Clean Max Enviro Energy Solutions Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Clean Max Enviro Energy Solutions Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
CleanMax reported profit after tax of INR55 crores for Q1 FY27, driven by doubling of revenues, improved EBITDA margins in both business segments, and lower interest costs. Management said EBITDA grew 74% (adjusted) to about INR494 crores, with revenue from operations up 107% to INR832 crores. The company issued new guidance of a minimum EBITDA of INR3,000 crores in FY28 and reaffirmed a target of at least 1.5 gigawatt of new capacity addition in the current fiscal year.
Numbers mentioned
Profit after tax: INR55 crores (Q1 FY27)
p. 3
“we had terrific growth in our profit after tax, which was at INR55 crores”
Kuldeep Jain, page 3 of the filed PDF · View the filing
EBITDA margin - RE power sales: 84% (Q1 FY27)
p. 3
“our EBITDA margins went up from 76% to 84%”
Kuldeep Jain, page 3 of the filed PDF · View the filing
EBITDA margin - RE services: 11% (Q1 FY27)
p. 3
“in renewable energy services, they increased from 9% to 11%”
Kuldeep Jain, page 3 of the filed PDF · View the filing
Weighted average rate of interest: 8.4% (as of June 2026)
p. 3
“Our weighted average rate of interest was 9.4% in, say, April 2025, so last year, which has fallen about 100 basis points to 8.4% is where we stand as of June 2026”
Kuldeep Jain, page 3 of the filed PDF · View the filing
New capacity added: about 500 megawatt (Q1 FY27)
p. 3
“we added substantial new capacity of about 500 megawatt in the first quarter of this year”
Kuldeep Jain, page 3 of the filed PDF · View the filing
EBITDA in FY26: about INR1,290 crores (FY26)
p. 4
“from about INR1,290 crores in FY26 to a minimum of INR3,000 crores in FY28”
Kuldeep Jain, page 4 of the filed PDF · View the filing
Data and AI share of contracted capacity: 42% (current)
p. 4
“We had 42% of our capacity in Data and AI in terms of our contracted capacity”
Kuldeep Jain, page 4 of the filed PDF · View the filing
Data and AI growth: 10x (March 2024 to March 2026)
p. 4
“we have about 10x growth in the last 2 years”
Kuldeep Jain, page 4 of the filed PDF · View the filing
Hyperscaler market share: 35% (current)
p. 4
“We estimate that we have about 35% market share of such hyperscalers business in India”
Kuldeep Jain, page 4 of the filed PDF · View the filing
Revenue from operations: INR832 crores (Q1 FY27)
p. 8
“revenue from operation grown 107% to INR832 crores”
Nikunj Ghodawat, page 8 of the filed PDF · View the filing
RE power sales revenue: INR528 crores (Q1 FY27)
p. 8
“the RE power sales segment has grown 47% to INR528 crores compared to INR358 crores last quarter”
Nikunj Ghodawat, page 8 of the filed PDF · View the filing
RE services revenue: INR300 crores (Q1 FY27)
p. 9
“the RE Services segment has reported a revenue of INR300 crores this quarter compared to INR41 crores”
Nikunj Ghodawat, page 9 of the filed PDF · View the filing
EBITDA (reported): INR462 crores (Q1 FY27)
p. 9
“on a reported basis, it's a 68% increase to INR462 crores compared to INR274 crores”
Nikunj Ghodawat, page 9 of the filed PDF · View the filing
Gross block: INR14,138 crores (Q1 FY27)
p. 9
“the gross block, which is at INR14,138 crores now”
Nikunj Ghodawat, page 9 of the filed PDF · View the filing
Net debt: INR11,809 crores (as of Q1 FY27)
p. 9
“the net debt number is INR11,809 crores compared to the INR9,684 crores last quarter”
Nikunj Ghodawat, page 9 of the filed PDF · View the filing
Equity base: INR5,831 crores (Q1 FY27)
p. 9
“the equity base also has increased to INR5,831 crores”
Nikunj Ghodawat, page 9 of the filed PDF · View the filing
Operational portfolio tariff: INR3.93 per unit (current)
p. 6
“the operational portfolio tariff is about INR3.93 per unit of power”
Kuldeep Jain, page 6 of the filed PDF · View the filing
Under-execution tariff: INR4 per unit (current)
p. 6
“2.5 gigawatt is contracted under execution, that is at a tariff level of INR4”
Kuldeep Jain, page 6 of the filed PDF · View the filing
Total contracted capacity: 6 gigawatt (as of 30 June 2026)
p. 6
“the total contracted capacity is about 6 gigawatt as of 30th June”
Kuldeep Jain, page 6 of the filed PDF · View the filing
Run rate EBITDA: INR1,870 crores (end of FY26)
p. 6
“at the end of last fiscal, it was INR1,870 crores or so”
Kuldeep Jain, page 6 of the filed PDF · View the filing
Credit rating: AA (current)
p. 10
“our credit rating now is AA, which was a A+ for the last quarter same period”
Nikunj Ghodawat, page 10 of the filed PDF · View the filing
Trailing 12 months capacity addition: about 1,743 megawatts (trailing 12 months as of June 2026)
p. 8
“the pace at which we are executing has grown to a trailing 12 months run rate of about 1,743 megawatts”
Kuldeep Jain, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
New opex capacity addition — minimum 1.5 gigawatt · FY27
stated firmly by Kuldeep Jain
p. 7
“we had given a guidance and stick to it, that we will add over 1.5 gigawatt in the current fiscal in terms of opex capacity”
Kuldeep Jain, page 7 of the filed PDF · View the filing
EBITDA — minimum INR3,000 crores · FY28
stated firmly by Kuldeep Jain
p. 4
“we will have a minimum EBITDA of INR3,000 crores in FY28, which is nearly 2.4x the EBITDA in FY26”
Kuldeep Jain, page 4 of the filed PDF · View the filing
Opex sales capacity — minimum 4.6 gigawatt · 1 April 2027
stated firmly by Kuldeep Jain
p. 6
“4.6 gigawatt will be the minimum opex sales capacity on 1st April 2027”
Kuldeep Jain, page 6 of the filed PDF · View the filing
Net debt — INR16,000 crores · FY28
stated conditionally by Kuldeep Jain
p. 18
“the steady-state net debt corresponding to this INR3,000 crores EBITDA will be INR16,000 crores”
Kuldeep Jain, page 18 of the filed PDF · View the filing
CTU curtailment impact — current financial year
stated conditionally by Kuldeep Jain
p. 8
“expect that curtailment to actually continue throughout the duration of the current financial year”
Kuldeep Jain, page 8 of the filed PDF · View the filing
Contracted capacity addition — 4,000 megawatt or more · next 2 to 3 years
stated as an aspiration by Kuldeep Jain
p. 24
“we certainly think that megawatt-wise, we can do as much or more in the next 2 years to 3 years”
Kuldeep Jain, page 24 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said projects planned for commissioning before December 31 could use cheaper imported cells, saving about INR60 lakh per megawatt, and some client decisions were accelerating.
Answered by Kuldeep Jain
Asked by Apoorva Bahadur: How is CleanMax planning to take advantage of the deferral of ALMM 2?
p. 10
“the projects which we were planning to build between now and 31st December, or even something which was maybe internally slated for Jan and Feb, we are examining and working on pulling it forward”
Kuldeep Jain, page 10 of the filed PDF · View the filing
CFO explained the range was being standardized to 1x ahead of a new bond issuance, not increased as a new requirement.
Answered by Nikunj Ghodawat
Asked by Apoorva Bahadur: Why did the debenture trust deed change security cover from 0.7x to 1x?
p. 12
“we said that it would be 1x, we are not keeping a range, otherwise post repayment we would have taken it to 1.25x”
Nikunj Ghodawat, page 12 of the filed PDF · View the filing
Management described BESS as a natural evolution of the business, citing a greenlit first BESS investment and MOUs signed with three clients.
Answered by Kuldeep Jain
Asked by Atul Tiwari: How is the battery storage opportunity playing out for CleanMax's business?
p. 12
“we have greenlit our first BESS investment already, right, which is our STU project in Rajasthan and have also signed MOUs with three clients in the past one month alone”
Kuldeep Jain, page 12 of the filed PDF · View the filing
Management estimated the curtailment could reduce the CTU project's EBITDA contribution by about INR170 crores on a full year basis at 70% curtailment.
Answered by Kuldeep Jain
Asked by Abhishek Puri: Can management quantify the EBITDA impact of curtailment at the Bikaner CTU project?
p. 14
“if you take a 70% curtailment that's about INR170 crores on a full year basis”
Kuldeep Jain, page 14 of the filed PDF · View the filing
Management said the net tariff to CleanMax is fixed regardless of merchant prices under such contracts.
Answered by Kuldeep Jain
Asked by Nirmal: How does declining merchant power prices in solar hours affect EAPA/VPPA contracts with hyperscalers?
p. 16
“the net tariff to us is identical irrespective of what is happening in the merchant market”
Kuldeep Jain, page 16 of the filed PDF · View the filing
Management said the market remains fragmented with CleanMax holding about 14% market share, leaving room for multiple players.
Answered by Kuldeep Jain
Asked by Nirmal: How is CleanMax positioned against new entrants like Adani, Reliance, and NTPC in the C&I space?
p. 17
“our market share is about 14%. So, it's not a winner-takes-all market”
Kuldeep Jain, page 17 of the filed PDF · View the filing
Management said it does not publish run rate EBITDA every quarter because it could mislead the market, and prefers year-end figures.
Answered by Kuldeep Jain
Asked by Puneet Gulati: Can CleanMax provide a run rate EBITDA figure as of June 30 similar to the March 31 disclosure?
p. 19
“we don't really publish a number every quarter of the run rate EBITDA because that gives a wrong indication to the markets”
Kuldeep Jain, page 19 of the filed PDF · View the filing
Management said the timeline is uncertain and advised assuming heavy curtailment continues for the rest of the fiscal year.
Answered by Kuldeep Jain
Asked by Puneet Gulati: Any update on when Bikaner curtailment will be resolved?
p. 21
“we think we should all be prudent and assume that there is heavy curtailment for the rest of the financial year”
Kuldeep Jain, page 21 of the filed PDF · View the filing
Management described a temporary period of flux following the political transition, which has since been resolved.
Answered by Kuldeep Jain
Asked by Neil Ostwal: Are there delays in Tamil Nadu C&I project approvals due to the new government?
p. 21
“There was maybe 1 or 2 months of flux once the new sort of government took over, but I think it's behind us now”
Kuldeep Jain, page 21 of the filed PDF · View the filing
Management said tripling contracted capacity would be unrealistic to execute, but expects to match or exceed the prior 4,000 megawatt of growth.
Answered by Kuldeep Jain
Asked by Rajesh Vora: Can the 10x growth in Data Center segment and doubling in industrial segment be repeated in the next two years?
p. 24
“if you say could we triple from here on in the next 2 years, I would say that we would then have signed contracts which we cannot execute”
Kuldeep Jain, page 24 of the filed PDF · View the filing
Risks flagged
Curtailment at the Bikaner CTU project reducing EBITDA
p. 8
“We have a project commissioning in Bikaner at the end of last fiscal, start of this fiscal, where we have about 70% curtailment”
Kuldeep Jain, page 8 of the filed PDF · View the filing
Organizational capacity gaps as the business scales rapidly
p. 23
“it would be wrong to say that we have no gap or no teams which do not need improvement”
Kuldeep Jain, page 23 of the filed PDF · View the filing
Risk of signing contracts that cannot be executed, damaging customer trust
p. 24
“you cannot sign what you cannot execute, else you lose your trust with clients”
Kuldeep Jain, page 24 of the filed PDF · View the filing
Uncertainty over resolution timeline for Bikaner transmission/curtailment issue
p. 21
“We don't know, honestly, and this number keeps changing”
Kuldeep Jain, page 21 of the filed PDF · View the filing
Increasing competitive intensity from large players entering the C&I segment
p. 16
“many big players like Adani and Reliance and also NTPC have expressed their desire to come into the C&I space”
Nirmal, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.