General Updates

BSE Limited The National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, Plot no. C/1, G Block Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 Maharashtra, India Maharashtra, India Scrip Code: 544717 Symbol: CLEANMAX Sub: Shareholders’ Letter – Q2 FY 2026-27 Dear Sir/ Madam, We hereby enclose the Shareholders’ Letter for Q2 FY 2026-27. The above information will also be hosted on the website of the company i.e., https://www.cleanmax.com/shareholder-information#analyst-investor-communication We request you to kindly take the same on record. Thank you. Yours faithfully, For Clean Max Enviro Energy Solutions Limited (Formerly known as Clean Max Enviro Energy Solutions Private Limited) Ullash Parida Company Secretary and Compliance Officer Membership No.: FCS 8689 03 November 2026 Mumbai Encl: a/a CleanMax SHAREHOLDERS’ LETTER 3 November 2026 GROWING STRONGER Sustainable growth, built on rising demand, deep pools of capital and the ability to deliver at scale CONVERSATIONS ON READINESS FOR CAPITAL FOR GROWING CORPORATE 13 GW+ EXPANSION DEMAND FOR CLEAN POWER CleanMax Shareholders’ Letter | Q2 & H1 FY 2026-27 Dear Shareholders, Six months into our first full year as a listed company, the question we hear most often from investors is no longer “can CleanMax grow?” It is “can this growth last?” We seek to answer this question in this letter. Firstly, about our H1 results! Adjusted EBITDA grew 56% to ₹1,047 crore, and PAT rose to ₹120 crore from ₹19 crore in H1 FY 2025-26. In the second quarter, Adjusted EBITDA grew 43%, from ₹386 crore to ₹553 crore, and PAT grew 82%, from ₹36 crore to ₹65 crore. We reiterate our guidance of a minimum Reported EBITDA of ₹3,000 crore in FY 2027-28, 2.3x our FY 2025-26 Reported EBITDA of ₹1,295 crore. ₹1,047 Cr ₹120 Cr 13.2 GW ₹2,500 Cr Adjusted EBITDA, H1 PAT, H1 (vs ₹19 Cr) Platform, Sep 30, 2026 First C&I green bond (+56%) In this letter, though, we will talk about the elements that will help continue this growth: project capacity (evacuation and execution ability), the ability to raise capital, and the ability to contract large volumes. 1) Gearing Up for the Next Leg of Growth: a 13.2 GW Platform Our total platform, which is operational capacity, contracted capacity under execution, and capacity for which evacuation is available or has been applied for, stood at 13,199 MW as of September 30, 2026, up 70% from 7,762 MW on March 31, 2025. For more details, refer to FAQ 1 in the investor FAQs. In our business, evacuation access (also called transmission access) is the starting point, and evacuation capacity at a high-quality site is scarce and will become even more so with growing renewables penetration. It is also a key decision-making factor in customer contracts, as customers need confidence in our ability to deliver; the starting point of that is having power evacuation capacity. We continue to execute at pace and are on track to exceed 1.5 GW of capacity commissioned during the year (vs. 1.4 GW in the previous year). Our trailing twelve months (TTM) new RE Power Sales capacity addition stood at ~1.4 GW as of September 30, 2026. CleanMax Shareholders’ Letter | Q2 FY 2026-27 | Page 2 CleanMax Shareholders’ Letter | Q2 & H1 FY 2026-27 2) Ability to Raise Large Amounts of Capital Ours is a capital-intensive business, requiring large amounts of debt and equity capital. In terms of equity capital, our recent IPO raised nearly ₹1,500 crore of primary equity (including the pre-IPO placement) and positioned us well to tap the deep pool of equity capital markets when required. Further, we have three operational investment joint ventures with high-quality global corporations: Osaka Gas (Daigas), Toyota Tsusho (the trading and investment arm of the Toyota Group) and Apple Inc. A common thread is that CleanMax owns a 51% stake in each of these JVs, and, in concurrence with our partners, we intend to grow them. A third source of equity capital is our group captive structure, which accounts for roughly 65% of new capacity addition annually, and in which our customer-partners invest 26% of the equity. Together, these three sources (CleanMax equity, JV partner equity and customer equity) provide substantial pools of equity capital for our business. In terms of debt, it is important to have a number of diversified sources to maintain access to deep pools of debt capital. To this end, on September 28, 2026 we raised ₹2,500 crore through India’s first green bond issuance in the C&I renewable energy sector, rated CRISIL AA/Stable. The secured, rated, listed non-convertible debentures were issued in five series with maturities of 2 to 10 years at fixed coupons of 8.25% to 8.76%. The issue was anchored by IFC, NaBFID and IIFCL, alongside Aditya Birla Capital, IDFC First Bank, Nippon India Mutual Fund and select corporates. The framework was independently reviewed by CareEdge Advisory against SEBI regulations and the ICMA Green Bond Principles. Our cost of borrowing (rate of interest) is now very competitive at 8.33% (as of September 30, 2026), and about 53.7% of our debt is now fixed-rate. Refer to FAQ 3 on benchmark interest rate movement risk and impact. In addition to bonds, we raise debt capital from domestic and foreign lenders, with about 27 distinct lender relationships. Our top lender relationships include leading public sector banks such as SBI, Bank of Baroda and Canara Bank; leading private sector banks such as Kotak Mahindra Bank, IndusInd Bank and ICICI Bank; and leading NBFCs such as Tata Capital, NaBFID, Aseem Infrastructure Finance and PFC. CleanMax Shareholders’ Letter | Q2 FY 2026-27 | Page 3 CleanMax Shareholders’ Letter | Q2 & H1 FY 2026-27 In summary, we have access to, and relationships with, a diversified set of debt capital providers. Further, we have an extremely equity-efficient model, aided by joint ventures with both investment partners and customers, who provide 26% of the equity. 3) Ability to Contract Large Volumes CleanMax sells RE power under 100% contracted revenues to corporate clients under long term (avg. 23 years) PPA tenures. These PPA contracts/volumes are of two types. Roughly three-quarters of our contracted portfolio is STU-connected or onsite, and roughly a quarter is CTU-connected capacity for hyperscalers. Both are growing: Mar 31, Sep 30, Contracted portfolio (MW) Growth Share 2025 2026 STU-connected and onsite 3,527 5,192 +47% ~73% CTU-connected 1,421 1,910 +34% ~27% (hyperscalers) Total 4,948 7,100 +43% 100% Contracted portfolio = operational plus contracted under execution, across RE Power Sales and RE Services. STU-connected and onsite: a run-rate business. These are smaller clients, with power delivered through the STU or behind the meter (mostly STU-connected). The 5,192 MW portfolio (as of 30 September 2026) has on average customer contract is about 12 MW (group captive customers only), and generation and consumption must be in the same state: for example, an industrial consumer in Gujarat can only be served by a wind-solar plant connected to GETCO, the Gujarat STU. We sign about 1,000 MW of these contracts a year, so this book is extremely diversified across clients, industry segments and states, and it grows steadily year after year: it is up 47% in 18 months. In the first half of this year, 85% of new deals in this segment were repeat business from existing customers, who contract for factories or facilities in other states or for their growing consumption. This high share of repeat business is inherent in our model, owing to structural factors (an SPV in which the customer holds 26% equity, and negotiated 20–25 year PPAs) and the risks customers perceive in long-term contracting and in investing equity in a plant not yet built. Customers therefore tend to return to an existing provider when the first experience has been good. This segment also requires a multi-state presence, since generation must be in the same state as Clea [Showing first 8,000 characters — download PDF for full document]