Clean Max Enviro Q2 FY27 Results (NSE: CLEANMAX)
Signal: Margins at cyclical peak
The read
The key inflection is margin: reported EBITDA margin rose to 75.3% in Q2FY27 from 51% in Q1FY27 in the prior-results series, while revenue reached ₹728 crore, up 37% YoY but below Q1FY27's ₹832 crore; the stronger trajectory is the H1 scale-up, with revenue up 67% to ₹1,560 crore, reported EBITDA up 58% to ₹1,011 crore and PAT up more than six-fold to ₹120 crore.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹728 Cr | 37% | N/A |
| Net profit | ₹65 Cr | 82% | |
| EBIT margin | 75.3% |
P&L walk
Consolidated Q2 revenue was ₹728 crore, up 37% YoY, while reported EBITDA rose 51% to ₹548 crore and margin expanded to 75.3%; PAT increased 82% to ₹65 crore, with the filing attributing growth to the larger operational portfolio.
Key positives
- Revenue from operations reached ₹728 Cr, up 37% YoY, while operational RE Power Sales capacity rose to 3,638 MW, up approximately 57% YoY.
- Reported EBITDA grew 51% YoY to ₹548 Cr versus 37% revenue growth, taking reported EBITDA margin to 75.3%, up 260bps YoY.
- H1 FY27 PAT rose more than six-fold to ₹120 Cr from ₹19 Cr, while H1 reported EBITDA increased 58% to ₹1,011 Cr from ₹638 Cr.
- Repeat customers accounted for approximately 85% of new contracted capacity, supporting customer retention and long-duration visibility.
- The company commissioned 550 MW of RE Power Sales capacity in H1 FY27 and reported 6.3 GW of RE Power Sales operational and contracted capacity within a 7.1 GW total operational and contracted portfolio.
- Weighted average cost of debt declined to 8.33% as of September 2026 from 9.49% in March 2025, supported by the CRISIL AA/Stable rating and ₹2,500 crore green bond issuance.
Key concerns
- Q2 revenue of ₹728 Cr was below Q1FY27 revenue of ₹832 Cr in the prior-results series, despite 37% YoY growth, so sequential execution momentum remains uneven.
- The FY28 reported EBITDA target above ₹3,000 crore requires continued execution beyond the H1 FY27 reported EBITDA base of ₹1,011 crore.
- The filing does not disclose net debt, operating cash flow, capex or asset-base figures, limiting assessment of leverage and cash conversion as the portfolio scales.
Research and educational content only. Not investment advice.