Clean Max Enviro Energy Solutions Limited · NSE:CLEANMAX
Clean Max Enviro Energy Solutions — Q3 FY2026 Earnings Presentation
34 slides from Clean Max Enviro Energy Solutions's earnings presentation, Mar 17, 2026
Slide 1: Disclosure of Investor Presentation to stock exchanges
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: 544717/973979/977267 Symbol: CLEANMAX ISIN: INE647U010
Slide 2: Net Zero Partner to Corporates – Investor Presentation Q3 2026
Net Zero Partner to Corporates Investor Presentation – Q3, 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 Quarter 2 Business Updates 3 Financial Results 4 Detailed Annexures 3
Slide 5: 1. Highlights for Quarter
1. Highlights for Quarter 4
Slide 6: Key highlights
Key highlights • Results for 9M ended Dec’25 – 33% YoY EBITDA growth (709 Cr 9M Dec’24 vs. 945 Cr 9M Dec 25) driven by 26% increase in RE Power Sales revenue coupled with increasing EBITDA margin (81% 9M Dec’24 vs. 83% 9M Dec’25 in power sales combined), and from 220 Cr as of 3M Dec’24 to 307 Cr as
Slide 7: 1.3 GW RE Power Sales Capacity commissioned across states in India
1.3 GW RE Power Sales Capacity commissioned across 7 states in India Addition Sr April 1, 2025 March 1, 2026 State (11 months - Fiscal 2026) No MW % MW % MW % 1 Gujarat 380 22% 245 19% 626 21% 2 Chhattisgarh - - 69 5% 69 2% 3 Haryana 88 5% 63 5% 151 5% 4 Karnataka 785 46% 201 16% 985 33% 5 Maharasht
Slide 8: 5.7 GW+ RE Power Sales contracted capacity; 70% growth in operational capacity
5.7 GW+ RE Power Sales contracted capacity; 70% growth in operational power sales capacity As on As on As on As on Particulars March 31, March 31, Dec 31, March 1, Comments 2024 2025 2025 2026 Operational Operational Capacity A) RE 1,342 1,712 2,699 2,986 capacity1 • ~70% growth in operational RE Po
Slide 9: Q3 Financial results highlights
Q3 Financial results highlights Renewable energy power sale incl. onsite solar, offsite wind & solar (93% EBITDA Contribution) Renewable energy services incl. capex services (EPC,O&M), & carbon (7% EBITDA Contribution) Revenue from Operations (INR Mil) EBITDA (INR Mil) 13,554 10,502 3,121 9,448 687
Slide 10: ~1,800 Cr Run-Rate EBITDA from capacity commissioned
~1,800 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 December 31, 2025 As of March 1, 2026 RE Power Sales Capacity 1,341 MW 1,712 MW 2,710 MW 2,986 MW (938 Solar, 403 Wind) (1,276 Solar, 436 Wind) (2
Slide 11: 2. Key Business Updates
2. Key Business Updates 10
Slide 12: 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 1, 2026) On-books capacity (MW) Growth Key Deals 31 Mar’24 to 1 Mar’26 (11 months Fiscal 2026) 3x 533 MW contracted including 5,706 MW 5,526 MW • New custo
Slide 13: 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) 2.7 GW 77% 76% RE Power Sales Capacity Contracted under execution FY 24-25 9M Dec'25 (as of March 1, 2026) Investment grade counterparties
Slide 14: Projects and Execution Performance
Projects and Execution Performance Capacity commissioned in Continued project delivery on-time trailing 12 months and under-budget Budget vs Actual costs1 (FY2023 to FY2025) 1,336 1,114 97.41% 95.54% 95.24% 96.50% 484 April 1, 2025 Dec 31, 2025 March 1, 2026 FY 2023 FY 2024 FY 2025 9M Dec'25 Grid Up
Slide 15: Strategic partnerships for continued equity efficiency
Strategic partnerships for continued equity efficiency Osaka Gas Entity • CleanMax Osaka Gas Renewables (Currently known as Clean Max Yamuna Pvt Ltd; in process of renaming) Structure • 51% CleanMax / 49% DJ Renewables Pte. Limited (Osaka Gas Singapore & JBIC) Target capacity • 400 MW over 3 years F
Slide 16: 3. Financial Results
3. Financial Results 15
Slide 17: Financial results snapshot – 9 months ended Dec’25
Financial results snapshot – 9 months ended Dec’25 All amounts in INR Million Particulars Fiscal 2025 9M Dec’24 9M Dec’25 CAGR Highlights (Dec’24 – 25) Profit & Loss Statement Revenue from Operations1 14,957 10,502 13,554 29% • 29% Revenue Growth (9M Dec’24 to RE Power Sales 11,072 8,204 10,301 26%
Slide 18: Segment Results | 95% of EBITDA contributed by RE Power Sales
Segment Results | 95% of EBITDA contributed by RE Power Sales Revenue from Operations EBITDA Margin comparison RE Power Sales 13,554 9,448 9M Dec’24 9M Dec’25 10,502 687 3,121 7,087 2,218 325 Gross Margin 3,737 4,225 3,070 92% 93% 2,199 10,301 1,238 1,071 8,938 72 166 EBITDA Margin 8,204 6,970 81% 8
Slide 19: Operational asset financial performance breakdown – 9M Dec’25
Operational asset financial performance breakdown – 9M Dec’25 In INR million EBITDA breakdown by cohort (9M Dec’25) 687 9448 8407 539 -185 Projects operational Projects operational RE Services Non-cash expenses Total EBITDA > 1 year < 1 year Net Debt breakdown by cohort as of Dec’25 14900 96988 1738
Slide 20: 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% 82.52% EBITDA Margin EBITDA Margin 75.32% Improve 75% >> 83% SG&A to Total 18.16% Income SG&A to Total Incom
Slide 21: Improvement in cost of borrowing; coupled with conservative leverage
Improvement in cost of borrowing; coupled with conservative leverage Consistent improvement in Project level borrowing mix weighted avg. cost of project borrowing Category O/S Gross Project Weighted avg. cost of 9.46% Debt as of Dec’25 borrowing 9.19% (INR 99,427) Operational INR 78% 9.1% Assets 8.7
Slide 22: Annexures
Annexures 21
Slide 23: 1. Key Performance Indicators
1. Key Performance Indicators 22
Slide 24: Summary of operational performance (1/2)
Summary of operational performance (1/2) For the nine months ended Dec 31, As at and for the Fiscal ended March 31, Particulars Units 2025 2024 2025 2024 2023 Generation Exported(1) Mn kWH 2,428.86 1,884.06 2,615.92 1,932.68 1,048.85 C&I Operational Capacity(2) MW 3,197.16 2,082.58 2,177.99 1,755.21
Slide 25: Summary of operational performance (2/2)
Summary of operational performance (2/2) For the nine months ended Dec 31, As at and for the Fiscal ended March 31, Particulars Units 2025 2024 2025 2024 2023 Average plant availability (Portfolio level) (trailing 12 % 97.81% 97.67% 98.17% 98.19% 98.20% Months)(7) Average grid availability (Offsite)
Slide 26: Summary of financial performance (1/2)
Summary of financial performance (1/2) For the nine months For the nine months As at and for the Fiscal ended March 31, Particulars Units ended Dec 31, ended Dec 31, 2025 2024 2025 2024 2023 Revenue from Operations (1) -RE Power Sales segment (2) ₹ million 10,300.81 8,203.76 11,072.48 8,663.33 4,748
Slide 27: 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 28: 2. Financial results
2. Financial results 27
Slide 29: Financial Results (Consolidated)
Financial Results (Consolidated) In INR Million Quarter Ended Nine Month Ended Year Ended Sr. 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 31.03.2025 Particulars No. Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Income: Revenue from operations 4,224.57 5,306.14 3,737.29 13,55
Slide 30: 3. Detailed Capacity Metrics
3. Detailed Capacity Metrics 29
Slide 31: 11GW+ Portfolio as of Mar 1, 2026 continued momentum on commissioning & contracting
11GW+ Portfolio1 as of Mar 1, 2026 continued momentum on commissioning & contracting As on March 31, 2025 As on December 31, 2025 As on March 1, 2026 Stage Contracting Strategy Solar Wind Total Solar Wind Total Solar Wind Total MWp MW MW MWp MW MW MWp MW MW 1.5 GW contracted Onsite 339 NA 376 NA 384
Slide 32: 4. ESG Update
4. ESG Update 31
Slide 33: 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 34: 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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