EL7.AI
StocksMediumUpdated×2•Originally published 3 November 2026•Updated 3 November 2026•
4 min read

CleanMax reports ₹1,011 crore in H1 EBITDA, up 58%

Key Facts

1Reported EBITDA in the first half of FY2027 was about ₹1,011 crore, up 58%.
2First-half operating revenue rose 67% to ₹1,560 crore, from ₹933 crore a year earlier.
3First-half profit after tax increased to ₹120 crore from ₹19 crore in the corresponding period.
4The company added 550 MW in the first half, taking operating capacity to 3,638 MW.
5CleanMax aims to exceed its guidance to add 1,500 MW in FY2027.

CleanMax reported its first-half FY2027 results on November 3, posting reported EBITDA of ₹1,011 crore, up 58% year on year, according to results reported by InvestyWise. Profit growth coincided with a 67% increase in operating revenue to ₹1,560 crore, compared with ₹933 crore in the corresponding period of the previous fiscal year. Profit after tax also rose to ₹120 crore from ₹19 crore, more than sixfold. The results reflect an expansion in activity during the first half, while the company distinguishes between adjusted and reported earnings in its disclosures. In the second quarter alone, reported EBITDA was ₹548 crore, adding to the profit growth recorded in the first half.

Adjusted EBITDA for the first half was ₹1,047 crore, up 56% year on year, exceeding reported EBITDA of ₹1,011 crore for the period. These figures represent two different performance measures and should not be treated as a single figure or used interchangeably. In the second quarter, operating revenue rose 37% to ₹728 crore, while adjusted EBITDA increased 43% to ₹553 crore. Reported quarterly EBITDA rose 51% to ₹548 crore. Reported profit after tax was ₹65 crore, up 82% year on year, according to results reported by InvestyWise.

On operating capacity, CleanMax added about 550 MW of renewable energy sales capacity in the first half of FY2027. This lifted total operating renewable energy sales capacity to 3,638 MW, an increase of about 57% year on year. The addition accompanied revenue and profit growth during the period, expanding the base of operating assets through which the company supplies energy to customers. The operating and contracted renewable energy sales portfolio stood at 6.3 GW in September 2026. The renewable energy services segment added 0.8 GW, taking the combined portfolio to 7.1 GW.

The company said its total capacity, including capacity available for power evacuation through the grid, was about 13 GW as of September 30, 2026. This figure covers a portfolio of operating assets and contracted projects, as well as available grid capacity, and is not equivalent to operating renewable energy sales capacity alone. An EBITDA guidance floor of ₹3,000 crore for FY2028 was included in the first-quarter FY2027 shareholder letter, according to CleanMax's investor information page. That guidance provides financial context for the current results, while the November 3 announcement focuses on first-half and second-quarter growth. The information available here did not include a new update to that guidance on the results announcement date.

On expansion during the current fiscal year, Managing Director Kuldeep Jain said the company “is comfortably placed to exceed its guidance of adding 1,500 MW during the year.” The comment puts the capacity addition target at the center of project execution, following the commissioning of 550 MW in the first half. The transition of contracted projects to operating capacity depends on completing construction and connecting them to the grid, while the statement did not specify a separate timeline for each project. Management is scheduled to provide a second-quarter performance and business update on November 4 at 2:00 p.m. India time. The update will allow the company to present progress on execution following its first-half results, according to its investor relations calendar.

On financing, the company said it raised ₹2,500 crore through a green bond issue that it described as the first in India's commercial and industrial renewable energy sector. The issue forms part of CleanMax's expansion in renewable energy projects, but does not by itself specify the cost of financing or the returns associated with the projects. With operating capacity rising to 3,638 MW and the operating and contracted portfolio reaching 6.3 GW in September, investors are focused on the pace at which the portfolio is converted into operating assets. Management lists exceeding its 1,500 MW addition guidance for FY2027 among its stated targets. The November 4 update is the next scheduled opportunity to present second-quarter performance and business progress.