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CleanMax Posts 33% EITDA Growth in 9M FY26, Contracted Renewable Capacity Reaches 5.7 GW

Clean Max Enviro Energy Solutions reported a strong financial performance in 9M FY26, with a 33% year-on-year rise in EBITDA to Rs945 crore, supported by higher renewable power sales, improved margins, and a significant expansion in contracted capacity.

Clean Max Enviro Energy Solutions recorded a robust 33% year-on-year increase in EBITDA, reaching Rs945 crore in the first nine months of FY26, compared to Rs709 crore in the same period last year. The company also reported a strong quarterly performance, with Q3 FY26 EBITDA rising 40% to Rs307 crore from Rs220 crore in Q3 FY25.

The growth was largely driven by a 26% increase in revenue from renewable power sales, along with improved profitability. EBITDA margins in the power sales segment expanded to 83% in 9M FY26, up from 81% in the previous year, reflecting stronger operational efficiency.

CleanMax also reported a reduction in its cost of borrowing, with the weighted average project finance interest rate declining from 9.2% to 8.9% over the period. Profit After Tax (PAT) saw a notable jump, increasing from Rs2 crore to Rs40 crore, indicating improved overall financial health.

As of March 1, 2026, the company’s contracted energy capacity stood at approximately 5.7 GW, marking a sharp rise from 1.75 GW in April 2024 and 4.4 GW in April 2025. Out of the total, around 3 GW has already been commissioned, representing a 76% increase in operational capacity since the beginning of the fiscal year.

During the first 11 months of FY26, CleanMax added 1.3 GW of new capacity, with solar projects accounting for 85% and wind projects making up the remaining 15%. These installations were spread across multiple states, including Gujarat, Karnataka, Maharashtra, Tamil Nadu, Haryana, Rajasthan, and Chhattisgarh. The remaining 2.7 GW is expected to be commissioned over the next two years.

A key growth driver for the company has been rising demand from the data and AI sector, which now contributes about 42% (2.4 GW) of its contracted capacity. This segment has expanded nearly tenfold over the past two years. The company also commissioned its first 0.5 GW CTU-connected project in Bikaner, aimed at supplying renewable energy solutions to data and AI clients.

In addition to its core energy sales portfolio, CleanMax has 523 MW of operational capacity under its renewable energy services segment, along with 226 MW currently under execution. Including both energy sales and RE services, the company’s total contracted portfolio stands at approximately 6.5 GW.

Beyond this, CleanMax has a pipeline of 4.8 GW in mid- and early-stage development across the country, which is yet to be tied up with customers. The company also highlighted its cost efficiency, noting that the 1.3 GW capacity added this year was executed at around 97% of the planned budget, consistent with its track record of delivering projects within 95–98% of sanctioned costs over the past three years.