Size: Up to ₹3,000 crore (₹30,00,00,00,000) or any other amount as decided by authorized committees
Listing: Proposed on Wholesale Debt Market segment of BSE Limited and/or NSE Limited
Purpose: Raise medium to long term loans at competitive terms and manage interest rate volatility risk
Security: Charge over certain project assets (excluding land), non-disposal undertaking for immovable properties, charge over inter-corporate loans/deposits, pledge over shares in identified subsidiaries/SPVs
Interest Payment: Fixed interest payable monthly, quarterly, or semi-annually
Redemption: At face value on maturity date
2. Incorporation of Wholly-Owned Subsidiary
Proposed Names: Clean Max Financial Services IFSC Private Limited or Clean Max Financial Solutions IFSC Private Limited
Location: International Financial Services Centre (IFSC), GIFT City, Gujarat, India
Business: Global Treasury Centre activities as permitted under IFSCA (Finance Company) Regulations, 2021
Capital Structure: Company will subscribe 21,00,000 equity shares at ₹10 per share totaling ₹2.10 crore
Shareholding: 100% ownership by Clean Max Enviro Energy Solutions Limited
Approvals Required: Central Registration Centre/Ministry of Corporate Affairs, IFSCA, and other relevant authorities
3. Financial Results Approval
Unaudited consolidated financial results (Management Accounts) for quarter ended 30 September 2025
Unaudited standalone and consolidated financial results along with Statutory Auditor's Limited Review Report for quarter and half year ended 30 September 2026
Financial Results Highlights (Consolidated)
Quarter Ended 30 September 2026
Total Income: ₹7,508.83 million
Revenue from Operations: ₹7,276.54 million
Renewable energy power sales: ₹6,040.29 million
Renewable energy services: ₹1,236.25 million
Others: ₹0 million
EBITDA: ₹5,477.27 million (75.27% margin)
Profit Before Tax: ₹1,199.79 million
Profit After Tax: ₹649.49 million
EPS (Basic): ₹4.01; EPS (Diluted): ₹3.98
Total Comprehensive Income: ₹806.51 million
Half Year Ended 30 September 2026
Total Income: ₹16,249.85 million
Revenue from Operations: ₹15,598.10 million
EBITDA: ₹10,105.89 million (64.79% margin)
Profit Before Tax: ₹2,139.75 million
Profit After Tax: ₹1,201.23 million
EPS (Basic): ₹8.15; EPS (Diluted): ₹8.09
Total Comprehensive Income: ₹1,655.65 million
Financial Position (Consolidated as at 30 September 2026)
Total Assets: ₹275,462.22 million
Non-current Assets: ₹233,479.32 million
Current Assets: ₹41,982.90 million
Total Equity: ₹59,531.59 million
Non-current Liabilities: ₹174,091.20 million
Current Liabilities: ₹41,839.43 million
Borrowings: ₹172,269.27 million (Non-current: ₹161,444.67 million; Current: ₹10,824.60 million)
Key Financial Ratios (Consolidated)
Debt-Equity Ratio: 2.89
Debt Service Coverage Ratio: 1.49
Interest Service Coverage Ratio: 2.43
Current Ratio: 1.00
Operating Margin: 75.27%
Net Profit Margin: 16.49%
Significant Events and Updates
IPO Proceeds Utilization
Total Fresh Issue Proceeds (net): ₹11,492.46 million
Prepayment of borrowings: ₹11,226.74 million (₹5,236.74 million utilized up to 31 March 2026; ₹5,990 million utilized during Q2 September 2026)
General corporate purpose: ₹265.72 million utilized during Q2 September 2026
Issue expenses: ₹51.5 million unutilised and parked in escrow account
NCD Prepayment
Prepaid 11.50% p.a Listed and Unlisted NCDs aggregating ₹5,990 million on 2 April 2026 using IPO proceeds
Original repayment was due on 8 June 2027
Strategic Transaction with Apple India
Completed sale of 49% investment in Clean Max Taurus Private Limited to Apple India Private Limited on 14 May 2026
Transaction based on share purchase agreement dated 6 May 2025
Amalgamation Scheme
Board approved amalgamation of four wholly-owned subsidiaries (Clean Max Aditya Power, Clean Max IPP 1, CMES Power 1, CMES Infinity) with parent company
Application filed with NCLT Mumbai on 17 October 2026
Aimed at improving operational and management efficiencies
New NCD Issuance in Q2
Issued additional green senior, secured, rated, listed NCDs aggregating ₹25,000 million (excluding premium of ₹15.77 million)
Utilization: ₹16,922.52 million utilized till 30 September 2026; ₹8,077.48 million unutilized
Unutilized Amount Deployment: ₹7,169.20 million in debt mutual funds; ₹908.28 million in escrow account
NCD Security Amendment
Amended Debenture Trust Deed dated 18 August 2026 for ₹4,000 million NCDs
Changed status from unsecured to secured with charge filed with ROC on 19 October 2026
Security package includes charge over cash flows, receivables, partnership interests, pledged shares, and subsidiary assets
Subsidiary Information
Consolidated results include 254 entities (parent, subsidiaries, joint ventures)
4 subsidiaries and 6 step-down subsidiaries not reviewed by statutory auditors with total assets of ₹34,308.30 million
8 subsidiaries not reviewed with total assets of ₹0.80 million
Standalone Financial Highlights
Q2 Revenue from Operations: ₹12,875.17 million
Q2 Profit After Tax: ₹1,563.36 million
Q2 EPS (Basic): ₹13.32; EPS (Diluted): ₹13.23
H1 Revenue from Operations: ₹34,128.64 million
H1 Profit After Tax: ₹5,065.35 million
H1 EPS (Basic): ₹43.20; EPS (Diluted): ₹42.86
Auditor Review
Limited review conducted by B S R & Co. LLP (Firm Registration No.: 101248W/W-100022)
Unmodified conclusion on both standalone and consolidated financial results
