CLEANMAX: H1 growth and 0.6 GW commissioning support a 13.2 GW portfolio and ₹3,000 crore FY28 EBITDA target

What happened

H1 FY27 revenue rose 67% and adjusted EBITDA rose 56% year over year, with 0.6 GW of capacity commissioned and a 13.2 GW total portfolio. FY28 guidance targets at least ₹3,000 crore reported EBITDA, subject to commissioning and ramp-up.

Confirmed

Global impact / market context

EBITDA, which means profit before interest, taxes, depreciation and amortisation, is a rough gauge of operating cash profit. Hitting ₹3,000 crore depends on new capacity actually running, so delays would lower cash available to service debt and fund further building.

Analyst inference

The company is a renewable power producer whose revenue grows as commissioned plants sell electricity. Its main costs are building plants and servicing borrowed money, so faster commissioning lifts revenue and profit per sale, while slow ramp-up leaves fixed costs spread over less output.

Analyst inference

What to watch

1. Watch whether the 0.6 GW commissioned in H1 FY27 ramps up to full generation, since FY28 guidance is explicitly subject to commissioning and ramp-up. Confirmed
2. Track progress toward the 13.2 GW portfolio and any newly commissioned plants, because each addition must start selling power to support revenue growth. Proposed
3. Monitor reported EBITDA against the ₹3,000 crore FY28 target, since falling short would signal weaker operating cash profit and pressure funding for capital spending. Analyst inference

Evidence

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