Key Operational Highlights

Capacity Metrics (as of 30 September 2026)

  • Total Operational RE Power Sales Capacity: 3,638 MW (57% growth YoY)
  • Solar: 2,899 MWp (80% DC Capacity)
  • Wind: 739 MW (20%)
  • 549 MW capacity added in H1 FY27
  • State-wise Operational Capacity Breakdown:
  • Gujarat: 878 MW (24% of total)
  • Karnataka: 1,104 MW (30% of total)
  • Rajasthan CTU: 525 MW (14% of total)
  • Onsite Solar: 420 MWp (12% of total, comprising 277 MWp in India and 144 MWp overseas)
  • Contracted Portfolio: 6.3 GW RE Power Sales contracted capacity
  • Overall Portfolio: 13.2 GW total portfolio capacity (1.7x growth over ~2 years)
  • Portfolio Mix: 59% solar, 41% wind in contracted portfolio

Financial Performance (H1 FY27)

  • Revenue from Operations: ₹15,598 million (67% growth YoY)
  • RE Power Sales: ₹11,323 million (57% growth YoY)
  • RE Services: ₹4,238 million (107% growth YoY)
  • EBITDA: ₹10,106 million (58% growth YoY)
  • Adjusted EBITDA: ₹10,472 million (56% growth YoY)
  • Reported PAT: ₹1,201 million (532% growth YoY)

Financial Performance (Q2 FY27)

  • Revenue from Operations: ₹7,277 million (37% growth YoY)
  • RE Power Sales: ₹6,040 million (67% growth YoY)
  • RE Services: ₹1,236 million (24% decrease YoY)
  • EBITDA: ₹5,477 million (51% growth YoY)
  • Adjusted EBITDA: ₹5,531 million (43% growth YoY)
  • Reported PAT: ₹649 million (82% growth YoY)

Balance Sheet Position (as of 30 September 2026)

  • Gross Block: ₹151,820 million (increase from ₹128,232 million as of 31 March 2026)
  • Capital Work in Progress: ₹67,457 million (increase from ₹53,392 million as of 31 March 2026)
  • Net Debt: ₹138,382 million (increase from ₹96,841 million as of 31 March 2026)
  • Total Equity: ₹59,532 million (increase from ₹55,235 million as of 31 March 2026)

Unit Economics and Guidance

Capital Expenditure Metrics

  • Solar: ₹3.5 crore/MWp
  • Wind: ₹7.8 crore/MW

EBITDA Metrics

  • Solar: ₹50-55 lakh/MWp
  • Wind: ₹100-110 lakh/MW

Generation Metrics

  • Solar P75 PLF: Data not quantified in disclosure
  • Wind P90 PLF: Data not quantified in disclosure

FY28 Guidance

  • Target Capacity: Minimum 4.6 GW operational capacity as of 1 April 2027
  • Target EBITDA: Minimum run-rate EBITDA of ₹3,000 crore
  • Growth Implication: Represents 2.3x growth over FY26 reported EBITDA of ₹1,295 crore

Business Updates

Contracting Performance

  • Strong contracting run-rate driven by high-quality customers and repeat orders
  • 84.89% share of repeat orders in new contracted volumes (H1 FY27)

Execution Performance

  • Grid Uptime: 98.02% average plant availability (trailing 12 months)
  • Bikaner II (525 MWp CTU) curtailment details provided but not quantified

Greenhouse Gas Reporting (Trailing 12 Months)

Capacity Installations

  • Total New Capacity: 1,455 MW
  • New Rooftop Solar: 39 MWp
  • New Utility Solar: 1,237 MWp
  • New Wind: 178 MW

Electricity Generation

  • Total Generation: 4,462,156 MWh
  • Utility Generation: 3,966,796 MWh
  • Rooftop Generation: 495,359 MWh

Emissions Data

  • Scope 1 Emissions: 0 tCO2e
  • Scope 2 Emissions: 3,738 tCO2e
  • Scope 3 Emissions: 208,390 tCO2e

Key Performance Indicators

Operational Performance (H1 FY27)

  • Generation Exported: 2,807.87 million kWh
  • C&I Operational Capacity: 4,341.77 MW
  • Weighted Average Realized Tariff: ₹4.04/kWh
  • Weighted Average PPA Tenor: 23.22 years
  • Days Sales Outstanding: 33 days overall (22 days for RE Power Sales, 61 days for RE Services)

Financial Ratios

  • Debt (net off liquid assets)/Adjusted EBITDA: 4.62x (annualized)
  • Cash SG&A/Adjusted EBITDA: 11.38%
  • Cost of Project Debt: 8.17%

Additional Information

The investor presentation is available on the company's website at www.cleanmax.com.