CleanMax Smashes Estimates: Q2 EBITDA Jumps 51% as AI and Data Center Demand Surges
CleanMax reports a massive jump in H1 FY27 profit and a 51% rise in Q2 EBITDA, beating street estimates amid surging AI and data center demand.
CleanMax Enviro Energy Solutions Ltd, India's leading pure-play commercial and industrial (C&I) renewable energy firm, has posted a stellar financial performance for the second quarter of FY27. The company reported a significant 51% year-on-year (YoY) increase in its reported EBITDA, which climbed to ₹548 crore, comfortably beating street consensus estimates by 17%.
Explosive Growth in First Half of FY27
The momentum extends beyond the second quarter. For the first half of the fiscal year (H1 FY27), CleanMax witnessed a massive surge across all key financial metrics. Revenue from operations soared by 67% to reach ₹1,560 crore, compared to ₹933 crore in the same period last year.
The most striking growth was seen in the company's bottom line. Profit After Tax (PAT) for H1 FY27 skyrocketed more than six-fold, jumping from ₹19 crore in H1 FY26 to ₹120 crore. During the same period, reported EBITDA grew by 58% to stand at ₹1,011 crore.
Quarterly Breakdown: Q2 FY27 vs Q2 FY26
- Revenue from Operations: Increased by 37% to ₹728 crore (up from ₹531 crore).
- Adjusted EBITDA: Grew by 43% to ₹553 crore (up from ₹386 crore).
- Profit After Tax (PAT): Rose by 82% to ₹65 crore (up from ₹36 crore).
Fueling the AI and Data Center Revolution
A significant driver of this growth is the escalating demand for green energy from the technology sector. CleanMax revealed that customers in the Data Centre and AI infrastructure space now account for more than 40% of its contracted renewable energy power sales portfolio.
The company's prestigious client list includes global giants such as Google, Amazon, Meta, Apple, Cisco, Equinix, Shell, BASF, and STT GDC India. To cater to these "hyperscaler" requirements, CleanMax has diversified its capacity mix, with approximately 25% of its contracted capacity connected through the Central Transmission Utility (CTU), while 75% remains connected via State Transmission Utilities (STU).
Strategic Expansion and Future Outlook
As of September 2026, CleanMax's total operational and contracted portfolio, including RE Services, reached 7.1 GW. The company's platform capacity has now crossed the 13 GW mark, positioning it to handle the next wave of C&I renewable energy demand.
"Our operational portfolio continues to expand... We believe securing grid connectivity ahead of demand is important for long-term value creation. We are comfortably placed to exceed our 1,500 MW capacity addition guidance during the year," said Kuldeep Jain, Managing Director of CleanMax.
Adding to the optimism, Nikunj Ghodawat, Chief Financial Officer, highlighted that the H1 performance reflects the company's increasing scale and operating leverage, with a specific focus on translating the opportunities in AI and Data centers into a sustainable growth trajectory.
Financial Milestone: India's First C&I Green Bond
In a landmark move for the sector, CleanMax successfully raised ₹2,500 crore through India’s first-ever green bond issuance specifically for the C&I renewable energy sector. The bonds feature fixed coupons for tenors up to ten years and were anchored by leading development finance institutions, mutual funds, and banks.
This financial achievement was bolstered by a CRISIL rating of AA/Stable. Furthermore, the company's commitment to sustainability is reflected in its GRESB score of 100/100 and a five-star rating, cementing its position as a global leader in renewable power generation.
Company Profile at a Glance
With over 15 years of experience, CleanMax operates across seven Indian states, with onsite assets spread across 22 states and four different countries. The company serves 606 customers through a mix of onsite and offsite solar, wind, and hybrid projects, catering specifically to large industrial consumers and corporate entities.