CleanMax Share Price After Q2 Results: Will the Renewable Power Rally Continue? Expert Views, Targets and Key Risks
- November 4, 2026
- Posted by: Kunal Singla
- Category: Results
CleanMax Q2 FY27: net profit Rs 65 cr (+82%), revenue Rs 728 cr (+37%), adjusted EBITDA Rs 553 cr (+43%). Portfolio 7.1 GW; FY28 EBITDA guidance above Rs 3,000 cr. Price Rs 1,238.30.
Quick Answer
The CleanMax share price traded near Rs 1,238.30 on 4 November 2026 after Q2 results showed net profit up 82% to Rs 65 crore and revenue up 37% to Rs 728 crore. Adjusted EBITDA of Rs 553 crore beat estimates, the portfolio reached 7.1 GW and FY28 EBITDA guidance of over Rs 3,000 crore was reaffirmed.
The CleanMax share price is holding firm after the Q2 results of the commercial and industrial renewable energy company. The Q2 results show net profit up 82%, revenue up 37% and an EBITDA figure that beat analyst estimates for the third quarter in a row. This guide covers the numbers, the guidance, brokerage targets and the risks of a capital-heavy business.
Here is how the CleanMax share price and the business stack up after results. Prices are NSE data as of 12:10 PM IST on 4 November 2026. Financials are consolidated for the quarter ended 30 September 2026, from the company’s release and press reports. Brokerage targets quoted here were set in August and September, before the Q2 numbers, and may be revised. The 42% year-to-date rise in the headline could not be independently verified. This is not a recommendation.
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CleanMax Share Price: Where It Stands Today
| Price data (NSE) | Value |
|---|---|
| Previous close | Rs 1,225.90 |
| Day open | Rs 1,250.40 |
| Day high / low | Rs 1,257.00 / Rs 1,215.20 |
| Last traded price | Rs 1,238.30 (+1.01%) (as of 12:10 PM IST on 4 November 2026) |
| IPO issue price (Feb 2026) | Rs 1,053 |
| Listing price (2 Mar 2026) | Rs 960 (about 8.8% below issue price) |
The CleanMax share price is about 17.6% above its IPO price of Rs 1,053, a turnaround from a weak debut: the stock listed below the issue price on 2 March 2026 and at one stage fell about 31% below it. Market capitalisation is roughly Rs 14,600 crore at the current price.
CleanMax Q2 Results: The Numbers
| Metric | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | Rs 728 crore | Rs 531 crore | +37% |
| Adjusted EBITDA | Rs 553 crore | Rs 386 crore | +43% |
| Reported EBITDA | Rs 548 crore | Not stated | +51% |
| Net profit | Rs 65 crore | Rs 36 crore | +82% |
| Metric | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | Rs 1,560 crore | Rs 933 crore | +67% |
| Reported EBITDA | Rs 1,011 crore | Not stated | +58% |
| Net profit | Rs 120 crore | Rs 19 crore | More than six times |
The CleanMax share price reacts to the Q2 results because they also lifted the first-half profit more than six-fold. Management said adjusted EBITDA beat analyst estimates for the third consecutive quarter. Q1 FY27 revenue was about Rs 832 crore, so Q2 revenue was lower than Q1 in absolute terms, even though growth against last year was strong.
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Portfolio and Guidance
| Operating metric | Detail |
|---|---|
| Operational and contracted portfolio | 7.1 GW (6.3 GW power sales, 0.8 GW services) |
| Operational power sales capacity | 3,638 MW |
| Commissioned in H1 FY27 | 550 MW |
| FY27 capacity guidance | At least 1.5 GW of power sales capacity |
| FY28 EBITDA guidance | Reported EBITDA above Rs 3,000 crore |
The FY28 guidance behind the CleanMax share price was reaffirmed, and the founder said the company is comfortably placed to exceed the 1,500 MW capacity addition target this year. Reaching it needs roughly 950 MW more in the second half, including a 534 MW project in Karnataka due in phases between December 2026 and March 2027. Data and AI customers account for about 42% of contracted capacity, and repeat customers made up about 85% of newly contracted capacity.
Brokerage Targets: Dated Views
| Brokerage | Rating | Target | Implied move from Rs 1,238.30 |
|---|---|---|---|
| Ventura Securities | Buy | Rs 1,940 | About +57% |
| Antique Stock Broking | Buy | Rs 1,711 | About +38% |
| HSBC | Buy | Rs 1,700 | About +37% |
| Nomura | Buy | Rs 1,510 | About +22% |
| IIFL Capital | Buy | Rs 1,400 | About +13% |
These targets for the CleanMax share price were published in August and early September 2026. They are opinions, not guarantees, and the Q2 beat may lead to revisions in either direction. After the Q2 results, the spread from Rs 1,400 to Rs 1,940 shows how differently analysts value the growth.
Key Risks to Watch
| Risk | Why it matters |
|---|---|
| Debt | Net debt was about 4.75 times adjusted EBITDA in June 2026, though project debt cost had eased to 8.4% |
| Cash flow | Operating cash flow was negative in H1 FY27 as the company invests |
| Execution | The 1.5 GW target needs projects to be commissioned on time |
| Financing | New debt, including a proposed NCD plan, must be raised smoothly |
| Valuation | A rally leaves less room for disappointment |
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Conclusion
The CleanMax share price reflects a company that is growing profit faster than revenue and reaffirming a clear FY28 target. The questions are debt, cash flow and on-time commissioning. Investors in the CleanMax share price should weigh the strong Q2 results against these risks and the dated nature of broker targets.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on CleanMax Share Price
Why did the CleanMax share price rise after Q2 results?
Ans. The company reported Q2 FY27 net profit up 82% to Rs 65 crore, revenue up 37% to Rs 728 crore and adjusted EBITDA of Rs 553 crore that beat analyst estimates. It also reaffirmed its FY28 reported EBITDA guidance of above Rs 3,000 crore, which supported the stock.
What were the CleanMax Q2 results?
Ans. Revenue from operations was Rs 728 crore, up 37% from Rs 531 crore. Adjusted EBITDA was Rs 553 crore, up 43%, reported EBITDA Rs 548 crore, up 51%, and net profit Rs 65 crore, up 82% from Rs 36 crore a year earlier.
What is CleanMax's FY28 EBITDA guidance?
Ans. Management has reaffirmed that reported EBITDA will be above Rs 3,000 crore in FY28. This is a company target that depends on commissioning projects on time and operating them efficiently, and it is not a guaranteed outcome.
How big is the CleanMax portfolio?
Ans. The operational and contracted portfolio was 7.1 GW at the end of September 2026, made up of 6.3 GW of renewable power sales and 0.8 GW of services. Operational power sales capacity was 3,638 MW after 550 MW was commissioned in the first half.
What are the brokerage targets for CleanMax?
Ans. Targets set in August and September 2026 range from Rs 1,400 at IIFL Capital to Rs 1,940 at Ventura, with HSBC at Rs 1,700, Antique at Rs 1,711 and Nomura at Rs 1,510. These pre-date the Q2 results and may change.
Is the CleanMax stock up 42% this year?
Ans. The headline says so, but we could not verify the base. CleanMax listed on 2 March 2026, so a year-to-date figure depends on the starting price used. Against the IPO price of Rs 1,053, the stock is up about 17.6%.
What are the main risks for CleanMax?
Ans. The main risks are high debt, negative operating cash flow during the build-out, the need to commission at least 1.5 GW on time, financing costs and a valuation that already reflects strong growth. Policy and tariff changes can also affect returns.
Should I buy CleanMax after the Q2 results?
Ans. This article cannot give a personal recommendation. The Q2 results were strong, but the business is capital-heavy and the stock has already recovered from its lows. Compare valuation with growth, review your risk tolerance and consult a SEBI-registered advisor before deciding.
