Clean Max Q3 FY26 Results: Profit Surges, Contracted Capacity Hits 5.7 GW

Introduction

Clean Max Enviro Energy Solutions Limited has announced robust financial results for the third quarter and nine months ended December 31, 2025. The company reported a significant turnaround in consolidated net profit and substantial growth in its operational capacity, solidifying its position in India's commercial and industrial renewable energy sector. The results, approved by the Board of Directors on March 17, 2026, reflect strong execution and growing demand, particularly from the Data & AI industry.

Consolidated Financial Performance in Q3

On a consolidated basis, Clean Max reported total income from operations of ₹4,662.82 million for Q3 FY26, a 13.9% increase from ₹4,093.60 million in the corresponding quarter of the previous year. The most notable achievement was the shift to profitability, with a net profit after tax of ₹211.77 million. This marks a significant recovery from the net loss of ₹43.17 million reported in Q3 FY25. The basic Earnings Per Share (EPS) for the quarter stood at ₹2.70, a substantial improvement from the previous year. For the nine-month period ending December 31, 2025, consolidated revenue grew to ₹14,356.27 million.

Standalone Results Show Exceptional Growth

The company's standalone financial performance was even more impressive, showcasing remarkable growth. Total income from operations for Q3 FY26 surged by 134.6% to ₹16,119.19 million, compared to ₹6,869.89 million in Q3 FY25. Standalone net profit after tax increased by 159.0% to ₹2,702.78 million from ₹1,043.54 million in the prior-year period. This performance highlights the core operational strength and efficiency of the parent company's business activities. The standalone basic EPS for the quarter was ₹26.44.

Operational Milestones and Capacity Expansion

Clean Max has demonstrated strong project execution capabilities, significantly expanding its renewable energy portfolio. As of March 1, 2026, the company's total contracted capacity reached 5.7 GW, a threefold increase over the past 23 months. Of this, 3.0 GW is operational, with the remaining 2.7 GW under execution and expected to be commissioned within the next 24 months. During the first 11 months of FY26 alone, Clean Max successfully commissioned 1.3 GW of new capacity, comprising 85% solar and 15% wind projects across seven states, including Gujarat, Karnataka, and Rajasthan.

Data & AI Sector: A Key Growth Driver

A significant portion of Clean Max's growth is driven by increasing demand from the Data & AI sector. This high-growth industry now accounts for 42% of the company's contracted capacity, totaling 2.4 GW. To cater to this demand, Clean Max recently commissioned its first 0.5 GW CTU-connected plant in Bikaner, Rajasthan, specifically designed to supply renewable energy to technology clients. This strategic focus on a rapidly expanding sector underscores the company's ability to adapt to market trends and secure high-value contracts.

Financial Discipline and Prudent Management

Alongside its operational expansion, Clean Max has maintained strong financial discipline. The company has improved its cost of borrowing, with the weighted average interest rate on project finance declining from 9.46% in March 2024 to 8.70% in December 2025. The company maintains conservative leverage ratios, with a Debt to Adjusted EBITDA ratio between 4.8x and 4.9x. A healthy Debt Service Coverage Ratio (DSCR) of 1.4x for stabilized projects indicates strong cash flow generation to meet debt obligations. Furthermore, 76% of new contracted capacity comes from existing customers, highlighting high client satisfaction and long-term revenue visibility, supported by a weighted average PPA tenor of approximately 23 years.

Regulatory Compliance and Corporate Updates

In compliance with SEBI regulations, Clean Max published its unaudited financial results on March 19, 2026, in the Financial Express and Mumbai Lakshdeep newspapers. The company has also filed the results with the BSE and NSE. Following its recent listing on the stock exchanges on March 2, 2026, the Ministry of Corporate Affairs updated the company's Corporate Identification Number (CIN) from 'U93090MH2010PLC208425' to 'L93090MH2010PLC208425' to reflect its new 'Listed' status. This change was formally communicated to the exchanges on March 18, 2026.

Future Outlook and Guidance

Looking ahead, Clean Max is positioned for continued growth. The company has issued guidance for an addition of over 1.5 GW in RE Power Sales capacity for the fiscal year 2026-2027. This ambitious target, combined with a strong execution track record and a robust pipeline of projects, reinforces its leadership in the renewable energy sector. The focus on high-quality customers, operational efficiency, and disciplined financial management provides a solid foundation for sustaining its growth trajectory.