Shares of ended Wednesday’s session on May 13 with a strong gain of 7% at ₹1,309 apiece, as investors reacted positively to the company’s March quarter performance.
The company delivered robust financial results for both the quarter and the full financial year, driven by continued scale-up in commissioned capacity and renewable energy power sales.
It posted a 25% year-over-year jump in revenues to ₹557 crore in Q4, compared to ₹446 crore posted in the year ago quarter. EBITDA for the quarter stood at ₹350 crore, registering a 14% increase from ₹306 crore reported in the corresponding quarter last year.
On the bottom line, net profit surged 165% year-on-year to ₹45.4 crore, compared to ₹17.2 crore in Q4 FY2025.
The company, which has a 5.7 GW contracted renewable energy power sales portfolio, continues to remain one of the fastest-growing renewable energy platforms in India, supported by strong growth and return metrics.
Demand from the data and AI segment remained a key growth driver, with the segment now contributing nearly 42% of CleanMax’s contracted renewable energy power sales portfolio.
The company stated that the capacity from this high-potential segment has grown by 10x between FY2023-24 and FY2025-26 from 254 MW to 2,380 MW, respectively. During FY2025–26, the company commissioned its first 525 MWp CTU-connected project in Bikaner, Rajasthan, aimed at supplying renewable energy offsets to large technology customers.
The company also said it strengthened its long-term business visibility during FY2025-26, with its customer base increasing to 588 clients.
As per the company’s earnings report, repeat customers accounted for nearly 74% of newly contracted volumes, supported by a weighted average power purchase agreement (PPA) tenure of around 23 years, reinforcing the annuity nature of its cash flows.
For FY2025-26, revenue from operations increased 28% year-on-year to ₹1,913 crore, compared to ₹1,496 crore in FY2024-25, while profit after tax (PAT) jumped 4.4 times to ₹85.6 crore from ₹19.4 crore reported in the previous financial year. In the ongoing fiscal year, the company guided commissioning volumes of more than 1.5 GW.
Shares rebound over 70% in under two months
The company’s shares had a weak stock market debut in late February, listing at a , and continued to remain under pressure in the following weeks, slipping below ₹750 apiece.
However, the stock witnessed a sharp turnaround in momentum from the beginning of April, ending the month with a strong gain of 49%.
The rally further extended into May, with the shares advancing another 15.3%, resulting in a cumulative gain of 71% in less than two months. The sustained uptrend has now pushed the stock to trade 25% above its issue price.
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