Detailed Summary

Financial Performance Highlights

  • H1 FY 2026-27 Results: Adjusted EBITDA grew 56% year-on-year to ₹1,047 crore from ₹670 crore in H1 FY 2025-26
  • Profit After Tax: Increased to ₹120 crore in H1 FY27 from ₹19 crore in H1 FY26, representing 6.3x growth
  • Q2 FY27 Performance: Adjusted EBITDA grew 43% to ₹553 crore from ₹386 crore in Q2 FY26; PAT grew 82% to ₹65 crore from ₹36 crore
  • Revenue Breakdown:
  • RE Power Sales revenue: ₹1,132 crore (57% growth from ₹719 crore)
  • RE Services revenue: ₹424 crore (27% of total revenue)
  • Total revenue from operations: ₹1,560 crore
  • Margin Performance:
  • RE Power Sales EBITDA margin: 84.0% (up 140 bps from 82.6%)
  • RE Power Sales gross margin: 92.76% (up from 92.10%)
  • RE Services gross margin: 17.06% (down from 32.80%)
  • Guidance Reiterated: Minimum Reported EBITDA of ₹3,000 crore in FY 2027-28, representing 2.3x growth from FY 2025-26 Reported EBITDA of ₹1,295 crore

Operational Capacity and Platform Growth

  • Total Platform Capacity: 13,199 MW as of September 30, 2026, up 70% from 7,762 MW on March 31, 2025
  • Operational Capacity:
  • RE Power Sales: 3,638 MW (up from 3,088 MW on March 31, 2026)
  • RE Services: 704 MW (up from 555 MW)
  • Total C&I operational capacity: 4,342 MW
  • Contracted Under Execution: 2,758 MW across both segments
  • Execution Pace: On track to exceed 1.5 GW capacity commissioning during FY27 (vs. 1.4 GW previous year)
  • TTM Capacity Addition: ~1.4 GW as of September 30, 2026

Capital Raising and Financing

  • Equity Capital: Recent IPO raised nearly ₹1,500 crore of primary equity (including pre-IPO placement)
  • Joint Ventures: Three operational investment JVs with Osaka Gas, Toyota Tsusho, and Apple Inc., with CleanMax owning 51% stake in each
  • Group Captive Structure: Accounts for ~65% of new capacity addition annually, with customer-partners investing 26% of equity
  • Green Bond Issuance: ₹2,500 crore raised on September 28, 2026 through India's first green bond in C&I renewable energy sector
  • Rated CRISIL AA/Stable
  • Secured, rated, listed non-convertible debentures in five series
  • Maturities: 2 to 10 years
  • Fixed coupons: 8.25% to 8.76%
  • Anchored by IFC, NaBFID, IIFCL, Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund, and select corporates
  • Framework reviewed by CareEdge Advisory against SEBI regulations and ICMA Green Bond Principles
  • Debt Profile:
  • Cost of borrowing: 8.33% as of September 30, 2026 (down from 8.93% a year ago)
  • Fixed-rate debt: 53.7% of total debt
  • 27 distinct lender relationships including SBI, Bank of Baroda, Canara Bank, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank, Tata Capital, Aseem Infrastructure Finance, and PFC
  • Leverage: Net Debt/Adjusted EBITDA at 4.6x as of September 30, 2026 (target not more than 5.5x)

Contracted Portfolio Analysis

  • Total Contracted Portfolio: 7,100 MW as of September 30, 2026 (up 43% from 4,948 MW on March 31, 2025)
  • Portfolio Breakdown:
  • STU-connected and onsite: 5,192 MW (~73% of total, +47% growth)
  • CTU-connected (hyperscalers): 1,910 MW (~27% of total, +34% growth)
  • Customer Diversity: 606 customers across 1,350+ contracts in 10 states
  • STU-connected Business:
  • Average customer contract size: ~12 MW
  • 85% of new H1 deals from repeat business from existing customers
  • Requires generation and consumption in same state
  • CTU-connected Business:
  • Average deal size: ~100 MW or more
  • Customers include Meta, Amazon, Google
  • Currently sold out on all CTU connected capacity till September 2028
  • Applying for more CTU capacities and negotiating with customers
  • PPA Terms: Weighted average tenor of ~23 years; ~83% customers are MNCs or rated AA and above

Execution Progress and Guidance

  • H1 FY27 Commissioning: 549 MW delivered (55% of annual ~1,000 MW STU target)
  • State-wise H1 Additions: Gujarat (201 MW), Karnataka (119 MW), Maharashtra (74 MW), Tamil Nadu (74 MW), Haryana (42 MW), Chhattisgarh (18 MW), rooftops (21 MW)
  • CTU Project: 534 MW Koppal, Karnataka project (455 MW wind + 79 MWp solar) expected to commission in H2 FY27 (December 2026/January 2027)
  • Project Performance: H1 FY27 projects delivered at ~95% of budget (FY26: ~97%)
  • ALMM Compliance: Secured supply for next 6-9 months; exemption extended to December 31, 2026 for open access projects

Operational Challenges

  • CTU Curtailment: Bikaner-II solar project (525 MWp, 14% of operational capacity) faced grid backdowns
  • Curtailment peaked at 70% in June 2026, reduced to 26% in October 2026
  • Q2 FY27 average curtailment: 48%
  • Notional EBITDA loss in H1 FY27: ~5.5% of total EBITDA
  • Expected to ease as transmission upgrades complete at Neemrana-II substation

New Business Initiatives

  • Battery Energy Storage (BESS): First two contracts signed:
  • Sangam India: 30 MWp solar + 20 MW wind + 2 MWh BESS for five textile facilities
  • Nuvoco Vistas: 26.4 MWp solar + 20 MW wind + 2 MWh BESS for cement operations
  • Merchant BESS: Evaluated but not approved for Bikaner due to falling curtailment, rising capex costs, and merchant power tariffs capped at ₹10/kWh

Management Update

  • Appointment: Vipin Balan appointed as Head – Projects in September 2026
  • Over three decades of experience in renewable energy
  • Previously held senior positions at GE Renewables, Enel Green Power, and CIP Terra Technologies
  • Mechanical engineer with PGDM in Marketing

Cash Flow Analysis

  • Reported Operating Cash Flow: Negative ₹202 crore in H1 FY27 (vs. positive ₹1,376 crore in H1 FY26)
  • Adjustment: Mainly due to movement in trade payables towards projects
  • Adjusted Operating Cash Flow: ₹697 crore in H1 FY27 (up 53% from ₹455 crore after adjusting for payables)
  • Explanation: Payables towards projects constructed or under construction are paid off through project loans

Key Performance Indicators

  • Operational KPIs:
  • Generation exported: 2,808 million units (up 66% YoY)
  • Solar PLF (TTM): 27.70% (AC) / 18.71% (DC)
  • Wind PLF (TTM): 37.43%
  • Hybrid PLF (TTM): 50.85%
  • Plant availability: 98.02%
  • Grid availability: 98.44%
  • Weighted average realised tariff: ₹4.04/kWh
  • Tariff for contracted under execution: ₹3.98/kWh
  • DSO: 22 days
  • Financial KPIs:
  • Cash SG&A/Adjusted EBITDA: 11.38% (down from 13.25%)
  • Cost of project debt: 8.17% (down from 8.93%)
  • DSCR: 1.3x–1.4x for projects with year of completed operations

Capital Structure Impact

Equity structure includes CleanMax equity, JV partner equity, and customer equity (26% in group captive projects)

Forward-Looking Statements

Document contains forward-looking statements subject to risks and uncertainties including regulatory changes, market conditions, economic factors, and execution capabilities.