Clean Max Enviro Energy Solutions Limited · NSE:CLEANMAX
Clean Max Enviro Energy Solutions — Q2 FY2027 Earnings Presentation
38 slides from Clean Max Enviro Energy Solutions's earnings presentation, Nov 3, 2026
Slide 1: Stock exchange disclosure letter
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 Symbol: CLEANMAX Sub : Disclosure of investor pre
Slide 2: Net Zero Partner to Corporates – Investor Presentation Q2 FY2027
Net Zero Partner to Corporates Investor Presentation – Q2 FY 2027 Dated 3th November 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 Q2 FY27 2 Business Updates 3 Financial Results 4 Detailed Annexures 3
Slide 5: Highlights for Q2 FY27
Highlights for Q2 FY27 4
Slide 6: India's Largest C&I Renewable Energy Provider
India's Largest C&I Renewable Energy Provider Q2 FY27 Operational Highlights 6.3 GW 3.6 GW 2.6 GW 0.6 GW RE Power Sales Capacity RE Power Sales RE Power Sales RE Power Sales (Contracted yet Commissioned in H1 FY27 (Contracted Capacity) (Operational Capacity) to be Executed Capacity) (0.2 GW in Q2 FY
Slide 7: 0.6 GW RE Power Sales Capacity commissioned across 6 states
0.6 GW RE Power Sales Capacity commissioned across 6 states in India Addition Sr April 1, 2026 September 30, 2026 State (6 months - Fiscal 2027) No MW % MW % MW % 1 Gujarat 677 22% 201 37% 878 24% 2 Chhattisgarh 89 3% 18 3% 107 3% 3 Haryana 151 5% 42 8% 193 5% 4 Karnataka 985 32% 119 22% 1,104 30% 5
Slide 8: 6.3 GW RE Power Sales contracted capacity; portfolio grows to 13.2 GW
6.3 GW RE Power Sales contracted capacity; Overall portfolio grows to 13.2 GW As on As on As on Particulars March 31, March 31, Sept 30, Comments 2025 2026 2026 Operational Operational Capacity A) RE 1,712 3,088 3,638 capacity1 • ~57% growth in operational RE Power Sales capacity Power (trailing 12
Slide 9: Q2 FY27 Financial Results Highlights
Q2 FY27 Financial Results Highlights Revenue from Operations (INR Mn) Adjusted EBITDA (INR Mn) Profit After Tax (INR Mn) Q2 FY27 H1 FY27 Q2 FY27 H1 FY27 Q2 FY27 H1 FY27 ₹ 7,277 ₹ 15,598 ₹ 5,531 ₹ 10,472 ₹ 649 ₹ 1,201 ▲ 37% YoY (5,306) ▲ 67% YoY (9,330) ▲ 43% YoY (3,862) ▲ 56% YoY (6,701) ▲1.8x YoY (
Slide 10: 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 Net Debt – Run-rate EBITDA Weighted Average Tariff EBITDA Margin Tariff PORTFOLI
Slide 11: Business Updates
Business Updates 10
Slide 12: Data & AI continues to be a key growth theme
Data & AI continues to be a key growth theme; strong growth across segments 3.4x growth in contracted capacity; 41% capacity from Data & AI (September 30, 2026) On-books capacity (MW) Growth FY24 to H1 FY27 Key Customers 3.4x • Amazon • Google 6,270 MW • Meta 5,685 MW • Cisco • STT Global Data Cente
Slide 13: Strong contracting run-rate; high quality customers and repeat orders
Strong contracting run-rate; driven by high quality customers & repeat orders Guidance – Over 1.5 GW + 550 MW 2.6 GW Additional RE Power Sales commissioned RE Power Sales Capacity Contracted under RE Power Sales capacity addition in FY27 (in H1 FY27) execution (as of September 30, 2026) New contract
Slide 14: 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 Budget vs Actual costs1 1,427 95.54% 95.24% 97.20% 94.71% 525 447 902 TTM H1 FY26 TTM H1 FY27 FY24 FY25 FY26 H1 FY27 Grid Uptime (trailing
Slide 15: Bikaner II (525 MWp CTU) Curtailment
Bikaner II (525 MWp CTU) Curtailment 100% Q2 FY 2027 average – 48% 90% 80% 70% 70% 60% 50% 49% 50% 44% 40% 30% 26% 20% 10% 0% Q1 FY27 Jul-26 Aug-26 Sep-26 Oct-26 Note: Curtailment = uncurtailed generation less generation after the T-GNA-implied cap, as a % of uncurtailed generation. 14
Slide 16: Financial Results
Financial Results 15
Slide 17: Financial Results Snapshot – Q2 & H1 FY27
Financial Results Snapshot – Q2 & H1 FY27 All amounts in INR Million Particulars H1 FY26 H1 FY27 YoY Q2 FY26 Q2 FY27 YoY Highlights Profit & Loss Statement Revenue from Operations1 9,330 15,598 67% 5,306 7,277 37% • 67% Revenue Growth (H1 FY 26 RE Power Sales 7,192 11,323 57% 3,610 6,040 67% to H1 F
Slide 18: Operational Asset Financial Performance Breakdown – H1 FY27
Operational Asset Financial Performance Breakdown – H1 FY27 In INR million EBITDA breakdown by Cohort (H1 FY27) 2,683 610 10,472 10,106 -366 7,179 Projects operational Projects operational RE Services Adjusted EBITDA* Non Cash expense * Reported EBITDA > 1 year < 1 year Net Debt breakdown by Cohort
Slide 19: 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% 92.8% Stable at ~92% 81.9% 83.5% 84.0% EBITDA Margin EBITDA Margin 75.3% Improve 75% >> 84% SG&A to Total 18.2% Income SG&A to Total
Slide 20: Improvement in cost of borrowing; conservative leverage
Improvement in cost of borrowing; coupled with conservative leverage Consistent improvement in Fixed vs floating mix (% of gross debt) weighted avg. cost of borrowing Overall Including Fixed Floating Corporate Level 9.5% Borrowing 9.2% 8.8% CRISIL AA (Sep 2026) 46.3% 8.3% 8.5% 8.2% Project Finance 5
Slide 21: Detailed Annexures
Detailed Annexures 20
Slide 22: ESG
ESG 21
Slide 23: Greenhouse Gas Reporting (1/2)
Greenhouse Gas Reporting (1/2) 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 Sustai
Slide 24: Greenhouse Gas Reporting (2/2)
Greenhouse Gas Reporting (2/2) 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 Sustai
Slide 25: Key Performance Indicators
Key Performance Indicators 24
Slide 26: Summary of operational performance (1/2)
Summary of operational performance (1/2) For the six months ended Sep 30, As at and for the Fiscal ended March 31, Particulars Units 2026 2025 2026 2025 2024 Generation Exported(1) Mn kWH 2,807.87 1689.14 3,343.42 2,615.92 1,932.68 C&I Operational Capacity(2) MW 4,341.77 2,796.10 3,643.94 2,177.99 1
Slide 27: Summary of operational performance (2/2)
Summary of operational performance (2/2) For the six 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 % 98.02% 98.08% 98.70% 98.17% 98.22% Months)(7) Average grid availability (Offsite)
Slide 28: Summary of financial performance (1/2)
Summary of financial performance (1/2) For the six months For the six months As at and for the Fiscal ended March 31, Particulars Units ended Sep 30, ended Sep 30, 2026 2025 2026 2025 2024 Revenue from Operations (1) -RE Power Sales segment (2) ₹ million 11,322.86 7,192.15 13,994.50 11,072.48 8,663.
Slide 29: 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 30: Detailed Financial Results
Detailed Financial Results 29
Slide 31: Profit and Loss Statement (Consolidated)
Profit and Loss Statement (Consolidated) In INR Million Six months ended Year Ended Sr. No. Particulars 30.09.2026 30.09.2025 31.03.2026 31.03.2025 Unaudited Unaudited Audited Audited I Income: Revenue from operations 15,598.10 9,329.53 19,128.73 14,957.01 Other income 651.75 363.92 1,623.41 1,146.4
Slide 32: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) In INR Million Sr. No. Particulars As at 30.09.2026 As at 31.03.2026 Sr. No. Particulars As at 30.09.2026 As at 31.03.2026 Unaudited Audited Unaudited Audited A Assets B. EQUITY AND LIABILITIES I Non-Current Assets I Equity 1,37,705.35 1,17,445.12 (a) Equity share capita
Slide 33: Adjusted EBITDA Bridge (Q2 FY27)
Adjusted EBITDA Bridge (Q2 FY27) In INR Million Quarter Ended Particulars (Q2 FY27) (Q2 FY26) YoY Change (%) Reported EBITDA 5,477 3,630 51% Add: Non-cash expenses 60 284 Add: Unrealised MTM Forex (Gain)/Loss on VPPA contract1 (a) Unrealised MTM Forex Loss - Other expense 18 21 (b) Unrealised MTM Fo
Slide 34: Detailed Capacity Metrics
Detailed Capacity Metrics 33
Slide 35: 13 GW Portfolio as of Sept 2026
13 GW Portfolio1 as of Sept’2026 continued momentum on commissioning & contracting As on March 31, 2025 As on March 31, 2026 As on September 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 420 NA Operational ST
Slide 36: 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 Q2 FY27 4,342 MW Q2 FY27 2,758 MW Q2 FY27 7,100 MW STU – Group Captive 49% 2,124 MW 40% 1,096 MW 44% 3,220 MW STU – Third Party Open Access 13% 569 MW 1% 1
Slide 37: Consistently diversified 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 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
Clean Max Enviro Energy Solutions — Q2 FY2027 Earnings Presentation on 6ix