Revenue rose 31.96% QoQ, but margin fell 14.28 percentage points
Net profit more than doubled as interest and depreciation fell, but other income exceeded reported pre-tax profit.
Filed 12 May 2026, 20:36 IST · after market close · Clean Max Enviro Energy Solutions Ltd (CLEANMAX)
Key takeaways
- Consolidated revenue rose +31.96% QoQ, but operating margin narrowed by 14.28 percentage points as expenses grew +81.93%.
- Net profit rose +114.35% QoQ, but other income equalled 112.29% of profit before tax and the tax rate increased by 259.04 percentage points.
- Operating margin at 48.01% was 12.82 percentage points above the Utilities median across 17 reported peers.
Price around the results
Revenue growth came with sharp cost escalation
Consolidated revenue increased +31.96% QoQ, but expenses grew +81.93%, causing operating margin to narrow by 14.28 percentage points. Operating profit rose only +1.70% despite the sales increase, showing that higher costs absorbed most of the operating gain. At 48.01%, the margin was still 12.82 percentage points above the Utilities median among 17 reported peers.
Profit growth was heavily influenced by non-operating income
Net profit increased +114.35% QoQ as interest fell 5.00% and depreciation declined 12.88%, while profit before tax rose from Rs 6.63 cr to Rs 75.25 cr. Other income rose +91.44% to Rs 84.5 cr and represented 112.29% of profit before tax, making the quarter's earnings quality dependent on this non-operating contribution. The tax rate also moved from -219.36% to 39.68%, an increase of 259.04 percentage points.
Management outlined a large commissioning pipeline
Management said the company has a 525 MWp CTU-connected project in Bikaner, Rajasthan, and expects to commission at least 1,500 MW in FY2027; it also said 215 MW of RE Services capacity is under construction. The presentation reported 1,471.37 MW commissioned during the trailing 12 months and 2,812.05 MW of contracted capacity yet to be executed as of March 31, 2026. Management said STU projects can take three to six months after COD to stabilise revenue and flagged grid backdowns at the Bikaner project over the next six to twelve months during transmission upgrades.
The stock closed higher after the results
The stock gained +7.86% on the first session after the results, although it opened down 1.36%; trading volume was 3.62x the reference level. The positive close came after the company filed its consolidated results after market hours on May 12, 2026.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹557 cr | ₹422 cr | +31.96% |
| Other income | ₹85 cr | ₹44 cr | +91.44% |
| Expenses | ₹290 cr | ₹159 cr | +81.93% |
| Operating profit | ₹268 cr | ₹263 cr | +1.70% |
| Operating margin (%) | 48.01% | 62.29% | — |
| Interest | ₹180 cr | ₹190 cr | -5.00% |
| Depreciation | ₹97 cr | ₹111 cr | -12.88% |
| Profit before tax | ₹75 cr | ₹7 cr | +1034.99% |
| Tax | ₹30 cr | ₹-15 cr | — |
| Net profit | ₹45 cr | ₹21 cr | +114.35% |
| EPS (₹) | ₹5.31 | ₹2.70 | +96.67% |
Operating margin of 48.01% compares with a Utilities sector median of 35.19% across 17 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +7.86% | +7.72% |
| Next session | +11.72% | — |
| 5 sessions | -1.34% | -2.54% |
| 15 sessions | -4.17% | — |
| 30 sessions | +10.68% | — |
Volume on the results session was 3.62× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- The company has a 525 MWp CTU-connected project in Bikaner, Rajasthan.
- The company expects to commission at least 1,500 MW in FY2027.
- The company has 215 MW of RE Services capacity under construction.
- The company commissioned 1,471.37 MW of renewable energy capacity during the trailing 12 months.
New orders
- The company had 2,812 MW of contracted capacity yet to be executed as of March 31, 2026.
Problems & risks
- STU projects take three to six months after COD to stabilize revenue because of technical, documentation and regulatory factors.
- The company's 525 MW CTU project in Rajasthan expects grid backdowns over the next six to twelve months during transmission upgrades.
What to watch
- Whether operating margin holds above 48.01% as expenses grow against revenue.
- Progress on the 525 MWp Bikaner project during the stated six-to-twelve-month grid-upgrade period.
- Execution against the 2,812.05 MW of contracted capacity yet to be executed and management's stated target of at least 1,500 MW commissioned in FY2027.