Clean Max Enviro Energy Solutions Ltd (CLEANMAX)
🎯 Key Takeaways
- Clean Max Enviro Energy Solutions Ltd is transitioning from a project-focused renewable energy developer to an operational platform with expanding wind capacity and strategic asset disposals. The company is actively monetizing non-core holdings while scaling up long-term infrastructure through a major wind turbine procurement, signaling a shift toward capital-intensive, asset-heavy growth.
- Revenue grew 49.3% QoQ to ₹832 in Q1FY27.
- ⚠️ 1) High leverage (D/E 2.68) and asset-heavy expansion expose the company to execution and financing risks if project returns are delayed or capital co
- Market Cap
- ₹16,157
- P/E Ratio
- 94.2
- P/B Ratio
- 3.48
- ROE
- 3.4%
- ROCE
- 6.3%
- Debt/Equity
- 2.68
- Promoter
- 49.4%
📖 The Story
Clean Max Enviro Energy Solutions Ltd is transitioning from a project-focused renewable energy developer to an operational platform with expanding wind capacity and strategic asset disposals. The company is actively monetizing non-core holdings while scaling up long-term infrastructure through a major wind turbine procurement, signaling a shift toward capital-intensive, asset-heavy growth. This phase reflects deliberate portfolio optimization and positioning for sustained renewable energy operations.
📰 What's Happening
In August 2026, the company approved the sale of 26% of Clean Max Muoi and 49% of Clean Max Chin to non-promoter entities, completing stake disposals valued at INR 75,000 combined, with closure expected by 30 October 2026. Concurrently, it entered a term sheet to procure 1,550 MW of wind turbines from Envision Energy India, to be executed in phases through December 2028, requiring significant capital deployment. Shareholders are set to vote on material related party transactions totaling up to INR 570.50 crore via remote e-voting, with results due by 28 September 2026. These moves reflect active portfolio restructuring and strategic capital reallocation.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 531 | 422 | 557 | 832 |
| Operating Profit | 247 | 152 | 171 | 306 |
| OPM % | 46.5% | 36.0% | 30.7% | 36.8% |
| Net Profit | 32 | 21 | 45 | 55 |
| EPS | ₹2.49 | ₹2.70 | ₹5.31 | ₹4.14 |
Quarterly revenue has grown steadily from ₹422 crore (Dec 2025) to ₹832 crore (Jun 2026), with operating margins holding firm above 30%, indicating operational efficiency despite scale-up. Profitability remains volatile, with net profit rising from ₹21 crore (Dec 2025) to ₹55 crore (Jun 2026), though ROE remains low at 3.3% and ROCE at 6.3%, suggesting capital intensity and delayed returns. The strong operating cash flow of ₹1,731 crore in Mar 2026 supports ongoing investments, but net cash flow remains positive only due to financing inflows, underscoring the capital-heavy nature of its wind expansion.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance on revenue or margins, but has emphasized execution of the 1,550 MW wind procurement and timely closure of stake sales as key milestones. The phased approach to turbine agreements until December 2028 indicates a controlled, capital-efficient rollout. The focus remains on regulatory compliance, shareholder approval of RPTs, and advancing project execution without committing to specific financial targets.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2026 | Mar 2026 |
|---|---|---|
| Equity Capital | 12 | 10 |
| Reserves | 4,627 | 2,657 |
| Borrowings | 12,411 | 10,308 |
| Total Liabilities | 23,098 | 14,273 |
| Fixed Assets | 11,957 | 12,950 |
| Investments | 137 | 51 |
| Total Assets | 23,098 | 14,273 |
The balance sheet shows a sharp rise in total assets from ₹14,273 crore (Mar 2026) to ₹23,098 crore, driven by increased borrowings from ₹10,308 crore to ₹12,411 crore, while equity grew modestly from ₹10 crore to ₹12 crore plus reserves. This reflects aggressive asset expansion financed largely by debt, with reserves absorbing retained earnings. The leverage ratio remains elevated at 2.68, indicating high financial risk if revenue growth slows or project returns are delayed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +1,731 |
| Investing | -5,957 |
| Financing | +5,095 |
| Net Cash Flow | +869 |
👥 Shareholding Pattern
| Category | Q4FY26 | Q1FY27 |
|---|---|---|
| Promoters | 49.5% | 49.4% |
| FII | 29.8% | 11.2% |
| DII | 14.8% | 14.7% |
| Public | 3.3% | 3.1% |
| # Shareholders | 31,746 | 23,620 |
FII holdings have surged from 11.21% (Q1FY27) to 29.8% (Q4FY26), suggesting institutional confidence in the company’s transformation, while promoter holding remains stable near 49.4%. The sharp rise in shareholder count (from 31,746 to 23,620) and DII growth imply broadening retail and institutional interest. No pledging or selling signals are evident, and the remote e-voting mechanism may increase retail participation in governance decisions.
⚖️ Peer Comparison — Power Generation & Distribution
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ADANIPOWER | 3.79 L Cr | 26.6 | 18.3% | — | 0.86 |
| NTPC | 3.11 L Cr | 11.2 | 10.1% | — | 1.34 |
| POWERGRID | 2.44 L Cr | 15.3 | 10.5% | — | 1.47 |
| ADANIGREEN | 2.04 L Cr | 118.6 | 7.3% | — | 5.21 |
| ADANIENSOL | 1.57 L Cr | 53.0 | 10.5% | — | 1.92 |
| TATAPOWER | 1.16 L Cr | 29.9 | 11.1% | — | 1.80 |
| ENRIN | 1.14 L Cr | 76.4 | 46.2% | — | 0.00 |
| JSWENERGY | 91,124 | 44.3 | 7.3% | — | 2.52 |
| NTPCGREEN | 77,640 | 129.8 | 3.7% | — | 1.54 |
| NHPC | 74,836 | 21.1 | 5.0% | — | 1.26 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) High leverage (D/E 2.68) and asset-heavy expansion expose the company to execution and financing risks if project returns are delayed or capital costs rise. 2) Low ROE (3.3%) and ROCE (6.3%) suggest capital may remain tied up for years before generating meaningful returns, pressuring shareholder value. 3) Dependence on stake sales for capital realization creates uncertainty, especially if buyer timelines slip. 4) Regulatory and ESG reporting complexity increases compliance costs and scrutiny, with no clear path to improved profitability disclosed.
📋 Recent Filings
- 🟡 voting results2026-09-28Clean Max Enviro Energy Solutions Limited announced that all 32 proposed material related party transactions with its subsidiaries were approved by sh…
- 🔴 Corporate Action2026-09-28Clean Max Enviro Energy Solutions announced the allotment of green non-convertible debentures (NCDs) on 28 September 2026, raising a total of **₹11,00…
- 🔴 Announcement2026-09-28CleanMax raised ₹2,500 crores through a CRISIL AA/Stable-rated green bond issuance for C&I renewable projects, attracting institutional investors like…
- 🟡 voting results2026-09-28Clean Max Enviro Energy Solutions Limited announced that all 32 material related party transaction resolutions were approved by shareholders via remot…
- 🔴 Corporate Action2026-09-23Clean Max Enviro Energy Solutions approved the allotment of 2,830 equity shares on 23 September 2026, including 1,415 shares from exercised stock opti…
- 🟡 Board Meeting2026-09-21Clean Max Enviro Energy Solutions approved the appointment of Vipin Balan as Head of Projects effective 21 September 2026 and the sale of 2,600 shares…
- 🟡 Board Meeting2026-09-21On 21 September 2026, Clean Max Enviro Energy Solutions approved the appointment of Vipin Balan as Head of Projects and the sale of 2,600 shares each …
- 🔴 Announcement2026-09-15Clean Max Enviro Energy Solutions Ltd announced its participation in three upcoming investor conferences in Mumbai from 21 to 23 September 2026, inclu…
- 🟡 voting results2026-09-15Clean Max Enviro Energy Solutions clarified the tenure of related party transactions in its August 17, 2026 postal ballot notice, specifying that EPC …
- 🔴 Corporate Action2026-09-11Clean Max Enviro Energy Solutions approved the allotment of 17,660 equity shares on 11 September 2026, including 8,830 shares from exercised stock opt…
🧠 Analyst's Read
The company is in a pivotal transformation phase, shifting from project development to operational scaling and portfolio optimization. Investors should monitor the successful execution of the wind procurement, closure of stake disposals, and shareholder approval of RPTs, as these will determine the pace of capital deployment and path to sustainable profitability.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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