CleanMax expanded its operational and contracted capacity to 7.1 GW by the end of September 2026, supported by an existing client base that generated 85% of newly contracted capacity. Revenue from operations climbed 67% to ₹1,560 crore, while reported EBITDA rose 58% to ₹1,011 crore during the first half of FY27. To fund ongoing platform expansion, the company successfully secured ₹2,500 crore through green bonds with tenors extending up to 10 years. All 11 analyst and brokerage houses tracking the firm currently maintain positive ratings on the stock.
Key points
Existing clients continue to drive business momentum by accounting for approximately 85%…: Existing clients continue to drive business momentum by accounting for approximately 85% of newly contracted capacity.
The company holds unanimous Buy or Overweight recommendations from all 11 analyst and bro…: The company holds unanimous Buy or Overweight recommendations from all 11 analyst and brokerage houses covering it.
Long-term green bonds worth ₹2,500 crore were raised with backing from banks, mutual fund…: Long-term green bonds worth ₹2,500 crore were raised with backing from banks, mutual funds, and development finance institutions.
Sources checked by our analysis pipeline: 1
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For H1 FY27, revenue from operations grew 67% to ₹1,560 crore, while reported EBITDA increased 58% to ₹1,011 crore. H1 PAT rose more than six-fold to ₹120 crore, compared with ₹19 crore in H1 FY26. Repeat customers accounted for ~85% of newly contracted capacity.
Demand from both hyperscalers and conventional C&I customers continues to drive CleanMax’s growth, as corporates increasingly look to secure tailored, reliable, cost-effective renewable energy solutions. As of Sep 30, 2026, the company’s contracted RE Power Sales portfolio stood at 6.3 GW, with a further 0.8 GW in RE Services, taking its total operational and contracted portfolio to 7.1 GW. Its overall platform capacity, including available grid evacuation capacity and applications for connectivity, crossed 13 GW (as of September 30, 2026)
This is the third consecutive quarter in which CleanMax’s EBITDA has come in ahead of Street estimates. The company is tracked by 11 analysts and brokerage houses, including Macquarie, HSBC, JP Morgan, JM Financials, Anand Rathi, Nomura, Avendus, Axis Capital and IIFL, providing institutional coverage of its financial performance…
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