Clean Max Enviro Energy Solutions Limited · NSE:CLEANMAX
Clean Max Enviro Energy Solutions — Q1 FY2027 Earnings Presentation
37 slides from Clean Max Enviro Energy Solutions's earnings presentation, Jul 31, 2026
Slide 1: Stock exchange disclosure cover letter
BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, Plot no. C/1, G Block Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 Maharashtra, India Maharashtra, India Scrip Code: 544717/977267 Symbol: CLEANMAX ISIN: INE647U01026/INE647
Slide 2: Net Zero Partner to Corporates – Investor Presentation Q1 FY 2027
Net Zero Partner to Corporates Investor Presentation – Q1 FY 2027 Dated 31st July 2026 STOCK CODE: NSE – CLEANMAX | BSE - 544717
Slide 3: Disclaimer
Disclaimer Certain statements are included in this presentation which contain words or phrases, such as ‘will’, ‘aim’, ‘will likely result’, ‘believe’, ‘expect’, ‘will continue’, ‘anticipate’, ‘estimate’, ‘intend’, ‘plan’, ‘contemplate’, ‘seek to’, ‘future’, ‘objective’, ‘goal’, ‘project’, ‘should’,
Slide 4: Agenda
Agenda 1 Highlights for Q1 FY27 2 Business Updates 3 Financial Results 4 Detailed Annexures 3
Slide 5: Highlights for Q1 FY27
Highlights for Q1 FY27 4
Slide 6: India's Largest C&I Renewable Energy Provider
India's Largest C&I Renewable Energy Provider Q1 FY27 Operational Highlights 6.0 GW 3.5 GW 2.5 GW 0.4 GW RE Power Sales RE Power Sales RE Power Sales (Contracted yet RE Power Sales Capacity (Contracted Capacity) (Operational Capacity) to be Executed Capacity) Commissioned in Q1 FY27 (vs. 4.4 GW in M
Slide 7: 0.4 GW RE Power Sales Capacity commissioned across states in India
0.4 GW RE Power Sales Capacity commissioned across 5 states in India Addition Sr April 1, 2026 June 30, 2026 State (3 months - Fiscal 2027) No MW % MW % MW % 1 Gujarat 677 22% 165 41% 842 24% 2 Chhattisgarh 89 3% 18 4% 107 3% 3 Haryana 151 5% 42 10% 193 6% 4 Karnataka 985 32% 119 30% 1,104 32% 5 Mah
Slide 8: 6.0 GW RE Power Sales contracted capacity; ~31% YoY growth in operational capacity
6.0 GW RE Power Sales contracted capacity; ~31% YoY growth in operational power sales capacity As on As on As on Particulars March 31, March 31, June 30, Comments 2025 2026 2026 Operational Operational Capacity A) RE 1,712 3,088 3,493 capacity1 • ~31% growth in operational RE Power Sales capacity Po
Slide 9: Q1 FY27 Financial Results Highlights
Q1 FY27 Financial Results Highlights Renewable Energy Power Sales Renewable Energy Services Revenue from Operations (INR Mn) Adjusted EBITDA 3 & Margin (INR Mn) Reported PAT (INR Mn) Q1FY26 Q1FY27 107% Q1FY26 Q1FY27 74% Q1FY26 Q1FY27 4,023 8,322 YoY 2,839 4,940 YoY (166) 552 552 336 3,001 36 413 4,6
Slide 10: ~1,870 Cr Run-Rate EBITDA from capacity commissioned
~1,870 Cr Run-Rate EBITDA from capacity commissioned Run Rate EBITDA and Net Debt for capacity commissioned As of April 1, 2024 As of April 1, 2025 As of March 31, 2026 RE Power Sales Capacity 1,712 MW 3,088 MW 1,341 MW (1,276 Solar, 436 Wind) (2,442 Solar, 646 Wind) Addition during period +371 MW +
Slide 11: Key Unit Economics; FY28 Guidance
Key Unit Economics; FY28 Guidance Unit Economics Capital Expenditure 1 EBITDA Generation SOLAR WIND SOLAR WIND SOLAR WIND 3.5 7.8 50 - 55 100 - 110 P75 P90 INR Cr / MWp INR Cr / MW INR Lakhs / MWp INR Lakhs / MW PLF PLF Weighted Average Tariff Net Debt – Run-rate EBITDA EBITDA Margin Tariff PORTFOLI
Slide 12: Business Updates
Business Updates 11
Slide 13: Data & AI continues to be a key growth theme; strong growth across segments
Data & AI continues to be a key growth theme; strong growth across segments 3.2x growth in contracted capacity; 42% capacity from Data & AI (June 30, 2026) On-books capacity (MW) Growth FY24 to Q1 FY27 Key Customers 3.2x • Amazon • Google 6,003 MW • Meta 5,685 MW • Cisco • STT Global Data Center • N
Slide 14: Strong contracting run-rate; driven by high quality customers & repeat orders
Strong contracting run-rate; driven by high quality customers & repeat orders New contracted capacity with existing customers (repeat business share in new PPAs) Guidance 77% 74% 79% Over 1.5 GW RE Power Sales capacity addition in FY27 FY25 FY26 Current 81% customers above AA category Low receivable
Slide 15: Projects and Execution Performance
Projects and Execution Performance RE Power Sales Capacity commissioned Continued project delivery on-time in trailing 12 months in MW and within-budget STU CTU 1,743 Budget vs Actual costs1 95.54% 95.24% 97.20% 97.89% 525 449 1,218 TTM Q1 FY26 TTM Q1 FY27 FY24 FY25 FY26 Current Grid Uptime (trailin
Slide 16: Financial Results
Financial Results 15
Slide 17: Financial Results Snapshot – Q1 FY27
Financial Results Snapshot – Q1 FY27 All amounts in INR Million Particulars Q1 FY26 Q1 FY27 YoY Growth Highlights Profit & Loss Statement Revenue from Operations1 4,023 8,322 107% • 107% Revenue Growth (Q1 FY 26 to Q1 FY RE Power Sales 3,582 5,283 47% 27) due to capacity commissioning RE Services 41
Slide 18: Operational Asset Financial Performance Breakdown – Q1 FY27
Operational Asset Financial Performance Breakdown – Q1 FY27 In INR million EBITDA breakdown by Cohort (Q1 FY27) 336 4,940 1,255 4,629 -311 3,349 Projects operational Projects operational RE Services Adjusted EBITDA* Non Cash expense * Reported EBITDA > 1 year < 1 year Net Debt breakdown by Cohort (Q
Slide 19: Operating leverage in SG&A expenses with scale driving EBITDA improvement
Operating leverage in SG&A expenses with scale driving EBITDA improvement in RE Power Sales Segment RE Power Sales Segment Gross Margin 93.5% Gross Margin 92.6% 92.5% 92.1% Stable at ~92% 81.9% 83.5% 83.7% EBITDA Margin EBITDA Margin 75.3% Improve 75% >> 84% SG&A to Total 18.2% Income SG&A to Total
Slide 20: Improvement in cost of borrowing; coupled with conservative leverage
Improvement in cost of borrowing; coupled with conservative leverage Consistent improvement in weighted avg. cost of project borrowing 9.5% 9.2% 8.5% 8.4% CARE AA- Stable ~23-year weighted Credit Rating average PPA tenor 31-Mar-24 31-Mar-25 31-Mar-26 30-Jun-26 Note : Loans in foreign currencies are
Slide 21: Detailed Annexures
Detailed Annexures 20
Slide 22: ESG Update
ESG Update 21
Slide 23: Greenhouse Gas Reporting
Greenhouse Gas Reporting LRQA Limited has provided independent assurance that CleanMax has met the applicable requirements and disclosed accurate, reliable, and complete performance data and information as summarized below. This assurance has been conducted in accordance with the Global Sustainabili
Slide 24: Greenhouse Gas Reporting
Greenhouse Gas Reporting LRQA Limited, has provided independent assurance that CleanMax has met the applicable requirements and disclosed accurate, reliable, and complete performance data and information as summarized below. This assurance has been conducted in accordance with the Global Sustainabil
Slide 25: Key Performance Indicators
Key Performance Indicators 24
Slide 26: Summary of operational performance (1/2)
Summary of operational performance (1/2) For the three months ended Jun 30, As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2026 2025 2024 Generation Exported(1) Mn kWH 1,302.36 852.16 3,343.42 2,615.92 1,932.68 C&I Operational Capacity(2) MW 4,174.43 2,213.32 3,643.94 2,177.99
Slide 27: Summary of operational performance (2/2)
Summary of operational performance (2/2) For the three months ended Jun 30, As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2026 2025 2024 Average plant availability (Portfolio level) (trailing 12 % 98.64% 98.22% 98.61% 98.17% 98.22% Months)(7) Average grid availability (Offsite
Slide 28: Summary of financial performance (1/2)
Summary of financial performance (1/2) For the three months For the three months As at and for the Fiscal ended March 31, Particulars Units ended Jun 30, ended Jun 30, 2026 2025 2026 2025 2024 Revenue from Operations (1) -RE Power Sales segment (2) ₹ million 5,282.57 3,581.73 13,994.50 11,072.48 8,6
Slide 29: Summary of financial performance (2/2)
Summary of financial performance (2/2) Note: (1) Revenue from operations is as per the Restated Consolidated Statement of Profit and Loss. It is a sum of revenue from sale of power, revenue from sale of goods, revenue from projects, revenue from operation and maintenance services, revenue from commo
Slide 30: Detailed Financial Results
Detailed Financial Results 29
Slide 31: Profit and Loss Statement (Consolidated)
Profit and Loss Statement (Consolidated) In INR Million Quarter Ended Year Ended Sr. No. Particulars 30.06.2026 30.06.2025 31.03.2026 31.03.2025 Unaudited Unaudited Audited Audited I Income: Revenue from operations 8,321.56 4,023.39 19,128.73 14,957.01 Other income 419.46 89.00 1,623.41 1,146.41 Tot
Slide 32: Adjusted EBITDA Bridge (Q1 FY27)
Adjusted EBITDA Bridge (Q1 FY27) In INR Million Quarter Ended Particulars 30.06.2026 30.06.2025 YoY Change (%) Reported EBITDA 4,629 2,749 68% Add: Non-cash expenses 275 90 Add: Unrealised MTM Forex (Gain)/Loss on VPPA contract1 (a) Unrealised MTM Forex Loss - Other expense 227 - (b) Unrealised MTM
Slide 33: Detailed Capacity Metrics
Detailed Capacity Metrics 32
Slide 34: Diverse portfolio across different contracting strategies, offerings and customers
Diverse portfolio across different contracting strategies, offerings and customers Contracting Strategy Operational Yet to be Executed Portfolio Q1 FY27 4,174 MW Q1 FY27 2,657 MW Q1 FY27 6,831 MW STU – Group Captive 48% 1,995 MW 38% 1,005 MW 44% 3,001 MW STU – Third Party Open Access 13% 554 MW 1% 3
Slide 35: 13 GW Portfolio as of Jun'2026 continued momentum on commissioning & contracting
13 GW Portfolio1 as of Jun’2026 continued momentum on commissioning & contracting As on March 31, 2025 As on March 31, 2026 As on June 30, 2026 Stage Contracting Strategy Solar Solar Solar Wind MW Total MW Wind MW Total MW Wind MW Total MW MWp MWp MWp Onsite 339 NA 399 NA 419 NA Operational STU - Co
Slide 36: Consistently diversified its growth engines across states, sites and customers
Consistently diversified its growth engines across states, sites and customers Run-Rate EBITDA (Cr) ~ 476 ~ 950 ~ 1,143 ~ 1,870 7% 4% • 1,300+ PPAs across 15+ offsite locations 10% 13% and ~1,600 onsite locations across 4 17% countries 16% 13% 30% • 122 customers across Karnataka and Gujarat STU por
Slide 37: Glossary
Glossary C&I Commercial and Industrial PLF Plant Load Factor CTU Central Transmission Utility PPA Power Purchase Agreement CEIG Chief Electrical Inspector to Government RE Renewable Energy CAGR Compounded Annual Growth Rate SG&A Sales, General and Administrative DSCR Debt Service Coverage Ratio STU
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