Clean Max Enviro Energy Solutions is a commercial & industrial renewable energy developer — solar, wind, hybrid and battery storage — serving around 600 customers across 7 Indian states, operating in a sector where industry RE additions ran at 3.1–3.7 GW per month through the July–September 2026 window. This quarter's print will speak to two things above all: whether the 1.5 GW FY27 commissioning guidance stays on track despite a pre-flagged soft July–September quarter, and how the Bikaner-2 grid curtailment drag (about 13% of run-rate EBITDA) evolved as transmission fixes began landing in late September.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 8,321.56 Mn (Rs. 832.16 Cr) |
| Previous quarter PAT | Rs. 551.74 Mn (Rs. 55.17 Cr) |
| Net debt (latest quarter) | Rs. 11,809 Cr (as of June 30, 2026) |
| Market cap | Rs. 14,847.69 Cr |
| CMP | Rs. 1262.6 |
The Board of Directors will meet on 3 November 2026 to approve the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, and to consider issuance of listed, rated, redeemable NCDs/bonds on private placement (no amount or terms disclosed). The trading window remains closed from 1 October until 48 hours after the results declaration.
The quarter's central test is whether Clean Max's 'meet or exceed' stance on its minimum 1,500 MW FY27 capacity guidance survives a July–September period that management itself pre-flagged as one of light commissioning around the ALMM transition, with 0.53 GW already added in Q1 FY27 and 100% of FY27 capacity contracted. The Bikaner-2 curtailment story is the other live thread: national VRE curtailment peaked at 1,166.52 MU in July 2026 before falling 43.31% month-on-month to 378.52 MU in September, and POWERGRID fully commissioned the Rajasthan REZ Phase-III Part-C1 evacuation system effective 22 September 2026 — directionally supportive of the October–December 2026 fix management pointed to, though the company has urged investors to assume heavy curtailment for the rest of the financial year. On costs, ICRA expects utility-scale solar project costs to rise about 20% over 6–8 months, with domestic-cell modules carrying a roughly Rs. 5–6/W premium, a headwind on the 70%-solar execution pipeline even as the ALMM benefit of Rs. 60 lakhs per MW remains available for projects commissioned before 31 December 2026. Demand-side, the data-centre engine keeps strengthening — the Ministry of Power nearly doubled its data-centre load estimate to 26.3 GW by 2031-32 — supporting the Data & AI book that now stands at 42% of contracted capacity. Funding is the final pressure point: Q1 FY27 finance costs were Rs. 254.71 Cr (up 41% QoQ) on a net debt base of Rs. 11,809 Cr, with the Rs. 2,500 crore green NCD (coupons 8.250%–8.765%) now listed and the 3 November board agenda including consideration of further NCD issuance. The call is likely to cover Q2 commissioning cadence, the Koppal CTU bay-1 timeline of October 2026, and the promised quarterly million-units generation disclosure.
1.5 GW FY27 capacity guidance and Q2 commissioning cadence: Q1 FY27 delivered 0.53 GW against the full-year minimum of 1,500 MW.
Bikaner-2 / CTU curtailment update: The 525 MW Rajasthan CTU project represents about 13% of run-rate EBITDA, with Bikaner-2 curtailment running at 30%.
Margin trajectory and reported vs Adjusted EBITDA gap: RE Power Sales Adjusted EBITDA margin was 83.67% in Q1 FY27 against an 85–86% target in 2–3 years.
Leverage, green NCD deployment and further borrowing: Net debt stood at Rs. 11,809 Cr at June 30, 2026, up from Rs. 9,684 Cr at March 31, 2026.
Strategic execution: BESS, Thailand M&A, wind procurement and ALMM: Several named projects and transactions have near-term milestones.
Founder & MD Kuldeep Jain clarified that the minimum INR 3,000 crores FY28 EBITDA guidance is a corporate-level figure that includes both the RE Power Sales and RE Services segments. The guidance is contingent on the 1,500 MW FY27 capacity addition.
The 525 MW Rajasthan CTU project represents about 13% of run-rate EBITDA, with Bikaner-2 curtailment running at 30%. Management quantified a downside scenario — if back-downs persist six months at 40%, the risk is about 2.5% of EBITDA — and estimates resolution of transmission bottlenecks north of the Bikaner substation for October–December 2026.
Management described a historical observation that run-rate EBITDA at the close of a fiscal typically translates into reported EBITDA for the next year at 1x to 1.1x, explicitly stating 'it is not a forecast, we are just telling you what has happened in the past.' Run-rate EBITDA was INR 1,870 crores at the start of the current fiscal, not adjusted for curtailment.
Management said 'We've not yet contracted... too early to comment' on module pricing under ALMM, noting Indian-made vs imported cells differ by at least INR 60 lakh per megawatt peak. The company is delaying active module contracting until government clarity, with an ALMM benefit of INR 60 lakhs per MW available for projects commissioned before December 31, 2026.
Management attributed the capex-to-EBITDA ratio of 5.8x versus an industry level of about 7.x to its direct-to-customer C&I model, described as 'retail vs wholesale', which yields higher tariffs — INR 3.6 per unit on 9M commissioned volumes and INR 3.8 on the 2.7 GW under execution.