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Revenue
₹557 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹1,295 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- The company expects to add at least 1,500 MW of renewable energy power sales capacity in FY2026-27.
- 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 expects power sales EBITDA margin to improve from ~83% to ~86% over the next 3-4 years due to operating leverage.
Risks flagged
- 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.
- New DSM rules could increase costs for power producers. Management is still assessing impact and expects to provide clarity in 3-4 months.
- Domestic module prices may rise after ALMM takes effect from June 2026, potentially increasing project costs. Management expects tariffs to adjust but notes uncertainty.
Key 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.
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