Mumbai: CleanMax, India’s largest renewable energy provider for Commercial and Industrial (CCI) sector, today announced key operational and financial performance for the first 9 months of FY 2026. The company reflects strong growth in capacity addition, contracted portfolio, and profitability.
Key Highlights (Capacity and Portfolio)
- As of 3.2026, CleanMax has a total energy sale (contracted capacity) of about 5.7GW (compared to 1.75 GW as of 1.4.2024, 4.4 GW as of 1.4.2025, and 5.5 GW as of
31.12.2025).
- Of this 7 GW contracted energy sales capacity, 3.0 GW is commissioned as on 1.3.2026 which represents a 76% growth in commissioned capacity from 1.7GW at start of the fiscal.
- During the first 11 months of Fiscal 2026, CleanMax commissioned 3 GW ofnew capacity, comprising 85% solar and 15% wind projects, across seven states in India, including Gujarat, Karnataka, Maharashtra, Tamil Nadu, Haryana,Rajasthan and Chhattisgarh.
- Remainder 7 GW of energy sales capacity is expected to be commissionedwithin next 24 months. CleanMax guides to an annual commissioning volume inexcess of
1.5 GW for FY 26-27.
- A key driver of this growth has been the demand from the Data and AI sector, which now represents 42% of contracted capacity (2.4 GW), which has risen by ~10 times in the last2 years. The company also recently commissioned its first 0.5 GW CTU-connected plant in Bikaner, designed to supply renewable energy offsets to Data and AI customers.
- Over and above the contracted energy sale volumes, CleanMax has operational 523MW (0.5 GW) of capacity from RE services (Assets owned by CCI customers) as of 1.3.2026 and an additional 226 MW of solar and wind capacity contracted currently forexecution under the RE Services segment.
- In addition to the 5 GW of overall contracted volumes (5.7 GW energy sales and 0.75GW RE services), CleanMax has a mid-and-early-stage power evacuation pipeline of 4.8 GW across the country, which is yet to be contracted with clients.
- The incremental energy sales capacity of 1.3 GW added during the financial year was executed at ~97% of the budgeted cost, reinforcing the company’s strong execution rigour and discipline. In past three fiscals (FY 2022-23, 23-24 and 24-25), CleanMax has built capacity at 95-98% of sanctioned project costs.
- The 0 GW operational energy sales capacity has an Annualized run-rate EBITDA of~ INR 1800 Cr from energy sales post technical and commercial stabilisation of the REplants (this excludes EBITDA from RE Services segment).
Key highlights (Financial Results)
- 33% increase in reported EBITDA in first nine months of FY 25-26 to INR 945 Crs compared to INR 709 Crs in the corresponding period last On a quarterly comparisonEBIDTA for the Oct to Dec quarter of FY 25-26 was INR 307 Crs, up 40% from corresponding quarter
last year at INR 220 crores.
- EBITDA margins have improved for the RE Power Sales segment from 81% to 83% andfor RE services segment from 15% to 22%.
Reported Profit After Tax (PAT) of INR 40 Cr in first nine months of FY 26 (April -Dec2025) compared to INR 2 Cr reported PAT in the same period last fiscal.
- Entered into asset level investment partnerships with Osaka Gas called CORE (CleanMax Osaka Gas Renewable Energy) where CleanMax owns a majority 51% stake. This allows
CleanMax to grow in a capital efficient, non-dilutive manner. Osaka Gas has invested ~INR 176 crore in this partnership till date.
Financial Performance
For the nine months ended December 2025, CleanMax reported EBITDA of INR 945 crore, reflecting 33% year-on-year growth compared to INR 709 crore in the same period last year,and 40% increase in reported EBITDA in Q3 FY 2026 compared to same quarter last year. Thisgrowth was primarily driven by a 26% increase in renewable energy power sales revenue and improving EBITDA margins for the power sales business, which expanded from 81% in 9M FY25 to 83% in 9M FY26.
The company also continued to improve on its cost of borrowing, with its weighted average project finance interest rate declining from 9.2% p.a. as of March 31, 2025 to 8.9% p.a. as of December 31, 2025. During the same period, reported Profit After Tax (PAT) increased from INR2 crore to INR 40 crore.
Key Financial Highlights – GM FY26 Vs GM FY25
(All figures in INR crore)
| Particulars | GM FY26 | GM FY25 | YoY Growth |
| Revenue | 1355 | 1050 | 29% |
| EBITDA | 945 | 709 | 33% |
| Profit After Tax | 40 | 2 | 1726% |
| Particulars | Q3 FY’26 | Q3 FY’25 | YoY Growth |
| Revenue | 423 | 374 | 13% |
| EBITDA | 307 | 220 | 40% |
| PAT | 21 | (4) | NC |
NC = Not computed
