Transcript of earnings conference call of Clean Max Enviro Energy Solutions Limited for the unaudited standalone and consolidated financial results for the quarter ended 30 June 2026.

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 Sub: Transcript of earnings conference call of Clean Max Enviro Energy Solutions Limited (Formerly known as Clean Max Enviro Energy Solutions Private Limited) (“the Company”) for the quarter ended 30 June 2026 Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Dear Sir/ Madam, Pursuant to Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed the transcript of the earnings conference call held for the unaudited standalone and consolidated financial results for the quarter ended 30 June 2026. This transcript of earnings conference call is made available on the Company’s website at https://cleanmax.com/shareholder-information#analyst-investor-communication 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 Solutions Private Limited) Ullash Parida Company Secretary and Compliance Officer Membership No.: FCS 8689 07 August 2026 Mumbai Encl: a/a “CleanMax Enviro Energy Solutions Limited Q1 FY27 Earnings Conference Call” August 03, 2026 MANAGEMENT: MR. KULDEEP JAIN – FOUNDER AND MANAGING DIRECTOR – CLEANMAX ENVIRO ENERGY SOLUTIONS LIMITED MR. NIKUNJ GHODAWAT– CHIEF FINANCIAL OFFICER – CLEANMAX ENVIRO ENERGY SOLUTIONS LIMITED Page 1 of 23 CleanMax Enviro Energy Solutions Limited August 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the CleanMax Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Kuldeep Jain, Founder and Managing Director. Thank you, and over to you, sir. Kuldeep Jain: Hi everyone. Good afternoon. This is Kuldeep, and joined by my CFO, Nikunj, as well. Thank you so much for your time today. And we are ready to begin at our end, of course. We had, I think, about 150+ people who had registered. We'll just maybe give another minute or so to ensure that people can join. Ryan, will you let us know how many people we have right now? Moderator: Right now, we have crossed the 100 mark, 100 participants mark. Kuldeep Jain: Okay, we'll just give it another one minute, guys, and then we will begin. I think we have more than enough quorum. We'll begin in a minute's time. Thank you for your patience -- So maybe we will begin now. Thank you everyone. Ryan, just give us a count. How many people have joined? All right. So, the way we'll do it is we do have a PowerPoint, but I'll take about a few minutes up front to walk you through some of my comments for results of the last quarter and overall. We also have already put out on Friday evening after our board meeting which approved the results, both the financial results as well as this investor presentation and a shareholder letter is already up on our website since last Friday night. And I will touch upon a few of my comments, which are more from the shareholder's letter, and thereafter walk you through some of the PowerPoint pages. So, a few minutes without the aid of PowerPoint, but just my key messages. So, first message about the quarter's performance is we had terrific growth in our profit after tax, which was at INR55 crores, which was really driven by three things. First is doubling of our revenues. Second is we improved our EBITDA margins in both of the segments of our business, which is in renewable energy power sales, our EBITDA margins went up from 76% to 84%, and in renewable energy services, they increased from 9% to 11%. So, we had improved EBITDA margins in both business segments. We also had lower interest costs due to efforts of Nikunj and team. Our weighted average rate of interest was 9.4% in, say, April 2025, so last year, which has fallen about 100 basis points to 8.4% is where we stand as of June 2026. So as a result of these three factors: doubling of revenues, improved EBITDA margins in both business segments, and lower interest costs, you know, we had substantial growth in PAT. So that's first message. Second is if you look at indicators of future continued growth, we added substantial new capacity of about 500 megawatt in the first quarter of this year. This gives me a lot of confidence that we will be able to meet or exceed our guidance of 1.5 gigawatt of minimum new capacity addition Page 2 of 23 CleanMax Enviro Energy Solutions Limited August 03, 2026 during this year. We have many more details about why we believe we are confident about meeting 1.5 gigawatt in the shareholder's letter, specifically in the Q&A section, you know, on question number 3, which you can refer to. The third thing is, we are therefore quite comfortable providing a new guidance, which a lot of you have previously asked us that, okay, we understand how you're growing and your results, but we want to have a view on FY28, what is the likely EBITDA you're going to get to? So, we are comfortable providing that new guidance, that we will have a minimum EBITDA of INR3,000 crores in FY28, which is nearly 2.4x the EBITDA in FY26. So, 2.4x in 2 years, from about INR1,290 crores in FY26 to a minimum of INR3,000 crores in FY28 on the back of this 1,500 megawatt of opex capacity that we plan to add in the current financial year. Now talking about clients and our business. So, we have two big business segments. One is Data and AI, second is general industrial corporates. So if you look at the first segment, which is Data and AI, this continues to be a big business segment for us. We had 42% of our capacity in Data and AI in terms of our contracted capacity, 42% is Data and AI, and we have about 10x growth in the last 2 years. So between March 2024 to March 2026, we've grown about 10x in the Data and AI segment. So, you know, that's the relevance of that segment to us. We are proud that in this fiscal alone, we have announced deals with many global hyperscalers in calendar 2026, such as Meta, Apple, Google, and Amazon. We estimate that we have about 35% market share of such hyperscalers business in India, right? In addition, we are also energy partners, clean energy partners to various data center companies such as NTT, STT, L&T Data, Equinix, Iron Mountain, and several others, right? And therefore, we do expect on a look- forward basis, we do expect substantial growth to continue coming from the Data and AI part of the business segment. The reason is really down to a simple equation, that when a data center or a hyperscaler says that, we will have 1 gigawatt of new capacity that comes up, you know, that 1 gigawatt is what is called IT load. It translates to roughly 1.4 or 1.5 gigawatt of round-the-clock, which is 100% PLF power load, which really means about 6 gigawatt, right, like 3 gigawatt of wind plus 3 gigawatt of solar kind of combination, it means 6 gigawatt of power generation capacity to meet this requirement, right, which is, in other words, a INR40,000 crores capital investment. So if you work the equation all the way through, every 1 gigawatt of data center IT load translates to 6 gigawatt of new RE capacity plus a few gigawatt of storage, which equates to a INR40,000 crores investment, and there's many, many more gigawatts of data center capacity to come in India over the next 5-7 years. And therefore, we expect this segment to be a conti [Showing first 8,000 characters — download PDF for full document]