Clean energy solutions provider Clean Max Enviro Energy Solutions reported revenue from operations of ₹7.28 billion (~$80.08 million) in the second quarter (Q2) of the financial year (FY) 2027, a 37% year-over-year (YoY) increase from ₹5.31 billion (~$58.41 million).

The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 43% YoY to ₹5.53 billion (~$60.83 million) from ₹3.86 billion (~$42.46 million). Reported EBITDA increased 51% YoY to ₹5.48 billion (~$60.28 million).

Profit after tax (PAT) increased 82% YoY to ₹650 million (~$7.15 million) from ₹360 million (~$3.96 million).

Diluted earnings per share (EPS) increased 65.1% YoY to ₹3.98 (~$0.0438) from ₹2.41 (~$0.0265).

First Half FY 2027

CleanMax reported revenue from operations of ₹15.6 billion (~$171.6 million) for the first half (1H) of FY 2027, a 67% YoY increase from ₹9.33 billion (~$102.63 million).

Adjusted EBITDA increased 56% YoY to ₹10.47 billion (~$115.17 million) from ₹6.7 billion (~$73.7 million). Reported EBITDA rose 58% YoY to ₹10.11 billion (~$111.21 million) from ₹6.38 billion (~$70.18 million).

PAT increased more than sixfold to approximately ₹1.2 billion (~$13.2 million) from ₹190 million (~$2.09 million) in the corresponding period last year.

Diluted EPS increased to ₹8.09 (~$0.089) from ₹1.05 (~$0.0116), representing a 670.5% YoY increase.

The company attributed its revenue growth to the expansion of its operational renewable energy portfolio.

Business Updates

CleanMax commissioned 550 MW of renewable energy power sales capacity across six states during the first half of FY 2027, taking its operational capacity to 3,638 MW as of September 30, 2026, an increase of approximately 57% YoY.

Operational and contracted renewable energy power sales portfolio reached approximately 6.3 GW, including 2.6 GW of contracted capacity yet to be executed.

The renewable energy services segment contributed another 800 MW, taking the company’s combined operational and contracted portfolio to approximately 7.1 GW.

CleanMax’s total development platform, including available and applied-for grid connectivity, reached approximately 13 GW as of September 30, 2026, compared with 7.8 GW as of March 31, 2025.

Approximately 75% of the company’s contracted renewable energy power sales capacity was connected through state transmission utilities (STUs), while the remaining 25% was connected through the Central Transmission Utility (CTU), primarily serving large-scale data center requirements.

Data center and artificial intelligence (AI) infrastructure customers accounted for 41% of the company’s contracted renewable energy power sales portfolio as of September 2026.

The company’s contracted renewable energy capacity increased 3.4 times from 1,852 MW in March 2024 to 6,270 MW in September 2026.

Repeat customers accounted for approximately 85% of new contracted capacity during the first half of FY 2027.

CleanMax served 606 C&I customers as of September 30, 2026, with a weighted average power purchase agreement (PPA) tenure of approximately 23 years.

The company’s weighted average cost of debt declined to 8.33% in September 2026 from 9.49% in March 2025.

CleanMax also raised ₹25 billion (~$275 million) through a green bond issuance in the C&I renewable energy sector. The issuance carried fixed coupons with tenures of up to 10 years and attracted participation from development finance institutions, banks, mutual funds, and other institutional investors.

Outlook

CleanMax expects to execute at least approximately 450 MW of STU-connected and onsite renewable energy projects during the second half of FY 2027.

The company also plans to commission its 534 MW Koppal CTU-connected project in Karnataka in phases between December 2026 and March 2027.

These projects are expected to contribute toward its FY 2027 renewable energy power sales capacity addition guidance of at least 1.5 GW.

CleanMax also reiterated its guidance of achieving reported EBITDA exceeding ₹30 billion (~$330 million) in FY 2028.

Kuldeep Jain, Founder and Managing Director of CleanMax, said, “Our operational portfolio continues to expand, while our platform capacity has crossed 13 GW, providing the capacity and connectivity required to serve the next wave of C&I renewable energy demand. We believe securing grid connectivity ahead of demand is important for long-term value creation. We are comfortably placed to exceed our 1,500 MW capacity addition guidance during the year.”

The company expects demand from conventional C&I consumers and data center and AI infrastructure customers to support its growth.

CleanMax reported revenue from operations of ₹8.32 billion (~$87.21 million) in the previous quarter, a 107% YoY jump from ₹₹4.02 billion (~$42.14 million)