Transcript of earnings conference call of the Audited Standalone and Consolidated Financial Results for the quarter and financial year ended 31 March 2026

Clean Max reported strong FY26 results with EBITDA of INR 1,295 crores (up 28%) and PAT of INR 86 crores (vs INR 19 crores prior year). The company added 1,400 MW of new capacity, bringing operational capacity to 3.1 GW out of 5.7 GW contracted. Key highlights include 42% of contracted capacity now serving Data and AI customers (up from 14% two years ago), 74% repeat business rate, and margin expansion in both segments - RE Power Sales margins improved from 82% to 83.5% and RE Services from 14.4% to 19.6%. Management guided minimum 1,500 MW capacity addition for FY27. The company disclosed a joint venture with Apple where Apple invested INR 104 crores for 49% stake in 150 MW projects. Management flagged a 525 MW CTU project in Rajasthan faces grid backdown risk affecting about 13% of run-rate EBITDA, and is evaluating impact from new DSM regulations.