Clean Max Enviro Energy Solutions

Clean Max Enviro Energy Solutions represents a massive play in India's renewable energy transition, particularly for the B2B sector.

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Clean Max Enviro Energy Solutions IPO Summary

Important Dates & Timeline

The IPO is currently open for subscription as of this morning.

• Opening Date: February 23, 2026 (Today)

• Closing Date: February 25, 2026

• Allotment Finalization: February 26, 2026

• Refund Initiation: February 26, 2026

• Listing Date: March 2, 2026 (BSE & NSE)

Pricing & Investment (Retail)

• Price Band: ₹1,000 to ₹1,053 per equity share

• Lot Size: 14 Shares

• Minimum Investment: ₹14,742

• Maximum Retail Investment (13 Lots): ₹1,91,646

Issue Structure

• Total Issue Size: ₹3,100 Crore (Downsized from an initial ₹5,200 Cr target)

• Fresh Issue Portion: ₹1,200 Crore

• Offer for Sale (OFS): ₹1,900 Crore (Existing investors like Brookfield and promoters are selling stakes)

Objectives of the Fresh Issue

The company has a very specific plan for the ₹1,200 crore fresh capital:

• Deleveraging: Approximately ₹1,123 crore (over 93% of the fresh issue) is earmarked for the repayment or pre-payment of outstanding borrowings.

• Corporate Growth: The remaining balance will be used for general corporate purposes and working capital needs.

Quick Financial Snapshot (FY25 & H1 FY26)

• Revenue (FY25): ₹1,610.34 Cr (Up from ₹1,425.31 Cr in FY24)

• Profit After Tax (FY25): ₹19.43 Cr (A significant turnaround from a loss of ₹37.64 Cr in FY24)

• H1 FY26 PAT: ₹19.00 Cr (Already matching nearly the entire previous year's profit in just 6 months)

• EBITDA Margin: ~63% (FY25), reflecting high operational efficiency as more projects come online.

Grey Market Sentiment (GMP)

As of today, February 23, the sentiment is quite conservative. The GMP is currently hovering around +₹3 to ₹5. At the upper price band of ₹1,053, this indicates a very modest estimated listing gain of approximately 0.3% to 0.5%.

Key Strengths & Risks

• B2B Leadership: India’s largest provider of renewable energy to the Commercial & Industrial (C&I) segment, with long-term contracts (20-25 years).

• Strong Backing: Backed by global heavyweights like Brookfield and Temasek (pre-IPO investors).

• Risk (Debt): Even after this IPO, the company will carry substantial debt (over ₹9,000 Cr), making it sensitive to interest rate fluctuations.

• Risk (Valuation): At 365x FY25 earnings, it is priced at a massive premium compared to peers like NTPC Green or Adani Green, though its EV/EBITDA (16x-17x) is more competitive.