased to INR 96,841 million from INR 63,220 million to fund capital expenditure. Despite this, the Net Debt-to-Equity ratio improved to 1.75x in FY26 from 1.97x in FY25, showing prudent capital management.

• Debt Management & Credit Profile: The company has actively managed its cost of capital and maintained a conservative leverage profile.

• The weighted average cost of project debt has consistently decreased, reaching 8.50% in FY26, down from 9.19% in FY25 and 9.47% in FY24.

• The company holds a CARE A+ Stable credit rating.

• Leverage remains conservative, with a Debt / Adjusted EBITDA ratio of 4.75x and a healthy Debt Service Coverage Ratio (DSCR) of 1.3x for operational assets.

• Profitability Metrics:

• Return on Invested Capital (ROIC) for FY25 was 13.03% (Cash ROIC based on opening funds invested).

• Receivables for the core RE Power Sales business are well-managed, with Days Sales Outstanding (DSO) at a low 25 days, indicating efficient collection and a high-quality customer base.

The company's financials for FY26 show strong growth in revenue and a significant improvement in profitability, supported by a well-managed balance sheet and a declining cost of debt.

• High-Quality C&I Customer Base: CleanMax focuses on Commercial and Industrial clients, with 82% of its contracted capacity tied to customers having a credit rating of AA/AAA or being subsidiaries of multinational corporations. This significantly reduces counterparty risk.

• Exceptional Customer Retention: A key strength is the high rate of repeat business. In FY26, 74% of new contracted volumes came from existing customers, demonstrating strong client relationships and satisfaction with the company's services.

• Diversified Portfolio: The company is not reliant on a single geography or technology. Its 3.1 GW operational portfolio is spread across seven states, and it utilizes both solar (79%) and wind (21%) technologies. This diversification mitigates regional regulatory risks and weather-related generation variability.

• Long-Term Contracted Revenue: The weighted average tenor of its Power Purchase Agreements (PPAs) is approximately 23 years. This provides long-term visibility and stability for its revenue streams.

CleanMax's business model is distinguished by its focus on high-credit-quality customers, a high rate of repeat business, and a diversified asset portfolio, which together create a low-risk, long-term revenue profile.

• Rapid Portfolio Expansion: The company has experienced exponential growth, with its total contracted capacity increasing threefold over the last 24 months to 5.7 GW as of March 2026. The operational capacity grew by approximately 80% in FY26 alone, with 1.4 GW commissioned during the year.

• Data & AI as a Key Growth Driver: A major catalyst for growth is the increasing power demand from the Data & AI sector. Contracted capacity with these customers has grown tenfold in two years and now represents 42% of the total contracted portfolio, up from just 14% in FY24.

• Strong Contracting Momentum: In FY26, CleanMax contracted 1.5 GW of new capacity, driven by both new clients like Princeton Digital Group and repeat orders from customers such as Ultratech Cements and STT Global Data Center.

• Robust Future Pipeline: The company has a contracted but yet-to-be-executed capacity of 2.6 GW, providing clear visibility for future growth.

The company is in a high-growth phase, driven by aggressive capacity expansion and a strategic focus on the power-intensive Data & AI sector, which has become its primary growth engine.

• Decarbonization Demand from Data & AI: The primary opportunity lies in serving the massive and growing demand for green energy from data centers and AI infrastructure. These clients require large-scale, reliable renewable power to meet their sustainability commitments, a market segment where CleanMax has already established a strong foothold.

• Corporate Net-Zero Targets: A broader tailwind is the global push for corporations to achieve net-zero emissions. As a "Net Zero Partner," CleanMax is perfectly positioned to capitalize on this trend by providing tailored renewable energy solutions to a wide range of C&I customers.

• Cross-Selling to an Established Base: The high percentage of repeat business (74%) highlights a significant opportunity to deepen relationships with its existing base of over 588 high-quality customers, offering them additional capacity as their own energy needs grow.

CleanMax is well-positioned to capitalize on the immense demand for green energy from the Data & AI sector and the broader corporate push towards sustainability, using its strong existing customer relationships as a springboard for growth.

• Operational Capacity & Performance: As of March 31, 2026, the company has 3,088 MW (3.1 GW) of operational RE Power Sales capacity. These assets demonstrate strong performance with high grid availability of 99.24% and healthy Plant Load Factors (PLFs):

• Wind: 35.1%

• Offsite Solar: 24.6%

• Hybrid: 45.2%

• Capital Expenditure & Unit Economics: The company maintains competitive capital costs for its projects.

• Solar Capex: INR 3.5 Cr / MWp

• Wind Capex: INR 7.8 Cr / MW

• The significant increase in Capital Work-in-Progress to INR 53,392 million reflects the heavy investment in its 2.6 GW under-execution pipeline.

• Execution Track Record: CleanMax has a proven ability to deliver projects effectively. In FY26, it commissioned 1,471 MW of new capacity. Critically, its project execution from FY23 to FY26 has consistently been under budget.

The company demonstrates efficient use of its operational assets with high availability and PLFs, while its disciplined and under-budget project execution supports its rapid and cost-effective capacity expansion.

• FY27 Commissioning Guidance: The company has provided a clear and confident outlook for near-term growth, guiding for over 1.5 GW of new RE Power Sales capacity to be commissioned in the financial year 2026-2027.

• Executing the Contracted Pipeline: The primary focus will be on executing its substantial 2.6 GW pipeline of contracted projects for which PPAs have already been signed. This includes a mix of solar and wind projects across multiple states.

CleanMax has outlined a clear path for continued growth, with a strong near-term focus on commissioning at least 1.5 GW of new capacity in FY27 from its already-contracted project pipeline.

• High and Stable Segment Margins: The core RE Power Sales segment operates at a very high and stable EBITDA margin, which stood at 83.5% in FY26. The RE Services segment also saw its EBITDA margin improve significantly to 19.6% from 14.4% in the previous year.

• Demonstrated Operating Leverage: The company is achieving significant operational efficiency as it scales. In the RE Power Sales segment, Sales, General & Administrative (SG&A) expenses as a percentage of total income have fallen dramatically from 18.16% in FY23 to 9.36% in FY26. This demonstrates that revenue is growing much faster than overhead costs, leading to margin expansion.

• Strong Unit-Level Profitability: The underlying assets generate strong returns, with estimated EBITDA of INR 50-55 Lakhs per MW for solar and INR 100-110 Lakhs per MW for wind projects.

The company's financial model is characterized by high and stable margins in its core power sales business, complemented by significant operating leverage that drives margin expansion as the asset base grows.

• Project Ramp-Up and Stabilization: Newly commissioned projects require a stabilization period of 3-6 months to resolve technical issues, complete customer documentation, and secure regulatory approvals. During this period, revenue generation may not be at its full run-rate potential.

• Grid Curtailment: The company has specifically identified a near-term risk for its new 525 MW project in Rajasthan. This project is expected to experience grid backdowns over the next 6-12 months due to ongoing upgrades to the transmission system, which could temporarily impact its electricity generation and revenue contribution.

Key risks are operational in nature, related to the time required to stabilize new assets and the potential for temporary grid-related disruptions that can impact power generation from specific projects.

• Strategic Partnership with Apple Inc.: CleanMax formed a strategic joint venture with Apple India, where Apple acquired a 49% stake for INR 104 Cr to fund 150 MW of renewable energy projects. This partnership not only provides an efficient source of equity capital but also serves as a strong endorsement of CleanMax's platform by a leading global technology company.

• Commitment to ESG: The company provides transparent Environmental, Social, and Governance (ESG) reporting. For the period from April 2025 to March 2026, it generated 3,343,418 MWh of electricity. Its greenhouse gas reporting is assured by LRQA Limited in accordance with Global Reporting Initiative (GRI) standards, demonstrating a commitment to accurate and reliable sustainability disclosures.

The strategic investment by Apple validates the company's business model and strengthens its capital base, while its formal ESG reporting aligns with the growing investor focus on sustainability.