CLEANMAX2025-10-012025-12-31CLEANMAX2025-12-31CLEANMAX2025-04-012025-12-31CLEANMAX2025-10-012025-12-31in-capmkt:OtherExpenses1MemberCLEANMAX2025-04-012025-12-31in-capmkt:OtherExpenses1MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-04-012025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-04-012025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-04-012025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-04-012025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-04-012025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-04-012025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-12-31in-capmkt:ReportableSegments1MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-12-31in-capmkt:ReportableSegments2MemberCLEANMAX2025-10-012025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-12-31in-capmkt:ReportableSegments3MemberCLEANMAX2025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1CLEANMAX2025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss1CLEANMAX2025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss1CLEANMAX2025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss2CLEANMAX2025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss1CLEANMAX2025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss2iso4217:INRxbrli:pureiso4217:INRxbrli:shares544717CLEANMAXNOTLISTEDINE647U01026CLEAN MAX ENVIRO ENERGY SOLUTIONS LIMITEDMain BoardEquity2025-04-012026-03-312026-03-172026-03-10INRMillionsQuarterlyThird quarterMulti segment2026-03-1717:20:002026-03-1719:11:00Not applicable2025-10-012025-12-31UnauditedConsolidated42245700004382500004662820000946590000219740000029933000018966900001109750000127530000459963000063190000063190000669690000-815150000-14546000002086500000003120000211770000605400000817170000276490000-64720000881890000-6472000010283000012.72.68002.72.683.191.161.77Clean Max Enviro Energy Solutions Limited (formerly known as Clean Max Enviro Energy Solutions Private Limited) (the "Parent Company"), its subsidiaries (the Company and its subsidiaries together referred to as the "Group") and its joint ventures are engaged in developing renewable power projects and in generation and sale of green power. The status of the Parent Company has changed from private limited to public limited. Pursuant to the provisions of Section 18 of the Companies Act, 2013, read with Rule 33 of the Companies (Incorporation) Rules, 2014, as amended from time to time, and vide Shareholders’ approval dated 9th July, 2025, the name of the Parent Company has changed from 'Clean Max Enviro Energy Solutions Private Limited' to 'Clean Max Enviro Energy Solutions Limited' with effect from 7th August, 2025, on which date the Registrar of Companies, Mumbai gave its approval for the said conversion. <BR> Pursuant to the requirements of Regulation 18 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide Board approval dated 15th July, 2025, the Parent Company has constituted Audit Committee to perform such duties and responsibilities as prescribed by the terms approved by the Board of Directors of the Parent Company. <BR> <BR> The above unaudited consolidated financial results which are published in accordance with the Regulation 33 and 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”), for the quarter and nine months period ended 31st December, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 17th March, 2026. The above unaudited consolidated financial results have been subject to “Limited Review” by the statutory auditors of the Parent Company and they have expressed an unmodified conclusion on the unaudited consolidated financial results. The unaudited consolidated financial results of the Group and its joint ventures are in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards ("Ind AS 34") “Interim Financial Reporting” as prescribed under Section 133 of the Companies Act, 2013. <BR> <BR> The segment reporting of the Group and its joint ventures has been prepared in accordance with Ind AS 108 on "Operating Segment" as attached in Annexure II. The Managing Director of the Group and its joint ventures has been identified as Chief Operating Decision Maker (CODM) who allocates the resources based on analysis of various performance indicator of the Group and its joint ventures. <BR> <BR> Pursuant to the Amended and Restated Debenture Trust Deed dated 16th September, 2024, the Parent Company has maintained the requisite asset cover ratio for its listed and unlisted debentures aggregating to Rs. 5,990 million. This asset cover includes a subservient charge over the Parent Company’s cashflows and receivables, an exclusive charge over partnership interests in certain LLPs, pledge of shares of certain project companies, charge over inter-corporate deposits, the debt service reserve account maintained for the debentures, and certain assets of a subsidiary. During the quarter, the Parent Company issued additional listed debentures aggregating to Rs. 4,000 million vide amended Debenture Trust Deed dated 27th October, 2025. This Debenture Trust Deed was subsequently amended on 12th January, 2026 to incorporate the modification of charge on additional and existing security in relation to the debenture agrregating to Rs. 9,990 million and comply with the asset cover requirements of aforesaid Debentures. <BR> <BR> Disclosures in compliance with 52 (4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter and nine months period ended 31st December, 2025 is attached as Annexure I. <BR> <BR> Subsequent to 31st December, 2025, the Parent Company undertook a pre-IPO private placement of 2,819,548 Equity Shares of face value Rs1 each at a price of Rs1,053 per Equity Share (including a premium of Rs1,052 per Equity Share), aggregating to Rs 2,968.98 million. <BR> <BR> Subsequent to 31st December, 2025, the Parent Company has completed its Initial Public Offer (IPO) of 2,92,50,993 equity shares of face value of Rs1 each at an issue price of Rs1,053 per share (including a share premium of 1,052 per share). The issue comprised of a fresh issue of 1,14,25,906 equity shares aggregating to Rs. 12,029.78 million and offer for sale of 1,78,24,371 equity shares by the selling shareholders aggregating to Rs. 18,769.06 million. Pursuant to the IPO, the equity shares of the Parent Company were listed on National Stock Exchange of India Limited (NSE) and BSE limited (BSE) on 02nd March, 2026. <BR> <BR> As at 31st December, 2025, the Group’s current liabilities exceeded its current assets by Rs 8,585.08 million. Subsequent to the end of quarter, the Parent Company has completed its pre-IPO and IPO fund raising [as detailed in Note 7 and Note 8 above], resulting in enhanced liquidity and a strengthened capital structure. Given the nature of its business and based on current overall business plan which includes projected cash flows from operations, and sanctioned but undrawn credit facilities from lenders and the roll forward and refinance options available to optimize working capital limits, the Board of Directors is of the view that the Group has adequate resources to meet its obligations as and when they fall due and does not anticipate any material uncertainty related to going concern. Accordingly, the unaudited consolidated financial results have been prepared on a going concern basis. <BR> <BR> The shareholders of the Parent Company in the extra-ordinary general meeting dated 27th June, 2025, have approved split of each equity share of face value of Rs. 10 each into 10 shares of face value of Re. 1 each (the 'Split'). Further, pursuant to a resolution passed in extra-ordinary general meeting dated 08th August, 2025, the shareholders have approved the issuance of bonus shares to the equity shareholders in the ratio of 1:1 (the 'Bonus'). The effect of Split and Bonus issues has been adjusted retrospectively for all the periods while calculating Earnings Per Share (EPS). <BR> <BR> Figures for the quarter ended 30th September, 2025, quarter and nine months period ended 31st December 2024 were approved by the Board of Directors of the Parent Company in its meeting held on 17th March 2026. The statutory auditors have not audited or carried out any limited review of these aforesaid consolidated results. Figures for the audited consolidated financial results for the year ended 31st March 2025 were audited by the predecessor auditor who had expressed an unmodified opinion via report dated 27th May, 2025. <BR> <BR> Subsequent to 31st December, 2025, the Parent Company has entered into a Share Purchase Agreement dated 16th March, 2026, for the acquisition of 100% equity stake in Kintech Solarbikaner Private Limited for a total purchase consideration of Rs380.63 million for adding 49.5 MW Wind AC and 42.413 MW Solar capacity. <BR> <BR> Pursuant to the agreement dated 07th May, 2025 with Toyota Tsusho India Private Limited, the Parent Company has diluted 49% of its total investments in Clean Max Toyotsu Green Energy Private Limited. During the quarter and nine months period ended 31st December, 2025, the said transaction is completed on 21st November, 2025. <BR> Subsequent and pursuant to the above, the Parent Company has divested its stake in Clean Max Moraine Private Limited and Clean Max Laguna Private Limited to the extent of 74% of its investments to Clean Max Toyotsu Green Energy Private Limited. The said transaction has resulted in change of ownership interest without change in control and accordingly it is recorded in the Unaudited Consolidated Financial Results as per Ind AS 110 on "Consolidated Financial Statements". <BR> <BR> The Board of Directors of the Parent Company in its meeting held on 4th March, 2025 approved the resolution for sale of investments in certain subsidiaries to Clean Max Yamuna Private Limited. During the nine months period ended 31st December 2025, the Parent Company entered into various agreements with Clean Max Yamuna Private Limited for sale of its stake in certain entities. As a result of this transaction, the Group and its joint ventures sold its stake to the extent of 49% to a non-controlling interest shareholder, DJ Renewables Pte. Ltd. who has invested Rs. 1,800 million in Clean Max Yamuna Private Limited. The said transaction has resulted in change of ownership interest without change in control and accordingly it is recorded in the Unaudited Consolidated Financial Results as per Ind AS 110 on "Consolidated Financial Statements". <BR> <BR> On 21st November, 2025, the Ministry of Labour and Employment has enacted the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Labour Code"). The Labour Codes consolidated various existing labour laws and introduced changes, including a harmonised definition of wages, which impacts the computation of employee benefit obligations such as gratuity. Based on the information currently available and the guidance issued by the Institute of Chartered Accountants of India, the Parent Company has evaluated the impact of these changes and recognised an incremental cost of Rs. 29.14 million which is not material to the overall operations of the Group for the quarter and nine months period ended 31st December, 2025. The Parent Company continues to monitor developments relating to the Labour Codes and will assess the impact, if any, on the measurement of employee benefit obligations in future periods. <BR> <BR> During the nine months period ended 31st December,2025, the Parent Company has incurred expenses aggregating to Rs. 364.02 million (net of GST) towards the proposed Initial Public Offering ("IPO"). The expense has been apportioned on a prorata basis towards proposed offer for sale and new issue of shares. <BR> <BR> During the nine months period ended 31st December, 2025 the Parent Company has granted 750 new stock options from Pool 1 and 12,94,110 stock options from Pool 2 to eligible employees and 13,91,900 equity shares were allotted upon the exercise of stock grants under the Employee Stock Grant Scheme. During the nine months ended 31st December, 2025, 23,230 ESOPs from Pool 1 and 3,108 ESOPs from Pool 2 have lapsed. <BR> <BR> The above Unaudited Consolidated Financial Results of the Group and its joint ventures are available on the Parent Company's website (www.cleanmax.com) and that of NSE (www.nseindia.com) and BSE (www.bseindia.com) <BR> <BR> Financial Results of Clean Max Enviro Energy Solutions Limited (Formerly known as Clean Max Enviro Energy Solutions Private Limited) (Rs. In million) <BR> <BR> <BR> Particulars Quarter Ended Nine Month Ended Year Ended <BR> 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 31.03.2025 <BR> Unaudited Unaudited Unaudited Unaudited Unaudited Audited <BR> Total Income* 16,119.19 15,485.57 6,869.89 43,501.31 13,622.95 24,589.22 <BR> Profit before tax for the period/year 3,572.82 3,187.64 1,423.25 8,503.72 2,514.94 3,891.56 <BR> Profit after tax for the period/year 2,702.78 2,390.32 1,043.54 6,428.55 1,844.01 2,981.31 <BR> *Includes Revenue from Operations & Other Income2025-04-012025-12-31UnauditedConsolidated135541000008021700001435627000028954000003038000000905010000605744000028323200008038500001379782000055845000005584500001279210000-1083760000195450000036300000000038810000401810000110236000015041700003871200001469000014894800001469000010283000013.813.75003.813.753.191.061.81High Debt-Equity Ratio is due to increased borrowings relative to equity.Debt Service Coverage Ratio exceeds 100% as the company’s cash flows from operations are sufficient to cover its debt servicing obligationsInterest Coverage Ratio exceeds 100% due to sufficient operating earnings available to service interest obligations.Other Expenses127530000Other Expenses803850000Segment A - Renewable Energy Power Sales3108660000Segment B - Renewable Energy Services1071360000Other unallocable44550000Segment A - Renewable Energy Power Sales10300810000Segment B - Renewable Energy Services3121430000Other unallocable13186000042245700001355410000000422457000013554100000Segment A - Renewable Energy Power Sales1116190000Segment B - Renewable Energy Services183570000Other unallocable-123700000Segment A - Renewable Energy Power Sales3643060000Segment B - Renewable Energy Services371010000Other unallocable-584490000117606000034295800009642900003027770000211770000401810000Segment A - Renewable Energy Power Sales180611380000Segment B - Renewable Energy Services2678770000Other unallocable01832901500009739970000193030120000Segment A - Renewable Energy Power Sales145734050000Segment B - Renewable Energy Services3232620000Other unallocable01489666700008280180000157246850000(a) Re-measurement (losses)/gain of the defined benefit obligation1000010000(a) Re-measurement (losses)/gain of the defined benefit obligation-7870000-78700000-1980000Foreign currency translation gain/(loss)-3080000Effective portion of gains in a cash flow hedge813140000810060000Foreign currency translation gain/(loss)102390000Effective portion of gains in a cash flow hedge134420000014465900002046700003383400006054000001102360000