Equity Snap: Clean Max (CLEANMAX IN) Buy: Strong pick up in commissioning pace into 1Q

Research evidence excerpt

Equity Snap: Clean Max (CLEANMAX IN) Buy: Strong pick up in commissioning pace into 1Q

7 July 2026

Equity Snap: Clean Max Equities Independent Power

(CLEANMAX IN) Producers & Energy Traders

Buy: Strong pick up in commissioning pace into 1Q India

◆ CleanMax commissioned 530MW capacity in 1QFY27 on a Puneet Gulati*, CFA

base of 3.6GW, implying 15% growth in the base in a single SeniorHSBC SecuritiesAnalyst, Indiaand CapitalEnergy,MarketsProperty(India)& InfraPrivate

quarter Limited puneetgulati@hsbc.co.in

+91 82 9189 7591

◆ Capacity commissioning is across states, power sources, and

Sambhav Kela*

customer categories Analyst, India Real Estate & Power HSBC Securities and Capital Markets (India) Private

Limited

sambhav.kela@hsbc.co.in

Clean Max (CLEANMAX IN, INR1262.20, Buy, TP INR1650.00) +91 22 40891464

(Priced as of 06 Jul 2026)

Strong commissioning activity in 1Q: CleanMax commissioned 530MW in * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations.

1QFY27 vs c1500MW in the whole of FY26. Out of the total power capacity

commissioned of 530MW, 400MW is towards power sales portfolio. This strong

commissioning is ahead of the transition to the Approved list of module

manufacturers – List II which mandates that all projects commissioned post 1 June

2026 should be manufactured using Indian made cells.

Commissioning across geographies: The capacity addition was across states like

Gujarat (170MW), Karnataka (160MW), and Maharashtra (110MW) and small

capacities in other regions like Haryana and Chattisgarh reflecting the strength of

diversified operations.

Commissioning across power sources: Power source addition of 403GW was

across solar (350MW) and wind (53MW) reflecting its ability to provide a hybrid