Clean Max Enviro Energy Solutions Limited Earnings Summary — Q4 FY2026

• 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 is focused on maintaining leadership in the 'Open Access' market for commercial and industrial customers, targeting continued capacity additions despite high leverage.

Stable

While operational scale is increasing rapidly, the financial risk remains elevated due to a high debt-to-equity ratio and thin net margins.

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.