CleanMax Q1 FY27 Record 0.53GW Capacity Addition

Date: 31 July 2026

Record Capacity Additions Q1 FY2026-27

Commissioned 0.53 GW of renewable energy capacity in Q1 FY2026-27, the largest quarter yet
Q1 commissioning exceeds full FY2024-25 commissioning of 0.42 GW
Operational RE Power Sales capacity grew by 403 MW during quarter (13% QoQ increase)
Total operational capacity reached 3,493 MW as of June 30, 2026
Trailing 12-month commissioning reached 1,958 MW (100% YoY increase from 1,747 MW)

Capacity Guidance and Progress

On track to meet guidance of minimum 1.5 GW capacity addition for FY2026-27
Commissioning split into two components:
STU and Onsite solar: Targeting ~1 GW commissioning across 7 states and 15+ project sites
CTU connected: 534 MW project in Karnataka (79 MWp solar, 455 MW wind) expected in second half FY2026-27
Already commissioned 403 MW (40% of annual target) in Q1, ahead of required pace
For remaining 600 MW STU projects: 100% contracting, 100% evacuation available, 100% land available

Customer Segment Growth

Conventional C&I customers: Contracted capacity more than doubled from 1.6 GW (March 2024) to 3.5 GW (June 2026)
Data & AI customers: Now represent 42% of contracted capacity (2.5 GW), grown 10X from 0.24 GW (March 2024)
Data & AI contracts are firm 23+ year PPAs based on customers' firm power requirements
Major customers include Meta (900 MW), Apple (100 Cr co-investment partnership), STT Data (130MW+ relationship), Iron Mountain
Hyperscaler market share: 35%+ of deals signed since 2024
Colocation providers: 40+ deals across 7 customers

Q1 FY2026-27 Financial Highlights

Reported PAT: ₹552 million vs loss of ₹166 million in Q1 FY2025-26
Reported EBITDA growth: 68% YoY owing to additional capacity and improved margins
EBITDA margins: ~84% in Q1 FY2026-27 (improved from 76.40% in Q1 FY2025-26)
FFO of Power business: Growth of 297% due to EBITDA growth and reduced finance cost
Gross margins RE Power Sales: Consistent at 92-93% range
Generation exported: 1,302 Mn kWh in Q1 FY2026-27 (53% increase from 852 Mn kWh in Q1 FY2025-26)

Run-Rate EBITDA and Guidance

Run-Rate EBITDA as of March 31, 2026: ₹1,870 Cr for 3,088 MW operational capacity
Steady-state Net Debt: ₹10,280 Cr as of March 31, 2026
FY2027-28 Guidance: Minimum EBITDA of ₹3,000 Cr
Expected installed RE Power Sales capacity by March 31, 2027: Minimum 4.6 GW (70% Solar, 30% Wind)
Corresponding steady-state Net Debt: Approximately ₹16,000 Cr
Represents 2.3x growth over FY2025-26 Reported EBITDA of ₹1,295 Cr

Financing Improvements

Weighted average cost of project borrowing: Reduced to 8.4% (June 30, 2026) from 9.2% (April 1, 2025)
CARE Ratings upgrade: To 'AA- /Stable' in May 2026
Domestic bond issuance: Board approved first domestic bond issuance to tap credit markets
Equity capital raised: 51% CleanMax-owned partnership with Osaka Gas (₹176 crore investment)
Apple co-investment: ₹100 crore for 150+ MW new renewable capacity
Net Debt/EBITDA target: Maintain 5 to 5.5x on steady-state basis

Key Performance Indicators Q1 FY2026-27

Total RE Power Sales Contracted Capacity: 6,003 MW (from 5,685 MW in March 2026)
RE Services Contracted Capacity: 828 MW (from 770 MW in March 2026)
Platform total capacity: 12,924 MW (from 11,788 MW in March 2026)
Plant Load Factors:
Solar Onsite DC: 16.16% (from 15.66% in Q1 FY2025-26)
Solar Offsite: 25.43/17.33% (AC/DC) (from 24.17/16.66%)
Wind: 35.42% (from 34.04%)
Hybrid: 47.60% (from 47.61%)
Plant availability: 98.64% (trailing 12 months)
Grid availability: 99.10% (trailing 12 months)
Weighted average PPA tenor: 23.25 years
Weighted average realised tariff: ₹4.06/kWh (from ₹4.14/kWh in Q1 FY2025-26)
Weighted average tariff for contracted-under-execution capacity: ₹4.00/kWh
Customer credit quality: 81.21% rated AA and above, 95.06% rated A- and above
Repeat orders: 79.09% of new contracted volumes

CTU Project (534 MW Karnataka)

Capacity: 455 MW wind, 79 MW solar in Koppal, Karnataka
Contracting: 100% capacity contracted against EAPAs for Data & AI customers
Land progress: 93% wind land available (85 of 91 locations), 90% solar land available (200 of 229 acres)
Construction: Wind foundations 70% complete (64/91), 45 of 91 turbines erected
Evacuation: Koppal-II substation expected by August 2026, two bays expected October 2026 and March 2027

Bikaner-II Rajasthan Curtailment

525 MWp solar project experiencing curtailment due to Neemrana II substation upgradation
June 2026: 70% curtailment of generated units
July 2026: Improved to less than 50% curtailment (data available up to July 20, 2026)
Represents 14% of operational capacity and 13% of Run-Rate EBITDA (₹239 crore of ₹1,870 crore)

Energy Storage (BESS)

First BESS investments greenlit, including STU project in Rajasthan
Signed MOUs with three clients in past month
Targeting three customer segments: Solar-only states, evening peak power supplementation, BESS-as-a-service
Expected to be meaningful part of portfolio over next 3 years
Building institutional capability under Chief Technology Officer

Market Opportunity Assessment

Data centre capacity projection: Triple from 1.5 GW (FY2024-25) to 5.5 GW (FY2029-30)
Implies addition of upwards of 30 GW new wind, solar and storage capacity
Conversion metric: 1 GW data centre load requires 1.5 GW continuous power demand, needing 8 GW renewable capacity with 2-4 GWh storage
Renewable energy capex: ~₹40,000 crore per GW of data centre load