Clean Max Enviro Energy Solutions Ltd

₹ 1,260 -1.32%

06 Nov - close price

About

The company is India’s largest Commercial & Industrial (C&I) renewable energy provider, with over 15 years of operating history.^[1]

Key Points

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.

Website BSE NSE

Market Cap ₹ 14,815 Cr.
Current Price ₹ 1,260
High / Low ₹ 1,536 / 727
Stock P/E 82.9
Book Value ₹ 412
Dividend Yield 0.00 %
ROCE 6.16 %
ROE 1.76 %
Face Value ₹ 1.00

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Pros

Company is expected to give good quarter

Cons

Stock is trading at 3.06 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

* 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.

Peer comparison

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Part of Nifty 500 BSE Utilities BSE IPO Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty IPO Nifty Smallcap 500 Nifty MidSmallcap400 50:50

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	374	446	402	531	422	557	832	728
YoY Sales growth					+13%	+25%	+107%	+37%
	189	189	137	195	159	290	411	203
Operating Profit	184	257	266	335	263	268	421	524
OPM %	49%	58%	66%	63%	62%	48%	51%	72%
	36	54	9	31	44	84	42	24
Interest	154	204	221	195	190	180	255	289
Depreciation	83	81	83	89	111	97	115	139
Profit before tax	-17	26	-30	83	7	75	94	120
Tax %	-73%	34%	-44%	57%	-219%	40%	41%	46%
	-4	17	-17	36	21	45	55	65
EPS in Rs	0.24	2.17	-1.40	2.49	2.69	4.73	4.14	4.00
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	621	702	930	1,390	1,496	1,913	2,540
Sales growth		+13%	+32%	+50%	+8%	+28%	+45%
	381	406	555	684	595	781	1,064
Operating Profit	240	295	375	706	901	1,132	1,476
OPM %	39%	42%	40%	51%	60%	59%	58%
	15	9	-58	25	114	169	195
Interest	141	167	217	504	663	786	914
Depreciation	70	86	118	222	300	380	462
Profit before tax	44	52	-18	5	52	135	296
Tax %	42%	42%	239%	897%	77%	37%
	25	30	-59	-38	19	86	187
EPS in Rs	16.66	4.19	-8.99	-3.52	2.75	8.04	15.56
Dividend Payout %	-0%	-0%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	%
5 Years:	25%
3 Years:	27%
TTM:	45%

Compounded Profit Growth
10 Years:	%
5 Years:	19%
3 Years:	-8%
TTM:	403%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	1%
3 Years:	0%
Last Year:	2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	0.76	4	4	4	5	12	12
Reserves	50	1,257	1,207	1,829	2,558	4,627	4,828
	1,341	1,605	3,971	5,570	8,087	12,684	17,574
	1,240	862	1,691	1,465	2,374	5,232	5,133
Total Liabilities	2,632	3,728	6,873	8,869	13,025	22,555	27,546
	2,031	2,149	2,929	6,649	8,060	11,954	14,024
CWIP	112	603	2,683	680	1,913	5,343	6,746
Investments	7	42	49	93	76	137	872
	481	934	1,212	1,447	2,976	5,122	5,905
Total Assets	2,632	3,728	6,873	8,869	13,025	22,555	27,546

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	489	434	928	86	1,404	1,731
	-510	-1,034	-3,011	-1,939	-3,606	-5,953
	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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	206%	149%	252%	26%	165%	160%

Ratios

Consolidated / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	28	52	67	66	46	53
Inventory Days
Days Payable
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

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

Data & AI Share of Contracted RE Power Sales Capacity
%

Number of C&I Customers
Count

Share of Repeat Orders in New Contracted Volumes
%

Solar Offsite Plant Load Factor (AC)
%

Total C&I Operational Capacity
MW

Wind Plant Load Factor
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

10 Recently

	Mar 2026	Jun 2026	Sep 2026
	49.48%	49.43%	49.27%
	29.80%	11.21%	13.87%
	14.75%	14.67%	19.43%
	5.97%	24.70%	17.39%
No. of Shareholders	31,746	23,620	29,563

	Mar 2026	Sep 2026
	49.48%	49.27%
	29.80%	13.87%
	14.75%	19.43%
	5.97%	17.39%
No. of Shareholders	31,746	29,563

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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