Contracted Capacity
5.7 GW
+32.6% YoY
Total contracted renewable energy sales capacity as of March 2026.
CLEANMAXENVIROENERGYSOLU
Energy
28 Apr 2026
Clean Max Enviro Energy Solutions Ltd — Q4 FY26
CleanMax reported a strong Q4 FY26 with revenue of ₹1,295 crore (up 28% YoY) and PAT surging to ₹86 crore from ₹19 crore.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
CleanMax reported a strong Q4 FY26 with revenue of ₹1,295 crore (up 28% YoY) and PAT surging to ₹86 crore from ₹19 crore. The key driver was massive capacity addition of 1,400 MW in FY26, taking operational capacity to 3,100 MW. Data & AI now accounts for 42% of contracted capacity (up from 14% two years ago), with repeat business at 75%. Management guided for at least 1,500 MW capacity addition in FY27, with 2,600 MW already contracted. Run-rate EBITDA stands at ₹1,870 crore. Risks include Rajasthan CTU grid curtailment (currently ~30% at one substation) and potential impact from new deviation settlement mechanism, though management expects resolution in 3-4 months.
Key Numbers
Data & AI Share
42%
+28pp YoY
Share of contracted capacity from data centers and AI customers, up from 14% two years ago.
Run-rate EBITDA
₹1,870 Cr
+64% YoY
Annualized EBITDA from plants already commissioned as of March 2026.
Average PPA Tariff (under construction)
₹3.85/unit
N/A
Weighted average tariff for 2,600 MW contracted but under execution, 70% solar, 30% wind.
Management Guidance
Minimum 1,500 MW capacity addition in FY27
The company expects to add at least 1,500 MW of renewable energy power sales capacity in FY2026-27.
Management guidance growthRun-rate EBITDA of ₹1,870 crore at start of FY27
Run-rate EBITDA from commissioned plants as of April 2026 is ₹1,870 crore, which historically translates to reported EBITDA of ~1.1x run-rate.
Management guidance revenuePower sales EBITDA margin target of ~86% in 3-4 years
Management expects power sales EBITDA margin to improve from ~83% to ~86% over the next 3-4 years due to operating leverage.
Management guidance marginsKey Risks
Rajasthan CTU grid curtailment
The 525 MW CTU project in Rajasthan faces ~30% curtailment currently, impacting ~12% of run-rate EBITDA. Grid expects resolution by September 2026, but management advises conservatism.
medium · management_commentaryDeviation Settlement Mechanism (DSM) impact
New DSM rules could increase costs for power producers. Management is still assessing impact and expects to provide clarity in 3-4 months.
medium · analyst_questionALMM implementation and module price uncertainty
Domestic module prices may rise after ALMM takes effect from June 2026, potentially increasing project costs. Management expects tariffs to adjust but notes uncertainty.
low · analyst_questionNotable Quotes
We have a huge diversity in terms of our growth levers and we'll show you how our pie chart has shifted.
Our run rate EBITDA number is about 1,870 crore rupees. This grew from a starting point run rate EBITDA of about 1,140 crore rupees as of 1 April 2025.
We are not really taking a merchant price exposure... we have a firm price and it's all about 1.7-1.8 GW out of 5.7 GW.
Frequently Asked Questions
What was Clean Max Enviro's revenue in Q4 FY26?
Clean Max Enviro reported revenue of ₹557 Cr in Q4 FY26, representing a +28% change compared to the same quarter last year.
What guidance did Clean Max Enviro management give for FY27?
Minimum 1,500 MW capacity addition in FY27: The company expects to add at least 1,500 MW of renewable energy power sales capacity in FY2026-27. Run-rate EBITDA of ₹1,870 crore at start of FY27: Run-rate EBITDA from commissioned plants as of April 2026 is ₹1,870 crore, which historically translates to reported EBITDA of ~1.1x run-rate. Power sales EBITDA margin target of ~86% in 3-4 years: Management expects power sales EBITDA margin to improve from ~83% to ~86% over the next 3-4 years due to operating leverage.
What are the key risks for Clean Max Enviro in FY27?
Key risks include Rajasthan CTU grid curtailment — The 525 MW CTU project in Rajasthan faces ~30% curtailment currently, impacting ~12% of run-rate EBITDA. Grid expects resolution by September 2026, but management advises conservatism.; Deviation Settlement Mechanism (DSM) impact — New DSM rules could increase costs for power producers. Management is still assessing impact and expects to provide clarity in 3-4 months.; ALMM implementation and module price uncertainty — Domestic module prices may rise after ALMM takes effect from June 2026, potentially increasing project costs. Management expects tariffs to adjust but notes uncertainty..
Did Clean Max Enviro meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Clean Max Enviro Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.