CleanMax Q2 FY27 profit jumps 82% to ₹65 crore on 37% revenue rise

CleanMax has reported a sharp increase in earnings for the second quarter of fiscal 2027. According to the company, revenue from operations reached ₹728 crore, marking a 37% year-on-year rise from ₹531 crore in the same period last year. Alongside this top-line growth, the firm noted improvements in EBITDA and overall profitability for the first half of the financial year.

The reported profit after tax for Q2 FY27 stood at ₹65 crore, an 82% jump from the previous year.

Financial Performance

CleanMax credits its improved earnings to the activation of new capacity, expanded margins, operating leverage, and stabilized assets. In the first half of FY27, profit after tax surged over six times to ₹120 crore, up from ₹19 crore in the corresponding previous period. Adjusted EBITDA climbed 56% year-on-year to ₹1,047 crore, while reported EBITDA rose 58% to ₹1,011 crore.

As of September 2026, the company’s weighted average cost of debt decreased to 8.33%, a drop from 9.49% in March 2025. Power purchase agreements have a weighted average tenor of roughly 23 years. CleanMax aims to commission a minimum of 1.5 GW in FY27, after delivering 549 MW in the first half. All remaining STU-linked and onsite projects are fully contracted and in advanced construction phases.

Capacity and Portfolio

• CleanMax brought 550 MW of renewable energy (RE) power sales capacity online across six states during the first half of FY27.
• Active RE power sales capacity hit 3,638 MW, reflecting an approximate 57% rise year-over-year.
• The client roster comprised 606 commercial and industrial (C&I) accounts by September 30, 2026.
• As of September 2026, combined operational and contracted RE power sales capacity amounted to 6.3 GW.
• The RE Services division added another 0.8 GW to this total.
• Consequently, the aggregate operational and contracted portfolio totaled 7.1 GW.
• Operations extend across seven Indian states, with on-site facilities present in 22 states and four nations.
• By September 30, 2026, total platform capacity stood at roughly 13 GW, up from 7.8 GW as of March 31, 2025.
• STUs handle about 75% of the contracted capacity.
• The balance of contracted capacity relies on CTUs serving hyperscalers.

Storage and Curtailment

CleanMax’s battery energy storage system (BESS) deployment remains in an early pilot phase, currently comprising 4 MWh of capacity. These initial tests involve hybrid contracts that pair batteries with 56.4 MWp of solar and 40 MW of wind power. The company has not yet scaled standalone storage projects, citing poor economics for its Bikaner merchant BESS initiative. Specifically, CleanMax points to falling curtailment rates, rising capital expenditure on batteries, and merchant tariffs capped at ₹10/kWh as factors holding back the Bikaner project.

At the Bikaner-II project, curtailment averaged 48% during the second quarter. Across the portfolio, this issue reduced first-half EBITDA growth to 56%, down from a potential 61%. The company expects these interruptions to ease as transmission upgrades progress. Meanwhile, customer retention remains high, with repeat clients accounting for approximately 85% of newly contracted capacity.

What to watch

CleanMax targets commissioning at least 450 MW of STU-connected and onsite projects in the second half of FY27. This delivery supports the company’s guidance of adding at least 1.5 GW of renewable energy power sales capacity for the full year. A 534 MW captive trading utility project in Koppal, Karnataka, is scheduled for phased commissioning between December 2026 and March 2027.

The firm has reiterated its target of achieving reported EBITDA exceeding ₹3,000 crore in FY28. Supply chain readiness remains a focus, with solar cell supplies secured for the next six to nine months. Luminity’s guide explains that ALMM List-II requirements for cells apply from 1 June 2026, though a window exists for net-metering and open-access projects commissioned by 31 December 2026.