Clean Max Enviro Energy Solutions Limited · NSE:CLEANMAX

Clean Max Enviro Energy Solutions — Q4 FY26 and FY2026 Earnings Presentation

38 slides from Clean Max Enviro Energy Solutions's earnings presentation, May 12, 2026

  1. Slide 1: Disclosure of Investor Presentation to BSE and NSE

    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/INE6

  2. Slide 2: Net Zero Partner to Corporates

    Net Zero Partner to Corporates Investor Presentation – Q4 FY26 and FY 2026 Dated 12th May 2026 STOCK CODE: NSE – CLEANMAX | BSE - 544717

  3. 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’,

  4. Slide 4: Agenda

    Agenda 1 Highlights for FY26 2 Business Updates 3 Financial Results 4 Detailed Annexures 3

  5. Slide 5: 1. Highlights for FY26

    1. Highlights for FY26 4

  6. Slide 6: FY26 Operational and Financial Highlights

    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

  7. Slide 7: 1.4 GW RE Power Sales Capacity commissioned across states in India

    1.4 GW RE Power Sales Capacity commissioned across 7 states in India 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 Karnataka 785 46% 200 15% 985 32% 5 Maharash

  8. Slide 8: 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 months

  9. Slide 9: FY 2026 Financial Results Highlights

    FY 2026 Financial Results Highlights Renewable energy power sale Renewable energy services Revenue from Operations (INR Mn) Reported EBITDA & Margin (INR Mn) Reported PAT (INR Mn) FY25 FY261 Q4 FY26 FY25 FY261 Q4 FY26 FY25 FY26 Q4 FY26 14,957 19,129 5,575 10,151 12,946 3,497 194 856 454 (Q4 FY25 – 4

  10. 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 +

  11. Slide 11: 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

  12. Slide 12: 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 –

  13. Slide 13: 2. Key Business Updates

    2. Key Business Updates 12

  14. Slide 14: 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,

  15. Slide 15: 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) 2.6 GW 77% RE Power Sales Capacity 74% Contracted under execution FY25 FY26 (as of March 31, 2026) Investment grade counterparties with lo

  16. Slide 16: Projects and Execution Performance

    Projects and Execution Performance Capacity commissioned in Continued project delivery on-time trailing 12 months (incl. RE Services) in MWp and under-budget Budget vs Actual costs1 (FY2023 to FY2026) 1,471 97.41% 95.54% 95.24% 97.20% 484 FY25 FY26 FY24 FY24 FY25 FY26 Grid Uptime Wind, Solar (AC) &

  17. Slide 17: 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

  18. Slide 18: 3. Financial Results

    3. Financial Results 17

  19. Slide 19: Financial Results Snapshot – FY26

    Financial Results Snapshot – FY26 All amounts in INR Million Particulars FY25 FY26 YoY Q4 FY25 Q4 FY26 YoY Highlights 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% 2,869 3,694 29% FY26) due to capacit

  20. Slide 20: 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

  21. Slide 21: 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)

  22. Slide 22: Operating leverage in SG&A expenses driving EBITDA margin improvement

    Operating leverage in SG&A expenses driving EBITDA margin improvement 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 Income 10.41% 9.36% Improve 18% >>

  23. Slide 23: 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 A+ Stable 9.47% Credit Rating 4.75x 9.19% Debt / Adjusted 8.50% EBITDA2 FY24 FY25 DSCR1 for FY26 operational assets ~23-year weighted

  24. Slide 24: 4. Detailed Annexures

    4. Detailed Annexures 23

  25. Slide 25: A. ESG Update

    A. ESG Update 24

  26. Slide 26: 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

  27. Slide 27: B. Key Performance Indicators

    B. Key Performance Indicators 26

  28. Slide 28: 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.

  29. Slide 29: 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.

  30. Slide 30: 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,

  31. Slide 31: 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

  32. Slide 32: C. Financial Results

    C. Financial Results 31

  33. Slide 33: 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

  34. Slide 34: 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

  35. Slide 35: D. Detailed Capacity Metrics

    D. Detailed Capacity Metrics 34

  36. Slide 36: 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

  37. Slide 37: 12GW Portfolio as of FY26 continued momentum on commissioning & contracting

    12GW Portfolio1 as of FY26 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 1,519 646 2

  38. Slide 38: 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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