Clean Max Enviro Energy Solutions Ltd (CLEANMAX) Q2 FY27 Results Analysis: PAT Jumps 86%, EBITDA Margin Expands 791 bps

Cofacto Research Published November 03, 2026 3 min read

Positive

Clean Max Enviro Energy Solutions Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 727.65 Cr (+37.13% YoY) and PAT growth of +82.33% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 03, 2026
Revenue (Q2)	Rs. 727.65 Cr (+37.13% YoY)
PAT (Q2)	Rs. 64.95 Cr (+82.33% YoY)
EBITDA margin	72.94% (+791 bps YoY)
EPS (Q2)	Rs. 4.01 (+61.04% YoY)

Quarter Snapshot

Q2 FY27 was power-sales-led: revenue grew 37.13% YoY to Rs.727.65 Cr, EBITDA grew 50.91% YoY with ~791 bps margin expansion, and PAT-to-owners grew 86.23% YoY. Offsets include a weak Services segment (EBIT −65.96% YoY), negative six-month CFO of −Rs.202.10 Cr, borrowings up 38.81% since March, and 27.56% of PAT leaking to minorities. Management's FY28 Rs.3,000 Cr EBITDA target remains on track with Q2 annualizing at ~Rs.2,191 Cr, contingent on the 1.5 GW FY27 commissioning goal.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"in-line to ahead, with a deliberately soft Q2 commissioning print"	+37.13% YoY, −12.56% QoQ (services swing)	Played out
Blended margin	"likely compressing at the blended level"	Blended margin expanded YoY (72.94% vs 65.03% on total-income basis); power-sales margin compressed (~649 bps YoY, reported basis)	Partially
Reported-vs-Adjusted EBITDA gap (FX MTM)	"gap stays live"	Q2 adjusted bridge not disclosed	Not observable
Finance costs	"the other live pressure"	+48.00% YoY, +13.58% QoQ; ISCR 2.43	Played out
Leverage trajectory	"heavily leveraged, capex-heavy"	Net-debt proxy Rs.14,360.15 Cr (from Rs.10,122.81 Cr in March); D/E 2.89	Played out
Bikaner-2 curtailment drag in Q2	"Q2 likely carries the full drag"	Filing silent	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY28 reported EBITDA, min Rs.3,000 Cr (corporate level, both segments)	Q1 FY27 earnings call	Q2 EBITDA Rs.547.73 Cr, +50.91% YoY vs FY26 base Rs.1,294.56 Cr — annualising at ~Rs.2,191 Cr and compounding toward the target	On Track
RE Power Sales EBITDA margin 85–86% in 2–3 years (segment Adjusted basis)	Q3 FY26 earnings call	87.03% on the reported segment-EBITDA/segment-revenue basis — different basis; adjusted figure not disclosed this quarter — basis caveat	On Track
Steady-state net debt Rs.16,000 Cr by FY28	Q1 FY27 earnings call	Net-debt proxy Rs.14,360.15 Cr (company definition minus undisclosed margin-money deduction)	On Track

Key Investment Insights

Key Positives

Consolidated revenue from operations grew 37.13% YoY to Rs.727.65 Cr; RE Power Sales revenue grew 67.30% YoY and 14.34% QoQ to Rs.604.03 Cr
Reported EBITDA grew 50.91% YoY to Rs.547.73 Cr with margin on total income expanding to 72.94% from 65.03% YoY
Consolidated PAT grew 82.33% YoY to Rs.64.95 Cr; PAT attributable to owners grew 86.23% YoY to Rs.47.05 Cr
Six-month revenue grew 67.19% YoY to Rs.1,559.81 Cr with EBITDA up 58.43% to Rs.1,010.59 Cr
ISCR improved sequentially to 2.43 from 2.28 in Q1; DSCR improved to 1.49 from 1.42
Rs.2,500 Cr green NCDs issued at 8.25–8.76% coupons, below the 11.5% NCDs prepaid with Rs.599 Cr of IPO proceeds
Current ratio recovered to 1.00 from 0.74 in Q1 and 0.66 at March-26

Risk Factors

RE Services revenue fell 58.81% QoQ and 24.47% YoY to Rs.123.62 Cr, with segment EBITDA down 43.46% YoY and EBIT down 65.96% YoY
Six-month operating cash flow was negative Rs.202.10 Cr (CFO/PAT −1.68x) against capex of Rs.3,320.75 Cr, giving FCF of −Rs.3,522.85 Cr
Borrowings rose 38.81% since March to Rs.17,226.93 Cr; D/E rose to 2.89 from 2.25 at March-26
Effective tax rate of 45.87% of PBT, with 52.45% of the quarter's tax being deferred
Non-controlling interests absorbed 27.56% of consolidated PAT this quarter
Power Sales segment EBITDA margin on reported basis compressed ~649 bps YoY to 87.03%