Clean Max Enviro Energy Solutions Ltd5:15 pm IST
CleanMax FY27 Q1: PAT 55 cr; 2x revenue; FY28 EBITDA guidance INR 3,000 cr; 6 GW contracted; BESS momentum.
Financial Performance
- Q1 FY27 PAT stood at INR 55 crores.
- Revenue from operations rose 107% to INR 832 crores.
- RE power sales revenue was INR 528 crores; prior quarter INR 358 crores.
- RE services revenue was INR 300 crores; prior quarter INR 41 crores.
- Cash EBITDA rose 74% to INR 494 crores; reported EBITDA at INR 462 crores.
- Net debt at quarter-end was INR 11,809 crores; gross block INR 14,138 crores.
- Equity base increased to INR 5,831 crores.
- Operational tariff ~INR 3.93 per unit; contracted under-execution tariff ~INR 4 per unit.
- Average PPA tenure lies around 23 years.
Operating Update
- Data & AI contracted capacity is 42%; ~10x growth since Mar 2024.
- Calendar 2026 deals with Meta, Apple, Google, Amazon.
- Total contracted capacity 6 GW; 3.5 GW operational; 2,500 MW under construction.
- Q1 commissioning: 400 MW RE power sales; 100 MW RE services; total 500 MW.
- FY27 target: add 1.5 GW opex capacity; 400 MW added in Q1.
- PPA tenure average 23 years; ~600 unique C&I customers; footprint in 10 states.
- CTU curtailment at Bikaner ~70%; impact ~13% of run-rate EBITDA.
Guidance and Outlook
- FY28 EBITDA guidance: minimum INR 3,000 crores.
- Opex capacity by 1 Apr 2027: ~4.6 GW (3.1 + 1.5 GW).
- FY26 EBITDA ~INR 1,290 crores; FY28 target ~INR 3,000 crores, about 2.3x.
- Credit rating upgrade to AA- enables domestic bond issuance.
- BESS investments: first project; MOUs with three clients; ~2 hours storage; tariff ~INR 3–3.5.
- ALMM 2 deferral could lower costs; potential INR 60 lakhs per MW savings on brownfield sites.
Q&A Highlights
- Debenture trust deed revised; security cover moved from 0.7x to 1x post-listing.
- BESS-as-a-Service tariffs expected around INR 3.5 per unit; capex not material this year.
- Tamil Nadu approvals flux resolved; approvals now moving after brief macro-shift.
- Pipeline growth: contracted portfolio around 6,000 MW with 40–45% growth rate.
- Data center growth cadence: 1 GW data-center load requires ~6 GW renewables; emphasis on repeat customers.
Balance Sheet & Cash Flows
- Net debt at end-Q1: INR 11,809 crores; gross block: INR 14,138 crores.
- Debt mix: ~44% against operational assets; ~38% against under-construction assets.
- Interest cost declined to 8.4% as of June 2026 from 9.4% in April 2025.
- Run-rate EBITDA referenced as INR 1,870 crores at end of prior fiscal; quarterly run-rate not published.
- Credit rating upgrade to AA-; bond market access expected.
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