Clean Max Enviro Energy Solutions544717Quarterly results
Board approves non-convertible debenture/bond issue up to INR 3,000 crore; GIFT City WOS
Listed, rated, redeemable, non-convertible debentures/Bonds on private placement basis, up to INR 3,000 crore; proposed listing on WDM segment of BSE and/or NSE 🏦.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,276.54 | 5,306.14 | +37.1% | 8,321.56 | −12.6% |
| Total income | 7,508.83 | 5,581.06 | +34.5% | 8,741.02 | −14.1% |
| Profit before tax | 1,199.79 | 826.34 | +45.2% | 939.96 | +27.6% |
| Profit after tax | 649.49 | 356.01 | +82.4% | 551.74 | +17.7% |
| Total comprehensive income | 806.51 | 593.79 | +35.8% | 849.14 | −5% |
| Basic EPS | 4.01 | 2.49 | +61% | 4.14 | −3.1% |
- Total income
- Latest 7,508.83; Year ago 5,581.06 (+34.5%); Prev qtr 8,741.02 (−14.1%)
- Profit after tax
- Latest 649.49; Year ago 356.01 (+82.4%); Prev qtr 551.74 (+17.7%)
- Period
- 30th September, 2026 (Unaudited)
Also decided at the meeting
- Approved issuance of listed, rated, redeemable NCDs/Bonds on private placement basis of up to INR 30,00,00,00,000 (Rupees Three Thousand Crore).
- Approved incorporation of a wholly owned subsidiary at IFSC, GIFT City, Gujarat for Global Treasury Centre activities; subscription of 21,00,000 equity shares of INR 10 each, INR 2,10,00,000.
- Approved unaudited consolidated financial results (Management Accounts) for the quarter ended 30 September 2025.
Auditor's review
Conclusion: Unmodified
- Figures for the corresponding quarter ended 30 September 2025 were approved by the Parent's Board but not subjected to review.
- Other matter: reliance on other auditors' reviews of four subsidiaries, six step-down subsidiaries and three JVs; conclusion not modified.
- Other matter: eight subsidiaries and one JV included based on unreviewed financial information, stated not material; conclusion not modified.
Debenture/bond issue approved
- The Board approved the issuance of listed, rated, redeemable, non-convertible debentures/Bonds on a private placement basis.
- Size of issue: up to INR 3,000 crore (Indian Rupee Three Thousand Crore Only), or any other amount as may be decided by the relevant committees or authorised officers to whom the Board has delegated such authority.
- Stated objective: to raise medium to long term loan at competitive terms and manage interest rate volatility risk more efficiently.
- The NCDs are proposed to be listed on the Wholesale Debt Market segment of BSE Limited and / or NSE Limited.
- Tenor, allotment date, maturity, coupon and the schedule of payment are to be decided by the Board, its committees or the authorised officers. Interest is payable monthly or quarterly or semi-annually on the outstanding principal amount.
- Redemption is at the face value per debenture on the date of maturity.
What stands behind the borrowing
- Charge over certain project assets of the issuer and certain identified subsidiaries/SPVs (excluding land)
- Non-disposal undertaking and power of attorney for immovable properties of the issuer and identified subsidiaries/SPVs
- Charge over the inter corporate loans/deposits/perpetual debt infused by the issuer in a few identified SPVs
- Pledge over certain shares held by the issuer in certain identified subsidiaries/SPVs
In simple terms, the debentures are secured against a defined pool of project assets, loans and deposits given to group entities, and some shares held in subsidiaries/SPVs.
New GIFT City subsidiary
- The Board approved incorporation of a wholly owned subsidiary at the International Financial Services Centre (IFSC) in Gujarat Finance Tec-City (GIFT City), Gujarat.
- Proposed name: Clean Max Financial Services IFSC Private Limited, or such other name as may be approved by the Central Registration Centre / Ministry of Corporate Affairs.
- Business: Global Treasury Centre activities as permitted under the IFSCA (Finance Company) Regulations, 2021.
- The company will subscribe 21 lakh equity shares at a face value of INR 10 per share, amounting to INR 2.1 crore (Indian Rupee Two Crore Ten Lakh only), for 100% shareholding; the consideration is cash.
- Approvals will be obtained from the Central Registration Centre / Ministry of Corporate Affairs, IFSCA or other relevant authorities, as applicable.
Results and the auditor's conclusion
- The Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the Statutory Auditor's Limited Review Report. Unaudited consolidated financial results (Management Accounts) for the quarter ended 30 September 2025 were also considered.
- B S R & Co. LLP, Chartered Accountants, states that nothing has come to its attention that causes it to believe the statement has not disclosed the information required, or that it contains any material misstatement. Its conclusion is not modified.
- The report records that interim financial information of four subsidiaries and six step-down subsidiaries was not reviewed by it but was reviewed by other auditors; those components reflect total assets (before consolidation adjustments) of Rs 34,308.30 million as at 30 September 2026. It also records that financial information of eight (8) subsidiaries was not reviewed, and that the Group's share of profit in one joint venture rests on unreviewed information, with the conclusion not modified in respect of these matters.
- The auditor's report lists the entities whose results are included in the consolidated statement, spanning subsidiaries, step-down subsidiaries and joint ventures in India and overseas.
Other points
- The Board meeting commenced at 03:30 P.M. and concluded at 07:00 P.M.
Points to note
- Tenor, coupon, allotment date and maturity of the debentures are to be decided under the authority delegated by the Board, so the exact borrowing terms will follow from that decision.
- The security package includes a pledge of certain shares held in identified subsidiaries/SPVs, alongside charges on project assets and on loans/deposits infused into SPVs — an encumbrance on those holdings.
1,199.79 (Rs. in Million)Profit before tax, latest quarter
Profit after tax, latest quarter649.49 (Rs. in Million)
Profit after tax, quarter551.74 (Rs. in Million)
100%Shareholding in WOS
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More numbers
- Size of non-convertible debenture/bond issueINR 30,00,00,00,000
- Equity shares to be subscribed in GIFT City WOS21,00,000
- Face value per share of WOSINR 10
- Subscription amount for WOSINR 2,10,00,000
- Shareholding in WOS100%
- Total assets of components reviewed by other auditorsRs 34,308.30 million
- Subsidiaries whose financial information was not reviewedeight (8)
- Total income, latest quarter7,508.83 (Rs. in Million)
- Total income, year-ago quarter5,581.06 (Rs. in Million)
- Total income, previous quarter8,741.02 (Rs. in Million)
- Total comprehensive income, latest quarter806.51 (Rs. in Million)
- Total comprehensive income, year-ago quarter593.79 (Rs. in Million)
- Total comprehensive income, previous quarter849.14 (Rs. in Million)
- Profit after tax, latest quarter649.49 (Rs. in Million)
- Profit after tax, year-ago quarter356.01 (Rs. in Million)
- Profit after tax, previous quarter551.74 (Rs. in Million)
- Revenue from operations, latest quarter7,276.54 (Rs. in Million)
- Revenue from operations, year-ago quarter5,306.14 (Rs. in Million)
- Revenue from operations, previous quarter8,321.56 (Rs. in Million)
- Profit before tax, latest quarter1,199.79 (Rs. in Million)
- Profit before tax, year-ago quarter826.34 (Rs. in Million)
- Profit before tax, previous quarter939.96 (Rs. in Million)
Source: BSE · 3 Nov 2026
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