Shareholders'' letter for Q1 FY 2026-27

BSE Limited 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: 544717/977267 Symbol: CLEANMAX ISIN: INE647U01026/INE647U08039 Subject: Shareholders’ Letter – Q1 FY 2026-27 Dear Sir/ Madam, We are pleased to enclose the Shareholders’ Letter for Q1 FY 2026-27. The above information will also be hosted on the website of the company i.e., https://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 31 July 2026 Mumbai Encl: a/a Dear Shareholders, For fifteen years, CleanMax has stayed true to its founding mission: to be the net- zero partner of choice for India's corporates. That consistency has compounded into scale, almost 600 customers served, 6 GW of RE power sales capacity contracted, a portfolio across five countries and six product lines, and a firmly established position as India's C&I renewable energy market leader. We believe this is just the beginning. The coming decade will be defined by two things happening at once: an explosion in demand for the power we sell, and a step-change in our own ability to deliver it. This quarter gave us early evidence of both. 1) Record Capacity Additions Q1, 2026-27 We commissioned 0.53 GW of renewable energy capacity in Q1 FY2026-27, our largest quarter yet, and on its own, more than we commissioned in the whole of FY 2024-25 (0.42 GW). That comparison alone tells you what has changed here: commissioning that used to take a full year less than 24 months back now happens in a single quarter. 2) On Track to Meet Guidance on Minimum 1.5 GW Capacity Addition for FY 2026-27 Our commissioning splits into two fundamentally different motions, and each needs to be read differently. a. State Transmission Utility and Onsite solar – In FY 2026-27, we are targeting to commission atleast ~1 GW of STU Connected projects across 7 states in India and rooftop projects across multiple sites simultaneously. This part of our portfolio is very diversified, over 90% of this 1GW volume will be STU connected group captive plants where the average PPA is 12 MW and construction is spread across 7 states and 15 project sites. Commissioning is like a run chase in cricket: no one expects equal runs scored in every over, and a quiet over doesn't mean the chase is in trouble. What matters is the cumulative run rate against the overs remaining, whether we're ahead of, or behind, the pace we need to get there. On that basis: with 25% of the fiscal year gone, we have already delivered 403 MW (or 40% of annual target), comfortably ahead of the asking rate. We'd encourage shareholders to track this the same way each quarter: cumulative progress against time elapsed, not any single quarter's number on its own. Further, of the remaining 600 MW to be commissioned in the next 9 months, we believe our construction is on track and we today have 100% of land and evacuation needed for this contracted capacity (Refer FAQ 3 for more detail) b. Central Transmission Utility connected projects – We typically build one large CTU connected projects a year. This capacity is commissioned at one go and unlike STU, cannot be evaluated on a run-rate basis across quarters. In FY 2026-27 – the CTU capacity planned is a 534 MW (79 MWp Solar, 455 MW wind) project in Karnataka; which we expect to commission during the second half of FY 2026-27. We intend to continue this momentum and keep building at pace. Our focus remains on building the organisational capabilities to consistently and comfortably deliver 1.5 GW or more annually in the coming years, particularly given the growing demand for C&I renewables. 3) High Growth in C&I (Non–Data Centre Market) – Contracted Capacity has More Than Doubled in Two Years For most of our history, our growth has been a story about corporate India switching from brown power to clean, green power, including top conglomerates across automotive, chemicals, pharma, glass, cement, and infrastructure ("conventional C&I customers"). As of March 31, 2024, our contracted capacity with conventional C&I customers stood at 1.6 GW; by June 30, 2026, that had more than doubled to 3.5 GW. That story is far from finished, it's a ~₹3 lakh crore market growing 6-8% a year, and even today less than 10% of it is served by renewables. CleanMax leads it, with roughly 14% share nationally1 and over 20% in states like Karnataka and Gujarat. It’s still Day 1 for this market and the customer value proposition is stronger than ever – 30-45% savings over grid tariffs, lower carbon footprints coupled with meeting corporate ESG ambitions. We expect to continue to see large growth from this segment. 4) Growth Tailwinds from Data & AI – Arriving Fast and at an Unprecedented Scale As of June 2026, 42% of contracted capacity — 2.5 GW — comes from Data & AI customers. This capacity has grown 10X from 0.24 GW as of March 31, 2024. Our Data & AI contracts are firm 23+ year PPAs based on customers' firm power requirements and are not subject to capex deceleration risk. Our Data & AI customer base comprises two types of customers: (1) hyperscalers, where we hold 35%+ market share of deals signed since 2024, and (2) colocation providers, with 40+ deals across 7 customers. We've seen 1 Market share FY 2026 – Source JMK Research. substantial momentum since the start of the year, including Meta (900 MW), 100 Cr co-investment partnership with Apple, repeat business with STT Data (130MW+ relationship), and a new deal with Iron Mountain. This is a massive growth opportunity, and we believe demand for green power from Data & AI customers is just beginning. The scale of what's coming is best understood through a single conversion: every 1 GW of data centre load runs round the clock, translating to roughly 1.5 GW of continuous power demand. Reliably meeting that requires an estimated 8 GW of renewable capacity paired with 2-4 GWh of storage, representing ~₹40,000 crore of renewable energy capex per GW of data centre load. India's data centre capacity is projected to triple from 1.5 GW in FY 2024-25 to over 5.5 GW by FY 2029-302, this implies addition of upwards of 30 GW of new wind, solar and storage capacity. The opportunity is so large that we don't believe any single developer — including us — will capture all of it. We are exceptionally well positioned to win this demand, backed by strong relationships with both hyperscalers and DC colocation providers, and demonstrated execution ability in C&I. 5) Ability to Keep Financing the Build at a Competitive Cost Sustaining this growth requires equally strong access to capital and we've made progress on three fronts. Pools of equity capital: We raised strategic equity including a 51% CleanMax- owned partnership with Osaka Gas (₹176 crore investment), and a ₹100 crore co- investment with Apple to support development of more than 150 MW of new renewable capacity in India. Domestic bond issuance: Our Board has approved our first domestic bond issuance, and we will tap domestic credit markets, including for project finance. This will help us diversify our debt capital sources for future growth. We will continue at a portfolio level to keep our overall debt ratios conservative, maintaining a Net Debt/EBITDA of 5 to 5.5x on a steady-state basis. Enhanced credit rating. In May 2026, CARE Ratings upgraded CleanMax to 'AA- /Stable' reflecting our strengthened financial profile and growing scale. This is translating directly into a lower cost of capital: our weighted average cost of project borrowing has fallen from 9.2% as of April 1, 2025 to 8.4% as of June 30, 2026. 2 Crisil [Showing first 8,000 characters — download PDF for full document]