2026-05-21 01:13:01
Latest Post
GRSE Launches Next-Gen OPV: Crafted for Vigilance, Built for Victory
Muthoot Finance Ranked India's No. 1 Most Trusted Financial Services Brand for 10th Consecutive Year
Ampere Magnus G Max by Greaves Electric Mobility Wins 'Family Scooter of the Year' at Times Drive Auto Summit and Awards 2026
Eris delivers 11% yoy growth in Domestic Formulations with 37% EBIDTA margin in FY26
DevX - Standalone Revenue from Operations grew 34.3% YoY in FY26
Stock Report
CleanMax Secures Credit Rating Upgrade to AA-/Stable from CARE Ratings Limited
Posted On : 2026-05-20 18:18:18( TIMEZONE : IST )
CleanMax, India's largest renewable energy company in the Commercial & Industrial (C&I) sector, has received a credit rating upgrade from CARE Ratings Limited, upgraded to 'CARE AA-/Stable' from 'CARE A+/Positive', underscoring the company's robust performance, expanding portfolio and improved financial outcome.
The credit rating upgrade has been attributed to the 'long-term bank facilities' and 'non-convertible debentures' of CleanMax.
The upgrade reflects the Company's strengthened financial profile, consistent operational performance, improving scale of business, and prudent financial management. The rating action also stands as a testament to CleanMax's healthy liquidity position, strong debt servicing capability, and established market presence within India's rapidly growing renewable energy sector.
The rating upgrade comes on the back of a strong financial and operational performance by the Company. For FY26, CleanMax reported its highest-ever consolidated EBITDA of ~ ₹1,295 crore, representing a 28% year-on-year growth, while consolidated PAT is 4.4x of previous year at ~₹85.6 crore. The Company also expanded its contracted renewable energy portfolio to 5.7 GW, with operational capacity of ~3.1 GW.
Commenting on the rating upgrade, Nikunj Ghodawat, CFO, CleanMax, said: "This upgrade marks an important milestone in our growth journey and reflects the strength of our business fundamentals, financial discipline, and growing role in advancing clean energy adoption for corporates. This will hopefully further strengthen our leverage profile and eventually also reflect on the cost of financing."
The update also comes amid the Company's continued focus on portfolio expansion across states in India, resilient business models like Renewable Energy Sales & Renewable Energy Services, and a balanced capital structure as demand for renewable energy solutions continues to accelerate across industries.
