Clean Max September profit rises 82% as power sales grow

Clean Max Enviro Energy Solutions Limited reported consolidated profit after tax of Rs 64.95 crore for the quarter ended 30 September 2026, up 82% from Rs 35.60 crore a year earlier, as renewable energy power sales rose 67% to Rs 604.03 crore. EBITDA increased 51% to Rs 547.73 crore, while renewable energy services revenue declined.

How did Clean Max perform in the September 2026 quarter?

Clean Max increased consolidated revenue from operations by 37% year on year to Rs 727.65 crore in the quarter ended 30 September 2026, from Rs 530.61 crore. Total income rose to Rs 750.88 crore from Rs 558.11 crore, including other income of Rs 23.23 crore compared with Rs 27.49 crore a year earlier.

Earnings before interest, tax, depreciation, impairment and amortisation, or EBITDA, rose 51% to Rs 547.73 crore from Rs 362.96 crore. The operating margin, calculated as EBITDA divided by revenue from operations, increased to 75.27% from 68.40%, according to the company’s disclosed ratio.

Profit before tax rose 45% to Rs 119.98 crore, despite finance costs increasing to Rs 289.30 crore from Rs 195.48 crore and depreciation, amortisation and impairment rising to Rs 139.32 crore from Rs 88.81 crore. Total tax expense was Rs 55.03 crore, compared with Rs 47.03 crore in the prior-year quarter.

Sequentially, revenue from operations fell 13% from Rs 832.16 crore in the quarter ended 30 June 2026, while profit after tax rose 18% from Rs 55.17 crore. EBITDA increased from Rs 462.86 crore as total expenses declined to Rs 203.16 crore from Rs 411.24 crore, with renewable energy services contributing to the quarterly revenue reduction.

What drove Clean Max's revenue and EBITDA growth?

Clean Max's renewable energy power-sales segment drove the year-on-year increase, with revenue rising 67% to Rs 604.03 crore from Rs 361.04 crore. The segment sells electricity under long-term power purchase agreements and energy-as-a-service agreements, including onsite solar, offsite, state transmission utility-connected and central transmission utility-connected offerings.

Renewable energy services revenue fell 24% to Rs 123.63 crore from Rs 163.68 crore. This segment includes third-party engineering, procurement and commissioning services and carbon services, and its revenue was also below the Rs 300.15 crore reported in the June 2026 quarter.

Power-sales segment EBITDA grew 56% to Rs 525.70 crore from Rs 337.66 crore, accounting for most of consolidated EBITDA of Rs 547.73 crore. Services EBITDA fell 43% to Rs 27.45 crore from Rs 48.55 crore, while unallocable items recorded an EBITDA loss of Rs 5.42 crore, narrowing from a Rs 23.25 crore loss a year earlier.

For the six months ended 30 September 2026, power-sales revenue rose 57% to Rs 1,132.29 crore and services revenue increased to Rs 423.77 crore from Rs 205.01 crore. Power-sales EBITDA increased to Rs 986.12 crore from Rs 617.93 crore, while services EBITDA rose to Rs 61.04 crore from Rs 52.14 crore.

What changed in Clean Max's balance sheet and cash flow?

Clean Max's total assets were Rs 27,546.22 crore at 30 September 2026, compared with Rs 23,098.28 crore at 31 March 2026. Property, plant and equipment increased to Rs 13,770.54 crore from Rs 11,744.51 crore, while capital work-in-progress rose to Rs 6,745.74 crore from Rs 5,339.21 crore.

Non-current borrowings increased to Rs 16,144.47 crore at 30 September from Rs 11,312.42 crore at the March year-end. Total equity rose to Rs 5,953.16 crore from Rs 5,523.54 crore, while the disclosed debt-equity ratio increased to 2.89 from 2.25 and total debts to total assets increased to 0.63 from 0.54.

Net cash used in operating activities was Rs 202.10 crore in the six months ended 30 September 2026, compared with net operating cash generated of Rs 1,375.68 crore in the corresponding prior-year period. Trade receivables used Rs 320.45 crore of cash and trade payables used Rs 899.35 crore, compared with a Rs 920.41 crore contribution from payables a year earlier.

Clean Max spent Rs 3,320.75 crore on capital expenditure during the six-month period, compared with Rs 3,260.26 crore a year earlier. Net financing cash inflow was Rs 4,164.66 crore, and cash and cash equivalents ended at Rs 892.25 crore, down from Rs 1,201.96 crore at 31 March 2026.

How is Clean Max using its IPO and green-debt proceeds?

Clean Max had utilised Rs 1,149.25 crore of net initial public offering, or IPO, fresh-issue proceeds by 30 September 2026. This included Rs 1,122.67 crore for prepayment of outstanding borrowings and Rs 26.57 crore for general corporate purposes; IPO issue expenses of Rs 5.15 crore remained unutilised in an escrow account.

Clean Max prepaid Rs 599 crore of 11.50% listed and unlisted non-convertible debentures on 2 April 2026 using IPO proceeds. The original repayment date for those debentures was 8 June 2027, according to the filing.

During the September 2026 quarter, Clean Max issued Rs 2,500 crore of additional senior secured, rated, listed and redeemable green debt securities through private placement, excluding a premium of Rs 15.77 lakh. Of the proceeds, Rs 1,692.25 crore had been utilised by 30 September for project capital expenditure, repayment or prepayment of long-term borrowings and general corporate purposes.

The unutilised green-debt balance was Rs 807.75 crore at 30 September 2026, comprising Rs 716.92 crore invested in debt mutual funds and Rs 90.83 crore in escrow. Clean Max also amended and restated the relevant debenture trust deed, which was registered on 19 October 2026, to provide for the stated security package.

Conclusion

Clean Max's September-quarter profit increase reflected higher renewable energy power sales, whose Rs 604.03 crore revenue and Rs 525.70 crore EBITDA outweighed a decline in services revenue and higher finance costs. Consolidated revenue grew 37%, EBITDA grew 51% and profit after tax rose 82%, while the balance sheet also showed higher project assets, borrowings and capital work-in-progress.

The next disclosures to watch are deployment of the Rs 807.75 crore unutilised green-debt proceeds and the company’s capital expenditure programme, which used Rs 3,320.75 crore in the first six months. Clean Max has also filed an application dated 17 October 2026 to amalgamate four wholly owned subsidiaries with the parent, subject to approval by the National Company Law Tribunal, Mumbai, and other regulatory authorities.