Clean Max Enviro Energy Solutions
Clean Max Enviro Energy Solutions
UtilitiesKey Fundamentals
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Key Insights
Weaknesses
5- Stock is trading at 3.61 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of -0.21% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoClean Max Enviro Energy Solutions trades at a market cap of ₹16,039 Cr with a PE of 104.4x and PB of 3.54x. The company has delivered strong revenue growth at a 25% CAGR over five years and TTM profit growth of 121%, but carries a negative 3-year ROE of -0.21%, pays no dividend, and has a low interest coverage ratio indicating significant debt servicing burden.
- TTM revenue growth of 28% indicates strong topline momentum in the renewable energy space
- 5-year compounded sales CAGR of 25% demonstrates sustained and consistent revenue scaling over a meaningful period
- 3-year compounded sales CAGR of 27% shows revenue growth has actually been accelerating in recent years
- TTM profit growth of 121% signals a sharp improvement in profitability and potential operating leverage kicking in
- 5-year compounded profit CAGR of 19% shows the company has been growing earnings over the longer term despite interim volatility
- Last year ROE of 2% marks a turnaround from the negative 3-year average of -0.21%, suggesting improving capital efficiency
- Operating in the utilities and clean energy sector which benefits from strong policy tailwinds, government mandates for renewable procurement, and India's target of 500 GW non-fossil capacity by 2030
- PE ratio of 104.4x is extremely elevated, implying the stock prices in years of flawless execution with little margin of safety
- 3-year ROE averages just -0.21%, indicating the company has historically destroyed shareholder value on an equity-return basis
- Zero dividend yield despite reporting profits suggests either cash flow constraints or heavy reinvestment needs leaving nothing for shareholders
- Low interest coverage ratio flags significant debt servicing risk; a rise in interest rates or a revenue shortfall could strain cash flows materially
- PB ratio of 3.54x is steep for a capital-intensive utility business where asset-heavy models typically trade closer to book value
- 3-year compounded profit CAGR of -8% shows that despite the recent TTM spike, medium-term earnings trajectory has actually been negative
- Possible capitalization of interest costs may be flattering reported profits and understating true operating expenses, masking weaker underlying profitability
- 5-year ROE of just 1% and 3-year ROE of 0% indicate persistently poor returns on equity capital deployed over extended periods
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- 8.33% promoter stake pledged Sep 8
Rikhab Investments B.V. pledged 9,795,900 shares (8.33% of voting capital) to BGTF Loans Aggregator LP for financing, signaling potential leverage at the promoter level.
- Massive ₹10,000 cr RPT approval Aug 25
Company seeks shareholder approval for related party transactions exceeding ₹10,000 crore across 32 subsidiaries. Scale and breadth of RPTs warrant governance scrutiny.
- ₹155 cr wind turbine order Aug 28
Signed term sheet with Envision Energy for 1,550 MW wind turbines worth ₹155 crore. No prior orders disclosed in last 3 quarters, marking a fresh capacity addition pipeline.
- ₹400 cr NCDs now secured Aug 14
BSE approved conversion of ₹400 crore NCDs from unsecured to secured status, strengthening creditor protection and potentially lowering borrowing costs.
- Subsidiary stakes sold to corporates Aug 17
Sold 26% in Clean Max Muoi to Relaxo Footwears and 49% in Clean Max Chin to VVDN Technologies, monetizing subsidiaries through non-related-party transactions.
- Jefferies India Forum participation Sep 10
Company confirmed in-person meetings with analysts and institutional investors at the Jefferies India Forum 2026 on September 17 in Gurugram.
- 49% subsidiary stake sold Sep 9
Sold 49% stake in Clean Max Dynamis Pvt Ltd to Sunvik Steels for ₹49,000. Nominal transaction value suggests early-stage or shell subsidiary.
- Voluntary BRSR filed for FY26 Aug 26
Voluntarily prepared Business Responsibility and Sustainability Report for FY26 with assurance statement, ahead of any mandatory requirement.
TL;DR: CleanMax is actively building its renewable energy pipeline with a 1,550 MW wind turbine term sheet and monetizing subsidiary stakes through third-party sales to corporates like Relaxo and VVDN. The ₹400 crore NCD securitization is a credit positive. However, the 8.33% promoter stake pledge and ₹10,000 crore RPT approvals across 32 subsidiaries raise governance and leverage concerns. The trend is cautiously positive on business growth, but investors should watch for RPT disclosures and definitive agreement execution on the Envision order.
Quarterly Results
| Particulars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 374 | 446 | 402 | 531 | 422 | 557 | 832 |
| Expenses | 189 | 189 | 137 | 195 | 159 | 290 | 411 |
| Operating Profit | 184 | 257 | 266 | 335 | 263 | 268 | 421 |
| OPM % | 49% | 58% | 66% | 63% | 62% | 48% | 51% |
| Other Income | 36 | 54 | 9 | 27 | 44 | 84 | 42 |
| Interest | 154 | 204 | 221 | 195 | 190 | 180 | 255 |
| Depreciation | 83 | 81 | 83 | 89 | 111 | 97 | 115 |
| PBT | -17 | 26 | -30 | 79 | 7 | 75 | 94 |
| Tax % | -73% | 34% | -44% | 60% | -219% | 40% | 41% |
| Net Profit | -4 | 17 | -17 | 36 | 21 | 45 | 55 |
| EPS in Rs | 4.85 | 43.39 | -2.8 | 2.49 | 2.69 | 4.73 | 4.14 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 621 | 702 | 930 | 1,390 | 1,496 | 1,913 | 2,343 |
| Expenses | 381 | 406 | 555 | 684 | 595 | 781 | 1,056 |
| Operating Profit | 240 | 295 | 375 | 706 | 901 | 1,132 | 1,287 |
| OPM % | 39% | 42% | 40% | 51% | 60% | 59% | 55% |
| Other Income | 15 | 9 | -58 | 25 | 114 | 169 | 199 |
| Interest | 141 | 167 | 217 | 504 | 663 | 786 | 820 |
| Depreciation | 70 | 86 | 118 | 222 | 300 | 380 | 411 |
| PBT | 44 | 52 | -18 | 5 | 52 | 135 | 255 |
| Tax % | 42% | 42% | 239% | 897% | 77% | 37% | — |
| Net Profit | 25 | 30 | -59 | -38 | 19 | 86 | 157 |
| EPS in Rs | 334 | 83.97 | -180 | -70.44 | 54.89 | 8.04 | 14.05 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0.76 | 4 | 4 | 4 | 5 | 12 |
| Reserves | 50 | 1,257 | 1,207 | 1,829 | 2,558 | 4,627 |
| Borrowings | 1,341 | 1,605 | 3,971 | 5,570 | 8,087 | 12,684 |
| Other Liabilities | 1,240 | 862 | 1,691 | 1,465 | 2,374 | 5,232 |
| Total Liabilities | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 22,555 |
| Fixed Assets | 2,031 | 2,149 | 2,929 | 6,649 | 8,060 | 11,954 |
| CWIP | 112 | 603 | 2,683 | 680 | 1,913 | 5,343 |
| Investments | 7 | 42 | 49 | 93 | 76 | 137 |
| Other Assets | 481 | 934 | 1,212 | 1,447 | 2,976 | 5,122 |
| Total Assets | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 22,555 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 489 | 434 | 928 | 86 | 1,404 | 1,731 |
| Investing | -510 | -1,034 | -3,011 | -1,939 | -3,606 | -5,953 |
| Financing | 45 | 582 | 2,144 | 1,789 | 2,481 | 5,095 |
| Net Cash Flow | 24 | -17 | 61 | -64 | 279 | 873 |
| Free Cash Flow | 36 | -375 | -1,964 | -1,807 | -1,551 | -4,039 |
| CFO/OP | 206 | 149 | 252 | 26 | 165 | 160 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 28 | 52 | 67 | 66 | 46 | 53 |
| Cash Conversion Cycle | 28 | 52 | 67 | 66 | 46 | 53 |
| Working Capital Days | -169 | -213 | -473 | -175 | -432 | -766 |
| ROCE % | — | 10% | 7% | 8% | 7% | 6% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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47 extracted metrics + investor summaries across FY21–FY27.
Documents
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Company Information
The company is India’s largest Commercial & Industrial (C&I) renewable energy provider, with over 15 years of operating history.[1]
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