CleanMax Q2 Revenue Rises 37% to ₹728 Crore in FY27

Clean Max Enviro Energy Solutions Limited reported Q2 FY27 revenue from operations of ₹728 crore, up 37% year-on-year, while first-half revenue rose 67% to ₹1,560 crore for the period ended September 30, 2026. The performance was led by growth in renewable energy power sales and higher operational capacity.

What did CleanMax report for Q2 and H1 FY27?

CleanMax reported revenue from operations of ₹728 crore in Q2 FY27, compared with ₹531 crore in Q2 FY26. For H1 FY27, revenue from operations reached ₹1,560 crore, against ₹933 crore a year earlier, representing 67% growth.

Profitability also increased. Q2 reported EBITDA rose 51% year-on-year to ₹548 crore, while adjusted EBITDA increased 43% to ₹553 crore. Profit after tax attributable to owners was ₹65 crore in the quarter, up 82% from ₹36 crore in the corresponding period of the prior year.

For the first half, reported EBITDA was ₹1,011 crore, a 58% increase from the year-earlier period. Adjusted EBITDA rose 56% to ₹1,047 crore. H1 PAT increased to ₹120 crore from ₹19 crore, a rise of 532% on the stated comparable base.

The figures show that revenue and earnings growth were concentrated in the company’s RE Power Sales operations. This business provides renewable electricity to commercial and industrial customers through contracted arrangements.

Which business drove CleanMax's revenue growth?

The RE Power Sales segment drove the expansion, with its H1 FY27 revenue rising 57% year-on-year. The company cited strong performance in this segment, along with capacity additions and utilisation, as the principal reasons for the first-half revenue increase.

CleanMax disclosed adjusted EBITDA margins of 83.98% for RE Power Sales and 14.34% for RE Services. These segment metrics highlight the different operating profiles of the two businesses, with power sales contributing a considerably higher stated adjusted margin.

RE Services had a mixed quarterly performance. Its revenue declined 24% year-on-year in Q2 FY27, although the segment recorded 107% growth over the full H1 period. The company did not provide further operational detail in the supplied results information to explain the difference between the quarterly and half-year movements.

The reported quarter followed Q1 FY27, when CleanMax recorded revenue from operations of ₹832 crore, adjusted EBITDA of ₹494 crore and PAT of ₹55 crore. The H1 outcome therefore combines a stronger Q1 revenue base with continued Q2 growth over the previous year.

How much renewable capacity has CleanMax added?

CleanMax commissioned 550 MW of renewable power sales capacity across six states during H1 FY27, taking its operational renewable power sales capacity to 3,638 MW. The operational capacity was about 57% higher year-on-year, according to the company.

The company also reported 6.3 GW of contracted RE Power Sales capacity and about 3.6 GW of operational capacity in its Q2 operational highlights. These figures indicate a sizeable gap between contracted projects and operating assets, which is typical for a business building projects against longer-term customer commitments.

Capacity commissioning matters because operational projects can begin supplying electricity under contracts and contribute to power-sales revenue. The 550 MW addition during the first half helps explain why management linked the results to execution across its renewable power sales portfolio.

CleanMax has also announced a renewable energy partnership with Meta Platforms in India. The arrangement is described as a roughly 900 MW partnership to develop 837 MW of solar and wind capacity across Rajasthan and Karnataka.

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

The results matter because they combine revenue growth with higher EBITDA and PAT at a time when CleanMax is expanding operating capacity. H1 adjusted EBITDA of ₹1,047 crore was accompanied by ₹120 crore of PAT, compared with ₹19 crore in the comparable prior-year period.

The company identifies itself as India’s largest commercial and industrial renewable energy provider. Its focus on supplying corporate customers through contracted power sales places execution, commissioning schedules, capacity utilisation and financing at the centre of its operating performance.

For investors, the quarterly data also show a difference between the two business segments. RE Power Sales was the principal reported revenue driver and had the higher adjusted EBITDA margin, while RE Services saw a year-on-year decline in Q2 revenue despite first-half growth.

CleanMax has said its board would consider issuance of listed, rated, redeemable non-convertible debentures or bonds through private placement. The stated objectives are to raise medium- to long-term loans at competitive terms and manage interest-rate volatility risk more efficiently.

What are the next disclosed steps for CleanMax?

CleanMax has scheduled an earnings conference call for November 4, 2026, at 2:00 PM IST to discuss the Q2 and H1 FY27 results. The call is expected to provide investors and analysts an opportunity to seek additional detail on segment performance, capacity execution and funding plans.

The company has also provided FY28 adjusted EBITDA guidance of ₹3,000 crore in its Q1 FY27 earnings material. This is a company target rather than a reported financial result, and its delivery will depend on project commissioning, operating performance and the execution of the contracted portfolio.

The proposed non-convertible debenture issuance is another disclosed item to monitor. The information provided does not state an amount, coupon or final timetable for the planned private-placement borrowing.

Conclusion

CleanMax's Q2 and H1 FY27 figures show higher revenue, EBITDA and profit alongside substantial additions to renewable power sales capacity. Revenue from operations reached ₹728 crore in Q2 and ₹1,560 crore in H1, with the RE Power Sales segment identified as the main source of growth.

Investors will watch the November 4 earnings call for management commentary on the 6.3 GW contracted power-sales portfolio, the commissioning pipeline and the proposed non-convertible debenture funding. Progress toward the company's FY28 adjusted EBITDA guidance of ₹3,000 crore is also a disclosed benchmark for future performance.