Clean Max Enviro Q1 FY27 Earnings Call — Analysis (NSE: CLEANMAX)
CleanMax reports 107% revenue growth, margin expansion in both segments, and issues FY28 minimum EBITDA guidance of ₹3,000 Cr, citing strong Data & AI and industrial demand.
The take
Q1FY27 Revenue from operations ₹832 Cr ( +107% YoY ) . New guidance — Q4FY27 operational re power sales capa… 4.6 gigawatt .
Results
Revenue ₹832 Cr (+107% YoY); EBITDA ₹462 Cr (+68% YoY); PAT turned positive at ₹55 Cr; RE power sales EBITDA margin expanded to 84% from 76%, RE services to 11.2% from 8.7%.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from operations | ₹832 Cr | +107% | yoy · Q1FY27 |
| Reported EBITDA | ₹462 Cr | +68% | yoy · Q1FY27 |
| Profit after tax | ₹55 Cr | yoy · Q1FY27 · Positive; prior year loss | |
| EBITDA margin – RE Power Sales | 84% | +8 pp | yoy · Q1FY27 · 76% in Q1FY26 |
| EBITDA margin – RE Services | 11.2% | +2.5 pp | yoy · Q1FY27 · 8.7% in Q1FY26 |
| Weighted average interest rate | 8.4% | -100 bps | yoy · Jun-26 · 9.4% in Apr-25 |
| Net debt | ₹11,809 Cr | +₹2,125 Cr | qoq · 30 Jun 2026 · vs. ₹9,684 Cr on 31 Mar 2026 |
Guidance
FY28 minimum consolidated EBITDA guided to ₹3,000 Cr (2.4x FY26), underpinned by 1.5 GW capacity addition in FY27 and minimum 4.6 GW opex capacity by Apr-2027.
What management committed to
- We will be able to meet or exceed our guidance of 1.5 gigawatt of minimum new capacity addition during this year [FY27]. — 1.5 gigawatt, FY27
- We will have a minimum EBITDA of INR3,000 crores in FY28. — INR3,000 crores, FY28
- We will have a minimum opex sales capacity of 4.6 gigawatt on 1st April 2027. — 4.6 gigawatt, Q4FY27
- Steady-state net debt corresponding to the INR3,000 crores EBITDA in FY28 will be INR16,000 crores. — INR16,000 crores, FY28
- [CleanMax] will issue its first domestic corporate bond following the credit rating upgrade to AA-.
- CTU [Bikaner] curtailment of 70% is expected to continue throughout the duration of the current financial year [FY27]. — 70% curtailment, FY27
- [CleanMax] is working to pull forward solar projects to commission by 31st December 2026 to capture the ALMM 2 benefit of INR60 lakh per MW lower module cost.
Key themes
Data & AI hypergrowth, capacity ramp, and margin expansion
Operational commentary
- Added ~500 MW capacity in Q1 (400 MW opex RE power sales, 100 MW RE services); contracted under-construction portfolio stands at 2.5 GW (RE power sales) + 147 MW (RE services), total built + under construction 6.8 GW.
- Data & AI segment now 42% of contracted capacity, grew 10x in two years (Mar-24 to Mar-26); announced deals with Meta, Apple, Google, Amazon in CY26; estimated 35% market share of hyperscaler business in India.
- Industrial C&I segment doubled contracted volumes in 2 years (~46% CAGR); low penetration (7% of industrial power via bilateral green sources) and 25%+ customer savings driving growth.
- Execution pace improved to 1,740 MW trailing 12 months (450 MW a year ago); organizational capability demonstrated for 1.5+ GW annual additions; projects consistently delivered below budget over last 3+ years.
- CTU Bikaner project facing 70% curtailment, impacting ~13% of run-rate EBITDA; management assumes curtailment persists through FY27.
- Weighted average interest rate reduced 100 bps to 8.4%; credit rating upgraded to AA-; first domestic corporate bond issuance being planned.
- BESS: first STU investment greenlit (Rajasthan), MOUs signed with three clients; targeting solar-only states, evening peak shifting, and BESS-as-a-Service tenders; estimated BESS-as-a-Service tariff ₹3.5+/unit.
- ALMM 2 extension allows use of cheaper imported cells (~INR 60 lakh/MW benefit); company pulling forward projects to commission by 31 Dec 2026 to capture savings.
- 80% of new volumes from existing clients; customer credit quality >80% AA/AAA/multinational; average PPA tenure 23 years; under-construction tariff ~₹4/unit vs. operational ₹3.93/unit.
Analyst Q&A
Q. What benefit do you see from the ALMM 2 deferral, and how are you planning to capture it?
The benefit is about INR60 lakh per megawatt cheaper cells; we are pulling forward projects to commission by 31st December to capture this. Some client decisions are also accelerating, especially at brownfield STU sites in Maharashtra and Karnataka.
Q. How is battery storage (BESS) integrating into your business and new PPAs?
BESS is a natural evolution. We have greenlit our first STU BESS investment and signed MOUs with three clients. We see three opportunities: solar-only states where wind isn't available, states with high evening peak price differentials, and customer tenders for BESS-as-a-Service. Estimated BESS-as-a-Service tariff is INR3.5+/unit.
Q. Can you quantify the EBITDA impact of curtailment in Q1 and for the full year?
CTU project accounts for ~13% of our INR1,870 Cr run-rate EBITDA, i.e., ~INR240 Cr. At 70% curtailment, full-year impact is about INR170 Cr.
Q. Can you provide the run-rate EBITDA as of 30th June 2026?
We do not publish run-rate EBITDA quarterly because it can give a wrong indication; assets take time to stabilise. Investors should use the end-of-fiscal run-rate as a guide for the next year's EBITDA.
Q. What gives you 35% hyperscaler market share and how do you view rising competition from Adani, Reliance, NTPC?
We've built credibility over years with all hyperscalers through multiple deal cycles. The market is expanding so fast there is room for many. Our moats: 600+ customers, 80% repeat business, multi-state wind+solar capability, and focused execution. Market share is only ~14%, so it's fragmented, not winner-takes-all.
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