CleanMax beats Q2 EBITDA estimates, studies sturdy H1 development
For H1 FY27, income from operations grew 67% to ₹1,560 crore, whereas reported EBITDA elevated 58% to ₹1,011 crore. H1 PAT rose greater than six-fold to ₹120 crore, in contrast with ₹19 crore in H1 FY26. Repeat clients accounted for ~85% of newly contracted capability.
Demand from each hyperscalers and standard C&I clients continues to drive CleanMax’s development, as corporates more and more look to safe tailor-made, dependable, cost-effective renewable power options. As of Sep 30, 2026, the corporate’s contracted RE Energy Gross sales portfolio stood at 6.3 GW, with an extra 0.8 GW in RE Companies, taking its whole operational and contracted portfolio to 7.1 GW. Its general platform capability, together with out there grid evacuation capability and purposes for connectivity, crossed 13 GW (as of September 30, 2026)
ET ParticularThe corporate has guided for a reported EBITDA above ₹3,000 crore for FY28.
That is the third consecutive quarter through which CleanMax’s EBITDA has are available in forward of Road estimates. The corporate is tracked by 11 analysts and brokerage homes, together with Macquarie, HSBC, JP Morgan, JM Financials, Anand Rathi, Nomura, Avendus, Axis Capital and IIFL, offering institutional protection of its monetary efficiency and development outlook. The corporate has obtained unanimous Purchase/Chubby scores from all 11 analysts, reflecting confidence in its enterprise fundamentals. It has additionally been witnessing incremental curiosity from home mutual fund homes.
CleanMax is rated CRISIL AA/Steady and not too long ago raised ₹2,500 crore by way of inexperienced bonds, with fastened coupons and tenors of as much as 10 years. The issuance was anchored by main improvement finance establishments, alongside participation from banks, mutual funds and different institutional traders.
Kuldeep Jain, Founder & MD, CleanMax, stated within the firm’s press launch: “Our operational portfolio continues to increase. To serve the following wave of C&I renewable power demand, securing grid connectivity forward of demand is vital as we put together to help the rising power necessities of companies.”
Disclaimer: The Road estimates referred to on this article are primarily based on Q2 FY27 outcomes previews printed by Avendus Spark, Anand Rathi, Axis Capital, JM Monetary and HSBC between 30 September and eight October 2026. CleanMax’s reported financials, portfolio figures and the administration quote are taken from the corporate’s press launch and inventory change filings, whereas particulars on its credit standing and inexperienced bond problem come from the general public disclosures listed above. This text is supposed for data.
