CleanMax beats Q2 EBITDA estimates, reports strong H1 growth

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For H1 FY27, revenue from operations grew 67% to ₹1,560 crore, while reported EBITDA increased 58% to ₹1,011 crore. H1 PAT rose more than six-fold to ₹120 crore, compared with ₹19 crore in H1 FY26. Repeat customers accounted for ~85% of newly contracted capacity.

Demand from both hyperscalers and conventional C&I customers continues to drive CleanMax’s growth, as corporates increasingly look to secure tailored, reliable, cost-effective renewable energy solutions. As of Sep 30, 2026, the company’s contracted RE Power Sales portfolio stood at 6.3 GW, with a further 0.8 GW in RE Services, taking its total operational and contracted portfolio to 7.1 GW. Its overall platform capacity, including available grid evacuation capacity and applications for connectivity, crossed 13 GW (as of September 30, 2026)

This is the third consecutive quarter in which CleanMax’s EBITDA has come in ahead of Street estimates. The company is tracked by 11 analysts and brokerage houses, including Macquarie, HSBC, JP Morgan, JM Financials, Anand Rathi, Nomura, Avendus, Axis Capital and IIFL, providing institutional coverage of its financial performance and growth outlook. The company has received unanimous Buy/Overweight ratings from all 11 analysts, reflecting confidence in its business fundamentals. It has also been witnessing incremental interest from domestic mutual fund houses.

CleanMax is rated CRISIL AA/Stable and recently raised ₹2,500 crore through green bonds, with fixed coupons and tenors of up to 10 years. The issuance was anchored by leading development finance institutions, alongside participation from banks, mutual funds and other institutional investors.

Kuldeep Jain, Founder & MD, CleanMax, said in the company's press release: “Our operational portfolio continues to expand. To serve the next wave of C&I renewable energy demand, securing grid connectivity ahead of demand is important as we prepare to support the growing energy requirements of businesses.”