CMClean Max Enviro Energy Solutions544717Periodic business update

Shareholders' Letter Q2 FY27: H1 Adjusted EBITDA ₹1,047 crore, PAT ₹120 crore, 13.2 GW platform

H1 FY 2026-27: Adjusted EBITDA up 56% to ₹1,047 crore; PAT ₹120 crore vs ₹19 crore.

By ScoutQuest · Tue 3 Nov 2026, 10:57 PM IST · 3 min read

H1 Adjusted EBITDA

up 56% to ₹1,047 crore

H1 PAT

₹120 crore vs ₹19 crore

Platform Capacity

13,199 MW as of Sep 30, 2026, up 70% from 7,762 MW on Mar 31, 2025

H1 and Q2 performance

• Adjusted EBITDA for H1 grew 56% to ₹1,047 crore, and PAT rose to ₹120 crore from ₹19 crore in H1 FY 2025-26.
• In the second quarter, Adjusted EBITDA grew 43% from ₹386 crore to ₹553 crore, and PAT grew 82% from ₹36 crore to ₹65 crore.
• The company reiterates its guidance of a minimum Reported EBITDA of ₹3,000 crore in FY 2027-28, which it describes as 2.3x its FY 2025-26 Reported EBITDA of ₹1,295 crore.

Platform and capacity

• Total platform — operational capacity, contracted capacity under execution, and capacity with evacuation available or applied for — stood at 13,199 MW as of September 30, 2026, up 70% from 7,762 MW on March 31, 2025.
• Operational capacity in RE Power Sales was 3,638 MW on September 30, 2026, against 1,712 MW on March 31, 2025. Contracted yet to be executed was 2,632 MW.
• Evacuation received was 3,263 MW and evacuation applied 2,836 MW; together about 6.1 GW, described as the leading indicators of what can be contracted in coming years.
• Management says it is on track to exceed 1.5 GW of capacity commissioned during the year, against 1.4 GW in the previous year.

Capital and balance sheet

• On September 28, 2026 the company raised ₹2,500 crore through what it calls India's first green bond issuance in the C&I renewable energy sector, rated CRISIL AA/Stable. The secured, rated, listed non-convertible debentures were issued in five series with maturities of 2 to 10 years at fixed coupons of 8.25% to 8.76%.
• Weighted average cost of debt was 8.33% as of September 30, 2026, and 53.7% of debt was fixed-rate.
• The recent IPO raised nearly ₹1,500 crore of primary equity including the pre-IPO placement.
• Reported Debt (net of liquid assets)/Adjusted EBITDA was 4.6x as of September 30, 2026, against a target of not more than 5.5x, and stood at 4.7x a year earlier.

Contracted book

• Contracted portfolio (operational plus contracted under execution) rose 43% to 7,100 MW from 4,948 MW on March 31, 2025.
• STU-connected and onsite capacity rose 47% to 5,192 MW, roughly 73% of the book; CTU-connected hyperscaler capacity rose 34% to 1,910 MW, roughly 27%.
• The letter says the company is currently sold out on all CTU-connected capacity till September 2028 and is applying for more.
• The RE Power Sales contracted portfolio of 6.3 GW spans 10 states, 606 customers and 1,350+ contracts. PPAs average about 23 years.

Execution this year

• The full-year plan is a minimum of 1,500 MW, split between about 1,000 MW of STU-connected and onsite capacity and 534 MW of CTU-connected (Koppal) capacity planned for H2.
• In H1, 549 MW was delivered, or 55% of the STU and onsite annual target with 50% of the year elapsed.
• The remaining ~450 MW is described as fully contracted, with land available and construction at late stages of completion.

What to take away

The letter focuses on the durability of growth rather than a single quarter, covering demand from conventional commercial and industrial customers and from data and AI, a larger capacity platform, diversified debt and equity funding, and a contracted order book. The figures above are the company's own reported and adjusted numbers as stated in the letter.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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