• Contracted capacity grew 300% in 2 years from 1.75 GW (March 2024) to 5.7 GW (March 2026), with 3 GW operational and 2.7 GW under execution
• Commissioned 1.3 GW of new capacity in first 11 months of FY26 (85% solar, 15% wind), representing 76% growth over prior year base
• Data center and AI segment now represents 42% of contracted capacity (2.4 GW), growing 10x from March 2024 to March 2026
• Completed strategic partnership with Osaka Gas - formed 51/49 JV (GORE) with INR 176 crore equity investment from Osaka Gas for 49% stake
• Commissioned India's first 500 MW CTU-connected plant in Rajasthan supplying renewable energy to technology customers
• Maintained high credit quality with 83% of contracted megawatts with AA/AAA/multinational clients, 14% with A-rated clients
• Achieved consistent project execution within budget at 96.5% of Board-approved CapEx in 9M FY26
• Customer retention remains strong with 75% of new volume growth from existing client base across 580+ clients

CleanMax delivered exceptional growth with 33% EBITDA growth in 9M FY26, operational capacity reaching 3 GW (76% YoY growth), and contracted capacity expanding 3x to 5.7 GW over two years. The company demonstrated strong execution with 1.3 GW commissioned in 11 months, improved margins (83% in RE Power Sales), reduced cost of debt to 8.7%, and guided for 1.5+ GW additions in FY27. Data center/AI segment now represents 42% of contracted capacity with 10x growth in under 2 years.

Revenue grew 29% YoY to INR 1,355.4 crore for 9M FY26. EBITDA increased 33% to INR 944.8 crore with 40% growth in Q3 FY26 versus Q3 FY25. Reported PAT surged from INR 2 crore (9M FY25) to INR 40 crore (9M FY26). RE Power Sales segment (93-95% of EBITDA) showed revenue growth of 26% with EBITDA margins improving from 81% to 83%, while gross margins remained stable at 92-93%. RE Services segment delivered 40% revenue growth with EBITDA margins expanding from 15% to 22%. Run rate EBITDA as of March 2026 reached INR 1,390 crore, adding INR 650 crore (57% growth) in 11 months. Weighted average interest rates declined from 9.2% at start of fiscal to 8.7% by December 2025. Net debt stood at INR 8,408 crore as of December 2025 with debt-to-adjusted EBITDA at 4.8x and DSCR for stabilized assets at 1.4x. Operating leverage drove SG&A efficiency with EBITDA margins expanding from 75% (FY23) to 83% (Dec 2025).

Management exhibited high confidence emphasizing their position as India's C&I segment leader with strong execution capabilities demonstrated through consistent capacity additions. They highlighted diversification across states (reducing Karnataka and Gujarat concentration from 68% to 54%), technology mix (70% solar, 30% wind), and customer segments. Leadership emphasized unit economics superiority compared to utility-scale peers due to direct-to-customer model enabling higher tariffs (INR 3.6-3.8 per unit versus industry average) while maintaining capital efficiency. They stressed operating leverage benefits with SG&A improving as scale increases, projecting EBITDA margins could reach 85-86% in 2-3 years from current 83%. Management provided detailed transparency on environmental attribute purchase agreements (EAPA) mechanics for data center clients and demonstrated proactive risk analysis regarding regulatory changes, estimating maximum 1.5% EBITDA impact even if all proposed regulatory changes occur. The tone was measured but optimistic, with clear guidance and willingness to provide detailed disclosure.

Key challenges include transmission and evacuation constraints, with the 525 MW CTU-connected plant in Rajasthan experiencing grid connectivity delays until estimated October-December 2026 due to transmission bottlenecks. Another 450 MW wind + 110 MW solar CTU project in Karnataka faces similar delays with December 2026 connectivity estimate. Regulatory risks include potential elimination of cross-subsidy charges, changes to banking rules limiting daytime solar use at night, and differential pricing for peak versus off-peak power - though management estimates combined impact at only 1.5% of EBITDA. Competition remains intense in the C&I segment with utility-scale players potentially moving into this space given attractive economics. Land acquisition presents ongoing challenges with 80% secured for FY27 capacity but requiring continuous deals given average 4-acre farm holdings supporting only 1.5 MW. The business requires significant capital with INR 17,390 crore net debt for under-construction assets as of December 2025. Market risks include potential tariff compression post-June 2026 as ALMM (Approved List of Models and Manufacturers) requirements increase module costs by 7-10%, though management indicates continued customer traction at higher pricing.

Revenue Outlook: Not explicitly provided, but 1.5+ GW capacity additions in FY27 implies significant revenue growth continuation

Margin Outlook: EBITDA margins expected to improve to 85-86% in 2-3 years from current 83% due to operating leverage

Key Targets:

• Commission 1.5+ GW of RE power sales capacity in FY27
• Grade approximately 400 MW+ in Osaka Gas JV over 3 years
• Maintain debt-to-EBITDA around 5.5x on run rate basis
• Continue reducing weighted average interest rates from current 8.7%

The Q&A session revealed analyst focus on three main areas: (1) Growth sustainability and execution capability given transmission challenges, (2) Business model mechanics particularly around EAPA contracts for data centers, and (3) Financial metrics and capital structure given high growth. Analysts were particularly interested in understanding how CleanMax achieves superior unit economics versus utility-scale peers, with management crediting the direct-to-customer retail model enabling 30% tariff premiums. Multiple questions probed transmission and evacuation risks, with management providing specific project-level updates and emphasizing diversification as risk mitigation. The regulatory risk discussion was thorough, with management proactively quantifying maximum impact scenarios. Analysts appreciated the detailed disclosure in the shareholder letter and presentation, particularly the run-rate EBITDA and debt breakdowns. Questions on land acquisition, customer credit quality, and competitive dynamics revealed no major concerns. Management tone was confident but measured, declining to provide FY28 guidance while emphasizing equity sufficiency for 3+ years of high growth. The data center/AI opportunity generated significant interest with management explaining both direct supply (1/3 of volume) and EAPA structures (2/3 of volume) in detail. Overall, management successfully addressed concerns around execution risks while highlighting multiple growth drivers and improving unit economics through scale.