53 slides from Clean Max Enviro Energy Solutions's investor presentation, June 2026
Slide 1: Net Zero Partner to Corporates
Net Zero Partner to Corporates Corporate Presentation Jun 2026 STOCK CODE: NSE – CLEANMAX | BSE - 544717
Slide 2: 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 3: Executive summary | India's largest C&I Renewables player (1/2)
Executive summary | India’s largest C&I Renewables player; superior to utility RE (1/2) • At Scale: CleanMax is India’s largest C&I renewable energy player (12% All India Market Share1). ▪ 5.7 GW RE Power sales contracted capacity as of March 31, 2026 (3.1 GW operational, 2.6 GW contracted under exe
Slide 4: Executive summary | India's largest C&I Renewables player (2/2)
Executive summary | India’s largest C&I Renewables player; superior to utility RE (2/2) 1 • Contracted capacity tripled to 5.7 GW in 24 months (FY 24 to FY 26) • Conventional C&I demand doubled in 24 months (1.6 GW to 3.3 GW), driven by large TAM (50% of High India’s power consumed by corporates) &
Slide 5: 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 3x growth in contracted capacity; 42% capacity from Data & AI (March 31, 2026) On-books capacity (MW) Growth Key Deals FY24 to FY26 (FY 2026) 3x 517 MW contracted including 5,685 MW • New customers - Princeton Digital Group,
Slide 6: Partnering with technology customers for their green requirements
Partnering with technology customers for their green requirements CleanMax currently holds 35-38% share of hyperscaler energy deals in India 42% of operating and contracted yet to be executed • Signed 158 MW in Karnataka (59 MW wind & 99 Google MWp solar) with Data centres, AI customers (Mar’26) • F
Slide 7: Data centers driving exponentially growth in EAPA market
Data centers driving exponentially growth in EAPA market Multi-GW Data Center commitments by hyper scalers; resulting in 1 GW of Data Center load exponential RE demand (India & Non-India emissions) = Hyperscaler 1 Hyperscaler 2 1.5 GW round the clock • 1GW+ AI DC in AP, India • 1.1GW+ EAPAs contract
Slide 8: C&I market growth driven substitution of grid-power with bilaterally procured RE
C&I market growth driven substitution of grid-power with bilaterally procured RE A) India is a large C&I power market… C) Driven by rise in share of RE in C&I energy mix • C&I RE market projected to grow #3 50%+ ~23% p.a. 32% (INR 2.78 Lakh Cr. p.a.1) • CleanMax #1; with 12% all-India Global rank of
Slide 9: Customer capabilities and business outcomes
Customer capabilities and business outcomes A) Time-consuming sales process (1 year+) 1.Market leader3 in C&I renewable energy sector across 100’s of customers C&I Capacity (MW) as of FY26 7 3,088 • 50+ member BD team; 588 customers 1,942 1,950 1,589 1,446 1,513 1,086 • For STU-group captive: 478 Pe
Slide 10: Projects and Execution Performance
Projects and Execution Performance Capacity commissioned in Continued project delivery under-budget trailing 12 months (incl. RE Services) in MWp Budget vs Actual costs1 (FY2023 to FY2026) 1,471 97.41% 95.54% 95.24% 97.20% 484 FY25 FY26 FY23 FY24 FY25 FY26 Grid Uptime Higher wind PLF 3 Year average
Slide 11: Strong unit economics with appropriate risk counterbalance
Strong unit economics with appropriate risk counterbalance 6 Fiscal 2026 Asset useful life 25 Years Cash Return on Equity (Based on opening funds invested) PPA Tenor Strong Unit (FY 26 Weighted Avg.) 23 Years Economics 34.20% 16.10% Equity Payback 2.5 Years1 (All stabilized assets Fiscal 2026 Projec
Slide 12: Conventional C&I customers: Key growth themes contributing to CleanMax's business
Conventional C&I customers: Key growth themes contributing to CleanMax’s business No of customers by offering as of March 31, 20261 404 108 91 Onsite solar STU Group Captive STU Third Party Open Access Make in India Select Group Captive consumers holding equity stake in CleanMax SPV’s Welspun Sona C
Slide 13: Execution excellence driven by strong organizational capabilities
Execution excellence driven by strong organizational capabilities • 1 GW+ brownfield development available • 85+ member team across land, project development & Land, Project across STU sites regulatory, led by CCO Tejus A.V. (8y CleanMax; 22y PD; • Evacuation capacity scaled 4X (FY 24 > FY 26) Devel
Slide 14: Backed by quality, long-term investors
Backed by quality, long-term investors Shareholder Category Holding as of 31st Mar 2026 Kuldeep Jain and related entities Promoter/ Promoter Group 28.17% Brookfield Group Promoter 21.31% (BGTF One Holdings (DIFC) Limited) Augment India Holdings, LLC Shareholder 9.52% Temasek Holdings Private Limited
Slide 15: Our distinctive people and culture is central to CleanMax
Our distinctive people and culture is central to CleanMax • Campus hires in business development from top institutes (IIT M, IIT B, LSR, SRCC). 6/7 top commercial leaders from this talent pool • Similar program for engineering, procurement functions in recent years Recruitment • Strong emphasis on i
Slide 16: Emphasis on strong governance principles since inception
Emphasis on strong governance principles since inception Our Independent Directors Governance highlights Dinesh Khara • Former Chairman at SBI 1. Audited by a Big 4 Firm since Fiscal 2016 • 40 years of extensive experience in banking (Deloitte for 10 years; KPMG current auditor) • Independent Direct
Slide 17: CleanMax growth strategy: Focus on core purpose while evolving operating practices
CleanMax growth strategy: Focus on core purpose while evolving operating practices 1. Preserving our core purpose and values Market leadership in C&I renewables Maintain execution excellence and and deepening customer relationships maintain an ESG focus across our Preserve portfolio Core purpose & C
Slide 18: Detailed Annexures
Detailed Annexures 18
Slide 19: Capital Efficiency
Capital Efficiency 19
Slide 20: Co-investments with CleanMax majority holding to drive capital efficiency
Co-investments with CleanMax majority holding to drive capital efficiency Apple Osaka Gas Toyota Tsusho Group Corporation Apple India to Invest ~INR Osaka Gas Singapore Pte. 104 Cr equity against 49% Ltd., and the Japan Bank for Co-investment aimed to stake for 150 MW project International Cooperati
Slide 21: Strategic partnerships for continued equity efficiency
Strategic partnerships for continued equity efficiency Apple Inc Entity • Clean Max Taurus Private Limited Structure • 51% Clean Max / 49% Apple India Private Limited Capital • INR 104 Cr equity against 49% stake for 150 MW; Karnataka & Rajasthan Strategic value • Invest in renewable energy projects
Slide 22: Detailed Capacity Metrics
Detailed Capacity Metrics 22
Slide 23: 5.7 GW RE Power Sales contracted capacity; 1.8X growth in operational portfolio
5.7 GW RE Power Sales contracted capacity; 1.8X growth in operational portfolio As on As on As on Particulars March 31, March 31, March 31, Comments 2024 2025 2026 Operational Operational Capacity A) RE 1,342 1,712 3,088 capacity1 • ~80% growth in operational RE Power Sales capacity (12 Power Sales
Slide 24: 1.4 GW RE Power Sales Capacity commissioned across states in India in FY26
- 1.4 GW RE Power Sales Capacity commissioned across 7 states in India in FY26 ; - 1500 MWp+ guidance for FY27 Addition Sr April 1, 2025 March 31, 2026 State (12 months - Fiscal 2026) No MW % MW % MW % 1 Gujarat 380 22% 297 22% 677 22% 2 Chhattisgarh - - 89 6% 89 3% 3 Haryana 88 5% 63 5% 151 5% 4 Ka
Slide 25: ~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 26: Consistently diversified its growth engines across states, sites and customers
Consistently diversified its growth engines across states, sites and customers Run–Rate EBITDA: 1 April 2023 Run–Rate EBITDA: 1 April 2024 33 36 STU (7%) 164 (4%) (Karnataka) (17%) 143 410 STU INR 476 Cr INR 950 Cr (30%) (43%) INR 476EBITDA Run-Rate Cr INR 950 Run-Rate Cr EBITDA (Gujarat) 1 April 20
Slide 27: Quarterly capacity addition FY 25-26
Quarterly capacity addition FY 25-26 Apr 1, Jul 31, Oct 31, Dec 31, Mar 31, Particulars Offering Comments 2025 2025 2025 2025 2026 • STU capacity commissioning run- rate – 71 per month/ 213 per quarter STU + Onsite 1,713 2,058 2,313 2,429 2,563 • Of 850 MW capacity addition in FY 2026; 60 MW Onsite
Slide 28: Status of key CTU projects planned in FY27 - FY29
Status of key CTU projects planned in FY 27 - FY 29 FY 2026- 2027 Project State Capacity Comments • 100% Contracted; 529 MW Koppal Karnataka • No curtailment risk envisaged in this corridor; project progress (79 MWp Solar, 445 MW Wind) closely tracking grid substation readiness FY 2027- 2028 Project
Slide 29: Diverse portfolio across different contracting strategies, offerings and customers
Diverse portfolio across different contracting strategies, offerings and customers Operating capacity split by contracting strategy Operating capacity split by technology 3,644 MW | FY26 3,644 MW | FY26 STU – Group Captive 45% 1,631 MW Solar 78% 2,856 MW STU – Third Party Open Access 15% 534 MW Wind
Slide 30: 12GW Portfolio as of Mar'2026 continued momentum on commissioning & contracting
12GW Portfolio1 as of Mar’2026 continued momentum on commissioning & contracting As on March 31, 2025 As on March 31, 2026 Stage Contracting Strategy Solar Solar Wind MW Total MW Wind MW Total MW MWp MWp Onsite 339 NA 399 NA 1.5 GW contracted (Fiscal 2026) Operational STU - Connected 937 436 1,519 6
Slide 31: Key Unit Economics
Key Unit Economics CAPITAL EXPENDITURE 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 PORTFOLIO PORTFOLIO TBC PORTFOLIO 5.0x –
Slide 32: Financial Results
Financial Results 32
Slide 33: India's Largest C&I Renewable Energy Provider
India's Largest C&I Renewable Energy Provider FY26 Operational Highlights India's Net Zero Partner for 5.7 GW C&I Renewable Energy 3.1 GW 2.6 GW 1.4 GW RE Power Sales RE Power Sales RE Power Sales Capacity Commissioned (Contracted Capacity) (Operational Capacity) (Contracted yet to be Executed Capac
Slide 34: FY 2026 Financial Results Highlights
FY 2026 Financial Results Highlights Renewable energy power sale Renewable energy services Revenue from Operations (INR Mn) EBITDA and EBITDA Margin (INR Mn) Margin Comparison FY25 FY261 Q4 FY26 FY25 FY261 Q4 FY26 RE Power Sales FY25 FY26 14,957 19,129 5,575 10,151 12,946 3,497 Gross Margin 92.6% 92
Slide 35: Financial Results Snapshot – FY26
Financial Results Snapshot – FY26 All amounts in INR Million Particulars FY25 FY26 CAGR Q4 FY25 Q4 FY26 CAGR Highlights (FY25 – FY26) (Q4 FY25 – Q4 FY26) Profit & Loss Statement Revenue from Operations1 14,957 19,129 28% 4,455 5,575 25% • 28% Revenue Growth (FY25 to RE Power Sales 11,072 13,995 26%
Slide 36: 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 93.48% Gross Margin 92.56% 92.49% Stable at ~93% 81.94% 83.52% EBITDA Margin EBITDA Margin 75.32% Improve 75% >> 84% SG&A to Total 18.16% Income SG&A to Total Incom
Slide 37: 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 Conservative leverage with CARE AA- Stable 9.47% Credit Rating 4.75x 9.19% Debt / Adjusted 8.50% EBITDA2 FY24 FY25 DSCR1 for FY26 operational assets ~23-year weighte
Slide 38: Operational Asset Financial Performance Breakdown – FY26
Operational Asset Financial Performance Breakdown – FY26 In INR million EBITDA breakdown by Cohort (FY26) 13,308 12,946 13,308 -362 1,028 986 11,294 Projects operational Projects operational RE Services Cash EBITDA Non-cash expenses Total EBITDA > 1 year < 1 year Net Debt breakdown by Cohort (FY26)
Slide 39: Profit and Loss Statement (Consolidated)
Profit and Loss Statement (Consolidated) In INR Million Quarter Ended Year Ended Sr. No. Particulars 31.03.2026 31.12.2025 31.03.2025 31.03.2026 31.03.2025 Audited Unaudited Audited Audited Audited I Income: Revenue from operations 5,574.63 4,224.57 4,455.06 19,128.73 14,957.01 Other income 821.24 4
Slide 40: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) In INR Million Year Ended Year Ended Sr. 31.03.2026 31.03.2025 Sr. No. Particulars 31.03.2026 31.03.2025 Particulars No. Audited Audited Audited Audited B. EQUITY AND LIABILITIES A Assets I Equity I Non-Current Assets (a) Equity share capital 117.08 50.72 (a) Property, p
Slide 41: ESG Update
ESG Update 41
Slide 42: Greenhouse Gas Reporting
Greenhouse Gas Reporting LRQA Limited (CleanMax’s independent certification body for ISO 14001, and ISO 45001) assures that CleanMax has met the necessary requirements and disclosed accurate and reliable performance data and information as summarized below. Further, this assurance is in accordance w
Slide 43: Focus on ESG and sustainability for CleanMax & customers
Focus on ESG and sustainability for CleanMax & customers 2.61 TWh energy Biodiversity Ranked by Scope 1, 2 generated i.e. management and Carbon Neutral GRESB1 (Since Fiscal 2023) 1.89 Million tons nature protection CO2 avoided Environment 100% waste Sector Leader 100% water diversion from TNFD align
Slide 44: Key Performance Indicators
Key Performance Indicators 44
Slide 45: Summary of Operational Performance (1/2)
Summary of Operational Performance (1/2) As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2024 2023 Generation Exported (1) Mn kWH 3,343.42 2,615.92 1,932.68 1,048.85 C&I Operational Capacity (2) MW 3,643.94 2,177.99 1,755.21 1,040.14 Solar (Onsite) (16) 515.64 448.57 396.09 334.
Slide 46: Summary of Operational Performance (2/2)
Summary of Operational Performance (2/2) As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2024 2023 Average plant availability (Portfolio level) (trailing 12 Months) (7) % 98.19% 98.17% 98.19% 98.20% Average grid availability (Offsite) (trailing 12 Months) (8) % 99.24% 99.10% 99.
Slide 47: Summary of Financial Performance (1/2)
Summary of Financial Performance (1/2) As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2024 Revenue from Operations (1) -RE Power Sales segment (2) ₹ million 13,994.50 11,072.48 8,663.33 -RE Services segment (3) ₹ million 4,973.28 3,766.53 5,180.04 Total income (4) ₹ million 20,
Slide 48: Summary of Financial Performance (2/2)
Summary of Financial Performance (2/2) As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2024 Cash PAT (11) ₹ million 3,955.37 3,250.04 2,375.03 Cash ROIC (based on Average funds invested) (12,30) % 9.14% 10.67% 11.83% Cash ROIC (based on Opening funds invested) (13) % 11.90% 13.0
Slide 49: Others
Others 49
Slide 50: CleanMax owns solar & wind plants; sells electricity to corporates
CleanMax owns solar & wind plants; sells electricity to corporates Illustrative Power Purchase Agreement Corporate 74% Facility SHARE OF REPEAT CUSTOMERS IN NEW CONTRACTED VOLUMES 82% CUSTOMERS WITH CREDIT RATING AA AND ABOVE 23.17 years weighted Builds, Owns and operates average PPA tenor2 30-45% s
Slide 51: Reported ROE profile by project
Reported ROE profile by project 51
Slide 52: Strong project level unit economics driving high equity returns
Strong project level unit economics driving high equity returns Metric Fiscal Fiscal Fiscal Fiscal Remarks 2026 2025 2024 2023 Cash Return on Equity Cash PAT divided by Total Equity (Balance-sheet metric) 16.10% 17.73% 19.62% 12.77% attributable to the owners at the beginning of the year (A) Equity
Slide 53: 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