News ArticleClean Max Enviro Energy Solutions Achieves 58% EBITDA Growth and Sixfold Profit Rise in H1 FY27
Company reports ₹1,011 crore EBITDA and ₹120 crore PAT for H1 FY27, commissions 550 MW renewable capacity and raises ₹2,500 crore via green bonds
Clean Max Enviro Energy Solutions Limited announced a 58% increase in EBITDA and a sixfold PAT growth to ₹120 crore for H1 FY27, driven by expanded renewable energy capacity and a diversified client base. The company also commissioned 550 MW capacity and maintains a 13 GW platform, targeting continued growth in FY27 and FY28.
Clean Max Enviro Energy Solutions Limited
General / Other
Clean Max Enviro Energy Solutions Limited posted strong financial results for the half year ended September 30, 2026, with EBITDA rising 58% to ₹1,011 crore and profit after tax soaring to ₹120 crore, a more than sixfold increase year-on-year. The company expanded its operational renewable energy capacity by 550 MW during this period and issued ₹2,500 crore in green bonds to support growth.
For the second quarter of FY27, Clean Max reported revenue of ₹728 crore, up 37% year-on-year, driven by growth in its operational renewable energy portfolio. Adj. EBITDA grew 43% year-on-year to ₹553 crore, while reported PAT increased 82% to ₹65 crore.
In the first half of FY27, the company commissioned 550 MW of renewable energy power sales capacity across six states, increasing its operational portfolio to 3,638 MW, a 57% year-on-year rise. The company anticipates adding at least 450 MW of STU-connected and onsite projects, alongside the phased commissioning of a 534 MW CTU project in Karnataka by March 2027.
Clean Max’s total operational and contracted renewable energy power sales portfolio reached 6.3 GW as of September 2026, complemented by 0.8 GW in its renewable energy services segment, totaling 7.1 GW. Its overall platform capacity including grid connectivity options stood at approximately 13 GW, up from 7.8 GW as of March 2025.
The company secured ₹2,500 crore through India’s first green bond issuance in the C&I renewable energy sector, with fixed coupons for up to ten years, supported by a CRISIL AA/Stable credit rating. Weighted average cost of debt improved to 8.33% as of September 2026 from 9.49% in March 2025.
Clean Max’s portfolio is diversified, with approximately 75% of contracted capacity connected through State Transmission Utilities and 25% through Central Transmission Utilities, primarily serving large-scale hyperscale data and AI infrastructure customers. The company serves 606 customers across multiple sectors including technology and manufacturing.
Highlights
- H1 FY27 Adj. EBITDA grew by 58% year-on-year to ₹1,011 crore.
- H1 FY27 reported PAT surged sixfold to ₹120 crore from ₹19 crore in H1 FY26.
- Clean Max commissioned 550 MW renewable energy capacity in H1 FY27.
- Operational renewable capacity reached 3,638 MW across seven states and four countries.
- Total operational and contracted portfolio reached 7.1 GW, with a platform capacity of ~13 GW.
- Raised ₹2,500 crore via India’s first green bond in the C&I renewable energy sector at fixed coupons up to ten years.
Key Data Snapshot
What happened
- Clean Max Enviro Energy Solutions Limited announced its unaudited standalone and consolidated financial results for Q2 and H1 FY27.
- The company achieved strong financial growth with H1 FY27 EBITDA up 58% year-on-year and PAT increasing more than six-fold to ₹120 crore.
- Revenue in Q2 FY27 was ₹728 crore, a 37% increase over Q2 FY26.
- PAT for Q2 FY27 grew 82% to ₹65 crore compared to previous year.
Financial performance
- H1 FY27 adjusted EBITDA reached ₹1,047 crore, up 56% compared to H1 FY26.
- Reported EBITDA for H1 FY27 was ₹1,011 crore, a 58% increase year-on-year.
- Reported PAT rose from ₹19 crore in H1 FY26 to ₹120 crore in H1 FY27.
- Weighted average cost of debt lowered to 8.33% in September 2026 from 9.49% in March 2025, supported by CRISIL AA/Stable rating.
Operational performance
- Clean Max commissioned 550 MW of renewable energy power sales capacity in H1 FY27 across six Indian states.
- Operational renewable energy power sales capacity increased to 3,638 MW, a 57% growth year-on-year.
- The renewable energy services segment added 0.8 GW, bringing total portfolio to 7.1 GW as of September 2026.
- The company's operational base covers 7 Indian states, onsite assets in 22 states, and operations in four countries.
Funding and capital details
- Raised ₹2,500 crore through India’s first green bond issue in the C&I renewable energy sector with fixed coupon tenors up to ten years.
- The green bond issuance was anchored by development finance institutions, banks, mutual funds, and other institutional investors.
- Credit rating by CRISIL stands at AA/Stable.
Strategic context
- Clean Max serves 606 commercial and industrial customers, with a weighted average PPA tenor of approximately 23 years.
- Approximately 75% of contracted capacity is connected through State Transmission Utilities; 25% via Central Transmission Utilities, serving mostly hyperscaler clients.
- The company aims to add at least 1.5 GW of renewable energy power sales capacity in FY27 and achieve EBITDA above ₹3,000 crore in FY28.
Next milestones
- Plans to commission the 534 MW Koppal CTU project in Karnataka in phases between December 2026 and March 2027.
- Expected execution of around 450 MW of STU-connected and onsite projects in the second half of FY27.
Highlights
- H1 FY27 Adj. EBITDA grew by 58% year-on-year to ₹1,011 crore.
- H1 FY27 reported PAT surged sixfold to ₹120 crore from ₹19 crore in H1 FY26.
- Clean Max commissioned 550 MW renewable energy capacity in H1 FY27.
- Operational renewable capacity reached 3,638 MW across seven states and four countries.
- Total operational and contracted portfolio reached 7.1 GW, with a platform capacity of ~13 GW.
- Raised ₹2,500 crore via India’s first green bond in the C&I renewable energy sector at fixed coupons up to ten years.
Disclosures
- Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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