CleanMax Q1 FY27: Commissioning-led growth and FY28 EBITDA floor

Consolidated revenue from operations was INR 832.2 crore (INR 8,321.6 million), adjusted EBITDA was INR 494.0 crore (INR 4,940.1 million), and PAT was INR 55.2 crore (INR 551.7 million).

RE Power Sales operational capacity was 3.5 GW and total contracted capacity was 6.0 GW. RE Services operational capacity was 682 MW and total (operational plus contracted yet to be executed) was 828 MW. Portfolio total was 6.831 GW.

Management reiterated over 1.5 GW RE Power Sales capacity addition in FY27 and guided to a minimum FY28 reported EBITDA of INR 3,000 crore at the corporate level, linked to at least 4.6 GW operational RE Power Sales capacity by April 1, 2027.

The presentation notes expected grid backdowns for 6 to 12 months due to transmission upgrades, and management said curtailment was around 70% and conservatively may persist through the rest of FY27.

Weighted average cost of project debt improved to 8.4% as of June 30, 2026, versus 9.1% as of June 2025, and the presentation shows a declining trend from 9.5% (Mar 2024) to 8.4% (Jun 2026).

The presentation states 42% of contracted RE Power Sales capacity is with Data and AI customers as of June 30, 2026.