CleanMax Enviro Energy Solutions Limited announced a significant 56% growth in EBITDA for the first half of fiscal year 2027, reaching INR1,047 crores compared to INR670 crores in the prior year. The company also reported a Q2 FY27 EBITDA of INR553 crores, a substantial increase from INR386 crores. This performance was driven by 600 megawatts of capacity commissioned in H1 and credit rating upgrades to AA stable by CRISIL, highlighting strong operational execution and financial prudence.
Strong Financial Performance for Q2 FY27 and H1 FY27
CleanMax Enviro Energy Solutions Limited has reported robust financial results for the second quarter and the first half of fiscal year 2027. The company highlighted a substantial 56% growth in EBITDA for the first half of the year, reaching INR1,047 crores, up from INR670 crores in the corresponding period last year. For the quarter itself, EBITDA stood at INR553 crores, a notable increase from INR386 crores in the same quarter of the previous year. This growth surpasses analyst expectations, reflecting strong operational performance.
Capacity Expansion and Credit Rating
A key driver for this performance has been the company’s consistent capacity expansion. In the first half of the fiscal year, CleanMax commissioned approximately 600 megawatts of renewable energy capacity. The company’s total contracted power sales now stand at 6.3 gigawatts, with 3.6 gigawatts operational and 2.6 gigawatts under execution. Furthermore, CleanMax has achieved an improved credit rating of AA stable from CRISIL, positioning it among leading industry players. The weighted average cost of debt has also seen a reduction, now standing at 8.3%.
Business Segments and Key Metrics
The company’s business is structured across two segments: RE power sales and RE services. Both segments have shown growth, with RE power sales EBITDA increasing from INR620 crores to INR986 crores in H1 FY27. RE services EBITDA also saw a 20% rise. The company’s overall operational capacity is now approximately 3,600 megawatts. A significant portion of capacity additions, about 80%, are concentrated in the four largest industrial markets: Gujarat, Karnataka, Maharashtra, and Tamil Nadu. The aggregate portfolio size has expanded to about 13,200 megawatts.
Future Outlook and Guidance
CleanMax reiterated its guidance of a minimum 1,500 megawatts of new capacity addition during the current fiscal year. For the next fiscal year, FY28, the company anticipates a minimum reported EBITDA of INR3,000 crores. The company continues to focus on data and AI-related projects, which constitute about 41%-42% of its overall volume. A strong repeat business share of 85% from existing clients underscores customer satisfaction and long-term partnerships. The company maintains a disciplined contracting approach with a weighted average PPA tenure of 23 years.
Operational Efficiency and Financial Management
Operational excellence remains a focus, with capital expenditure annually exceeding INR10,000 crores. Projects commissioned in the first half of FY27 were within 95% of budgeted cost, demonstrating efficient project execution even amidst rising commodity prices and supply chain uncertainties. The company has also managed grid curtailment effectively, with a reduction to 26% in October, positively impacting EBITDA. Financial management includes a healthy mix of fixed and floating rate borrowings, with over 50% of borrowings at a fixed rate to mitigate interest rate risks.
Source: BSE
