CleanMax Enviro Energy Solutions shares experienced a significant rebound on Wednesday, November 4, 2026, following the release of its Q2 FY27 financial results that comfortably surpassed analyst expectations. The commercial and industrial (C&I) renewable energy provider saw its shares rise 3.5% from the day's low to Rs 1,257, pushing its market capitalization close to Rs 33,500 crore.
Following the robust earnings report, brokerage firms have maintained a positive stance on the stock, with projections suggesting an impressive upside potential of up to 40%.
Strong Q2 Performance Drives Growth
CleanMax reported an adjusted EBITDA of Rs 553 crore for Q2 FY27, marking a substantial 43% year-on-year (YoY) increase. The company's Profit After Tax (PAT) saw an even more dramatic rise, climbing 82% YoY to Rs 65 crore. This growth was primarily fueled by strong demand from hyperscalers and conventional C&I customers, who are increasingly seeking tailored, reliable, and cost-effective renewable energy solutions.
For the first half of FY27 (H1 FY27), the company's revenue from operations grew 67% YoY to Rs 1,560 crore. Reported EBITDA increased 58% to Rs 1,011 crore, while PAT surged more than sixfold to Rs 120 crore, compared to Rs 19 crore in H1 FY26. Notably, repeat customers accounted for approximately 85% of the newly contracted capacity during this period, indicating strong client satisfaction and retention.
Expanding Operational Portfolio and Future Outlook
At the end of September, CleanMax's operational and contracted portfolio stood at 7.1 GW, comprising 6.3 GW of contracted renewable power sales capacity and 0.8 GW of renewable energy services capacity. By the end of October, its platform capacity, which includes available grid evacuation capacity and connectivity applications, had successfully crossed 15 GW.
"Our operational portfolio continues to expand. To serve the next wave of C&I renewable energy demand, securing grid connectivity ahead of demand is important as we prepare to support the growing energy requirements of businesses," said Kuldeep Jain, Founder & MD at CleanMax.
Looking ahead, CleanMax has set an ambitious target of achieving a minimum reported EBITDA of Rs 3,000 crore for FY28. The company has consistently exceeded Street estimates for EBITDA for the third consecutive quarter, underscoring its strong operational execution.
Brokerages Remain Bullish
All 11 analysts covering CleanMax Enviro Energy Solutions have maintained 'buy' or 'overweight' ratings, reflecting a strong consensus of positive sentiment. Following the Q2 performance, leading brokerages reiterated their optimistic views:
- Macquarie: Maintained an 'outperform' stance with a target price of Rs 1,700. The brokerage highlighted that CleanMax’s EBITDA exceeded expectations, supported by a favorable mix of higher-margin power sales and lower operating expenses. Macquarie believes the company is on track to achieve its estimated capacity addition of 1.6 GW in FY27 and noted that H1 FY27 EBITDA performance presents an upside risk to its full-year estimates.
- Axis Capital: Retained its 'buy' rating, setting a target price of Rs 1,578.
These positive assessments suggest continued confidence in CleanMax's growth trajectory within the expanding renewable energy sector.