Transcript of earnings conference call of the Audited Standalone and Consolidated Financial Results for the quarter and financial year ended 31 March 2026
CLEANMAX · price
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Clean Max reported FY26 EBITDA of ₹1,295 crores, up 28% year-on-year, with PAT jumping 4.4x to ₹86 crores from ₹19 crores. The company has 5.7 GW of contracted capacity (3.1 GW operational) and added 1,400 MW in FY26. Data and AI customers now represent 42% of contracted capacity, up from 14% two years ago. RE Power Sales EBITDA margins improved from 82% to 83.5%, while RE Services margins expanded from 14.4% to 19.6%. Run-rate EBITDA stands at ₹1,870 crores. The company disclosed a joint venture with Apple for 150 MW worth ₹104 crores equity investment. A 525 MW CTU project in Rajasthan (13% of run-rate EBITDA) faces some grid backdown risk. Cost of leverage reduced from 9.2% to 8.5%, and net debt stands at approximately ₹9,600 crores.
Strong operational and financial performance with 28% EBITDA growth, margin expansion across both business segments, and increasing exposure to high-growth Data and AI sector positions the company well. However, CTU project curtailment risk and upcoming DSM regulations require monitoring. The company's 1,500 MW annual capacity addition guidance provides visibility on growth.