CleanMax Reports Six-Fold PAT Growth To INR 120 Crore In H1 FY27 As Portfolio Reaches 7.1 GW

CleanMax Enviro Energy Solutions Limited reported strong financial and operational growth in the second quarter and first half of the financial year 2027, supported by capacity additions, higher revenue, and an expanding renewable energy portfolio. The company recorded a more than six-fold increase in profit after tax (PAT) during H1 FY27, reaching ₹120 crore compared to ₹19 crore in the corresponding period of the previous financial year.

For the quarter ended September 30, 2026, CleanMax reported a net profit of ₹65 crore, representing an 82% increase from ₹36 crore in Q2 FY26. Revenue from operations rose 37% year-on-year to ₹728 crore during the quarter. For the first six months of FY27, the company’s total revenue increased 67% to ₹1,560 crore from ₹933 crore recorded in H1 FY26.

The company also reported significant growth in its operating earnings. Reported EBITDA for H1 FY27 increased 58% to ₹1,011 crore. Adjusted EBITDA for the second quarter rose 43% year-on-year to ₹553 crore, while adjusted EBITDA for the first half grew 56% to ₹1,047 crore. The company attributed its financial performance to increasing operational scale, disciplined project execution, and improved operating leverage.

Capacity expansion remained a major contributor to CleanMax’s growth during the reporting period. The company commissioned 550 MW of renewable energy power sales capacity in H1 FY27, taking its total operational capacity under this segment to 3,638 MW. Its overall operational and contracted portfolio reached 7.1 GW, comprising 6.3 GW under the renewable energy power sales business and 0.8 GW in the renewable energy services segment.

CleanMax’s total platform capacity, including available and applied grid connectivity, expanded to approximately 13 GW as of September 30, 2026. The company continues to expand its presence in India’s commercial and industrial (C&I) renewable energy market, providing clean power solutions to corporate customers through long-term arrangements.

For the second half of FY27, CleanMax plans to execute at least 450 MW of renewable energy projects. The company is also preparing for the phased commissioning of its 534 MW Koppal project in Karnataka, scheduled between December 2026 and March 2027. Management stated that the company remains on track to exceed its full-year target of adding at least 1.5 GW of capacity in FY27.

The company has also reiterated its long-term financial ambition of achieving reported EBITDA of more than ₹3,000 crore in FY28. This target reflects its expectations of continued portfolio expansion and increasing demand for renewable energy among commercial and industrial consumers.

Strengthening its financial position, CleanMax raised ₹2,500 crore through India’s first green bond issuance in the C&I renewable energy sector. The fundraising was supported by an AA (Stable) credit rating from CRISIL. Following its financing initiatives, the company reduced its weighted average cost of debt to 8.33%, compared with 9.49% in March 2025.

Customer retention and long-term contracts also supported the company’s business performance. Repeat customers contributed approximately 85% of the new contracted capacity during H1 FY27. Its power purchase agreements have an average tenure of around 23 years, providing long-term revenue visibility.

Growing electricity requirements from data centres, artificial intelligence infrastructure, and corporate customers are creating additional opportunities for renewable energy providers. With its expanding project portfolio, improved financial performance, and lower borrowing costs, CleanMax expects to strengthen its position in India’s C&I renewable energy market while pursuing its capacity addition and earnings targets.