---
title: "Clean Max Enviro Energy Solutions Ltd (CLEANMAX) — Share Price, Financials & Analysis"
symbol: "CLEANMAX"
company: "Clean Max Enviro Energy Solutions Ltd"
canonical: "https://tapetide.com/stocks/CLEANMAX"
isin: "INE647U01026"
nse_symbol: "CLEANMAX"
bse_code: "544717"
sector: "Utilities"
industry: "Power Generation"
market_cap_cr: 16039.26
generated_at: "2026-09-13T19:30:21.334Z"
---

# Clean Max Enviro Energy Solutions Ltd (CLEANMAX)

Canonical page: https://tapetide.com/stocks/CLEANMAX

## Company

- **NSE Symbol:** CLEANMAX
- **BSE Code:** 544717
- **ISIN:** INE647U01026
- **Sector:** Utilities
- **Industry:** Power Generation
- **Macro Sector:** Utilities
- **Stock Type:** EQUITY
- **Listed Since:** 2026-03-02
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** cleanmax.com

## About

The company is India’s largest Commercial & Industrial (C&I) renewable energy provider, with over 15 years of operating history.[1]

## Latest Price

- **Price:** ₹1431
- **Change:** +32 (+2.29%)
- **Open:** ₹1395.1
- **Day High:** ₹1442
- **Day Low:** ₹1361.7
- **Previous Close:** ₹1399
- **Volume:** 250397
- **As Of:** 2026-09-11T10:01:41+00:00

## Key Fundamentals

Observed at 2026-09-11T04:37:56.907732Z.

- **Market Cap:** ₹16039.26 Cr
- **Classification:** Smallcap
- **P/E (reported):** 104.4
- **P/E (TTM):** 101.85
- **EPS (TTM):** ₹14.05
- **Book Value:** ₹394.64
- **Price to Book:** 3.54
- **Dividend Yield:** 0%
- **ROE:** 1.55%
- **ROCE:** 5.12%
- **Debt to Equity:** 2.73
- **Revenue (yearly):** ₹2075.2 Cr
- **Net Income:** ₹85.6 Cr
- **EBITDA:** ₹1294.6 Cr
- **52-Week High:** ₹1536
- **52-Week Low:** ₹727.1
- **RSI (14):** 64.58

## Key Insights

### Weaknesses

- 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 Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 23.29% | — | 298.89% |
| ebitda margin growth | 31.58% | -1.03% | 19.89% | 42.32% |
| net income growth | 21.59% | 619.33% | -8% | 19% |
| revenue growth | 36.23% | 28.87% | 27% | 25% |
| roce | 36.51% | -22.42% | -21.71% | 5.83% |
| roe | 21.52% | 318.92% | 0.06% | -28.24% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Profit before tax | -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

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 621 | 702 | 930 | 1390 | 1496 | 1913 | 2343 |
| Expenses | 381 | 406 | 555 | 684 | 595 | 781 | 1056 |
| Operating Profit | 240 | 295 | 375 | 706 | 901 | 1132 | 1287 |
| 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 |
| Profit before tax | 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 | 334.17 | 83.97 | -179.97 | -70.44 | 54.89 | 8.04 | 14.05 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.76 | 4 | 4 | 4 | 5 | 12 |
| Reserves | 50 | 1257 | 1207 | 1829 | 2558 | 4627 |
| Borrowings | 1341 | 1605 | 3971 | 5570 | 8087 | 12684 |
| Other Liabilities | 1240 | 862 | 1691 | 1465 | 2374 | 5232 |
| Total Liabilities | 2632 | 3728 | 6873 | 8869 | 13025 | 22555 |
| Fixed Assets | 2031 | 2149 | 2929 | 6649 | 8060 | 11954 |
| CWIP | 112 | 603 | 2683 | 680 | 1913 | 5343 |
| Investments | 7 | 42 | 49 | 93 | 76 | 137 |
| Other Assets | 481 | 934 | 1212 | 1447 | 2976 | 5122 |
| Total Assets | 2632 | 3728 | 6873 | 8869 | 13025 | 22555 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 489 | 434 | 928 | 86 | 1404 | 1731 |
| Cash from Investing Activity | -510 | -1034 | -3011 | -1939 | -3606 | -5953 |
| Cash from Financing Activity | 45 | 582 | 2144 | 1789 | 2481 | 5095 |
| Net Cash Flow | 24 | -17 | 61 | -64 | 279 | 873 |
| Free Cash Flow | 36 | -375 | -1964 | -1807 | -1551 | -4039 |
| CFO/OP | 206 | 149 | 252 | 26 | 165 | 160 |

### Ratios

| Item | 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 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2026 | Jun 2026 |
| --- | --- | --- |
| Promoters | 49.48% | 49.42% |
| FIIs | 29.8% | 11.21% |
| DIIs | 14.75% | 14.67% |
| Government | 0% | 0% |
| Public | 3.32% | 3.13% |
| Others | 2.64% | 21.57% |
| No. of Shareholders | 34276 | 23620 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 10 / 6 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 1340.78 | Buy |
| EMA (10) | 1357.81 | Buy |
| SMA (20) | 1291.06 | Buy |
| EMA (20) | 1325.18 | Buy |
| SMA (50) | 1308.68 | Buy |
| EMA (50) | 1293.31 | Buy |
| SMA (100) | 1265.73 | Buy |
| EMA (100) | 1151.68 | Buy |
| SMA (200) | — | Neutral |
| EMA (200) | — | Neutral |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 67.88 | Neutral |
| MACD (12,26,9) | 30.17 | Buy |
| Stochastic (14,3,3) | 89.62 | Sell |
| ADX (14) | 18.86 | Neutral |
| Williams %R (14) | -4.06 | Sell |
| ATR (14) | 60.18 | High Volatility |
| ROC (12) | 21.04 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 59.41 | Neutral |

## Analyst Ratings

| Recommendation | Analysts | Share |
| --- | --- | --- |
| Buy | 4 | 100% |
| Hold | 0 | 0% |
| Sell | 0 | 0% |

Based on 4 analyst ratings, observed at 2026-09-11T04:37:56.885083+00:00.

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 7h - Board approved MOA and AOA amendments on 16 April 2026, subject to member approval. | [Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 7h - Board approved MOA and AOA amendments on 16 April 2026, subject to member approval.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/72c05c24-e092-4fe7-82cd-f8dd0ebf982f.pdf) |
| 7 May - Completed sale of Clean Max Ganga and Kruger shares to Clean Max Taurus on 7 May 2026. | [Intimation Under Regulation 30 Of The SEBI (LODR) Regulations 2015 As Amended From Time To Time 7 May - Completed sale of Clean Max Ganga and Kruger shares to Clean Max Taurus on 7 May 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/992f7e68-fac1-4813-8899-7a676759245c.pdf) |
| 7 May - Completed acquisition of 2,38,732 shares of subsidiary Clean Max Taurus Private Limited on 7 May 2026. | [Announcement under Regulation 30 (LODR)-Acquisition 7 May - Completed acquisition of 2,38,732 shares of subsidiary Clean Max Taurus Private Limited on 7 May 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/09081373-0324-43d2-a020-e48d1df1d192.pdf) |
| 7 May - Clean Max amended 19 Dec 2025 investment/SPAs with Apple India; Taurus deal and SPV transfers by May 2026. | [Intimation Under Regulation 30 Of The SEBI (LODR) Regulations 2015 As Amended From Time To Time 7 May - Clean Max amended 19 Dec 2025 investment/SPAs with Apple India; Taurus deal and SPV transfers by May 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/83027ea9-5736-467b-bd53-a75d0f05e3d9.pdf) |
| 7 May - Apple and CleanMax announced ~INR 100 crore co-investment to expand renewable energy in India. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 May - Apple and CleanMax announced ~INR 100 crore co-investment to expand renewable energy in India.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/7c819641-91c7-496a-93b2-2f37bd423e0d.pdf) |
| 7 Apr - CleanMax commissioned 185 MW hybrid project in Kalavad, Gujarat, adding about ₹165 crore annual revenue. | [Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Apr - CleanMax commissioned 185 MW hybrid project in Kalavad, Gujarat, adding about ₹165 crore annual revenue.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5b2bc11f-d745-4f7a-979f-6a3e650a601e.pdf) |
| 3h - Issued corporate guarantee up to Rs.752 crore for 74%-owned subsidiary Clean Max Sphere Energy Pvt Ltd. | [Disclosure Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations 2015 3h - Issued corporate guarantee up to Rs.752 crore for 74%-owned subsidiary Clean Max Sphere Energy Pvt Ltd.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/a5bb4daa-ed59-4f2e-8b78-75b4adc3e3a6.pdf) |
| 30 Apr - Company confirms it is not a Large Corporate under SEBI circular; outstanding borrowing was Rs 2,186.85 crore. | [Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - Company confirms it is not a Large Corporate under SEBI circular; outstanding borrowing was Rs 2,186.85 crore.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/0c30e1c7-543e-4aeb-a8a6-23431e21ed54.pdf) |
| 3 Apr - Board approved sale of wholly owned subsidiary Clean Max Ahhope Private Limited to HCCB for INR 35,000. | [Intimation For Sale Of Shares Held By Clean Max Enviro Energy Solutions Limited In Its Wholly Owned Subsidiary Clean Max Ahhope Private Limited To Hindustan Coca-Cola Beverages Private Limited 3 Apr - Board approved sale of wholly owned subsidiary Clean Max Ahhope Private Limited to HCCB for INR 35,000.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a952185f-c2ff-4dc6-bd8c-5fae7ce57811.pdf) |
| 2d - RMC approved ₹335.69 crore corporate guarantees for 13 subsidiaries' term loans on 08 May 2026. | [Outcome Of The Meeting Of Risk Management Committee Of The Board Of The Company Held On 08 May 2026 2d - RMC approved ₹335.69 crore corporate guarantees for 13 subsidiaries' term loans on 08 May 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/932b1335-f6f5-4f26-bf26-bde6cbb10ccc.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-10 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f32511a9-4ddf-4909-8352-ecba6c15d8a0.pdf) |
| 2026-09-09 | [Intimation Under Regulation 30 Read With Schedule III Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations 2015 As Amended](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1c572337-f1ca-4260-bedb-2af9b7cf766c.pdf) |
| 2026-09-08 | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations 2011](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=23434C19_770A_40A6_BA3D_1654C5B170AE_111339.pdf) |
| 2026-09-08 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=072e52c3-c21a-4d15-9e06-a35e58f19f31.pdf) |
| 2026-09-07 | [Announcement under Regulation 30 (LODR)-Credit Rating](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=029da57f-f908-4830-ac1c-797c730ac7f1.pdf) |
| 2026-09-03 | [Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c53eb04f-b007-4a4d-889a-afaf66d1f4e5.pdf) |
| 2026-08-28 | [Outcome Of Risk Management Committee Meeting Held On 28 August 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7abeffff-4efc-4a5a-aef8-5177d6e16d6d.pdf) |
| 2026-08-27 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a99e0fba-3907-4409-ac47-44d8c975b38b.pdf) |
| 2026-08-26 | [Business Responsibility And Sustainability Report For The Financial Year 2025-26](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0df62445-5327-4f32-b0a2-d580a808bc3f.pdf) |
| 2026-08-25 | [Shareholder Meeting / Postal Ballot-Notice of Postal Ballot](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a3882943-30af-4ed5-bdb2-06038e2ced42.pdf) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2026-08-07 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8e2d92e8-79ef-4659-8569-12cc3a894b42.pdf) |
| 2026-05-18 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e18a102b-19e6-41bd-a2cd-8ecb83e54919.pdf) |
| 2026-05-18 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b3f09bb7-8621-4b71-8a20-095bf1a2bf88.pdf) |
| 2026-03-22 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=234683f7-b71a-4b78-b27f-e5aaa71ee737.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2026-08-03 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=99b2da07-706c-4e0f-95b6-bcec9355d881.pdf) |
| 2026-05-13 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d40abd37-579c-41ab-bc77-187a82363b73.pdf) |
| 2026-03-18 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bc8e5a34-a06b-4c3e-a23e-8cafd02bb4ed.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-07-31 | [Financial Results For Quarter Ended 30 June 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=666b6d73-407a-49cf-b2f1-36cb7a4c4661.pdf) |
| 2026-05-12 | [Results-Financial Results For The Quarter And Financial Year Ended 31 March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=47e096d5-15b8-4f10-8373-8ed10a4de9d2.pdf) |
| 2026-03-17 | [Results- Financial Results For The Quarter And Nine Months Ended 31 December 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dba8dee7-19cd-422c-8fbc-d1a9653d4281.pdf) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-07-31 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=12de4ba6-573e-4382-bbff-686ab3d63249.pdf) |
| 2026-05-12 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fc519d5c-d9ca-40f4-af9c-61e6b6b99d19.pdf) |
| 2026-03-17 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=909ef8a1-5e71-4c57-b309-dbfab98ea3c4.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b3f09bb7-8621-4b71-8a20-095bf1a2bf88.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e18a102b-19e6-41bd-a2cd-8ecb83e54919.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/b3f09bb7-8621-4b71-8a20-095bf1a2bf88.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/e18a102b-19e6-41bd-a2cd-8ecb83e54919.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/fc519d5c-d9ca-40f4-af9c-61e6b6b99d19.pdf) |
| May 2026 | [Concall - May 2026](https://www.bseindia.com/xml-data/corpfiling/AttachLive/fc519d5c-d9ca-40f4-af9c-61e6b6b99d19.pdf) |
| Mar 2026 | [Concall - Mar 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/234683f7-b71a-4b78-b27f-e5aaa71ee737.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0da3293c-ae05-4b6d-b21f-0b3793bfecbc.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:30:21.334Z.