CleanMax turns around to ₹55 Cr consolidated PAT as revenue doubles YoY

CleanMax posted a clean YoY turnaround in Q1 FY27 (consolidated basis, the true group picture): net profit of ₹55.17 Cr against a ₹16.60 Cr loss in Q1 FY26, on revenue of ₹832.16 Cr that more than doubled from ₹402.34 Cr a year ago (+106.8%) and rose 49.3% sequentially. EBITDA scaled to ₹462.86 Cr from ₹275.0 Cr, and the group swung from a pre-tax loss to a ₹94.0 Cr PBT. Note the standalone entity reported a far larger ₹350.20 Cr PAT on ₹2,125 Cr revenue — that reflects intra-group EPC and power sales to its ~230 SPVs and is eliminated on consolidation, so consolidated is the number that represents the business.

The topline doubling is a mix story: RE Services (EPC + carbon) revenue jumped roughly 7x to ₹300 Cr while RE Power Sales grew 47.5% to ₹528 Cr. Because Services carries much thinner margins, blended EBITDA/operating margin compressed to 55.6% from 68.3% a year ago (though it recovered from 48.0% in Q4). Net margin swung to +11.3% (PBT/revenue) from -7.3%. The swing to profit was helped both operationally — scale absorbing the heavy ₹254.71 Cr finance cost and ₹114.63 Cr depreciation of this capital-intensive IPP — and by elevated other income of ₹41.95 Cr (vs ₹8.90 Cr YoY), which includes gains on change of ownership interest tied to the Apple India/Clean Max Taurus 49% dilution; stripping that non-operating boost, the turnaround still holds but is narrower.

The stock went into the print at ₹1,335.6, down 0.5% over the past month of trading.

Against management's own framing there is no formal earnings guidance, but the operating markers track the Q4 concall: Power Sales segment EBITDA margin is running ~87%, already at the 83%→86% long-term target management set; annualised EBITDA (~₹1,850 Cr) is broadly in line with the stated ₹1,870 Cr run-rate; and the record 530 MW commissioned this quarter (403 MW Power Sales incl. ~350 MWp solar + 53 MW wind, 126 MWp Services), lifting the operational portfolio to 4.2 GW from 3.6 GW, keeps the company on pace for its 1,500 MW FY27 capacity-addition target. Street consensus is effectively absent given the March-2026 IPO, so there is no meaningful beat/miss to score. Concurrent board actions reinforce the funding-for-growth posture: a fresh ₹2,500 Cr NCD issue was approved, listed debentures were reclassified to secured (cover 0.7x→1.0x), and four wholly-owned subsidiaries are being amalgamated into the parent (P&L-neutral). The company also prepaid ₹599 Cr of 11.5% NCDs from IPO proceeds in early April.