CleanMax September-quarter profit climbs 82% on power sales

Clean Max Enviro Energy Solutions Limited reported consolidated profit after tax of Rs 64.949 crore for the quarter ended 30 September 2026, 82% above Rs 35.601 crore a year earlier, as renewable energy power sales increased 67% to Rs 604.029 crore and supplied most group revenue and earnings.

How did CleanMax perform in the September 2026 quarter?

CleanMax reported revenue from operations of Rs 727.654 crore in the quarter ended 30 September 2026, up 37% from Rs 530.614 crore in the quarter ended 30 September 2025. Total income, including Rs 23.229 crore of other income, reached Rs 750.883 crore, compared with Rs 558.106 crore a year earlier, while profit before tax increased to Rs 119.979 crore from Rs 82.634 crore.

CleanMax's earnings before interest, tax, depreciation, impairment and amortisation, or EBITDA, rose 51% to Rs 547.727 crore from Rs 362.959 crore. Its reported operating margin was 75.27%, against 68.40% a year earlier, while finance costs increased to Rs 289.296 crore from Rs 195.475 crore and depreciation, amortisation and impairment increased to Rs 139.320 crore from Rs 88.810 crore.

CleanMax's revenue from operations declined sequentially from Rs 832.156 crore in the quarter ended 30 June 2026, but profit after tax rose from Rs 55.174 crore and EBITDA rose from Rs 462.862 crore. The revenue change coincided with renewable energy services revenue falling by Rs 176.522 crore quarter on quarter, while power-sales revenue increased by Rs 75.772 crore.

What drove CleanMax's September-quarter earnings growth?

CleanMax's renewable energy power sales segment was the principal contributor, reporting revenue of Rs 604.029 crore, compared with Rs 361.042 crore a year earlier. The segment's EBITDA rose to Rs 525.700 crore from Rs 337.662 crore, and its segment result increased to Rs 301.187 crore from Rs 187.479 crore.

CleanMax's renewable energy services segment reported revenue of Rs 123.625 crore, down from Rs 163.684 crore a year earlier and Rs 300.147 crore in the preceding quarter. Its EBITDA was Rs 27.450 crore, compared with Rs 48.551 crore in the September 2025 quarter; the segment includes third-party engineering, procurement and commissioning services and carbon services.

CleanMax recorded Rs 563.978 crore of power-sales gross margin and Rs 25.326 crore of services gross margin in the September quarter. Unallocable EBITDA expense was Rs 5.423 crore, compared with Rs 23.254 crore a year earlier, while the group's reported operating margin increased by 6.87 percentage points to 75.27%.

What do CleanMax's first-half results show?

CleanMax reported consolidated profit after tax of Rs 120.123 crore for the six months ended 30 September 2026, compared with Rs 19.004 crore in the corresponding 2025 period. Revenue from operations increased 67% to Rs 1,559.810 crore from Rs 932.953 crore, and EBITDA rose to Rs 1,010.589 crore from Rs 637.858 crore.

CleanMax generated Rs 1,132.286 crore of first-half revenue from renewable energy power sales, compared with Rs 719.215 crore a year earlier. Renewable energy services revenue increased to Rs 423.772 crore from Rs 205.007 crore, but services EBITDA was Rs 61.037 crore, compared with Rs 52.141 crore, whereas power-sales EBITDA reached Rs 986.121 crore from Rs 617.927 crore.

CleanMax's first-half finance costs rose to Rs 544.007 crore from Rs 416.075 crore, and depreciation, amortisation and impairment increased to Rs 253.954 crore from Rs 172.257 crore. The tax charge was Rs 93.852 crore, compared with Rs 34.091 crore, as profit before tax increased to Rs 213.975 crore from Rs 53.095 crore.

How is CleanMax funding its project spending?

CleanMax spent Rs 3,320.753 crore on capital expenditure in the six months ended 30 September 2026, compared with Rs 3,260.264 crore in the corresponding 2025 period. The expenditure covered property, plant and equipment, capital work in progress, intangible assets, intangible assets under development and capital advances.

CleanMax reported net cash used in investing activities of Rs 4,276.015 crore, compared with Rs 3,238.201 crore a year earlier. The investing cash outflow included Rs 766.882 crore of net movement in current investments, while net cash used in operating activities was Rs 202.096 crore against net cash generated of Rs 1,375.682 crore in the earlier period.

CleanMax generated Rs 4,164.657 crore of financing cash inflows, compared with Rs 1,750.256 crore in the prior-year half. It received Rs 4,811.606 crore from non-current borrowings and Rs 2,501.577 crore from non-convertible debentures, while cash and cash equivalents declined to Rs 892.253 crore at 30 September 2026 from Rs 1,201.960 crore at 31 March 2026.

What changed in CleanMax's debt and balance sheet?

CleanMax's total assets increased to Rs 27,546.222 crore at 30 September 2026 from Rs 23,098.278 crore at 31 March 2026. Property, plant and equipment rose to Rs 13,770.535 crore from Rs 11,744.512 crore, while capital work in progress rose to Rs 6,745.744 crore from Rs 5,339.212 crore.

CleanMax's non-current borrowings increased to Rs 16,144.467 crore from Rs 11,312.422 crore over the six months, while total equity increased to Rs 5,953.159 crore from Rs 5,523.535 crore. The debt-to-equity ratio was 2.89 at 30 September 2026, compared with 2.25 at 31 March 2026, and total debts to total assets increased to 0.63 from 0.54.

CleanMax issued additional senior secured, rated and listed green non-convertible debentures of Rs 2,500 crore during the September 2026 quarter. Of the proceeds, Rs 1,692.252 crore had been used by 30 September 2026, leaving Rs 807.748 crore unutilised; Rs 716.920 crore was invested in debt mutual funds and Rs 90.828 crore was held in escrow.

What corporate actions did CleanMax disclose?

CleanMax stated that it had completed the prepayment of Rs 599 crore principal amount of 11.50% non-convertible debentures on 2 April 2026 using initial public offering proceeds. The debentures were originally due for repayment on 8 June 2027, and the company disclosed that its fresh-issue proceeds of Rs 1,149.246 crore had otherwise been fully allocated by 30 September 2026, apart from Rs 5.15 crore of issue expenses held in escrow.

CleanMax's board approved the amalgamation of four wholly owned subsidiaries with the parent company on 31 July 2026. The application was filed on 17 October 2026 and remains subject to approvals from the National Company Law Tribunal, Mumbai, and other authorities; CleanMax said the amalgamation would not affect the unaudited consolidated results.

Conclusion

CleanMax's September-quarter profit increase was led by a Rs 242.987 crore year-on-year rise in renewable energy power-sales revenue and a Rs 188.038 crore increase in that segment's EBITDA. The results also show that higher operating earnings coincided with Rs 3,320.753 crore of first-half capital expenditure, higher finance costs and greater non-current borrowings.

The next disclosed matters to watch are the deployment of Rs 807.748 crore of unutilised green-debt proceeds and the regulatory outcome of the proposed four-subsidiary amalgamation. The application for that scheme was filed on 17 October 2026, and CleanMax has said it requires National Company Law Tribunal, Mumbai, and other regulatory approvals.