Synopsis: With the commissioning of a 185 MW wind-solar hybrid project at Kalavad, Gujarat, CleanMax has taken its total operational capacity to 3.1 GW, added 17 corporate clients under a group captive structure, and projects an annual revenue contribution of over Rs.165 crore from FY2027 once the project stabilises.
Shares of India’s largest commercial and industrial renewable energy company came into focus after a BSE filing dated April 7, 2026, disclosing the commissioning of a 185 MW hybrid project at Kalavad, Gujarat, a project developed over approximately 12 months and structured to supply 17 distinct corporate clients with round-the-clock clean power. The announcement takes the company’s total Gujarat portfolio to approximately 844 MW.
With a market capitalisation of Rs. 10,771.58 crore, the shares of Clean Max Enviro Energy Solutions Limited were trading at Rs. 920 per share, up 3.45 percent from its previous close of 889.3.
The Kalavad project integrates wind and solar capacity into a hybrid structure designed to smooth supply variability for industrial users that run continuous operations. It is structured under the group captive model, where corporate customers hold equity in the project in compliance with captive consumption rules under the Electricity Act.
Seventeen corporate customers are signed on, including listed companies Apar Industries Limited and Borosil Renewables Limited, each under 25-year fixed-tariff power purchase agreements. The CFO pegged the annual revenue contribution at over Rs.165 crore in FY2027 once the project stabilises, a visible addition to consolidated FY2025 revenues of Rs.1,496 crore, though not large enough on its own to materially alter the debt-to-earnings dynamic at the company level. Once fully operational, the project is expected to offset approximately 3.61 lakh tonnes of CO2 annually.
Gujarat is not just another state in CleanMax’s footprint, it accounts for about 30 percent of the company’s renewable energy power sale revenues. In FY2024-25, that translated to Rs.342.6 crore from the state alone. The Kalavad commissioning takes operational capacity there to 844 MW as of March 31, 2026, making it the company’s deepest single-state exposure.
Recent regulatory developments from the Gujarat Electricity Regulatory Commission have clarified banking provisions and widened open-access eligibility for hybrid power supplies, improving the economics of C&I renewable projects in the state. CleanMax has been built in Gujarat through multiple asset cycles, and the hybrid format at Kalavad is a direct response to industrial demand for 24-hour clean energy rather than intermittent daytime generation.
Business Overview
Clean Max Enviro Energy Solutions Limited is India’s largest renewable energy company for the commercial and industrial segment, with operations across India, the Middle East, and South-East Asia. It serves 570+ customers across data centers, manufacturing, pharmaceuticals, and global capability centers. For FY2024-25, the company reported consolidated revenue of Rs.1,496 crore and a net profit of Rs.19 crore.
Borrowings stood at Rs.8,087 crore as of March 2025 and climbed further to Rs.10,308 crore by September 2025, with interest charges running at Rs.663 crore in FY25, the primary drag on an otherwise strong operating margin of 60 percent.
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