What was Clean Max Enviro's revenue in Q4 FY26?

Clean Max Enviro reported revenue of ₹557 Cr in Q4 FY26, a +28% change year-over-year.

Did Clean Max Enviro management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Clean Max Enviro Q4 FY26 Research Workspace: Revenue ₹557 Cr (+28%)

Q: What guidance did Clean Max Enviro management give?

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.

Revenue ₹557 Cr +28%

EBITDA ₹1,295 Cr +28%

PAT ₹45 Cr +352.6%

EBITDA Margin 48%

Duration 88 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute 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.

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Research workspace

Focused Modules

⚖Claim Ledger 82% answered

Did management answer the analysts?

12 analyst questions audited, 1 evaded or deflected.

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!Risks 3 risks

Risk Intelligence

Rajasthan CTU grid curtailment

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Quarter Snapshot

Contracted Capacity 5.7 GW

+32.6% YoY

Total contracted renewable energy sales capacity as of March 2026.

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.

Fast read

Guidance and risk preview

Top 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.

Top risk Rajasthan CTU grid curtailment

The 525 MW CTU project in Rajasthan faces ~30% curtailment currently, impacting ~12% of run-rate EBITDA.