Clean Max Enviro Energy Solutions Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 14 | 14742 | 728123 |
| sHNI | 14 | 196 | 206388 | 7430 |
| bHNI | 68 | 952 | 1002456 | 14860 |
Clean Max Enviro Energy Solutions Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 14562451 | 49.47% |
| HNI | 4368735 | 14.84% |
| Retail | 10193715 | 34.63% |
| Employee | 314795 | 1.07% |
| Total | 29439696 | 100% |
Clean Max Enviro Energy Solutions About
IPO Details
| Total Issue Size | 29,439,696 shares (aggregating up to ₹3100.00 Cr) |
| Fresh Issue | 11,396,011 shares (aggregating up to ₹1200.00 Cr) |
| Offer For Sale | 18,043,685 shares (aggregating up to ₹1900.00 Cr) |
| Face Value | ₹1/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE,NSE |
| Share Holding Pre Issue | 10,14,41,820 shares |
| Share Holding Post Issue | 11,28,37,831 shares |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| RONW | 0.43% | 1.09% | -1.70% | -5.39% |
| DEBT/EQUITY | 2.53 | 1.97 | 2.17 | 2.16 |
| EPS (BASIC) | 1.09 | 2.88 | -3.94 | -9.01 |
| P/E Pre IPO | 377.42 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 16,945.7 | 13,279.3 | 9,076.6 | 7,000.1 |
| Total Income | 969.4 | 1,610.3 | 1,425.3 | 961.0 |
| Profit After Tax | 19.0 | 19.4 | -37.6 | -59.5 |
| EBITDA | 637.9 | 1,015.1 | 741.6 | 405.9 |
| NET Worth | 2,598.3 | 2,545.4 | 1,818.0 | 1,209.9 |
| Total Borrowing | 10,121.5 | 7,973.7 | 5,514.6 | 3,843.4 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Clean Max Enviro Energy Solutions Limited | 377.42 | 1053.00 | 1.00 |
| ACME Solar Holdings Ltd | 49.46 | 224.05 | 2.00 |
| NTPC Green Energy Ltd | 132.94 | 89.07 | 10.00 |
| Adani Green Energy Limited | 119.14 | 997.20 | 10.00 |
| ReNew Energy Global PLC$ | 44.84 | 484.68 | 0.0001 USD |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Clean Max Enviro Energy Solutions Limited | 250.93# | 1.09 | 2.88 |
| ACME Solar Holdings Ltd | 74.54 | 5.59 | 4.55 |
| NTPC Green Energy Ltd | 21.88 | 2.58 | 0.67 |
| Adani Green Energy Limited | 58.63 | 13.48 | 8.37 |
| ReNew Energy Global PLC$ | 310.40 | 3.39 | 10.92 |
About Company
Clean Max Enviro is India’s largest commercial and industrial (C&I) renewable energy provider as of March 31, 2025 (Source: CRISIL Report). As of July 31, 2025, the company operates 2.54 GW of owned and managed renewable energy capacity, with an additional 2.53 GW of contracted capacity under execution.
Core Offerings
The company delivers a comprehensive suite of clean energy solutions, including:
- Renewable power supply
- Energy services
- Carbon credit solutions
Clean Max Enviro serves a diverse customer base across both technology-driven enterprises and traditional C&I sectors.
Technical Expertise
The company’s capabilities span the full lifecycle of renewable energy development:
- Energy Contracting
- Engineering, Procurement, and Construction (EPC)
- Operation and Maintenance (O&M)
These operations extend across solar, wind, and hybrid renewable energy plants.
Business Segments
1. Renewable Energy Power Sales
Provides renewable electricity to customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs).
2. Renewable Energy Services
Offers turnkey project development including:
- Land acquisition
- Evacuation infrastructure
- EPC services
- Power evacuation
- O&M services for the project lifecycle
- Carbon services
Strength
Timely & Cost-Efficient Project Execution: The company’s strong in-house development, execution, and management capabilities help deliver projects on time, under budget, and with optimal plant performance. Expertise across site evaluation, EPC, O&M, and ESG-focused execution enhances customer retention and supports reliable project delivery.
Solutions-Driven Sales Approach: A dedicated business development team manages the full customer lifecycle across India, UAE, and Thailand, serving 531 customers and 1,127 PPAs as of March 31, 2025. Smaller, customer-centric engagements diversify risk, deepen client relationships, and strengthen long-term visibility through cross-selling and sustained engagement.
Diverse & Tailored Product Offerings: With five offerings—Onsite, Offsite STU, Offsite CTU, Capex Services, and Carbon Services—the company provides flexible solutions aligned with customers’ Net Zero goals. This versatility enables customized clean energy pathways that support carbon neutrality and sustainability commitments.
Weakness
Project Development Risks: Renewable energy projects depend on multiple external factors such as land availability, grid access, resource quality, financing, equipment delivery, and timely approvals. Delays or cost escalations in any of these areas may affect project completion timelines and adversely impact cash flows and financial performance.
Termination Risk of PPAs/EAPAs: The company’s long-term PPAs and EAPAs may be terminated if construction, grid connection, or energy supply obligations are not met. Failure to secure replacement agreements on similar terms could negatively affect revenue visibility, operations, and future prospects.
Land Title and Acquisition Challenges: Uncertain land titles, discrepancies in land records, and acquisition challenges in India may hinder project execution. Issues such as inaccurate records, unregistered encumbrances, or ownership disputes can delay development and expose the company to legal and operational risks.
Clean Max Enviro Energy Solutions Lead Manager(s)
Clean Max Enviro Energy Solutions Address
4th Floor,
The International 16 Maharshi Karve Road,
New Marine Lines Cross Road No.1, Churchgate
Mumbai, Maharashtra, 400020
Phone: +91 22 6252 000
Email: Secretarial@cleanmax.com
Website: http://www.cleanmax.com/
Clean Max Enviro Energy Solutions Registrar
MUFG Intime India Private Limited (Link Intime)
Link Intime India Private Ltd
C 101, 247 Park,
L.B.S.Marg Vikhroli (West),
Mumbai - 400083
Clean Max Enviro Energy Solutions Reviewers
| Reviewer | Recommendation | File |
|---|---|---|
| Swastika Investmart Ltd | Neutral | |
| Lakshmishree Investment & Securities Ltd | Apply | |
| Aditya Birla Money Limited | Apply | |
| Way2Wealth Securities | Apply | |
| Ashika Research | Not Rated | |
| Axis Capital Limited | Not Rated | |
| ICICI Direct | Not Rated | |
| SBICAP Securities Limited | Not Rated |