Clean Max Enviro Energy Solutions
Clean Max Enviro Energy Solutions (CLEANMAX) share price was ₹1,252.30 at the 28 Oct 2026 close; market capitalisation ₹14,721 Cr; P/E (TTM) 89.13; sector Utilities. In the Jun 2026 quarter, revenue rose 106.9% year on year to ₹832.2 Cr and net profit was ₹55 Cr, against −₹17 Cr a year earlier (compared with Jun 2025). Promoters held 49.28% of Clean Max Enviro Energy Solutions in Sep 2026, down 0.14 percentage points from Jun 2026.
Key Fundamentals
SmallcapPower GenerationUtilitiesPrice-based figures as of 28 Oct 2026, 15:58 IST · EPS basis: Consolidated · TTM
Peer Comparison
Utilities › Power Generation
| ₹303.75 | 10.61 | 2,94,536 Cr | 1.45 | 2.98% | 14.21% | 9.22% | 1,98,997 Cr | 28,333 Cr | |
| ₹1,269.00 | 111.51 | 2,09,027 Cr | 9.68 | 0.00% | 6.65% | 6.85% | 15,145 Cr | 2,249 Cr | |
| ₹483.00 | 43.47 | 88,557 Cr | 2.59 | 0.43% | 8.23% | 7.51% | 19,914 Cr | 2,460 Cr | |
| ₹74.44 | 19.69 | 74,775 Cr | 1.80 | 2.20% | 6.69% | 4.09% | 14,819 Cr | 4,267 Cr | |
| ₹83.22 | 117.21 | 70,124 Cr | 3.70 | 0.00% | 2.72% | 2.90% | 3,468 Cr | 605 Cr | |
| ₹227.95 | 9.85 | 31,608 Cr | 1.47 | 1.67% | 14.91% | 9.33% | 20,134 Cr | 3,366 Cr | |
| ₹411.15 | 43.69 | 29,063 Cr | 3.70 | 0.05% | 9.84% | 7.11% | 2,895 Cr | 602 Cr | |
| Clean Max Enviro Energy Solutions (this company) | ₹1,252.30 | 89.13 | 14,721 Cr | 3.18 | 0.00% | 1.55% | 5.12% | 2,541 Cr | 157 Cr |
| Median 8 companies | ₹357.45 | 43.58 | 72,450 Cr | 2.89 | 0.24% | 7.46% | 6.98% | 14,982 Cr | 2,355 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
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Key Insights
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
Oscillators
Bearish
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 51% · Jun 2026
AI Analysis — Bull vs Bear
Clean Max Enviro Energy Solutions Ltd trades at ₹1,252.30 as of 2026-10-28 with a market cap of ₹14,720.71 Cr. The company shows strong revenue growth (27% CAGR over 3 years) but carries elevated leverage with a debt-to-equity ratio of 2.73 and a PE of 89.13x, while ROE remains subdued at 1.55%.
- Strong revenue momentum with TTM compounded sales growth of 28% and a 3-year sales CAGR of 27%, indicating consistent top-line expansion in the renewable energy space
- Compounded profit growth on a TTM basis stands at 121%, suggesting a sharp earnings inflection that could signal operating leverage kicking in
- 5-year compounded sales CAGR of 25% demonstrates that the revenue trajectory is not a recent aberration but a sustained multi-year trend
- 5-year compounded profit CAGR of 19% shows the company has been able to grow earnings over a longer horizon despite near-term volatility
- The stock is trading 18.5% below its 52-week high of ₹1,536, offering a potential entry window if growth continues at current rates
- The stock has rallied roughly 72% from its 52-week low of ₹727.10 to the current price of ₹1,252.30, reflecting improving market sentiment and investor interest in the clean energy sector
- Last year ROE improved to 2% from the 3-year average of 0%, indicating a nascent but positive trend in return generation for shareholders
- PE ratio of 89.13x is extremely elevated, implying the stock prices in substantial future growth and leaves little margin of safety if earnings disappoint
- Debt-to-equity ratio of 2.73 signals heavy leverage, raising concerns about financial fragility especially in a rising interest rate environment
- ROE of just 1.55% and a 3-year average ROE near 0% indicate the company is generating negligible returns on shareholder equity despite repeated profits
- The company pays zero dividend (yield 0%) despite reporting profits, suggesting either reinvestment needs are very high or free cash flow generation is constrained
- Low interest coverage ratio as flagged in known concerns, combined with a debt-to-equity of 2.73, raises questions about the company's ability to service its debt comfortably
- Price-to-book ratio of 3.18x is high relative to the low ROE of 1.55%, meaning investors are paying a steep premium for assets that generate very modest returns
- 3-year compounded profit CAGR of -8% shows that the recent TTM profit surge of 121% follows a period of earnings decline, raising durability concerns
- Potential capitalization of interest costs as flagged in known concerns could mean reported profits overstate true operating profitability, artificially flattering the earnings picture
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Major investor dumps 7.25% stake Sep 30
Augment India I Holdings sold 85.02 lakh shares via open market, reducing its holding from 9.5% to 2.25%. Significant selling pressure from an early investor can weigh on stock sentiment.
- Thai solar expansion via acquisition Oct 9
Clean Max subsidiaries acquired 100% of Thailand-based Massmunch Company Limited for THB 1,250,000 to expand solar capacity internationally, signaling geographic diversification.
- NCDs now secured, BSE approved Oct 1
BSE granted final approval to modify terms of 40,000 NCDs, converting them to secured instruments with a new ISIN. This improves the company's debt profile and investor confidence.
- 26% subsidiary stake sold to Chambal Oct 16
Board approved sale of 26% stake in Clean Max Hachi Private Limited to Chambal Fertilisers for ₹26,000. The nominal transaction value suggests a strategic partnership rather than a material financial event.
- ₹45 cr guarantee for subsidiary Oct 7
Board approved a ₹45.09 crore corporate guarantee for subsidiary Clean Max Patagonia Private Limited to secure term loan facilities, indicating ongoing project-level funding activity.
TL;DR: Clean Max is actively restructuring its portfolio — expanding into Thailand via acquisition while partially divesting a subsidiary stake to Chambal Fertilisers. The securing of NCDs is a modest credit positive. The key risk is the large stake sale by Augment India, which signals reduced conviction from an early backer. The trend is mixed: international expansion is encouraging, but investor exits and frequent subsidiary-level guarantees warrant monitoring.
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 (₹) | 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 (₹) | 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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50 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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