CleanMax H1 PAT Rises Sixfold to Rs 120 Crore on Capacity Growth

Clean Max Enviro Energy Solutions Limited reported profit after tax of Rs 120 crore in H1 FY27, more than six times the Rs 19 crore recorded a year earlier, supported by a 67% rise in revenue from operations and expansion of its operational renewable power sales capacity to 3,638 MW.

What drove CleanMax's H1 FY27 earnings growth?

CleanMax's H1 FY27 performance reflected higher operating scale as renewable projects were commissioned and power sales capacity increased. Revenue from operations rose to Rs 1,560 crore from Rs 933 crore in the corresponding period of the previous year. Profit after tax increased to Rs 120 crore from Rs 19 crore.

The company reported adjusted EBITDA of Rs 1,047 crore, up 56% year on year, while reported EBITDA rose 58% to Rs 1,011 crore. These measures were released alongside the company's half-year update for the period ended September 30, 2026.

The board was scheduled to consider the un-audited standalone and consolidated financial results for the quarter and half year ended September 30, 2026 on November 3, 2026. It was also scheduled to consider an issuance of listed, rated, redeemable non-convertible debentures or bonds through private placement to raise medium- to long-term funding and manage interest-rate volatility.

How much renewable capacity did CleanMax add in H1 FY27?

CleanMax commissioned 550 MW of renewable power sales capacity across six states during the first half of FY27, taking its operational renewable power sales capacity to 3,638 MW. The company said this operational capacity was about 57% higher year on year.

The capacity additions are central to the increase in revenue because the company earns from renewable power sales and related renewable energy services. Its operational and contracted renewable power sales capacity stood at 6.3 GW as of September 2026. Renewable energy services added another 0.8 GW, bringing the combined operational and contracted portfolio to 7.1 GW.

Founder and Managing Director Kuldeep Jain said the company was comfortably placed to exceed its 1,500 MW capacity-addition guidance for the year. CleanMax has nevertheless maintained its stated FY27 guidance of adding at least 1.5 GW of renewable power sales capacity.

What projects and customers support CleanMax's pipeline?

CleanMax expects to execute at least 450 MW of State Transmission Utility-connected and onsite projects in the second half of FY27. Its 534 MW Koppal Central Transmission Utility project in Karnataka is scheduled to be commissioned in phases from December 2026 to March 2027.

As of September 30, 2026, around 75% of contracted capacity was connected through State Transmission Utility networks and about 25% through Central Transmission Utility networks. The CTU-connected portfolio largely serves hyperscaler requirements, according to the company.

Repeat customers accounted for around 85% of new contracted capacity in H1. CleanMax had 606 commercial and industrial customers as of September 30, with a weighted average power purchase agreement tenor of about 23 years. These long-tenor agreements provide visibility on contracted power-sales demand, while project commissioning remains necessary to convert the contracted portfolio into operating capacity.

How is CleanMax funding its renewable expansion?

CleanMax reduced its weighted average cost of debt to 8.33% as of September 2026 from 9.49% in March 2025. The lower average borrowing cost is relevant as the company continues to build transmission-connected and onsite renewable projects.

The company raised Rs 2,500 crore through a green bond issuance during the period. BSE approved the listing of 250,000 green debt securities with a face value of Rs 1 lakh each, aggregating to Rs 2,500 crore across five series. The securities carry fixed coupons and tenors of up to 10 years.

CleanMax has a CRISIL AA/Stable credit rating. Its total platform, including operational and contracted projects as well as available or applied-for grid connectivity, stood at around 13 GW as of September 30, 2026, compared with 7.8 GW as of March 31, 2025.

Why do the H1 results matter for investors and the renewable sector?

The H1 results show how capacity commissioning has contributed to CleanMax's growth in revenue and profit. The company has expanded its operating base while retaining a larger contracted portfolio, with its 7.1 GW operational and contracted portfolio exceeding its 3,638 MW of operational renewable power sales capacity.

For commercial and industrial customers, the portfolio includes both onsite projects and grid-connected supply arrangements. The split between STU and CTU connectivity also indicates that CleanMax is serving different customer requirements, including hyperscaler demand through CTU-connected projects.

The company's reiterated FY28 target is reported EBITDA exceeding Rs 3,000 crore. Its ability to progress towards that target depends on the planned H2 FY27 project execution, commissioning of the Koppal project in the stated period, funding availability, and the conversion of contracted capacity into operational assets.

Conclusion

CleanMax's H1 FY27 update combines a rise in profit after tax to Rs 120 crore, revenue growth to Rs 1,560 crore, and the addition of 550 MW of renewable power sales capacity. The figures underline the role of project commissioning in expanding the company's power-sales operations and financial scale.

The next disclosed milestones are execution of at least 450 MW of STU-connected and onsite projects in H2 FY27 and phased commissioning of the 534 MW Koppal project between December 2026 and March 2027. Investors will also track progress against the company's minimum 1.5 GW FY27 capacity-addition guidance and its FY28 reported EBITDA target of more than Rs 3,000 crore.