CleanMax H1 FY27 profit jumps to Rs 120 crore as revenue grows

Clean Max Enviro Energy Solutions Limited, or CleanMax, reported profit after tax of Rs 120 crore in the first half of financial year 2027 (H1 FY27), up from Rs 19 crore a year earlier, as revenue from operations rose 67% to Rs 1,560 crore and operational renewable-energy power-sales capacity reached 3,638 megawatts by September 2026.

How did CleanMax perform in H1 FY27?

CleanMax reported H1 FY27 revenue from operations of Rs 1,560 crore, compared with Rs 933 crore in H1 FY26, a year-on-year (YoY) increase of 67%. The company said the revenue growth was driven by an increase in its operational portfolio, including 550 megawatts (MW) of renewable-energy power-sales capacity commissioned during the half year.

Profit after tax (PAT) increased to Rs 120 crore from Rs 19 crore, representing reported YoY growth of 532%. The increase in PAT outpaced revenue growth, while the release did not provide a detailed reconciliation of the year-on-year movement in profit.

Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) rose 56% to Rs 1,047 crore from Rs 670 crore. Reported EBITDA increased 58% to Rs 1,011 crore, leaving a Rs 36 crore difference between adjusted and reported EBITDA for H1 FY27.

What did CleanMax report for Q2 FY27?

CleanMax reported revenue from operations of Rs 728 crore in the second quarter of FY27 (Q2 FY27), up 37% from Rs 531 crore in Q2 FY26. Reported PAT rose 82% to Rs 65 crore from Rs 36 crore in the comparable quarter, with Q2 contributing Rs 65 crore of the Rs 120 crore H1 FY27 PAT.

Adjusted EBITDA reached Rs 553 crore in Q2 FY27, an increase of 43% from Rs 386 crore a year earlier. Reported EBITDA was Rs 548 crore and grew 51% YoY, compared with the 58% growth in reported EBITDA for H1 FY27.

How much renewable capacity has CleanMax added?

CleanMax commissioned 550 MW of renewable-energy (RE) power-sales capacity across six states in H1 FY27. The additions took operational RE power-sales capacity to 3,638 MW as of September 2026, about 57% higher than a year earlier.

RE power-sales operational and contracted capacity stood at 6.3 gigawatts (GW) as of September 2026. The RE Services segment contributed a further 0.8 GW, taking the operational and contracted portfolio across the two businesses to 7.1 GW.

CleanMax said its total platform, including available grid evacuation capacity and applied-for connectivity, including central transmission utility (CTU) connectivity, was about 13 GW on September 30, 2026. That compared with 7.8 GW on March 31, 2025, an increase of about 5.2 GW across the disclosed period.

About 75% of contracted capacity was connected through state transmission utility (STU) systems, while about one-quarter was CTU-connected. CleanMax said CTU-connected projects primarily cater to large-scale hyperscaler requirements; its operating base spans seven Indian states, with onsite assets in 22 states and four countries.

What is CleanMax planning for the rest of FY27?

CleanMax expects to execute at least about 450 MW of STU-connected and onsite projects in the second half of FY27. It also plans to commission the 534 MW Koppal CTU project in Karnataka in phases between December 2026 and March 2027.

The company said these projects will contribute to its FY27 guidance for a minimum of 1.5 GW of RE power-sales capacity additions. Founder and Managing Director Kuldeep Jain said CleanMax was comfortably placed to exceed 1,500 MW of additions during the year, which is management’s view rather than a reported result.

CleanMax reiterated guidance for reported EBITDA above Rs 3,000 crore in FY28. The announcement did not provide a FY28 revenue, margin or PAT forecast alongside that EBITDA guidance.

Repeat customers accounted for about 85% of new contracted capacity in H1 FY27. CleanMax had 606 commercial and industrial customers as of September 30, 2026, while data-centre and artificial-intelligence infrastructure customers represented 41% of its contracted RE power-sales portfolio.

How is CleanMax funding its expansion?

CleanMax reported a weighted average cost of debt of 8.33% as of September 2026, down from 9.49% in March 2025. The company attributed the decline to efforts to optimise its cost of capital, supported by its CRISIL AA/Stable credit rating.

CleanMax raised Rs 2,500 crore through what it described as India’s first green bond issuance in the commercial and industrial renewable-energy sector. The bonds have fixed coupons and tenors of up to 10 years, with participation from development finance institutions, banks, mutual funds and other institutional investors.

The weighted average power purchase agreement tenor was about 23 years as of September 30, 2026. This contract duration, along with 606 customers and the Rs 2,500 crore green-bond issuance, describes the commercial and financing framework disclosed with the H1 FY27 capacity additions.

Conclusion

CleanMax’s H1 FY27 results combined 67% revenue growth, a 56% rise in Adjusted EBITDA and PAT of Rs 120 crore, compared with Rs 19 crore in H1 FY26. The financial increase coincided with 550 MW of commissioning and a 3,638 MW operational RE power-sales portfolio as of September 2026.

The next disclosed execution markers are at least about 450 MW of STU-connected and onsite projects in H2 FY27 and phased commissioning of the 534 MW Koppal project from December 2026 to March 2027. Management has reiterated its minimum 1.5 GW FY27 capacity-addition guidance and reported EBITDA guidance above Rs 3,000 crore in FY28.