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 ₹ 16,939 Cr.
- Current Price ₹ 1,439
- High / Low ₹ 1,536 / 727
- Stock P/E 22.0
- 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
- Shareholder Meeting / Postal Ballot-Outcome of AGM 2d
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Announcement under Regulation 30 (LODR)-Acquisition
2d - Board approved sale of 26% stakes in Clean Max Sau/Ni and acquisition of 26% in Clean Max Uno.
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Intimation Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations, 2015
2d - Board approved sale of 26% stakes in two subsidiaries and acquisition of 26% in Clean Max Uno by 31 August 2026.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
17 Jul - Allotment of 9220 ESOPs pursuant to CMES ESOP Scheme
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Outcome Of The Meeting Of Risk Management Committee Of The Board Of Clean Max Enviro Energy Solutions Limited (Formerly Known As Clean Max Enviro Energy Solutions Private Limited) ('The Company') Held On 15 July 2026
15 Jul - Committee approved corporate guarantee up to INR 22 crore for subsidiary Clean Max Aria on 15 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.