Shareholder''s Letter for FY 2026 dated 12 May 2026
CLEANMAX · price
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CleanMax reported strong FY2025-26 performance with ~1.4 GW commissioned, taking operational capacity to 3.1 GW. Run-Rate EBITDA grew 64% YoY to ₹1,870 crore, with EBITDA margins expanding to 83.52% (up from 75.32% three years ago). Reported PAT increased 4.4x to ₹86 crore. The company enters FY2026-27 with 2.6 GW contracted and under execution, guiding minimum 1.5 GW commissioning. Data & AI customers represent 42% of contracted capacity. Net Debt/EBITDA ratio held at 4.75x within guided 5.0-5.5x range. 74% of new contracts came from repeat customers. Key risks include DSM guidelines impact on CTU projects, land acquisition, and supply chain pressures.
Strong operational execution with margin expansion demonstrates capital-efficient growth. The 1.5 GW guidance provides clear near-term visibility, while high repeat customer rate (~74%) validates customer satisfaction. Debt levels remain manageable within guided leverage, though rising absolute debt warrants monitoring as capacity expansion continues.