Clean Max Enviro Energy Solutions Limited Earnings Summary — Q4 FY2026
Clean Max Enviro Energy Solutions Reports Strong Revenue Growth Amid Rising Interest Costs and Aggressive Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹832 Cr is 106.8% higher year-on-year.
- Revenue has compounded at 70.5% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹49 Cr is 441.7% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 986.4% annualised across the period.
- Operating margin stands at 50.6% in Q1 FY2027.
- Operating margin compressed by 1544 bps year-on-year.
- PBT margin is 11.3%.
- Expenses grew 200.8% against revenue growth of 106.8%.
- Operating profit of ₹421 Cr is 58.5% higher year-on-year.
- Operating leverage has been under pressure recently.
- 3 of the last 3 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 65/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2019 | Q1 FY2019 | Q4 FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 832 | 557 | 422 | 531 | 402 | 446 | 374 | — | — | — |
| Expenses | Accelerating | 411 | 290 | 159 | 195 | 137 | 189 | 189 | — | — | — |
| Operating Profit | Strong Uptrend | 421 | 268 | 263 | 335 | 266 | 257 | 184 | — | — | — |
| Operating Margin | Stable | 50.6% | 48.0% | 62.3% | 63.2% | 66.0% | 57.6% | 49.3% | — | — | — |
| Other Income | Volatile | 42 | 85 | 44 | 27 | 9 | 54 | 36 | — | — | — |
| Interest | Improving | 255 | 180 | 190 | 195 | 221 | 204 | 154 | — | — | — |
| Depreciation | Improving | 115 | 97 | 111 | 89 | 83 | 81 | 83 | — | — | — |
| Profit Before Tax | Accelerating | 94 | 75 | 7 | 79 | -30 | 26 | -17 | — | — | — |
| Tax | Volatile | 39 | 30 | -15 | 47 | -13 | 9 | -12 | — | — | — |
| Net Profit | Improving | 49 | 55 | 28 | 25 | -14 | 22 | 2 | — | — | — |
| Net Margin | Volatile | 5.8% | 9.9% | 6.5% | 4.8% | -3.5% | 4.9% | 0.7% | — | — | — |
Key Takeaways
- Quarterly revenue saw a significant uptick of 24.89% year-on-year to ₹557 Cr, driven by scale-up in C&I commissioned capacity.
- Operating margins (OPM) contracted sharply to 48% in Q4 compared to 58% in the same quarter last year, reflecting higher quarterly operating expenses.
- Net profit improved to ₹45 Cr from a loss in previous years, though the bottom line remains under pressure from ₹180 Cr in quarterly interest outgo.
- The balance sheet reflects massive capital intensity, with total borrowings ballooning to ₹12,684 Cr to fund renewable energy asset creation.
- Cash flow from operations remains positive at ₹1,731 Cr (Annual), yet free cash flow is deeply negative at -₹4,003 Cr due to aggressive capex.
- Despite high operational EBITDA, the company delivers a low ROCE of 6%, barely matching its cost of capital.
- Institutional backing is strong with FIIs and DIIs holding significant combined stakes, providing credibility to the aggressive growth strategy.
Management Guidance
Management is focused on maintaining leadership in the 'Open Access' market for commercial and industrial customers, targeting continued capacity additions despite high leverage.
Sentiment Shift
Stable
While operational scale is increasing rapidly, the financial risk remains elevated due to a high debt-to-equity ratio and thin net margins.
Outlook
The outlook remains positive for revenue growth as India increases renewable adoption, but profitability will be sensitive to interest rate cycles and the ability to refinance large debt maturities.
From the Annual Report (Key Quotes)
“The business model is highly capital-intensive, evidenced by a massive jump in borrowings.”
“Transparency in MD&A regarding the capitalization of interest and the surge in payables is necessary.”
“The financial strategy is extremely aggressive, pushing the company into a high-leverage trap.”
Official Quarterly Documents
This summary is AI-generated from Clean Max Enviro Energy Solutions Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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