Financial Performance Highlights

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue from operations: ₹728 crore (up 37% from ₹531 crore)
  • Adjusted EBITDA: ₹553 crore (up 43% from ₹386 crore)
  • Reported EBITDA: ₹548 crore (up 51% YoY)
  • Reported PAT: ₹65 crore (up 82% from ₹36 crore)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue from operations: ₹1,560 crore (up 67% from ₹933 crore)
  • Adjusted EBITDA: ₹1,047 crore (up 56% from ₹670 crore)
  • Reported EBITDA: ₹1,011 crore (up 58% from ₹638 crore)
  • Reported PAT: ₹120 crore (up 532% from ₹19 crore)

Operational Metrics

  • RE Power Sales Operational Capacity: 3,638 MW as of H1 FY27 (up ~57% YoY)
  • RE Power Sales Contracted Capacity: 6.3 GW as of September 2026
  • RE Services Segment Capacity: 0.8 GW
  • Total Operational and Contracted Portfolio: 7.1 GW
  • Total Platform Capacity: ~13 GW as of 30 September 2026 (including available grid evacuation/applied for including CTU connectivity), up from 7.8 GW as of 31 March 2025
  • Capacity Commissioned in H1 FY27: 550 MW across six states
  • Customer Base: 606 C&I customers as of 30 September 2026
  • Repeat Customer Contribution: ~85% of new contracted capacity
  • Weighted Average PPA Tenor: ~23 years
  • Weighted Average Cost of Debt: 8.33% as of September 2026 (down from 9.49% in March 2025)
  • Credit Rating: CRISIL AA/Stable

Geographic Presence

  • Operating base spans 7 Indian states
  • Onsite assets in 22 states and four countries

Capacity Mix

  • ~75% contracted capacity connected through STU
  • ~25% through CTU (primarily catering to large-scale hyperscaler requirements)

Customer Segment Analysis

  • Data Centres & AI infrastructure customers contribute 41% of contracted RE Power Sales portfolio
  • Clientele includes Apple, Amazon, Google, Meta, Cisco, Equinix, Ultratech, BASF, Shell, CEAT, and STT GDC India

Fundraising Activity

  • Raised ₹2,500 crore through India's first green bond issuance in C&I renewable energy sector
  • Fixed coupons for tenors of up to ten years
  • Anchored by leading development finance institutions with participation from banks, mutual funds, and institutional investors

Future Guidance and Projects

  • FY27 Capacity Addition Guidance: Minimum 1.5 GW of RE Power Sales capacity
  • H2 FY27 Execution Plan: At least ~450 MW of STU-connected and onsite projects
  • Koppal CTU Project: 534 MW in Karnataka, planned for phased commissioning between December 2026 and March 2027
  • FY28 EBITDA Guidance: Above ₹3,000 crore

Management Commentary

Kuldeep Jain, Founder and Managing Director: emphasized the expansion of operational portfolio to 13 GW platform capacity, importance of securing grid connectivity ahead of demand, and confidence in exceeding 1,500 MW capacity addition guidance.

Nikunj Ghodawat, Chief Financial Officer: highlighted focus on scaling with execution discipline, financial prudence, diversified portfolio, and translating growing demand across conventional C&I and Data & AI into sustainable growth trajectory.

Additional Information

  • Company website: www.cleanmax.com
  • Filed by Ullash Chandra Parida, Company Secretary and Compliance Officer (Membership No.: FCS 8689)
  • JMK Research ranked CleanMax as India's largest open-access renewable energy developer in FY26
  • GRESB score of 100/100 with 5-star rating and global sector leadership in renewable power generation