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Clean Max Enviro Energy Solutions

CLEANMAX NSE
₹1,249.10 No trade today
P/E
88.90
View as Markdown
MCP
Close 4 Nov 2026 ₹1,249.10 +381.60 +44.0% since 2 Mar 2026
Start ₹867.50

Key Fundamentals

SmallcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.16%
Debt to Equity
2.73
EPS (TTM)
₹14.05
Book Value
₹394.39
Market Cap
—
P/E (TTM)
88.90
P/B
3.17
ROE
1.76%
Dividend Yield
0.00%
EBITDA
₹1,295 Cr
52W High
₹1,536.00
52W Low
₹727.10
Volume
0

Peer Comparison

Utilities › Power Generation

Clean Max Enviro Energy Solutions peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
Clean Max Enviro Energy Solutions (this company)
₹1,249.1088.90₹14,554 Cr3.170.00%1.76%6.16%₹2,343 Cr₹157 Cr
Median 8 companies₹371.4845.37₹74,846 Cr2.860.23%9.86%7.78%₹13,510 Cr₹2,355 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Key Insights

No strengths listed

Weaknesses

5
  • Stock is trading at 3.27 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish883
OscillatorsBearish261
Moving AveragesStrong Bearish622

Key readings

RSI (14)
47.22
Neutral
MACD (12,26,9)
−22.37
Bullish
SMA (50)
1,299.85
Bearish
SMA (200)
—
Neutral

As of

Analyst Rating

Based on 9 analysts
BUY100%

9 of 9 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
9
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
5Y+25.23%
3Y+27.18%
1Y+27.87%

Net profit

Net profit growth by window
5Y+28.03%
3YTurned to profit
1Y+352.63%

Operating cash flow

Operating cash flow growth by window
5Y+28.76%
3Y+23.10%
1Y+23.29%

Operating margin· change in pp

Operating margin growth by window
5Y+20.52 pp
3Y+18.85 pp
1Y−1.06 pp

Trailing twelve months: Fewer than eight quarters are reported, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹621 Cr
Mar 2022₹702 Cr
Mar 2023₹930 Cr
Mar 2024₹1,390 Cr
Mar 2025₹1,496 Cr
Mar 2026₹1,913 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021₹25.00 Cr
Mar 2022₹30.00 Cr
Mar 2023−₹59.00 Cr
Mar 2024−₹38.00 Cr
Mar 2025₹19.00 Cr
Mar 2026₹86.00 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹435 Cr −6.1% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Clean Max Enviro Energy Solutions trades at ₹1,249.1 as of 2026-11-04 with a market cap of ₹14,553.79 crore. The company shows strong revenue growth (5-year compounded sales growth of 25%) but carries elevated leverage with a debt-to-equity ratio of 2.73 and a PE of 88.9x, reflecting a premium valuation against modest profitability metrics including an ROE of just 1.55%.

Bull Case 7
  • Strong revenue momentum with TTM compounded sales growth of 28% and a 5-year compounded sales CAGR of 25%, indicating consistent top-line expansion in the renewable energy space
  • TTM profit growth of 121% signals a sharp recovery in earnings, suggesting operational leverage is beginning to translate revenue gains into bottom-line improvement
  • The stock has rallied roughly 72% from its 52-week low of ₹727.1, reflecting improving market confidence in the business trajectory
  • 3-year compounded sales growth of 27% demonstrates that the top-line acceleration is not a one-off event but a sustained multi-year trend
  • 5-year compounded profit growth of 19% shows the company has been able to grow earnings over a longer cycle despite near-term volatility
  • Last year ROE of 2% represents an improvement over the 3-year average ROE of 0%, indicating a nascent but positive trend in capital efficiency
  • Operating in the utilities and clean energy sector positions the company to benefit from India's aggressive renewable capacity addition targets and favourable policy tailwinds
Bear Case 8
  • Debt-to-equity ratio of 2.73 is significantly elevated, exposing the company to refinancing risk and interest rate sensitivity in a capital-intensive business
  • Trailing PE of 88.9x is extremely rich, implying the market is pricing in substantial future earnings growth that may not materialise
  • ROE of just 1.55% and a 3-year average ROE near 0% indicate that shareholder capital is generating negligible returns despite reported profits
  • Zero dividend yield despite reporting profits suggests the company is retaining all earnings, likely to service debt or fund capex, with no near-term cash return to shareholders
  • 3-year compounded profit growth of -8% shows that profitability has actually contracted over the medium term even as revenues expanded, raising questions about margin sustainability
  • Price-to-book of 3.17x is elevated for a company with sub-2% ROE, meaning investors are paying a steep premium relative to the net assets and the returns those assets generate
  • Low interest coverage ratio combined with potential capitalisation of interest costs may obscure the true debt-servicing burden, making reported profits appear higher than underlying cash earnings
  • The stock trades about 19% below its 52-week high of ₹1,536, indicating recent selling pressure and potential resistance at higher levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: CleanMax delivered strong Q2FY27 earnings with 82% profit growth and expanding capacity at 13,199 MW, buoyed by AI/data centre demand and improving borrowing costs. Key risks include grid curtailment in Rajasthan denting EBITDA and a potentially large NCD-driven debt buildup of up to ₹30,000 crore. The tax overhang on subsidiary Surya Energy has been fully resolved. The trend is positive on earnings and demand, but execution on debt-funded expansion and grid infrastructure reliability bear watching.

Headwinds 2
  • Grid curtailment hits EBITDA Nov 03

    Grid curtailment at Bikaner-II reduced H1FY27 EBITDA by approximately 5.5%, flagging infrastructure risk for renewable capacity in Rajasthan.

  • Massive NCD-funded debt expansion Nov 03

    Board approved issuance of non-convertible debentures worth up to ₹30,000 crore, which could significantly increase leverage even as it funds growth.

Positives 4
  • Q2FY27 profit surges 82% Nov 03

    Net profit for Q2FY27 rose 82.4% YoY to ₹649.49 million, with H1FY27 PAT reaching ₹120 crore. Total platform capacity expanded to 13,199 MW, driven by Data & AI sector contracts.

  • ₹621 Cr tax demand nullified Nov 03

    Subsidiary Surya Energy had ₹621.52 million in tax additions and ₹654.45 million in associated liability deleted on appeal, with no adverse financial impact expected.

  • Borrowing costs declining Nov 03

    Weighted average cost of debt fell to 8.33%, supported by India's first C&I green bond issuance, improving financing efficiency.

Neutral 2
  • 26% subsidiary stake sold Oct 16

    Approved sale of 26% stake in Clean Max Hachi Private Limited to Chambal Fertilisers for ₹26,000, a nominal transaction likely for strategic partnership structuring.

  • ₹45 Cr guarantee for subsidiary Oct 07

    Approved a corporate guarantee of ₹45.09 crore for subsidiary Clean Max Patagonia Private Limited to secure term loan facilities.

Quarterly Results

₹ Cr
CLEANMAX quarterly results, ₹ crore
Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
82.12
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 (₹)
4.85
43.39
−2.8
2.49
2.69
4.73
4.14

Profit & Loss

₹ Cr
CLEANMAX profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
334
83.97
−180
−70.44
54.89
8.04
14.05
Div. Payout %
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
CLEANMAX balance sheet, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
CLEANMAX cash flow, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

CLEANMAX financial ratios, annual
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Clean Max Enviro Energy Solutions insights

50 extracted metrics across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 49.28%
  • DIIs 19.44%
  • FIIs 13.88%
  • Others 13.01%
  • Public 4.39%

9.45% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Clean Max Enviro Energy Solutions

What does Clean Max Enviro Energy Solutions Ltd do?
The company is India’s largest Commercial & Industrial (C&I) renewable energy provider, with over 15 years of operating history.
Where is Clean Max Enviro Energy Solutions Ltd (CLEANMAX) listed?
Clean Max Enviro Energy Solutions Ltd trades as CLEANMAX on the NSE and under code 544717 on the BSE.
Which sector does Clean Max Enviro Energy Solutions Ltd belong to?
Clean Max Enviro Energy Solutions Ltd is classified under the Utilities sector, in the Power Generation industry.
What is the PE ratio of Clean Max Enviro Energy Solutions Ltd?
Clean Max Enviro Energy Solutions Ltd trades at a PE ratio of 88.90 as of 4 Nov 2026, on earnings per share of ₹14.05, against a book value of ₹394.39 per share.
What is the 52-week high and low of Clean Max Enviro Energy Solutions Ltd?
Over the last 52 weeks Clean Max Enviro Energy Solutions Ltd has traded between ₹727.1 and ₹1,536 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Clean Max Enviro Energy Solutions Ltd?
Clean Max Enviro Energy Solutions Ltd reported a return on equity of 1.76%. Its debt-to-equity ratio is 2.73.

Company Information

The company is India’s largest Commercial & Industrial (C&I) renewable energy provider, with over 15 years of operating history.

Website cleanmax.com
Listed 2 Mar 2026
Face Value ₹1

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