Clean Max Enviro Energy Solutions Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Clean Max Enviro Energy Solutions Ltd filed with BSE on 18 May 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 FY26 EBITDA of Rs 1,295 crore, up 28% from Rs 1,015 crore, with consolidated PAT rising to Rs 86 crore from Rs 19 crore a year earlier. The company added 1,400 MW of new renewable capacity during the year, ending with 5.7 GW of contracted capacity, of which 42% was tied to Data and AI customers. Management discussed rising grid curtailment at its Rajasthan CTU project, the new deviation settlement mechanism, and a second joint venture with Apple involving a 49% equity stake in 150 MW of projects.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
EBITDA: INR1,295 crores (FY26)
p. 3
“Our EBITDA is INR1,295 crores, up by 28% from INR1,015 crores for last fiscal.”
Kuldeep Jain, page 3 of the filed PDF · View the filing
Cost of financing / leverage cost: 8.5% (FY26)
p. 3
“It is reduced due to efforts of Nikunj and team from 9.2% to about 8.5%.”
Kuldeep Jain, page 3 of the filed PDF · View the filing
Q4 EBITDA: INR350 crores (Q4 FY26)
p. 3
“We had a INR350 crores EBITDA number and 32% EBITDA CAGR over the last 3 years.”
Kuldeep Jain, page 3 of the filed PDF · View the filing
Q4 Consolidated PAT: INR45 crores (Q4 FY26)
p. 3
“Again, the consolidated PAT was INR45 crores versus INR17 crores in the last quarter of last year and 3-year revenue CAGR is about 26%.”
Kuldeep Jain, page 3 of the filed PDF · View the filing
Data and AI share of contracted capacity: 42% (as of April 2026)
p. 3
“42% of our contracted capacity is with Data and AI.”
Kuldeep Jain, page 3 of the filed PDF · View the filing
Repeat business rate: 74% (FY26)
p. 4
“we continue to have nearly three-fourths or 74% of new volumes that we contracted this past year was with existing clients.”
Kuldeep Jain, page 4 of the filed PDF · View the filing
Run-rate EBITDA: INR1,870 crore (as of 31 March 2026)
p. 5
“That run-rate EBITDA number is about INR1,870 crore.”
Kuldeep Jain, page 5 of the filed PDF · View the filing
RE Services EBITDA margin: 19.6% (FY26)
p. 5
“The second business line is RE services which has grown from about 14.4% EBITDA margin to about 19.6% EBITDA margin.”
Kuldeep Jain, page 5 of the filed PDF · View the filing
Net debt to EBITDA (stabilized assets): 4.3x (FY26)
p. 10
“is around 4.3x net debt to EBITDA.”
Nikunj Ghodawat, page 10 of the filed PDF · View the filing
DSCR: 1.3x (FY26)
p. 10
“So, the DSCR which is the debt service coverage ratio, it was 1.3x for the FY26 for the project which are stabilized and been operating for more than 12 months.”
Nikunj Ghodawat, page 10 of the filed PDF · View the filing
Average PPA tenor: 23.17 years (FY26)
p. 21
“This year the average PPA tenor is 23.17 years, last year, which is 2025, the number was 22.73 years, the year prior to that it was 21.54 years.”
Kuldeep Jain, page 21 of the filed PDF · View the filing
Average tariff: INR3.85 per unit (contracted capacity for FY27-28)
p. 7
“these are contracted at an average tariff of about INR3.85 per unit of power and this is about 70% solar, 30% wind and no real not much battery storage within this.”
Kuldeep Jain, page 7 of the filed PDF · View the filing
Curtailment at Bikaner 2 substation: 30% (current)
p. 17
“In that substation, the curtailment number is about 30% today, Puneet.”
Kuldeep Jain, page 17 of the filed PDF · View the filing
Cash ROIC: about 13% (FY26)
p. 23
“in the last fiscal it is around 13% and cash ROE, return on equity, was 16.81% in FY 24-25, has risen to about 17.42% in FY 25-26.”
Kuldeep Jain, page 23 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 RE Power Sales capacity addition — at least 1,500 MW · FY26-27
stated firmly by Kuldeep Jain
p. 7
“our guidance on new capacity addition is that we would have at least 1,500 MW or 1.5 GW of RE Power Sales capacity addition in financial year 26-27”
Kuldeep Jain, page 7 of the filed PDF · View the filing
RE Power Sales EBITDA margin — nearly 86% · 3 to 4 years
stated as an aspiration by Kuldeep Jain
p. 16
“we would be confident in saying that 3 to 4 years out, this EBITDA margin goes from about 83% today on RE power sales to nearly 86%, give or take a little bit.”
Kuldeep Jain, page 16 of the filed PDF · View the filing
DSM storage announcement — three or four months
stated conditionally by Kuldeep Jain
p. 12
“we expect that in three or four months' time we will be able to make a proper announcement to investors in terms of what we are doing in storage and what that impact is on both DSM, curtailment, and revenue side.”
Kuldeep Jain, page 12 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 about one 530 MW CTU project is being added this year, mostly wind, and clarified PPAs do not compensate for grid curtailment since corporate customers are not obligated to pay for undelivered power.
Answered by Kuldeep Jain
Asked by Mohit Kumar: How much under-construction capacity is CTU-connected and how does curtailment risk apply, does the PPA provide protection?
p. 11
“As in no, not in the way that if the grid is curtailed, I'll still pay you, which is I think where your question is going.”
Kuldeep Jain, page 11 of the filed PDF · View the filing
Management said the DSM rules are still sub-judice and under discussion with the government, internal impact estimates are not mature, and energy storage is being explored as a mitigation.
Answered by Kuldeep Jain
Asked by Mohit Kumar: What is the impact of the new deviation settlement mechanism (DSM) on CTU projects and what mitigations exist?
p. 12
“It is both sub-judice as well as the government has openly said that we are trying to resolve it and it's a industry-wide issue is one way of thinking about it.”
Kuldeep Jain, page 12 of the filed PDF · View the filing
Management explained the cash flow hedge is an accounting entry tied to VPPA/I-REC contracts with zero P&L impact, and that minority interest is negative because young SPVs run negative PAT in early years due to interest and depreciation.
Answered by Kuldeep Jain
Asked by Gaurav Birmiwal: What is the cash flow hedge gain of INR414 crores booked below PAT, and why is there negative minority interest?
p. 13
“There is no just to clarify Gaurav, there is zero P&L impact.”
Kuldeep Jain, page 13 of the filed PDF · View the filing
Management said tariffs adjust to reflect module cost changes, savings to customers fall only marginally, and there is no impact on margins or volumes.
Answered by Kuldeep Jain
Asked by Abhi Sehgal: With domestic module prices elevated due to ALMM, how are project IRRs and tariffs evolving in the C&I segment?
p. 14
“if they were saving 30% to 35% on their power bill, they are now saving maybe 22% to 25% and the range is because it varies by state, it varies by wind plus solar mix and so on.”
Kuldeep Jain, page 14 of the filed PDF · View the filing
Management said there is potential company-specific benefit from refinancing, but macro uncertainty on rates makes it hard to commit to a forecast.
Answered by Kuldeep Jain
Asked by Puneet Gulati: Is there room for further reduction in interest cost?
p. 17
“we would hesitate to make any bold bets on what we can achieve.”
Kuldeep Jain, page 17 of the filed PDF · View the filing
Management said the grid has forecast an end to backdown by September but cautioned this is the grid's own estimate and advised being more conservative.
Answered by Kuldeep Jain
Asked by Puneet Gulati: When is the Bikaner substation curtailment expected to end?
p. 17
“The grid has forecasted the end of back down by September of this year but it's their number, I would not please do not take it as a company number, I would say it's a unknown, it's an externality beyond our control.”
Kuldeep Jain, page 17 of the filed PDF · View the filing
Management confirmed the run-rate EBITDA figure is not adjusted for active curtailment, only for standard grid downtime assumptions.
Answered by Kuldeep Jain
Asked by Vishal Periwal: Does the run-rate EBITDA of INR1,870 crores factor in curtailment?
p. 21
“Run-rate EBITDA is not adjusted for curtailment. So INR1,870 crores is the run-rate EBITDA, which is not adjusted for curtailment.”
Kuldeep Jain, page 21 of the filed PDF · View the filing
Management said contracts include performance-linked compensation dimensions and noted there is not a single ongoing client dispute across more than 1,100 contracts.
Answered by Kuldeep Jain
Asked by Mahesh Patil: Is there a compensation or penalty clause in PPAs for early termination?
p. 22
“suffice to say the good news is we have more than 1,100 contracts, I forget the number it's a huge number more than 1,100 contracts and we don't have a single ongoing client dispute.”
Kuldeep Jain, page 22 of the filed PDF · View the filing
Risks flagged
Grid curtailment/backdown at the Rajasthan CTU project affecting realization of run-rate EBITDA
p. 6
“There is some risk in full realization of this to the extent of the backdown, but in terms of quantifying that risk, it applies to about 13% of our run-rate EBITDA.”
Kuldeep Jain, page 6 of the filed PDF · View the filing
Uncertainty from the new deviation settlement mechanism (DSM) rules
p. 12
“the DSM rules came in I think a few weeks ago and because they seemed quite onerous on power producers and apply really to all power producers, not about us, it's about the entire industry, they were promptly taken to court”
Kuldeep Jain, page 12 of the filed PDF · View the filing
Macro uncertainty on interest rates and FX affecting cost of financing
p. 16
“we're also in a macro environment I think we would all recognize of uncertainty and potentially rising interest rates given the global and India macroeconomic environment including on our FX rate, interest cost, and so on.”
Kuldeep Jain, page 16 of the filed PDF · View the filing
Delay risk in grid backdown resolution beyond the grid's own forecast
p. 17
“delays happen. So, I would urge everyone to be more conservative than what the grid has officially stated.”
Kuldeep Jain, page 17 of the filed PDF · View the filing
Uncertainty around timing of ALMM transition affecting module procurement decisions
p. 17
“till the effective date of transition you don't know if you're going to transition or if you're going to have an extension.”
Kuldeep Jain, page 17 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.