CleanMax, a renewable energy provider for the commercial and industrial (C&I) sector, has reported EBITDA of INR 945 crore for the nine months ending December 2025, up 33% year on year from INR 709 crore in the same period of the previous fiscal.
The company said the growth was primarily driven by a 26% increase in renewable energy power sales revenue, along with improving EBITDA margins in the power sales business, which expanded from 81% in 9M FY25 to 83% in 9M FY26. Revenue rose 29% year on year to INR 1,355 crore.
Profit after tax (PAT) increased to INR 40 crore from INR 2 crore in the same period last year.
As of March 1, 2026, CleanMax had a total contracted energy sale capacity of around 5.7 GW, of which 3 GW has been commissioned. The remaining 2.7 GW is expected to be commissioned within the next 24 months.
The company expects annual commissioning volumes to exceed 1.5 GW in FY27.
“A key driver of this growth has been the demand from the Data and AI sector, which now represents 42% of the contracted capacity (2.4 GW)–increasing tenfold in the last two years,” stated CleanMax. The company also recently commissioned its first 0.5 GW CTU-connected plant in Bikaner, designed to supply renewable energy offsets to Data and AI customers.
In addition to the contracted energy sales capacity, the company had 523 MW of operational capacity under its renewable energy services segment (assets owned by C&I customers) as of March 1, 2026. An additional 226 MW of solar and wind capacity contracted capacity is currently being executed under the RE services segment.
In addition to the 6.5 GW of overall contracted volumes (5.7 GW energy sales and 0.75 GW RE services), CleanMax has a mid-and-early-stage power evacuation pipeline of 4.8 GW across the country, which is yet to be contracted with clients.
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