Clean Max shares: Power stock jumps 42% in YTD; will this rally continue after Q2 results 2026? Expert views, target
Shares of Clean Max Enviro Energy Solutions Ltd. traded higher on Wednesday, November 4, after the renewable energy company reported a strong set of Q2 FY27 results, with EBITDA and net profit beating analyst estimates.
CleanMax's earnings growth was supported by higher power sales, an expanding renewable energy portfolio and continued demand from commercial and industrial (C&I) customers. Its overall platform capacity reached approximately 13 GW as of September 30, 2026.
CleanMax shares climbed as much as 2.5% to ₹1,257.05 on the BSE on Wednesday, against the previous close of ₹1,225.30. The power stock opened at ₹1,250.90.
Despite the recent gains, it remains 18% below its 52-week high of ₹1,532.80, recorded in June 2026. Its 52-week low stands at ₹728, touched in March 2026.
The stock has faced some near-term pressure, declining 5% in one month and 7% over three months. However, it has gained 6.5% in six months and delivered a 42% return year-to-date in 2026.
CleanMax Q2 results: Net profit jumps 82%, EBITDA beats estimates
CleanMax reported an 82.3% year-on-year (YoY) increase in net profit to ₹64.9 crore in Q2FY27, compared with ₹35.6 crore a year ago. This was significantly higher than the estimated ₹42 crore.
Revenue from operations rose 37% YoY to ₹727.6 crore from ₹530.6 crore, broadly meeting expectations. However, the bigger earnings surprise came from EBITDA, which increased 51% to ₹547.7 crore against ₹362.9 crore in Q2FY26, beating the consensus estimate of ₹436 crore. Adjusted reported EBITDA stood at ₹553 crore, up 43%.
The power sales business drove growth, with revenue surging 67% to ₹604 crore and the segment reporting an EBITDA margin of 84%. In contrast, renewable energy services revenue declined 24% YoY to ₹123.6 crore, with an EBITDA margin of 14.3%.
The growth momentum was also visible in the first-half numbers. H1FY27 revenue increased 67% to ₹1,560 crore, while reported EBITDA rose 58% to ₹1,011 crore. PAT surged more than six-fold to ₹120 crore from ₹19 crore in H1FY26.
As of September 30, 2026, the company's contracted renewable energy power sales portfolio stood at 6.3 GW, alongside 0.8 GW in renewable energy services. This took its total operational and contracted portfolio to 7.1 GW. Repeat customers accounted for approximately 85% of newly contracted capacity.
CleanMax reiterated its FY28 EBITDA target of ₹3,000 crore and said it remained on track to commission more than 1.5 GW of capacity in FY27, compared with 1.4 GW in FY26.
Commenting on the expansion, Kuldeep Jain, Founder and Managing Director of CleanMax, said, "Our operational portfolio continues to expand. Securing grid connectivity ahead of demand is important as we prepare to support the growing energy requirements of businesses."
With the stock gaining 42% in 2026 and quarterly earnings exceeding expectations, investor attention is now shifting to its future growth prospects.
Macquarie has maintained its 'Outperform' rating on CleanMax with a target price of ₹1,700 per share, indicating an upside potential of approximately 35% from Wednesday's intraday high.
The brokerage attributed the EBITDA beat to a favourable business mix, with higher-margin power sales and lower other expenses supporting profitability.
It believes CleanMax is on track to achieve its estimated capacity addition of 1.6 GW in FY27. The stronger-than-expected EBITDA performance in the first half also presents an upside risk to its full-year estimates.
Macquarie sees the company benefiting from rising renewable energy demand among commercial and industrial customers, supported by its established customer relationships and expertise in navigating regulatory requirements across multiple states.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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HomeMarketsStock MarketsClean Max shares: Power stock jumps 42% in YTD; will this rally continue after Q2 results 2026? Expert views, target
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