CleanMax Secures CARE Rating Upgrade Following Strong Financial And Renewable Energy Portfolio Growth

CleanMax, India’s largest commercial and industrial renewable energy company, has received a major credit rating upgrade from CARE Ratings Limited, reflecting the company’s improving financial strength and growing position in the renewable energy sector. The rating for its long-term bank facilities and non-convertible debentures has been upgraded to ‘CARE AA-/Stable’ from the earlier ‘CARE A+/Positive’.

The upgraded rating highlights the company’s stronger financial profile, stable business operations, disciplined financial management, and consistent operational performance. CARE Ratings also recognized CleanMax’s healthy liquidity position, strong debt servicing capability, and expanding market presence in India’s rapidly growing renewable energy industry.

The rating action comes after the company delivered strong financial and operational results during the financial year 2025-26. CleanMax reported its highest-ever consolidated EBITDA of nearly ₹1,295 crore, registering a year-on-year growth of around 28 percent. The company also recorded a sharp rise in consolidated profit after tax, which increased 4.4 times compared to the previous fiscal year to reach around ₹285.6 crore.

Operationally, CleanMax continued to strengthen its renewable energy portfolio. The company’s contracted renewable energy capacity expanded to 5.7 GW, out of which approximately 3.1 GW is currently operational. This growth reflects the rising demand for clean energy solutions from commercial and industrial consumers across India.

Commenting on the development, Chief Financial Officer Nikunj Ghodawat described the upgrade as an important milestone for the company. He stated that the improved rating reflects CleanMax’s strong business fundamentals and financial discipline. He further added that the upgrade is expected to improve the company’s leverage profile and help reduce financing costs for future growth projects.

Founded in 2011 by Kuldeep Jain, CleanMax focuses on supplying wind and solar power to corporate customers through bilateral power supply agreements. The company has emerged as a key renewable energy provider for large businesses seeking sustainable energy solutions and carbon reduction targets.

One of the major growth drivers for CleanMax has been the increasing demand from data centers and AI-related businesses. The company also provides renewable energy attributes that help global companies offset carbon emissions. Currently, the data and AI segment contributes nearly 42 percent of CleanMax’s contracted renewable energy sales portfolio. The contracted capacity in this segment has witnessed nearly tenfold growth between the financial years 2023-24 and 2025-26.

CleanMax continues to expand its renewable energy footprint across various Indian states as corporate demand for clean power solutions continues to rise.