Clean Max Enviro Energy Solutions secures credit rating upgrade to AA-/Stable

Yash Agarwal — Wed, 20 May 2026 09:36:32 +0000

Clean Max Enviro Energy Solutions, a leading player in India’s renewable energy sector, has received a significant credit rating upgrade from CARE Ratings Limited. The company’s rating has been elevated from ‘CARE A+/Positive’ to ‘CARE AA-/Stable’, highlighting its robust performance and financial stability.

The upgrade pertains to CleanMax’s long-term bank facilities and non-convertible debentures, reflecting the company’s strengthened financial profile and consistent operational performance. The improved rating underscores CleanMax’s healthy liquidity position, strong debt servicing capability, and established market presence in the rapidly growing renewable energy sector in India.

For the fiscal year 2026, CleanMax reported its highest-ever consolidated EBITDA of approximately ₹1,295 crore, marking a 28% year-on-year growth. Additionally, the company’s consolidated profit after tax (PAT) increased to 4.4 times the previous year, reaching around ₹85.6 crore. CleanMax also expanded its contracted renewable energy portfolio to 5.7 GW, with an operational capacity of approximately 3.1 GW.

Nikunj Ghodawat, Chief Financial Officer of CleanMax, commented on the upgrade, stating, “This upgrade marks an important milestone in our growth journey and reflects the strength of our business fundamentals, financial discipline, and growing role in advancing clean energy adoption for corporates. This will hopefully further strengthen our leverage profile and eventually also reflect on the cost of financing.”

The rating upgrade coincides with CleanMax’s ongoing focus on expanding its portfolio across various Indian states, utilising resilient business models like Renewable Energy Sales and Renewable Energy Services. The company maintains a balanced capital structure as demand for renewable energy solutions continues to accelerate across industries.

CleanMax is recognised as India’s largest pureplay Commercial & Industrial (C&I) renewable energy company, operating for over 15 years. Founded in 2011 by Kuldeep Jain, a former McKinsey Partner and IIM-A alumnus, CleanMax aims to be a net-zero partner to corporates. The company primarily sells power from wind and solar projects to corporate customers through bilateral energy supply agreements and provides renewable energy attributes under Environment Attribute Purchase Agreements. The Data & AI segment has been a major growth engine for CleanMax, contributing approximately 42% to its contracted renewable energy power sales portfolio.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Nikunj Ghodawat | Business Upturn

Clean Max Enviro Energy Solutions secures credit rating upgrade to AA-/Stable