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.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
82%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Impact of Iran war on supply, interest rates, project capex, module costs due to FX.
Asked by Venit Jen, Verdein
Management directly stated no material impact seen, with caveat of volatility.
Read the exchange
Question
What impact do you see on your business due to ongoing Iran war and supply constraints? Any impact on rate of interest or increase in project capex module cost due to FX movement?
Management (unidentified)
We have not yet seen any material adverse movements in terms of either availability of equipments or in terms of material movement in capital costs.
Partial answer
High priority
How much of 2.6 GW under construction is CTU-connected and curtailment protection in PPAs?
Asked by Mohit Kumar, ICIC Securities
Gave capacity breakdown but did not quantify CTU share or directly answer PPA protection.
did not give exact percentage of CTU capacityavoided direct answer on PPA protection
Read the exchange
Question
how much of your under construction capacity which is of around 2.6 is cloud I believe is under C2 connection and how do you think about the curtailment for the new capacities and does your PPA provides for any protection?
Management (unidentified)
530 megawatt is the size of one CT project... 450 megawatt of wind and about 80 megawatt of solar... containment has been relatively minimal... the containment issue is much more CPU and much more concentrated on Rajasthan and Gujarat.
Evasive
High priority
Impact of new deviation settlement mechanism on revenues and mitigations.
Asked by Mohit Kumar, ICIC Securities
Acknowledged issue but provided no quantitative or specific qualitative impact.
no impact estimate givendeferred to future announcement
Read the exchange
Question
how do you think about the impact of the new deviation mechanism... how can it impact your revenues if it goes through in current form and what are the mitigation which is available to us.
Management (unidentified)
we don't have a final decision on that yet... our own internal calculations of impact are not mature enough to share... we expect that in three or four months time we will be able to make a proper announcement.
Answered
Medium priority
Explanation of cash flow hedge gain of 414 crores and minority interest loss.
Asked by Gorav Bermiwal, Access Mutual Fund
Provided clear explanation of both items with reasoning.
Read the exchange
Question
can you throw some light on what is this cash flow hedge on which we booked a below patite 414 crores of gains pre-tax? ... why do we have loss for minority interest in non-controlling interest?
Management (unidentified)
cash flow hedge is nothing but an accounting entry against our VPPA or IRA contracts... minority interests are negative because at SPV level there is negative PAT due to interest and depreciation in initial years.
Partial answer
Low priority
Does contracted capacity include BESS and what are tariffs for projects with BESS?
Asked by Neil Oswal, PGIM India Asset Management
Gave BESS capacity but declined to break out tariff, citing small scale.
did not provide tariff for BESS projects
Read the exchange
Question
out of our total contracted capacity does any project also include BESS and what would the CN tariffs I mean broadly look like for projects with BESS
Management (unidentified)
out of 2,600 megawatt of capacity the quantum of best is about 57 megawatt... I would not then try to break up the tariff between the two.
Answered
High priority
Impact of ALMM on project IRRs and whether pricing pressure is absorbed by company or customers.
Asked by Abhel, Singularity AMC
Clearly stated that tariffs adjust to maintain IRR, so no margin impact.
Read the exchange
Question
With domestic module prices going to be elevated with ASCM now going to be coming in from June 26. How are you seeing the project IR evolve in the CNI segment? ... pricing pressure going to be absorbed by you guys or the customers or the model maker through higher tariffs.
Management (unidentified)
tariffs adjust upwards or downwards to reflect changes in module prices... we've generally priced with the same target irr in mind... if the module cost goes up... that passes on to a customer in terms of higher tariffs.
Answered
High priority
Will data centers be the largest driver of renewable C&I and future pipeline with Iron Mountain and SP data centers?
Asked by Aurva, Canada Bank Securities
Confirmed data centers as key driver and provided qualitative pipeline outlook.
Read the exchange
Question
do you think the data centers will be the largest incremental driver of the redable CNI and also you have the collaborations with iron mountain and SP data centers. So what does the future pipeline looks like in this particular data center sector?
Management (unidentified)
42% share of data and AI is fairly massive... we see a lot of continued growth from data and AI... we are quite well positioned to continue a strong performance... the names include the likes of Apple, Meta, Google and Amazon.
Answered
High priority
Why is EBITDA margin on RE sales lower than utility scale players (89-91%)?
Asked by Nupa Dadup, Swan Investments
Explained margin difference with specific factors and provided future margin guidance.
Read the exchange
Question
What is the reason behind the lower IBITa margin on RE sales portfolios compared to utility scale players who post 89 to 91% of margin? Is there any specific costs which CNI players have to incur as compared to utility scale players?
Management (unidentified)
our gross margins is around 92 and a half 93%... why is our EIDA margin at about 83%... two factors: scale and genuinely higher operating cost of selling and building at 13 megawatt at a time.
Partial answer
High priority
Room for further reduction in interest cost and current curtailment at Bikaner substation.
Asked by Punit Gulati
Gave curtailment figure but interest cost answer was vague and non-committal.
no specific interest cost reduction guidancecurtailment number given but with caveats
Read the exchange
Question
do you see room for further reduction in interest cost from where you are? ... on your 525 CU project... what sort of curtailment what are you experiencing in last one and a half two months
Management (unidentified)
interest rate cost is a tricky number to give a prediction on... we see some potential upside... but we are also in an macro environment of uncertainty... about 30% in that substation... the grid has forecasted the end of backdown by September of this year.
Answered
High priority
Pipeline for FY27 new contracts and whether data center skew will continue.
Asked by Atul Tari, JP Morgan
Confirmed pipeline is already contracted and mix likely unchanged.
Read the exchange
Question
how is the pipeline shaping up 4527 and also will it have the same skew towards data center and AI at say 40 to 45%.
Management (unidentified)
at the start of the fiscal 100% of the capacity expected to come up this year is already contract... we don't see any real reason for either the mix of wind and solar or the share of data and AI within this pipeline to change.
Answered
Medium priority
Explanation of VPPA contract for difference and its economics vs physical supply.
Asked by Kesha Agarwal, Canada Robeco Mutual Fund
Provided clear explanation of VPPA structure and economics.
Read the exchange
Question
If you could help us understand VPPA environment, attributes, purchases, agreements and contract for different contracts. How do we see things this being a growth driver... Are the contract economics any different under a VPPA versus supply power?
Management (unidentified)
out of the 5,700 megawatt of contracted capacity about 1,600,700 megawatt... is the size of our CFD bill... contract for difference basically means that the customer is not actually offtaking the power but buying the green attribute... we have a firm price.
Answered
High priority
Company-level curtailment percentage and whether run-rate EBITDA of 1870 cr factors curtailment.
Asked by Vishal Perry, PL Capital
Clearly stated company-level curtailment was zero and run rate is unadjusted.
Read the exchange
Question
at a company level this number could be how much and second parallel to this is when we give a run rate a bid of 1870 cr so does this factor curtailment or doesn't factor cailment
Management (unidentified)
at a company 7 in the last fiscal year we had no curtailment... our grade up time was 99.24%... the run rate epida is not adjusted for curtailment.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin around 92.5-93% for wind plus solar portfolio | 92.5% | 48% | Overstated vs filing |
| EBITDA margin at about 83% on RE sales | 83% | 48% | Overstated vs filing |
| EBITDA margin expected to rise to nearly 86% in 3-4 years | 86% | 48% | Overstated vs filing |
| Run rate EBITDA of 1870 crores not adjusted for curtailment | ₹1,870 cr | ₹1,295 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.