Clean Max Enviro Energy Solutions Ltd
The company is India’s largest Commercial & Industrial (C&I) renewable energy provider, with over 15 years of operating history.[1]
- Market Cap ₹ 14,890 Cr.
- Current Price ₹ 1,270
- High / Low ₹ 1,536 / 727
- Stock P/E 19.3
- Book Value ₹ 482
- Dividend Yield 0.00 %
- ROCE 22.1 %
- ROE 17.0 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 84.0% CAGR over last 5 years
- Debtor days have improved from 73.2 to 47.9 days.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Contingent liabilities of Rs.7,230 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 387 | 812 | 927 | 2,776 | 2,106 | 2,270 | 6,003 | |
| 358 | 745 | 831 | 2,423 | 1,655 | 1,841 | 4,891 | |
| Operating Profit | 29 | 67 | 97 | 354 | 452 | 429 | 1,113 |
| OPM % | 8% | 8% | 10% | 13% | 21% | 19% | 19% |
| 15 | 19 | 30 | -23 | 122 | 189 | 346 | |
| Interest | 29 | 25 | 28 | 103 | 155 | 190 | 369 |
| Depreciation | 13 | 12 | 13 | 18 | 30 | 39 | 50 |
| Profit before tax | 2 | 49 | 86 | 209 | 389 | 389 | 1,039 |
| Tax % | 26% | 25% | 27% | 37% | 27% | 23% | 26% |
| 1 | 37 | 62 | 132 | 282 | 298 | 767 | |
| EPS in Rs | 19.48 | 487.66 | 171.92 | 363.90 | 641.96 | 587.78 | 65.54 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | 29% |
| TTM: | 164% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 84% |
| 3 Years: | 60% |
| TTM: | 164% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 14% |
| Last Year: | 17% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.75 | 0.76 | 4 | 4 | 4 | 5 | 12 |
| Reserves | 846 | 158 | 1,401 | 1,550 | 2,474 | 3,394 | 5,636 |
| 208 | 161 | 183 | 984 | 1,179 | 1,549 | 2,168 | |
| 265 | 1,109 | 628 | 1,511 | 1,273 | 2,352 | 5,260 | |
| Total Liabilities | 1,319 | 1,429 | 2,216 | 4,049 | 4,929 | 7,300 | 13,076 |
| 229 | 233 | 282 | 335 | 707 | 852 | 1,149 | |
| CWIP | 10 | 0 | 12 | 360 | 88 | 227 | 546 |
| Investments | 556 | 545 | 754 | 1,509 | 2,041 | 2,946 | 3,843 |
| 524 | 651 | 1,169 | 1,846 | 2,093 | 3,275 | 7,538 | |
| Total Assets | 1,319 | 1,429 | 2,216 | 4,049 | 4,929 | 7,300 | 13,076 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 34 | 125 | 18 | 947 | 58 | 1,083 | 2,945 | |
| -218 | -32 | -474 | -1,553 | -707 | -1,677 | -3,741 | |
| 207 | -68 | 437 | 597 | 636 | 779 | 1,671 | |
| Net Cash Flow | 23 | 24 | -18 | -9 | -13 | 185 | 874 |
| Free Cash Flow | 30 | 118 | -51 | 540 | -66 | 749 | 2,160 |
| CFO/OP | 127% | 190% | 24% | 271% | 34% | 268% | 270% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 107 | 145 | 60 | 111 | 60 | 48 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 53 | 107 | 145 | 60 | 111 | 60 | 48 |
| Working Capital Days | 71 | 13 | 58 | -88 | -28 | -108 | -125 |
| ROCE % | 11% | 13% | 19% | 18% | 13% | 22% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Capacity Commissioned in Trailing 12 Months MW |
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| Contracted yet-to-be-executed Capacity MW |
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| Data & AI Share of Contracted RE Power Sales Capacity % |
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| Number of C&I Customers Count |
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| Share of Repeat Orders in New Contracted Volumes % |
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| Solar Offsite Plant Load Factor (AC) % |
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| Total C&I Operational Capacity MW |
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| Wind Plant Load Factor % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
5m - CleanMax commissioned 530 MW in Q1 FY27, lifting operational renewable portfolio to 4.2 GW.
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Intimation Under Regulation 30 Read With Para A Of Part A Of Schedule III Of The SEBI (LODR) Regulations, 2015
3 Jul - Board approved sale of stakes in Ichi, Dool and San subsidiaries for ₹1 lakh total; SPA by 14 Aug 2026.
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Intimation Of Dispatch Of Letter To The Shareholders
1 Jul - 16th AGM scheduled for 24 July 2026; annual report notice sent to shareholders without registered emails.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
1 Jul - Enclosed herewith newspaper advertisement for information regarding 16th Annual General Meeting of the Company to be held on Friday, 24 July 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
30 Jun - Intimation of Analysts/Institutional Investors Meet scheduled to be held on Monday, 06 July 2026.
Concalls
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May 2026TranscriptPPT
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May 2026Transcript PPT REC
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Mar 2026TranscriptPPT
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Mar 2026Transcript PPT REC
Market Leadership[1][2]
CleanMax Enviro Energy Solutions is India’s largest C&I renewable energy provider with 2.80 GW operational capacity, 555 customers, and 8% market share in FY25 open access additions, leading geographically across states.