CleanMax agrees to acquire Thai solar vehicle at 1.25M Thai Baht

CleanMax Enviro Energy Solutions, which sells solar and wind power to businesses under long-term contracts, said on 9 October 2026 that two Thai units will buy 100% of Massmunch Company Limited for Thai Baht 1,250,000 in cash . Massmunch was set up in Thailand in March 2025 for renewable energy generation with nil turnover, and will become a step-down wholly owned unit by 31 October 2026 . The tiny outlay reads as buying a ready company to develop solar in Thailand where CleanMax already operates rooftop capacity .

CleanMax buys ready company to enable future solar growth

The filing describes a straightforward cash purchase of a newly formed company with no regulatory approval and no related-party interest .

Source: .

Item	Detail
Agreement date	9 October 2026
Buyers and split	Cleanmax Energy (Thailand) Company Limited, 99.99%, and Cleanmax IHQ (Thailand) Company Limited, 0.01%
Price and payment	Thai Baht 1,250,000 enterprise value, cash for 100% shares
Target	Massmunch Company Limited, incorporated 27 March 2025 in Thailand
Target finances at 31 December 2025	Net worth Thai Baht 1,213,300, turnover nil
Completion	By 31 October 2026

The buyers are both wholly owned units of Cleanmax Solar MENA FZCO (Dubai), which is itself wholly owned by CleanMax . After the split purchase, Massmunch will be fully owned through another owned company .

The stated object is to enable growth and further development of solar renewable capacity in Thailand . With recent incorporation and nil turnover, the filing positions Massmunch as a vehicle for future projects rather than an operating asset .

Thailand is small part of established overseas rooftop base

CleanMax groups Thailand inside onsite solar, meaning solar panels installed at customer sites and counted inside its power-sales business .

Thailand onsite capacity rose

Sources: 30 June 2026 — ; 31 March 2026 — ; 1 March 2026 — .

As of	Thailand onsite (MWp)	Total onsite solar (MWp)
30 June 2026	46	419
31 March 2026	46	399
1 March 2026	43	384

As of 30 June 2026, onsite solar comprised 278 MWp in India and 141 MWp overseas, split across UAE, Bahrain and Thailand . The footprint is shown as India, UAE and Thailand, with rooftop onsite spread across 4 countries, 22 Indian states and more than 1,600 sites .

The March disclosures show the same pattern of a stable Thai base while total onsite expanded . That history helps explain why a local entity purchase fits ongoing development rather than entry into a new market.

Larger contracted book supports FY27 build plan

Source: .

As of	Contracted RE power sales (MW)	Operational RE power sales (MW)
30 June 2026	6,003	3,493
31 March 2026	5,685	3,088
31 March 2025	4,422	1,712

Total contracted RE power sales reached 6,003 MW as of 30 June 2026, with 2,510 MW contracted yet to be executed . Including services, where CleanMax builds plants that customers own, the portfolio total was 6,831 MW .

Management guides minimum 1,500 MW commissioning in FY27 and points to a wider 12,924 MW pipeline including evacuation-available and evacuation-applied capacity . On the Q1 FY27 call, management said about 500 MW was added in the quarter and expressed confidence in meeting or exceeding that full-year build guidance . It linked that build to minimum 4.6 GW of opex sales capacity on 1 April 2027 supporting minimum reported EBITDA in FY28 of about Rs 3,000 crore .

Q1 scale and project debt explain why tiny deal fits

Sales doubled and quarter turned profitable on operating leverage

Source: .

Consolidated quarter ended 30 June	Q1 FY27	Q1 FY26
Revenue from operations (Rs crore)	832.16	402.34
Reported EBITDA (Rs crore)	462.86	274.90
Adjusted EBITDA (Rs crore)	494.01	283.86
Reported PAT (Rs crore)	55.20	-16.60

Source: .

Margin for quarter ended 30 June	Q1 FY27	Q1 FY26
Adjusted EBITDA margin, RE Power Sales (%)	83.67	76.40
Adjusted EBITDA margin, RE Services (%)	11.16	8.69
Gross margin, RE Power Sales (%)	92.06	93.72

Revenue growth was attributed to capacity commissioning, with power-sales revenue up 47% and services revenue sharply higher on more projects executed . Profit after tax, meaning profit after tax, was Rs 55 crore in Q1 FY27 .

Margins improved through operating leverage as overhead grew more slowly than income . Power-sales gross margin stayed near 92% while segment EBITDA margins rose in both segments .

The commercial base behind that leverage is long-tenor corporate contracting. Data and AI customers were 42% of contracted RE power sales capacity as of 30 June 2026, with weighted average contract tenor of 23.25 years . Management said nearly 80% of new volumes in the quarter were repeat business from existing clients .

Project debt funds construction while tiny deal needs little cash

Source: .

Consolidated, as of	30 June 2026	31 March 2026
Gross block (Rs crore)	14,138.10	12,823.20
Net debt (Rs crore)	11,809.20	9,684.10
Total equity (Rs crore)	5,831.60	5,523.50
Debt net of liquid assets to annualised adjusted EBITDA (times)	4.76	4.75
Cost of project debt (%)	8.45	8.50

Most debt sits against operating or under-construction projects rather than the Thailand purchase price . About 44% was against projects operational for more than one year and about 38% against under-construction assets yet to generate cash flows .

Financing cost fell from a year earlier alongside a credit upgrade to AA, which management said opens scope for a first domestic corporate bond . In that context, a Thai Baht 1,250,000 cash payment due by 31 October 2026 does not change the funding picture, but it gives CleanMax a local entity for solar development in a market where it already operates .

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