Clean Max Enviro Energy Solutions Ltd more than doubled revenue from operations to ₹832 crore in the first quarter of FY27, while data centre and artificial intelligence customers expanded their share to 42% of its contracted renewable power sales portfolio.
The company reported adjusted Ebitda of ₹494 crore, up 74% from ₹284 crore a year earlier, and swung to a profit after tax of ₹55 crore from a loss of ₹17 crore. Revenue was ₹402 crore in Q1FY26.
Exponential Growth
Contracted capacity serving data centre and AI customers rose nearly tenfold to more than 2.5 GW as of June 30, from 0.24 GW on March 31, 2024. CleanMax’s contracted renewable power sales capacity reached 6 GW, comprising 3.5 GW operational and 2.5 GW under execution.
Including renewable-energy services, its total contracted portfolio stood at 6.8 GW, three times the level two years ago. The company contracted 1.6 GW during the trailing 12 months and commissioned more than 0.5 GW during the quarter, its highest-ever quarterly addition.
Revenue from renewable power sales increased 47% to ₹528 crore, while renewable-energy services revenue jumped 632% to ₹300 crore. Adjusted Ebitda from power sales rose 64% to ₹460 crore and that from services increased eightfold to ₹34 crore.
The renewable power sales Ebitda margin expanded 730 basis points to 83.7%, while the services margin improved 250 basis points to 11.2%.
Strong Operational Execution
“We added a record new capacity of over 500 MW in the first quarter, and are well on track to meet our guidance of adding a minimum of 1,500 MW of new capacity during the year,” founder and managing director Kuldeep Jain said.
Repeat customers accounted for 79% of new capacity. CleanMax served 593 commercial and industrial customers, with a weighted average power-purchase agreement tenor of 23 years.
Its weighted average cost of project debt declined to 8.4% in June from 8.5% in March and 9.2% in April 2025. The board approved a domestic bond issue for future capital expenditure.
CleanMax also initiated the consolidation of four rooftop-solar special purpose vehicles, representing 148 MWp, into the holding company to improve operating efficiency and strengthen cash-flow generation.