CleanMax is positioning itself for significant expansion with 1.5 GW capacity additions targeted for FY27 and EBITDA of over ₹3,000 crore by FY28, representing nearly 2.5 times growth from the ₹1,280 crore reported in FY26. According to Founder and Managing Director Kuldeep Jain, the company delivered over 100% year-on-year revenue growth and 70% growth in adjusted EBITDA in Q1, demonstrating strong momentum in the renewable energy sector. In a recent interaction with ETMarkets, Jain emphasized that the company remains confident of meeting its capacity addition target, backed by a sharp improvement in execution capabilities.
Jain expressed confidence in meeting the FY27 capacity addition target, citing the company's 1,700+ megawatts added in the trailing 12 months as of June 30. The company commissioned a record 0.5 gigawatt of capacity in Q1 and has demonstrated consistent execution with 1,400 megawatts added in the previous year. As reported by ETMarkets, CleanMax has significantly improved its execution pace from 400-500 megawatts annually to the current 1,700+ megawatts capacity additions. Jain noted that the company is now able to execute at this pace, representing a marked step-up from previous years, and expects to meet or beat the 1,500 megawatts capacity guidance for this year.
Data centres and AI infrastructure have emerged as major growth drivers, now accounting for 42% of contracted renewable energy power sales capacity. According to Jain, every one-gigawatt data centre requires approximately 6 gigawatts of renewable capacity to meet 75-80% of its power requirements. The company has contracted 2,500 megawatts with data centres and AI over the past two years, with the actual operating data centre capacity in India currently at only 1.5 gigawatts. As reported by ETMarkets, this segment is expected to grow significantly as the next 10 gigawatts of data centres will require 60,000 megawatts of renewables. Jain highlighted that the data and AI boom has doubled in the last two years and feels like the industry is just getting started, with the company well-positioned to serve all upcoming data centre requirements.
CleanMax has achieved a credit rating upgrade to AA from 9.2% to 8.4% debt-to-equity ratio in April 2025, providing better access to capital markets. The company's gross margins range from 92-94% due to minimal production costs, with interest being the primary expense. The board has approved a domestic bond issuance of up to ₹2,500 crore to be completed by the end of September, targeting the domestic credit markets rather than traditional bank loans. As reported by ETMarkets, the credit rating upgrade to AA provides better negotiating power with lenders and access to new sources of capital, with domestic bonds becoming viable at this rating level. This funding diversification strategy aims to reduce dependence on bank financing while accessing new capital sources.
The company sees significant growth potential in the Make in India initiative, where only 7.5% of corporate power demand is currently met through bilateral green sources, with projections to reach 20% penetration by 2030. CleanMax has grown its contracted portfolio threefold in two years and expects continued expansion across manufacturing, electronics, semiconductors, and auto components sectors. Jain emphasized that the company is well-positioned to execute on massive growth in both key customer segments, with the ₹3,000 crore EBITDA target representing 60% year-on-year growth from current levels. The growth is driven by both the cheaper and greener benefits of renewable energy, which helps manufacturers tied to global value chains, and the increasing adoption of green power across high-end manufacturing sectors.
