Credit Rating- New

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C/1, G Block Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 Maharashtra, India Maharashtra, India Scrip Code: 544717/977267 Symbol: CLEANMAX ISIN: INE647U01026/INE647U08039 Sub: Intimation of Credit Rating Ref: Disclosure under Regulation 30 and 51(2) read Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 and 51(2) read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that Crisil Ratings Limited has assigned credit rating to the following instrument/borrowings of the Company: Instrument Amount Rating Date of Rating Verification Date of (in Crores) Credit Action Status of verification Rating Credit Rating Agencies Non- 2,500.00 CRISIL AA/ Stable 07 Assigned Verified 7 Convertible September September Debentures 2026 2026 (NCDs) Corporate - CRISIL AA/ Stable 07 Assigned Verified 7 Credit September September Rating 2026 2026 The rating rationale issued by Crisil Ratings Limited is enclosed herewith. The same will also be made available on the Company's website www.cleanmax.com. This is for your information, record, and appropriate dissemination. Thank you. Yours faithfully, For Clean Max Enviro Energy Solutions Limited (Formerly known as Clean Max Enviro Energy Solution Private Limited) Ullash Parida Company Secretary and Compliance Officer ICSI Membership No.: F8689 Date: 07 September 2026 Place: Mumbai 9/7/26, 9:50 PM Rating Rationale Rating Rationale September 07, 2026 | Mumbai Clean Max Enviro Energy Solutions Limited 'Crisil AA/Stable' assigned to corporate credit ratings and non-convertible debentures Rating Action Regulator of Name Of Instrument Rating Outstanding with Outlook instrument Corporate Credit Rating Crisil AA/Stable (Assigned) - Rs.2500 Crore Non Convertible Crisil AA/Stable (Assigned) SEBI Debentures The common independent director on Crisil Ratings Limited and Clean Max Enviro Energy Solutions Limited boards did not participate in the rating process or in the meeting of the rating committee, when the rating for securities of Clean Max Enviro Energy Solutions Limited was discussed. This rating was also not discussed in the meeting of Crisil Ratings’ Board of Directors. Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has assigned its ‘Crisil AA/Stable’ rating to the corporate credit rating and non convertible debentures of Clean Max Enviro Energy Solutions Limited (CMES). The rating reflects the strong market position of CMES as a leading renewable player catering to commercial and industrial (C&I) customers, characterised by sizeable and well-diversified portfolio of assets, healthy counterparty risk profile and adequate operating performance of assets. Steady cash flow visibility, along with controlled leverage, results in comfortable financial risk profile. CMES had 3.5 gigawatt (GW) operational renewable energy power sales capacity across solar, wind and hybrid projects as of June 30, 2026. This capacity is split across 1,300+ power purchase agreements (PPAs) and ~600 customers in 7 states in India and ~1,600 onsite locations across 4 countries, reflecting the strong diversity of the portfolio. The capacities are fully tied up under long-term PPAs. The weighted average PPA tenure of ~23 years and adequate tariff provides long-term revenue visibility. The PPAs are with large Indian companies, multi-national corporates and other companies with healthy credit profile, resulting in healthy counterparty risk profile. Consequently, receivables remain comfortable at 22–25 days for the renewable power sales segment over the past few fiscals. The operational capacity has reported adequate performance with plant load factors (PLFs) in line with P90 levels over the past couple of years. CMES has a large under-construction portfolio, which includes 2.5 GW of contracted but yet to be commissioned capacity. For the contracted capacity, the planned commissioning over the next 18–24 months exposes the company to execution risks. However, availability of land, evacuation approvals and PPAs mitigate the risks. The company has demonstrated track record of commissioning capacities of 300–500 megawatt (MW) per quarter over the past 4–6 quarters with ~500 MW commissioned during first quarter of fiscal 2027. The company also has a pipeline of additional capacity, however, as a policy it does not start construction before getting evacuation approvals and major expenses are only incurred post PPAs limiting the implementation risks. The financial risk profile of the company is comfortable, as reflected in adequate leverage with the ratio of consolidated net debt to earnings before interest, tax, depreciation and amortisation (Ebitda) expected at 5.5–5.7 times in fiscal 2027 (considering gross debt net of free cash and equivalents as of March 31, 2026, and expected Ebitda for fiscal 2027), and consolidated average debt service coverage ratio (ADSCR) of around 1.35 times for the operational portfolio. The company is expected to maintain comfortable leverage, despite its growth plans. It generates steady operating cash flow which is expected to grow with capacity addition of 1.5–2.0 GW per annum. CMES has comfortable financial position to fund growth. It had healthy free cash and equivalents of Rs 1,202 crore as on March 31, 2026. Liquidity is further supported by debt service reserve account (DSRA) equivalent to 3–6 months of debt obligation maintained as per the sanctioned terms, and access to working capital and construction finance lines which https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/CleanMaxEnviroEnergySolutionsLimited_September 07_ 2026_RR_40512… 1/12 9/7/26, 9:50 PM Rating Rationale remain unutilised. Additionally, the company plans to raise Rs 2,500 crore through non-convertible debentures, and will use ~Rs 1,100 crore of the proceeds for refinancing debt at certain identified special purpose vehicles (SPVs). The remaining ~Rs 1,400 crore, along with other liquidity, will be sufficient to fund promoter contribution of capacities being built over the next 15–18 months. CMES is expected to pursue a prudent growth strategy that balances capacity expansion with financial discipline. The company has financial flexibility to raise equity post initial public offering (IPO) and mobilise funds at the SPV level through strategic joint ventures. Going forward, maintaining comfortable leverage at current levels remains a key monitorable. These strengths are partially offset by susceptibility to risks inherent in renewable energy generation. Further, given the concentration towards C&I customers, CMES is exposed to regulatory risk, such as risks related to changes in open access rules, cross subsidy and other surcharges, or modifications to the eligibility and operating framework for group captive arrangements, as well as risks due to tariff revisions during PPA renewals, which can impact the operations unfavorably. Analytical Approach Crisil Ratings has combined the business and financial risk profiles of CMES and all its subsidiaries and SPVs. This is because all the entities, collectively referred to as CMES, have significant business, financial and managerial linkages; are in the same business; and have common management and treasury. Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical tr [Showing first 8,000 characters — download PDF for full document]