Clean Max Enviro Energy Solutions Limited (CLEANMAX) Q1 2027 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the CleanMax Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Kuldeep Jain, Founder and Managing Director. Thank you, and over to you, sir.

Kuldeep Jain:

Hi everyone. Good afternoon. This is Kuldeep, and joined by my CFO, Nikunj, as well. Thank you so much for your time today. And we are ready to begin at our end, of course. We had, I think, about 150+ people who had registered. We'll just maybe give another minute or so to ensure that people can join. Ryan, will you let us know how many people we have right now?

Moderator:

Right now, we have crossed the 100 mark, 100 participants mark.

Kuldeep Jain:

Okay, we'll just give it another one minute, guys, and then we will begin. I think we have more than enough quorum. We'll begin in a minute's time. Thank you for your patience -- So maybe we will begin now. Thank you everyone. Ryan, just give us a count. How many people have joined? All right. So, the way we'll do it is we do have a PowerPoint, but I'll take about a few minutes up front to walk you through some of my comments for results of the last quarter and overall. We also have already put out on Friday evening after our board meeting which approved the results, both the financial results as well as this investor presentation and a shareholder letter is already up on our website since last Friday night. And I will touch upon a few of my comments, which are more from the shareholder's letter, and thereafter walk you through some of the PowerPoint pages. So, a few minutes without the aid of PowerPoint, but just my key messages. So, first message about the quarter's performance is we had terrific growth in our profit after tax, which was at INR55 crores, which was really driven by three things. First is doubling of our revenues. Second is we improved our EBITDA margins in both of the segments of our business, which is in renewable energy power sales, our EBITDA margins went up from 76% to 84%, and in renewable energy services, they increased from 9% to 11%. So, we had improved EBITDA margins in both business segments. We also had lower interest costs due to efforts of Nikunj and team. Our weighted average rate of interest was 9.4% in, say, April 2025, so last year, which has fallen about 100 basis points to 8.4% is where we stand as of June 2026. So as a result of these three factors: doubling of revenues, improved EBITDA margins in both business segments, and lower interest costs, you know, we had substantial growth in PAT. So that's first message. Second is if you look at indicators of future continued growth, we added substantial new capacity of about 500 megawatt in the first quarter of this year. This gives me a lot of confidence that we will be able to meet or exceed our guidance of 1.5 gigawatt of minimum new capacity addition

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CleanMax Enviro Energy Solutions Limited August 03, 2026 during this year. We have many more details about why we believe we are confident about meeting 1.5 gigawatt in the shareholder's letter, specifically in the Q&A section, you know, on question number 3, which you can refer to. The third thing is, we are therefore quite comfortable providing a new guidance, which a lot of you have previously asked us that, okay, we understand how you're growing and your results, but we want to have a view on FY28, what is the likely EBITDA you're going to get to? So, we are comfortable providing that new guidance, that we will have a minimum EBITDA of INR3,000 crores in FY28, which is nearly 2.4x the EBITDA in FY26. So, 2.4x in 2 years, from about INR1,290 crores in FY26 to a minimum of INR3,000 crores in FY28 on the back of this 1,500 megawatt of opex capacity that we plan to add in the current financial year. Now talking about clients and our business. So, we have two big business segments. One is Data and AI, second is general industrial corporates. So if you look at the first segment, which is Data and AI, this continues to be a big business segment for us. We had 42% of our capacity in Data and AI in terms of our contracted capacity, 42% is Data and AI, and we have about 10x growth in the last 2 years. So between March 2024 to March 2026, we've grown about 10x in the Data and AI segment. So, you know, that's the relevance of that segment to us. We are proud that in this fiscal alone, we have announced deals with many global hyperscalers in calendar 2026, such as Meta, Apple, Google, and Amazon. We estimate that we have about 35% market share of such hyperscalers business in India, right? In addition, we are also energy partners, clean energy partners to various data center companies such as NTT, STT, L&T Data, Equinix, Iron Mountain, and several others, right? And therefore, we do expect on a lookforward basis, we do expect substantial growth to continue coming from the Data and AI part of the business segment. The reason is really down to a simple equation, that when a data center or a hyperscaler says that, we will have 1 gigawatt of new capacity that comes up, you know, that 1 gigawatt is what is called IT load. It translates to roughly 1.4 or 1.5 gigawatt of round-the-clock, which is 100% PLF power load, which really means about 6 gigawatt, right, like 3 gigawatt of wind plus 3 gigawatt of solar kind of combination, it means 6 gigawatt of power generation capacity to meet this requirement, right, which is, in other words, a INR40,000 crores capital investment. So if you work the equation all the way through, every 1 gigawatt of data center IT load translates to 6 gigawatt of new RE capacity plus a few gigawatt of storage, which equates to a INR40,000 crores investment, and there's many, many more gigawatts of data center capacity to come in India over the next 5-7 years. And therefore, we expect this segment to be a continued growth driver. Our other segment is industrial customers, right, non-Data and AI, but just general, you know, Make in India, but with cheaper, greener power, right? We have seen a lot of growth in that segment as well. We have doubled our contracted volumes in the last 2 years, which means that we are growing at about 46% even in that segment. And this growth is driven by a combination of two things. First is a low penetration starting point. The last available data was at only 7% of

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CleanMax Enviro Energy Solutions Limited August 03, 2026 industrial power in India was consumed through such bilateral green sources, which in other words implies that 93% is available for penetration. So there is a huge penetration potential. The second reason is that the customer value proposition is terrific. Customers save upwards of 25% on their energy cost and also lower their carbon footprint. So, there's low penetration with a high consumer proposition, and therefore, the last 2 years we have seen over 46% annual CAGR in terms of new capacity signed up, and we do think that some of that will continue. And therefore, we do have a substantial pipeline, which is contracted capacity, which is under construction, of which has remained stable at 2.5 gigawatt or more. So at any point, we have enough locked and loaded to build for the next 18 months of growth, right? And the good news is that the new volumes we have, have a similar quality standard and profitability standard as the prior volumes. Let me explain. There are three metrics that we track closely: First is, how much of our customers are rated AA, AAA or multinational subsidiaries in India, and we are glad to report that honestly for the last decade or so, that number has been well above 80% and continues to be. Second, the tariff of the 2.5 gigawatt, which is contracted, yet to be built, without storage, without value to storage, is about INR4 per unit of power. So the tariff prospects are as good, the new volumes are as profitable from a tariff perspective as existing volumes. And 80% of the new volumes are with existing clients. So that's those three dimensions of quality that we track in new customers, which is what is the share of high credit rating AA, AAA multinational clients, that remains as always. Second is tariff is not declining, so profitability is intact. And third is that, the share of repeat, so we continue having customer love, and nearly 80% of new volumes we contracted in the last quarter were repeat business. So that's about clients. We've also lowered our borrowing costs on project finance from 9.4%, as I mentioned in April 2025, to about 8.4% in June 2026. And we are looking to tap the domestic credit market, so the bond markets, for the first ever corporate bond issuance by us. And this is enabled by the fact that recently our credit rating also got upgraded to a AA minus threshold, and the AA barrier is important if you are to do a domestic corporate bond, and that's the market we are tapping into. And a lot of other questions also frequently come up. We've tried to provide very detailed answers in our FAQ, so in our shareholder's letter, which has a very detailed FAQ section, so please do refer to that. And with that, I'm done with my opening comments, and I will try to walk us through this PowerPoint right now. What I will also do, though, is to the extent there is a repetition from my opening comments, I will take the liberty to skip the slide. So highlights for Q1. As we said, we've now got about 6 gigawatt of contracted capacity overall, and 3.5 gigawatt of operational RE power sales segment, and in this quarter, we've commissioned about 400 gigawatt in the RE power sales segment and 100 megawatt in the RE services segment, so overall 500 megawatt. So we've had a lot of commissioning in the last one quarter. We are also delighted that our EBITDA has increased about 74% to about INR494 crores for this quarter. We went about some of these other dimensions. And from a quality perspective, we

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CleanMax Enviro Energy Solutions Limited August 03, 2026 continue to do very well with Data and AI clients, and most of our volumes come from repeat business with existing customers. Often we talk about and give data about which states we are operating in. I don't think there's too much of relevance here. We continue to have strong positions in each of the markets where we already had that, with an increasing diversifying trend across various states. Right, and the total contracted capacity is about 6 gigawatt as of 30th June. Of that 6 gigawatt, 3.5 gigawatt is already operational, and another 2,500 megawatt, therefore, is contracted and currently being executed. In our RE services segment, we have about 682 megawatt, which is operational, because we commissioned 127 megawatt in this quarter, and 147 megawatt is contracted and under execution. And therefore, the total portfolio total of built and under construction is about 6.8 gigawatt for us. There is, in our KPI section, you'll see that another 6 gigawatt or so, where we have transmission capacity as well as we have applied for new transmission, so we are very optimistic about the growth, and therefore, we are continuously replenishing the transmission and evacuation capacities available to us. So a few highlights on our financial results. As I mentioned, our revenues have more than doubled, and in each of the segments, there is high growth in revenues. There is also an uptick in our EBITDA margins in both our segments, which is really down to operating leverage more than anything else. So, RE power sales first quarter of last fiscal, our EBITDA margin was 76%, which has increased to about 84% in the first quarter of this fiscal. Secondly, second business segment is RE services, which was 8.7% EBITDA margin in Q1 of last year, which is 11.2% in Q1 of this year. So both our business segments have improved their EBITDA margins. And as a result, our PAT has been positive INR55 crores for the first quarter of this year. Right? And I'll flip over this chart quickly because we went through this in the last fiscal. Our run rate EBITDA has increased. Run rate EBITDA means EBITDA from all operational assets as on that day for the next 12 months. So at the end of last fiscal, it was INR1,870 crores or so. We'll take you through some of these key unit economics. I'll focus on 1 or 2 numbers only here, which is if you look at our tariff, on the bottom right hand side, the operational portfolio tariff is about INR3.93 per unit of power. This is for the existing capacity of 3.5 gigawatt, and what is under execution, so, you know, 2.5 gigawatt is contracted under execution, that is at a tariff level of INR4. So I mentioned that earlier, so we now see in renewables the tariff levels stabilizing to rising. And we have given some illustrative operating assumptions. But based on what we are putting up and all of these assumptions, we are now comfortable providing a sort of threshold EBITDA guidance for next fiscal, which is FY28, which is that we believe. The first number is 4.6 gigawatt will be the minimum opex sales capacity on 1st April 2027, which was 3,100 megawatt at the start of the year plus about 1,500 megawatt of new capacity we're adding this year, so 4,600 megawatt of opex capacity minimum by 1st April 2027.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 This should give us, and therefore we are comfortable issuing a guidance to the street, that we will have a minimum reported EBITDA in FY28 of about INR3,000 crore. This is a substantial, which is nearly 2.3 times growth in 2 years between FY26 and FY28, so we are comfortable issuing that as a guidance, and that came from a feedback from a lot of you all, which is that we don't want to just look at how we're building and how we're doing the current year, but we'd like some estimate for next year as well. So that's the guidance we are providing. A few business updates. So one is, as we talked about, Data and AI continues to be a strong component of our business. It's maintained its position at about 42% of our aggregate contracted capacity and has grown nearly 10 times between start of fiscal 2024 to about now. So in 2 years, it's grown about 10 times. But even the conventional C&I, which is really largely industrial industrial plants, Make in India, if you will, so that has also enjoyed about a 2.2x growth in volumes overall and is growing at therefore about 46% per annum. And we have a number of key customers in the Data and AI business as well as in industrial plants, but we are quite disaggregated. So we had given a guidance and stick to it, that we will add over 1.5 gigawatt in the current fiscal in terms of opex capacity, and we've added in opex capacity 400 megawatt in the first quarter of the year, and we have plenty of unbuild capacity. And why we feel very confident about this? This is answered in much more detail in question 3 in the shareholder's letter as well. And we continue to have, we've always enjoyed somewhere between 75% and 80% of our new contracts signed are with existing clients. In the last quarter, that number was quite similar, so, the new contracted capacity is with existing customers. Right? And we continue to have low receivable days. We continue to maintain above 80% share of volumes with clients who are rated AA, AAA or multinational, so that continues to be a big part of our business. And the PPA tenure remains very long. We have on average 23 years PPA tenure. We have a great tariff locked in for the next 2.5 gigawatt, it's about INR4 or so, which is in today's times a fantastic tariff. We continue growing our customer base. So today we have nearly 600 unique C&I customers, and are in about 10 states, 7 states we are already evacuating power, 3 more states are contracted and under execution. So that footprint is also vital because customers need the RE capacity to be in the same state as their power consumption, and therefore that footprint also matters. Let's talk about project and execution performance. And before I head into that, I do think it's very critical area of our business because today we do feel that we are constrained not by demand as much as by how much we can actually put up, right? So, we are in an almost happy situation to be supply-constrained, not demand-constrained. And therefore, firstly, I'm very proud that we have improved the pace of build. So, if you came and met us almost a year ago and looked at a trailing 12 months as of June '26, how much capacity have we added, the answer was 450 megawatts in the 12 months prior to 30th June '26. This reflects our execution capacity how much you add in a quarter may go up or down, but always looking at trailing 12 months of capacity addition is a useful metric.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 And 450 megawatts of capacity addition have increased to about 1,740 megawatts in the trailing 12 months, which included one CTU project, but even the STU and rooftop part of the capacity addition grew from 450 megawatt to 1,200, and we've now started building CTU capacities as well, maybe like one CTU site a year, so about 500 megawatt a year. So, the pace at which we are executing has grown to a trailing 12 months run rate of about 1,743 megawatts. So that gives you a sense of the capabilities of the organization have improved to be able to grow at this pace. The second aspect of execution in our mind is on time and within budget, which is very critical in a projects business, and it's important to look at this operating discipline over a long period of time, and we are quite happy that over the last 3, 3.5 years, including the last quarter, we have always come in within budget. So, whenever we contract something with a client, the Board approves a project and there's an approved capital expenditure on basis of which we have underwritten the project. In each of the last 3 fiscals, as well as in the most recent quarter, we have installed projects below budgeted cost. So that's a positive for us. Our grid uptime has generally been quite good. So STUs is most of our capacity, is about 87% of our EBITDA is STU plus rooftop. So, in STU, grid uptime has remained very high at above 99% kind of levels, and you'd always assume 1% sort of downtime somewhere in the grid. Yes, like many other players, CTU is also is a problem area for us. We have a project commissioning in Bikaner at the end of last fiscal, start of this fiscal, where we have about 70% curtailment, and expect that curtailment to actually continue throughout the duration of the current financial year. But the saving grace for us is that CTU capacities only represent about 13% of our start of year run rate EBITDA, and therefore, the impact is only on that 13% or so. So, someone earlier today asked a question, "Yes, our EBITDA would have been higher by maybe 8% or 9% if we did not have this curtailment," but that's the extent of the impact. And we continue to do well in our power generation, because you can put up assets, but are they generating as per your expectation and as per prior exhibited performance. We always on PLF basis, you have to look at trailing 12 months, because of seasonality, any one quarter is not a good metric of PLF. So, we look at trailing 12 months, so in wind, we have marginally improved our PLF, in solar and hybrid, we are almost similar. So, I would say in all types of technologies we use, our PLFs have remained industry-leading and at a high level. I'll request Nikunj to now walk us through the financial results section of our presentation. Thank you. Nikunj Ghodawat:

Thank you, Kuldeep, and good afternoon, everyone. So, we are on Slide number 16, those who have not joined on webcast and using the phone lines. It's financial results snapshot for the first quarter FY27. I'll focus on the key, double clicking on the numbers, which perhaps we've not touched upon thus far. So, revenue from operation grown 107% to INR832 crores, but if we double click on it, the RE power sales segment has grown 47% to INR528 crores compared to INR358 crores last quarter.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 And the RE Services segment has reported a revenue of INR300 crores this quarter compared to INR41 crores, which is a six fold increase because we executed more projects and booked revenue under this segment. The EBITDA given the mix of the two segments has grown 74% on a cash EBITDA basis, and on a reported basis, it's a 68% increase to INR462 crores compared to INR274 crores. And of course, the PAT reflect this operating and financial leverage we touched upon. The, some of the other important balance sheet numbers for the quarter are the gross block, which is at INR14,138 crores now, and the net debt number is INR11,809 crores compared to the INR9,684 crores last quarter, which is 31st March 2026. And similarly, the equity base also has increased to INR5,831 crores. We have some more slides covering the build-up of the EBITDA and net debt, which is the next slide, which is Page number 17. And this is an important two numbers which we look at, that what is the breakup of EBITDA? It's INR494 crores is the adjusted reported EBITDA. But in our business, there are projects which are operational, as the start of the year, has already been fully stabilized and been operating. So that represent close to INR334 crores of EBITDA come from that out of INR494. 7% EBITDA comes from the RE services business, and the remaining, which is INR125 crores of the EBITDA in the quarter is primarily from the project which is commissioned in the last 12 months, and in the process of fully stabilization. Some of them have fully, some are still maybe stabilizing. So, this is the breakup we give so that we can look at the corresponding debt against it, and try and better appreciate the cash flow versus the debt position. So out of the total INR11,800 crores net debt, approximately 44% of the debt is against the project which has been operational at the 12 months prior to the start of the year, which is INR5,154 crores. And very interestingly, 38% of the total debt, which is INR4,483 crores, is against the under-construction asset. It means that assets are yet to generate the cash flows, the debt is being utilized for the projects which are currently under construction, which reflects the velocity of the new construction and what is more coming in as a future pipeline of the projects. Page number 18, which is further covers the breakup of the RE Power sales segment and the operating leverage within this business. So, the gross margin primarily remains in the range of 93% to 92%, so it's more of a flat line, but we see the EBITDA margin continue to expand, primarily because of the reason that SG&A to total income continue to decrease, purely on account of the operating leverage with the increase in the capacity in the base. So, the 84% is the -- approximately 84% is the EBITDA margin for RE Power sales business for this quarter, which was for last financial year was around 82%, so we've already, sorry 83%, it's already moved to 84%. A couple of years back, it was 75%. So, you're already seeing that expansion and the base hopefully it should further continue to expand.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Now this is the last slide for this presentation and maybe we will open for Q&A. A couple of -three points to highlight here, one is that our credit rating now is AA, which was a A+ for the last quarter same period. So that certainly is a very, very good outcome for us post listing, and that Kuldeep already touched upon that this also opens up a DCM opportunity for us, so we'll be coming up with a first domestic bond for CleanMax hopefully soon. And 23-year weighted average PPA against the 18 to 19-year loan profile also reflects that there is a very strong asset liability sort of coverage. And the combination of two now reflects on cost of financing, which is 8.4% for the 30th June 2026 compared to a 9% and above for the last financial year 1st April 2025. So, this we believe is a very good outcome on the financing side for the business, and now we can we will try to build upon on that momentum as we progress further in the year. And with this, maybe I'll stop the management commentary and open the floor for Q&A. So, thank you everyone. Moderator:

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. We take the first question from the line of Apoorva Bahadur from IIFL Capital. Please go ahead.

Apoorva Bahadur:

Hi, sir. Thank you for the opportunity and for a very detailed presentation. I think it's elucidating. I want to know your thoughts on this deferral of ALMM 2. We are one of the beneficiaries, I think. So how are we planning to sort of take advantage of this gap which the Government has created?

Kuldeep Jain:

Thank you, Apoorva. The Government has basically said that for all projects which can commission before 31st March, you can continue using domestic modules made with Chinese or imported cells. That's essentially the benefit. And those are available cheaper. The price difference is about INR60 lakhs per megawatt between Indian-made cells and imported cells. So, the benefit is about INR60 lakhs per megawatt. So obviously, the projects which we were planning to build between now and 31st December, or even something which was maybe internally slated for Jan and Feb, we are examining and working on pulling it forward, making sure we can build it by 31st December to take advantage of that. It's tough to give a precise number on how many megawatts that would be, but, Apoorva, if we are doing 1,500 megawatts overall, you can think about or estimate on a per quarter what's the amount of solar modules, so there is undoubtedly some benefit. And in some sites where we have existing clients, PPAs are signed, they were close to making a decision, we are seeing some acceleration of decision-making at their end as well. Everyone wants to take advantage of this and capture a little lower tariff, but that is only in a few, I would say brownfield STU sites, such as in Maharashtra and Karnataka, where we have that ability to build that quickly. That even if someone contracted today, we could actually commission it by 31st December. So, there is some benefit. It will definitely accrue to the contracted under execution at the rate of INR60 lakhs a megawatt cheaper cost, and there may be also some incremental sales, particularly

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CleanMax Enviro Energy Solutions Limited August 03, 2026 where we have brownfield sites, example in Maharashtra and Karnataka, where it can be executed quickly. Thank you, Apoorva. Apoorva Bahadur:

And, thank you, thank you so much, sir. And also, on the pricing for these modules, are you seeing any drop in the prices or softening of prices because of this delay or how are we positioned over there?

Kuldeep Jain:

We've not yet contracted. I was in a meeting last week where I was updated that we are under process of negotiation, so it's too early to comment, honestly. It's not yet contracted by us, but fundamentally between Indian-made cells and imported cells, there is, on average, at least a INR60 lakh per megawatt peak difference.

Apoorva Bahadur:

Okay, okay. Understood, sir. Sir, just on touching on your comment on this 1.5-gigawatt capacity addition target in FY27, I see, I read your shareholder's letter where you've mentioned that 543 of this 1.5 gigawatt will be contributed by the CTU project at Koppal, where two bays have been allocated and they commission by October '26 and March '27. Can you break down the capacity link to each of these BESS?

Kuldeep Jain:

Maybe I don't have the number straight off the bat, Apoorva but we can provide it to you maybe post this call. But it is useful to have two BESS because what happens is you have some fungibility across BESS also. That's also a factor in CTU. So, I was just saying for everyone else's benefit that we have put up the shareholder letter that Apoorva is referring to on the screen as well. I don't know if you can increase the font a little bit and people can refer to that in their free time as well. Sorry, Apoorva, why don't you finish asking your question.

Apoorva Bahadur:

Sure. I was just wondering about this commissioning timeline for the second bay by March '27. Is it a little too close for comfort for our target or have you factored that in in your 1.5 gigawatt target itself, the probability of meeting this is quite high, even if there's slight slippage in the second bay commissioning?

Kuldeep Jain:

Yes, what we do know is even in the first bay there is spare capacity and so on, so we've been given an assurance that look, if you manage to commission right now, the BESS are empty enough that there is enough evacuation capacity and there's fungibility across the two BESS.

Apoorva Bahadur:

Okay. So even if the second one gets slightly delayed, we'll still meet our target. Understood, sir. I also go through I mean, I was going through your results and I think there was one quite interesting observation over there that there has been a reclassification or an amendment to the debenture trust deed which has reclassified existing listed debentures from unsecured to secured and lifted the security cover from 0.7x to 1x. Why would existing debenture holders need more security?

Nikunj Ghodawat:

Apoorva, I can take that. So, you remember that there was certain corporate debenture issued, part of that is repaid using the IPO proceeds, part still remains. The way our debenture trust deed was written that the security cover would remain from 0.7x to 1.25x. It was a range. So either we have to keep it 0.7x minimum or we take it to 1.25x.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Given that now we’re listed, we're planning another corporate bond, we said that it would be 1x, we are not keeping a range, otherwise post repayment we would have taken it to 1.25x. So, it appears like they are increasing, we are not increasing, we are just making sure it's consistent. It's consistent to the upcoming bond where we would offer maybe similar 1x security. Apoorva Bahadur:

Okay, understood. Very clear. Thank you so much. I'll get back in the queue.

Nikunj Ghodawat:

No problem.

Kuldeep Jain:

No worries.

Moderator:

Thank you. We take the next question from the line of Atul Tiwari from JP Morgan. Please go ahead.

Atul Tiwari:

Yes, sir, thanks a lot. Sir, just two questions. So, obviously, over past one or two quarters, we have been seeing pretty sharp pickup in the battery installations and many listed players are also getting very aggressively into this game, ordering 10, 15, 20 gigawatt hours of batteries. So, the question is how is it playing for your business and are your new PPAs also incorporating some kind of batteries? And if not, then how are you thinking about this opportunity? So, that is the first question.

Kuldeep Jain:

Thank you, Atul. So, for benefit of all, it's covered in question number five of our FAQ section of the shareholder letter, which Raval is just putting up, right? So, to answer that, Atul, yes, we agree this is a huge potential growth opportunity for CleanMax and is a natural evolution, just like in our corporate journey, we started with rooftop solar, we added then offsite solar, then we added wind, we've added carbon solutions, we are now adding BESS, right? So, it's a natural evolution and something which we are quite excited about. Now, what are all the things we are doing? First, this is in the where we stand today, we have greenlit our first BESS investment already, right, which is our STU project in Rajasthan and have also signed MOUs with three clients in the past one month alone, because for us, just go up. So, yes, I was here. So, we have also signed MOUs with three clients in the past one month alone, right, because for us, we cannot just put up a blind BESS investment, we have to sign up with a customer to pay for that BESS investment, right? So, that's what we are doing and we've done MOUs with three and we do see strong tailwinds here, right and we'll talk more about this. Next page. So, what are the opportunities which we see over the next three years? Sorry, I'm not finished, Atul. We are seeing with C&I customers, right? So, I'm not talking about where the discom has a tender, as you all know, we do not participate in discom tenders. In the C&I market, we are seeing three kinds of opportunities. One is in solar-only states where like Uttarakhand or Haryana, where wind resource is not available, BESS allows us to pair daytime solar generation with storage to improve the energy offset customers can get, right? So that is one type of market we are tackling.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Second is, in some markets, the grid has now started creating more of a price differential between daytime and evening peak power. Maharashtra is a good example. They have made daytime energy cheaper as a discom and said we will charge much more of a premium in evening peak and that's, therefore, customers are saying, "Hey, can you store some power and give it to us in the evening?" And third aspect is we are already seeing a few customer tenders out for BESS-as-a-Service, because some very large customers who have contracted with multiple people may need BESSas-a-Service. So, these are the three kinds of segments or opportunities that we are targeting, right? And it is very valuable because if you do solar plus add BESS, it helps increase the offset of power that you can offer a customer, so it essentially enlarges the addressable market for CleanMax. Therefore, we are very serious about it. We've solved the technical issues, we have vendor choices done, we've contracts done, we've started dealing with clients and are building our first few projects under that. So, all of this is in Q&A number five of the shareholder's letter. Atul Tiwari:

Great, sir. Thanks. Very, very detailed. My second and the last question is on the new PPA pipeline. So, obviously, over past two years, we have seen very sharp growth in your total portfolio through now 6,000 megawatt, 40%, 45% growth. So, to maintain the same kind of growth, how does the pipeline look over next one to two years, both from your traditional C&I segment and data centers and AI?

Kuldeep Jain:

So, we are seeing tremendous growth, Atul. So, pipeline basically means all the hundreds of conversations we are engaged in to sell more energy. So that's pipeline for us. It's not contracted, right? It's the hundreds of conversations we are engaged in to sell more energy and there are two, three drivers why this pipeline growth is terrific. First, I'll take both our customer segments separately. First is, if you look at Data and AI as a customer segment, every 1 gigawatt of data center needs about 1.5 gigawatt of round-the-clock power, which means about 6 gigawatt of renewable energy, right? And today, we at CleanMax enjoy 35% share of the hyperscaler business in India. Our view on Data and AI is that the market is going to expand at such an incredibly furious pace that there is space for many more players to come in and for everyone to win, right? Because if the volumes are expanding so much, there's a potential for everyone to win but certainly in this, we feel confident that existing, proven suppliers like us, who have contracts with all the data centers as well as with all the hyperscalers will get a more than fair chance to get our size of pie. And if the data center market increases by, say, 5 gigawatt over the next five years or the numbers I've heard from all you analysts are 5 to 10 gigawatt in the next five years then that means about a 30 to 60 gigawatt, 30,000 megawatt to 60,000 megawatt of new renewables needed to supply 75% of that data center capacity. So, therefore, we feel very excited about that portion of the market and it reflects in the conversations we are having with clients. The second part of the market is Make in India, but with cheaper, greener power. And there we feel excited about two things. First, the customer proposition is great and the penetration is very

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CleanMax Enviro Energy Solutions Limited August 03, 2026 low. So, customer proposition, why should a corporate adopt green power, is because they save 25% on their power bill and improve their ESG score, lower their carbon footprint and so on. So good money is being made for good work, right? So, the customer proposition is great and the market is very, very large. So, this is there in our other investor presentations as well. It's an INR3 lakh crores EBITDA market, RE generation -just C&I market on RE generation valued at, say, even like INR3.6 per unit of power at a generation bus bar is worth INR3 lakh crores of EBITDA pool current. And this EBITDA pool is growing, but the penetration of this pool is very low, only about 7% to 8% of these customers are today buying green directly, so the penetration potential is very high and therefore the opportunity is big. And the way we are tackling it is, of course, doubling down in the biggest markets where we are quite strong, such as Gujarat, Maharashtra, Karnataka and Tamil Nadu, these are the biggest industrial markets in India and they are doubling down on that, but also we are entering new states where we were today not present. So, for instance, we have new transmission capacities in states like Uttarakhand or Andhra Pradesh and Rajasthan, which we are now constructing in. So, both low penetration nationwide, so that's huge opportunity, of course, there's opportunity to do a lot more in the biggest markets of India where we are the market leaders and there's potential to enter new states. So, therefore, both in Data and AI, as well as in Make in India segment, so Data and AI is 42% of our volumes, Make in India is 58% in both those segments, we see huge potential for growth for the reasons I explained. Atul Tiwari:

Great, sir. Thanks a lot.

Moderator:

Thank you. We take the next question from the line of Abhishek Puri from Axis Capital. Please go ahead.

Abhishek Puri:

Hello, sir. I had a few questions on your curtailment issue. Because in your shareholder letter you have mentioned that curtailment of 70% in June, but can you quantify it for the whole quarter one and can you just put an EBITDA number or a number of units lost due to curtailment?

Kuldeep Jain:

Yes, so the way to look at it is our run rate EBITDA at the end of last fiscal as declared by us previously also was INR1,870 crores. Out of this, the other number we've declared is our CTU project where the curtailment problem is there accounts for about 13% of this run rate EBITDA, right? And in that, we are currently facing a curtailment of about 70%. So, if you assume the curtailment continues for the whole year, you are saying INR1,870 crores into roughly 13% is your EBITDA from the project, which is about INR240 crores and if you take a 70% curtailment that's about INR170 crores on a full year basis.

Abhishek Puri:

Right, got it. And the other thing I wanted to understand is if you can give your PLFs and generation on a quarterly basis. PLF you mentioned TTM, which does not give the understanding about how your assets performed in a given quarter.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Kuldeep Jain:

I think in the KPI we did refer to that, right? So even in our KPI, even when we did our IPO, my friend, in our KPI, we referred to PLF on a trailing 12 months basis, because of seasonality, that's the right way to evaluate rather than within one quarter. And of course, if the PLFs have remained the same or only improved, we've done well in the last quarter as well from a PLF perspective.

Abhishek Puri:

Right, and even in terms of unit sold in one of your slides you give units generated by the onsite capacity, so balance is off-site. In that if you can give solar-wind breakup, at least that would give us a sense of how your assets are performing in the given quarter.

Management:

Okay, let's see when we report our greenhouse gas reporting, which is on page, it has the breakup of unit generation on both, offsite, onsite breakup is given.

Management:

He's saying solar and wind.

Abhishek Puri:

Right. Other thing that I wanted to understand is that in your opening remarks, you mentioned that 38% of your USD118 billion debt is related to CWEP. Now 38 seems to be too high, so just clarifying, are you considering the debt related to the 525 megawatts project which is stuck because of the connectivity issue as save up?

Kuldeep Jain:

No, we are not, because that is already commissioned and comes under commissioned...

Abhishek Puri:

Right, so that is coming in. Yeah, I was just clarifying on that.

Kuldeep Jain:

But you know, we, we do have the happy situation of very high growth, right? And therefore, though all those projects are in very late stages of construction, so certainly all the equipments are already at site and so on, and therefore, the CWEP debt is high because the capacity being built is high, the EBITDA that will be generated from such capacity is high as well.

Abhishek Puri:

Right, got it. Right, and the last question from my end is if you can tell us about the capex that was done in Q1.

Kuldeep Jain:

No, we can't. We can tell you about the capacity that was commissioned, which we have, that we added about 500 megawatts overall, 400 megawatts was in our RE power sales segment, slightly above 100 megawatts was in RE services, you know, we don't have a breakup of fixed assets growth, but we can maybe get back to you offline on that.

Abhishek Puri:

Right, sure, sure. No worries, those were my questions. Thank you.

Kuldeep Jain:

Thank you.

Moderator:

Thank you. We take the next question from the line of Nirmal from Aditya Birla Sun Life AMC. Please go ahead.

Nirmal:

Hello. Thank you for the opportunity. So, my question was on the in case of EAPA or the VPPA contracts where we are essentially acting as merchant power for hyperscalers, so my understanding is that when the merchant prices in solar hours are moving down, how does it impact the way hyperscalers look at this? And is this understanding, correct?

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Kuldeep Jain:

So, two things. Firstly, when hyperscalers sign up to such contracts, all of our contracts give them the right, the customer, the right to either take the power directly to their data centers in India or to use it as a to buy the energy attribute offset, so that right is really with them. And the way they think about it is that as and when their data centers come up in India and the energy load ramps up, typically the intention is you will then consume the power directly, but that option is left to them. Second thing is that under an EAPA or a VPPA contract, the net tariff to us is identical irrespective of what is happening in the merchant market. So whether, for instance, the solar power is being sold in the merchant market at INR1 or INR3 makes no difference to us because we are to get the assured revenue on a per unit basis, which is typically like INR3.7 or thereabouts, I forget the precise number, but we are to get the assured revenue per on a per unit basis, which is what we continue to get, and therefore, it makes no real difference to us. So, you know, I think they are still quite gung-ho about such contracts because most importantly all of them I think have large data center in India plans, so they're not looking at India as just a market from which to do EAPA or VPPA contracts, they're looking at it as a big data center market and therefore they may have India is also a good place to source RE power from because you could use it to offset India and non-India, offset requirements till such time as your data centers ramp up. That's how they are looking at it.

Nirmal:

Okay, sir. Thank you. My second question is, historically, hyperscalers have chosen us as preferred partner. As you mentioned, we have 35% market share. So, I just wanted to understand what are we doing differently here?

Kuldeep Jain:

So we are glad that we have over the last many, many years, you know, strong relationship with each of the hyperscalers with many deals done over multiple years, and therefore, credibility as a vendor built through that, which translates into as of today, we have about estimated 35% market share of the hyperscalers business in in India. And some of these, what all we have done with each client is listed on listed on the left-hand side of this page. And it is I don't think hyperscalers necessarily have preferred vendors or they only work with X or Y. The way we look at it or what we have learned in our dealings with them is that their volume requirements are so incredibly large that they will need multiple vendors to supply to them, and therefore, even as they have announced data center contracts with multiple players, you've all been privy to recent announcements, they have simultaneously contracted clean energy requirements with players like us. You know, so we feel very confident about our relationships and our work, and we do think that this market share of hyperscalers deals is currently very, very high at 35% plus. I think that will come down, but as a share may come down, but if the volumes just explode, that's fine. It's a quite a few gigawatts for us in this segment in itself. Thank you.

Nirmal:

Okay. Okay, sir. So just my last question on competitive intensity. So, you know, many big players like Adani and Reliance and also NTPC have expressed their desire to come into the

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CleanMax Enviro Energy Solutions Limited August 03, 2026 C&I space. How are you looking at this, of course, you mentioned that it's a very large EBITDA pool, but how are you looking at it going ahead? Kuldeep Jain:

See, the good news, we've been exclusively focused on the C&I market for the last 15 years, and therefore created huge advantages such as 600 customers, these customers also often require to put 26% equity, so we have nearly 100 SPVs with client equity in them, and 80% of our new volumes every year is repeat business through these clients. Second is execution difficulties in C&I because you do need capacity in every state where people have a requirement, you can't just put up one big plant whether in Kutch or some desert or so on and supply everywhere in India to the C&I segment, and the average PPA size is only about 13 megawatts in this market. So, all of those are the challenges, and our advantage is a strong base of clients, high share of repeat from those clients, that's how we power our growth, and presence across 10 states to supply to those customers. Obviously, as the market grows, as people realize that this is a higher profitability, high growth segment of the market, they are announcing their plans to compete here, but we have been the proven market leaders for the last 15 years, and therefore we feel very confident about getting our share of the pie. That said, it's it has always been and will remain a fragmented market, so we may be number 1, but as per some recently released statistics, our market share is about 14%. So, it's not a winner-takes-all market. You know, it used to be 12%, I think it's increased to about 14% now, but it's not a winner-takes-all market. If our share is 14%, it means everyone else is splitting 85% between them. Right, so there's ample scope for everyone to play.

Nirmal:

Thank you so much, sir.

Moderator:

Thank you.

Kuldeep Jain:

Next question, please.

Questioner:

Hello, sir. Can I ask a question?

Kuldeep Jain:

Yeah, why don't you go ahead?

Questioner:

Okay, sir. So, I have main two questions. One is with respect to renewable energy services. So, if my understanding is right, you correct me if I'm wrong, under this division, we build, it's more or less like a EPC business wherein we build renewable energy power plant for our client, and then once the plant is commissioned, we transfer the plant to the client, right?

Kuldeep Jain:

Yeah, so what's the question?

Questioner:

So, I just wanted to understand the business model and whether this is a order book driven business or a long-term contract business?

Kuldeep Jain:

So, what we do is that the customer, it is the nature of the revenue is EPC and O&M and usage of our transmission line. And the way it works is this is only done for corporate customers, so it's still for C&I customers, but some customers may make an internal decision to deploy their

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CleanMax Enviro Energy Solutions Limited August 03, 2026 own capital expenditure, you know, to own their own facility. And our clients who have publicly talked about this include Sun Pharma, Himalaya Drugs & Chemicals, Honda Motorcycles, and many others. So, they may make an internal boardroom decision to invest their own capex. We will do the EPC, O&M, we will build the plant for them within our farm, so it's always on their books, and our source of revenue here are two types: one is upfront margins of EPC on building it, and the second is sustained annuity business from doing O&M and allowing them use of our common transmission infrastructure in our solar and wind farms. So, we have a mix of both one-time as well as recurring revenues in this business segment. It is an order book driven business, and currently, the order book in terms of capacity that we have is 147 megawatts, which Raval is pointing out to in in this contracted yet to be executed. Questioner:

And so what's the order execution cycle for this business?

Kuldeep Jain:

It's the order to execution is definitely within 12 months. Yeah. Maybe even shorter, but definitely within 12 months.

Questioner:

Understood, sir. And, sir, earlier with respect to the guidance, you the management mentioned that INR3,000 crores EBITDA for FY28. This is from renewable power sale only, right? Or is it including the renewable energy service as well?

Kuldeep Jain:

Yeah, we give a corporate-level EBITDA guidance, which obviously includes both.

Questioner:

Understood, sir. And, sir, what's the last question from my side, what's the peak debt can we expect by FY28?

Kuldeep Jain:

Yeah, so we've, if you look at this page 10, we have put it up right now. We have provided that the steady-state net debt corresponding to this INR3,000 crores EBITDA will be INR16,000 crores. You know, so we may have more debt than if we have debt for under-construction assets, but we are saying like-to-like, when you have INR3,000 crores of EBITDA from those assets, the debt will be about INR16,000 crores for assets corresponding there.

Questioner:

Understood, sir. Thank you. Thank you so much.

Moderator:

Thank you. We take the next question from the line of Puneet Gulati from HSBC. Please go ahead. Puneet, please accept the request and unmute from your end. Since there is no response, we'll move on to the next question, which is from the line of Ishan from Antique Stock Broking. Please go ahead.

Ishan:

Hi, sir. Thank you for taking my question. I just wanted to know if you could tell some color on BESS, wherein like what would be the tariffs, jump in tariffs using the BESS, and like to offset the 70%-75% cost energy for the customer, how many hours of BESS are we talking about? And what would be the capex?

Kuldeep Jain:

So, typically yes. So, you know, right now, it does not form a substantial part of our capex program really for this year, therefore, firstly, from a materiality perspective, it is not material,

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CleanMax Enviro Energy Solutions Limited August 03, 2026 right? And it would be about 2 hours of storage is what the numbers correspond to. So, that's what we are willing to talk about right now. Ishan:

And how much will be the jump in tariff using this?

Kuldeep Jain:

Typically, we have seen that we need about INR3 or so for just a INR3 or more for just the service of porting the electricity from daytime to evening. There may be more for generating the electricity in the daytime, but the just the BESS-as-a-Service would be closer to INR3.5 or more is our expectations.

Ishan:

Got it, sir. And secondly, I see that under-construction book from last quarter to this quarter, the tariff has gone up from INR3.85 to INR4. Just wanted to understand what is the reason for it? And secondly, with the extension in ALCM, the benefit will be passed on to the customers or will it be like our reduced capex and thus our increased returns?

Kuldeep Jain:

So, I don't think the ALCM reduction or the ALCM benefit is a humongous one, it'll really apply to the volumes we are anyway building over the next 3 months to 4 months. Those are contracted quantities, and therefore there is no sort of tariff renegotiation there, the capex risk or benefit is to our account. So, that's on the next 4 months of this ALCM issuance. And yes, the tariff is up now to about INR4 per unit of power, and, you know, for those already operating, it's about INR3.93. So, those are the facts.

Ishan:

Got it. Thank you.

Moderator:

Thank you. We take the next question from the line of Puneet Gulati from HSBC. Please go ahead.

Puneet Gulati:

Yes. Thank you so much for the opportunity. My first question is, you had in 31st of March, you provided that the data of run rate EBITDA at INR1,870 crores. Do you have a similar number as of 30th of June based on the capacity?

Kuldeep Jain:

No. Puneet, the way we are looking at it is we have historically experienced that the run rate EBITDA at the close of a fiscal will typically be the EBITDA for the next year, right? And/or, you know, 1x to 1.1x EBITDA of the run rate EBITDA is actually reported EBITDA for the next year, but of course, there could be many issues which affect it one way or the other. And therefore, you know, we don't really publish a number every quarter of the run rate EBITDA because that gives a wrong indication to the markets, because assets also take some time to stabilize fully. So, you know, the way we'd urge you to think about it is what was the run rate EBITDA at last end of last year, and therefore what is the likely EBITDA for this year. That's how to look at it, and I think run rate EBITDA numbers are better looked at on end of fiscal basis.

Puneet Gulati:

Understood. Secondly, your Data Center contracts, are you still experiencing more 12 megawatts to 15-megawatt size contracts or have the size of contracts started increasing now?

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Kuldeep Jain:

We are, I think, overall seeing that, you know, so firstly for our STU business, right, which is not with hyperscalers, these are Make in India customers or is with data centers located in the likes of Mumbai, Chennai, Bangalore, there the average per PPA is still about 13 megawatt or so, on an average basis. Now, of course, our largest contracts there also would be about 150 megawatt. You remembered a recent public announcement we signed with GSES, something to that effect, as well as I think even with the Data Center clients, the average size of contract is obviously above 13 megawatts. 13 megawatt is for the average for all the deals signed. For just Data Centers or for some of the largest deals, it's obviously higher, even in the STU segment. Now, we have CTU segment, which is more for the hyperscalers, because their requirements are also at a different scale. In that segment, the average deal size is I think maybe about 200 megawatt per deal, right, would be the average. I don't have a firm number, but maybe 200-250 megawatt or thereabout. So, that market for hyperscalers is, of course, very large.

Puneet Gulati:

And that's currently at VPPA level, right? Not the actual supply?

Kuldeep Jain:

That's currently at VPPA level, but all of them have the option, and put I would hazard a guess, even the intention, of taking direct supplies of those energy contracts into their data centers as and when those data centers begin operating, because the hyperscalers today, while they're building and have announced plans and so on, they are not actually power-consuming data centers owned by them yet.

Puneet Gulati:

Understood. And lastly, you know, you won about plus 300 megawatt contracts in this quarter as well. Is it possible to get some sense of what sort of tariffs you would have experienced given that some of them will also have a BESS component, especially in Rajasthan?

Kuldeep Jain:

So, overall two things: we're not giving quarter-by-quarter tariff numbers, but for 2,500 megawatts contracted yet to be built, which is the number as of 30th June, 2,500 megawatts contracted yet to be built, is about INR4 per unit of power, and out of these 2,500 megawatts, only about 150 megawatt or so is in the state of Rajasthan, so it's obviously not significant to this. It's about 6%-7% of that total component, and of that 6%-7%, some 5%-7% must be BESS, so, you know, it's not a significant number at all, and I don't I think the way to look at that INR4 tariff for 2,500 megawatt is this is what we are getting now without BESS, right, that's practically how to look at it.

Kuldeep Jain:

And as I mentioned earlier, our internal estimates suggest that we need INR3 to INR4 per unit of power for BESS as a service, which is just the act of porting the electricity from daytime to evening.

Puneet Gulati:

Okay. INR3 to INR4 per unit, okay. Yes. Last year, just on the…

Kuldeep Jain:

Which is excluding cost of generation.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Puneet Gulati:

Okay. Excluding cost of generation. Okay. Got it.

Kuldeep Jain:

Yes. Okay.

Puneet Gulati:

And lastly on the EBITDA side, there is a INR31 crores of unallocated EBITDA, if you can just shed some light on that as well?

Nikunj Ghodawat:

So, this is how we accounting part is done, the fully EBITDA because there are certain expenses in the EBITDA, the revenue is easy to allocate between two segments, but there are certain expenses given our business, it's not very easy to just allocate based on the megawatt basis, so that remains unallocated, it's more of an accounting...

Kuldeep Jain:

So, the way to think about it, guys, is done allocation of revenue and cost to two different business segments is done as per accounting standards, and in consultation with our auditors, which is KPMG, and therefore, as per those accounting standards, there would have been some unallocated cost or EBITDA, which is sort of therefore identified that way.

Puneet Gulati:

Okay. And just one more from my side, any update on Bikaner, when do you expect, you know, the transmission line to fully get built and curtailment to completely go away, anything you've heard from PGCIL side?

Kuldeep Jain:

We don't know, honestly, and this number keeps changing, and therefore, we think we should all be prudent and assume that there is heavy curtailment for the rest of the financial year. Obviously, we fully respect and admire the speed and effort that the Power Grid and the government is making to rectify the issue. They are fully charged with it, and there's a lot of interaction which happens between all members of the renewable energy industry and the government, but it's difficult to hazard a guess. So, I would say that to be conservative, we should assume it continues for the rest of the fiscal.

Puneet Gulati:

Understood. That's very helpful. Thank you so much and all the best.

Kuldeep Jain:

Thank you, Puneet.

Moderator:

Thank you. We take the next question from the line of Neil Ostwal from PGIM India Asset Management. Please go ahead.

Neil Ostwal:

Yes. Hi, sir. Thanks for the opportunity, and congratulations on a very strong set of numbers. Sir, just one question with respect to Tamil Nadu, are we seeing any delays with respect to C&I project approvals with respect to the new government, just wanted some insight on that?

Kuldeep Jain:

Thanks, Neil. I think for there was 1 or 2 months of just, I would describe it as flux, I would not call it delay, you know, sometimes when political administration changes, there's just 1 or 2 months of flux, people are just waiting for some directions on how things are to move. But my you know, we do a project review every month, the last one was just on this Saturday, and I remember in Tamil Nadu, now the approvals are moving and the issues are getting sorted out, so I don't think there is structural continuing delay. There was maybe 1 or 2 months of flux once the new sort of government took over, but I think it's behind us now.

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CleanMax Enviro Energy Solutions Limited August 03, 2026 Neil Ostwal:

Sure, sir. Thank you so much.

Moderator:

Thank you. We take the next question from the line of Rajesh Vora from Jainmay Venture. Please go ahead.

Rajesh Vora:

Good afternoon, gentlemen. Congrats on strong growth and numbers, and I think the investor disclosures are amongst the best, so well done. I would like to ask what is the competitive advantage your company has vis-à-vis competition in this business, and what is the market share we have?

Kuldeep Jain:

So, Rajesh-Ji, thanks for your compliment, and I think the competitive advantage is around two or three things. First, in this business, any customer is contracting for the long run, and therefore has a fairly high degree of risk because they're contracting for 23 years, and typically on day 1 a customer is putting in equity for a plant which is yet to be built, so the customer wants to be careful that who am I doing this with, and what is the certainty or the de-risking on the project coming up and therefore my savings starting. And therein, the fact that we are already present in seven states, have been the market leaders for the last 15 years, and have a pool of plus 600 customers who contribute typically threefourths or 75% or more of our new volume growth every year is a huge advantage, so that's one aspect of it. Second is whether he's an existing customer or a new customer, needs two or three key things from us: one, a mix of wind and solar power in states where you can have both, because just solar power is not enough, you need wind also to complement and meet evening peak and nighttime loads, whereas solar is more a daytime load, and in most of the major industrial states of India, like Gujarat, Maharashtra, Karnataka, and Tamil Nadu, which are the four biggest C&I markets in this country, there is both wind and solar. So, first, we are able to supply wind and solar in all of those key geographies. Second, because of our scale, we have very large sites in each of those states, and an ability to add brownfield capacity relatively quickly, so that gives customers the confidence that this capacity will come up relatively quickly. So, that's the second sort of advantage that that we do enjoy. So, I think one moat is around 600 customers, 80% of our new volumes from them, and it's a real moat because customer has a risk of investing equity in what is yet to be built. Second is, you know, the fact that we are able to do both wind and solar, and offer power across 10 states, because that's an important requirement of those customers, and therefore, in a market where in group captive, the average size per PPA is about 13 megawatt, that does become a critical success factor and advantage. And a root cause I always say sir is that, you know, what differentiates us from some of the other players, and all the big boys have at different points in time tried very hard to win in this market, but what differentiates us is the fact that sheer focus, this is 100% of our business for the last 15-16 years. Yes, we appreciate that for a lot of big players they feel that this is an attractive segment of the market and we should do something there, and all of you analysts only go and tell them, "Hey, look at their without-storage tariff is INR4, what is your tariff?" So, you know, they feel the

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CleanMax Enviro Energy Solutions Limited August 03, 2026 need to also say we will compete, but we feel very confident about our ability to continue winning. Lastly, I would highlight that this is not a winner-takes-all market, this is a highly fragmented market, even a market leader like us has 14% or so market share. So, you know, we don't need to win every contract, right? We are not in every state, we are not in every client discussion, that's fine. Rajesh Vora:

Very, very useful, very interesting perspective, Kuldeep-Ji. The second question I would like to ask is, what given the enormous opportunity that your business has, what is the current organization, team and infra setup in terms of capability, what level of renewable power installation and can we run successfully on an annual basis, let's say, 2-3 years going forward?

Kuldeep Jain:

Sure, sir. Thank you. I'll answer it in two ways. I'll answer it in two ways, sir. One is, as you've seen over the past 12 months already, we are adding at the pace of about 1,750 megawatt a year. This is what we've demonstrated in the past 12 months, so we've proven that our organizational machinery, whether that's project development, which is land buying, evacuation and so on, or that is engineering, supply chain management, project execution, they can all deal with capacity addition at this pace. So, this is one thing that we've worked very hard over the last 2 or 3 years to increase our organizational capacity. 2 years ago, we were adding 500 megawatt a year, we are now adding more than 1,500 megawatt a year, and we've demonstrated that by doing 1,700 megawatt in the trailing 12 months. So, that's firstly demonstrated organizational capacity. That said, sir, in any in any business which is growing so fast, it would be wrong to say that we have no gap or no teams which do not need improvement, you know, it is just not -- I would say that someone is lying if they said that, and while on an analyst call it would be inappropriate to share specific areas, but I can assure you that in just last Friday's board meeting, we did discuss five-six areas of gaps and what we are doing to address them with the NRC subcommittee of the board, so it is something which we consistently do to ensure that our organizational capacity to keep growing and, you know, expand into the bigger shoes we are getting into, is intact.

Rajesh Vora:

That's very useful. If I can ask the last question, in the last couple of years, or since March '24, AI Data Center segment has grown something like 10x, right?

Kuldeep Jain:

Yes.

Rajesh Vora:

And non-Data Center industrial customer has doubled, right?

Kuldeep Jain:

In the capacity, yes, sir.

Rajesh Vora:

So, mine side, wonderful. So, my next question is can we repeat that in the following 2 years, or is that a potential?

Kuldeep Jain:

Sir, if you look at it this way, the way I would look at it, is we've had a 3x growth in contracted capacity in the past 2 years, so, you know, 1,850 megawatt has gone to 6,000 megawatt, and I

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CleanMax Enviro Energy Solutions Limited August 03, 2026 don't think we should just look at it on a multiple basis, but let's look at it in terms of contracted capacity we've added is about 4,000 megawatt. So, I would think that, yes, could we meet or exceed 4,000 megawatt over the next couple of years? The answer is yes. If you say could we triple from here on in the next 2 years, I would say that we would then have signed contracts which we cannot execute, because that's also the danger in our business, you cannot sign what you cannot build, else there'll be penalties on you, you know? Or you will suffer in your customer relationship. So, you cannot sign what you cannot execute, else you lose your trust with clients. So, I think the law of large numbers means that it can't be 3x from here in 2 years, which would mean that 12,000 megawatt more in 2 years, possible to sign not possible to execute, right? But we certainly think that megawatt-wise, we can do as much or more in the next 2 years to 3 years. Rajesh Vora:

That's really wonderful. Thank you so much, Kuldeep-Ji, and all the very best.

Kuldeep Jain:

Thank you.

Moderator:

Thank you. Ladies and gentlemen, with that, we conclude the question-and-answer session. I now hand the conference over to Mr. Kuldeep Jain for his closing comments.

Kuldeep Jain:

Thank you, all. Really grateful for, you know, more than 100 people to have joined, and thank you for your support and encouragement, and of course to all our investors and analysts, we always say that we are always available for follow-up discussions and meetings, and please do not hesitate to reach out through Raval, who heads our IR function. Thank you, everyone.

Nikunj Ghodawat:

Thank you.

Moderator:

Thank you. On behalf of CleanMax Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. Goodbye.

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