55 slides from Clean Max Enviro Energy Solutions's investor presentation, August 2026
Slide 1: Corporate Presentation
Corporate Presentation NET - ZERO PARTNERS TO CORPORATES August 2026
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 (14% All India Market Share1). ▪ 6.0 GW RE Power sales contracted capacity as of June 30, 2026 (3.5 GW operational, 2.5 GW contracted under exec
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 more than tripled to 6.0 GW since Mar-24 • Conventional C&I demand more than doubled (1.6 GW to 3.5 GW), driven by large TAM (50% of High India’s power consumed by corporates) & high savin
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 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 6: Partnering with technology customers for their green requirements
Partnering with technology customers for their green requirements CleanMax currently holds > 35% share of hyperscaler energy deals in India 42% of operating and • Signed 158 MW in Karnataka (59 MW wind & 99 contracted yet to be executed Google MWp solar) with Data centres, AI • Feb’26 media mention
Slide 7: Data & AI demand creates a multi-GW RE opportunity
Data & AI demand creates a multi-GW RE opportunity For 75-80% load substitution Renewable Capex Per GW of DC 4x growth in India Data Center Capacity data centre Solar ₹10,500 Cr 1 GW load 3 GW × ₹3.5 Cr 5.5 GW = + RTC power Wind FY 2030 1.5 GW ₹23,400 Cr load 3 GW × ₹7.8 Cr 1.5 GW = + BESS FY 2025 R
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 ~3 Lakh Cr. p.a.1) • CleanMax #1; with 14% all-India Global rank of I
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 • 50+ member BD team; 593 customers 3,493 2,223 1,967 1,942 1,850 1,600 1,589 • For STU-group captive: 478 • 12
Slide 10: 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 11: Strong unit economics with appropriate risk counterbalance
Strong unit economics with appropriate risk counterbalance 6 Fiscal 2026 Asset useful life ~ 30 Years Cash Return on Equity (Based on opening funds invested) Strong Unit PPA Tenor 23 Years Economics 34.20% 16.10% Equity Payback 2.5 Years1 (For the stabilized Fiscal 2026 Project Level projects as of
Slide 12: Conventional C&I customers: Key growth themes
Conventional C&I customers: Key growth themes contributing to CleanMax’s business No of customers by offering as of March 31, 20261 405 116 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 % as of 30th Jun 2026 Kuldeep Jain and related entities Promoter/ Promoter Group 27.4% Brookfield Group i.e., BGTF One Holdings Promoter 20.8% (DIFC) Limited Temasek Holdings Private Limited Shareholder 8.9% Bain Capital Special Situations,
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: 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 24: 6.0 GW RE Power Sales contracted capacity; ~31% YoY growth
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 25: 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 26: ~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 27: 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 28: Quarterly capacity addition
Quarterly capacity addition Jul 31, Oct 31, Dec 31, Mar 31, Jun 30, Particulars Offering Comments 2025 2025 2025 2026 2026 • STU capacity commissioning run- rate – 76 per month/ 228 per quarter STU + Onsite 2,058 2,313 2,429 2,563 2,968 • Of 850 MW capacity addition in FY 2026; 60 MW Onsite Solar •
Slide 29: 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 30: Diverse portfolio across 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 31: 13 GW Portfolio as of Jun'2026 continued momentum
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 32: Financial Results
Financial Results 32
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: ESG Update
ESG Update 43
Slide 44: 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 45: 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 46: Focus on ESG and sustainability for CleanMax & customers
Focus on ESG and sustainability for CleanMax & customers 2.89 TWh energy Biodiversity Ranked by Scope 1, 2 generated i.e. management and Carbon Neutral GRESB1 (Since Fiscal 2023) 2.05 Million tons nature protection CO2 avoided Environment Sector Leader 100% water 100% waste TCFD aligned in the Infra
Slide 47: Key Performance Indicators
Key Performance Indicators 47
Slide 48: 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 49: 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 50: 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 51: 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 52: Others
Others 52
Slide 53: Reported ROE profile by project
Reported ROE profile by project 53
Slide 54: 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 55: 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