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 ₹ 12,923 Cr.
- Current Price ₹ 1,104
- High / Low ₹ 1,400 / 727
- Stock P/E 137
- Book Value ₹ 396
- Dividend Yield 0.00 %
- ROCE 6.24 %
- ROE 2.61 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 2.79 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 0.66% 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 621 | 702 | 930 | 1,390 | 1,496 | 1,913 | |
| 381 | 406 | 555 | 684 | 595 | 781 | |
| Operating Profit | 240 | 295 | 375 | 706 | 901 | 1,132 |
| OPM % | 39% | 42% | 40% | 51% | 60% | 59% |
| 15 | 9 | -58 | 25 | 114 | 169 | |
| Interest | 141 | 167 | 217 | 504 | 663 | 786 |
| Depreciation | 70 | 86 | 118 | 222 | 300 | 380 |
| Profit before tax | 44 | 52 | -18 | 5 | 52 | 135 |
| Tax % | 42% | 42% | 239% | 897% | 77% | 37% |
| 25 | 30 | -59 | -38 | 19 | 86 | |
| EPS in Rs | 334.17 | 83.97 | -179.97 | -70.44 | 54.89 | 8.04 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 27% |
| TTM: | 28% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 29% |
| 3 Years: | 5% |
| TTM: | 229% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 1% |
| Last Year: | 3% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 1,341 | 1,605 | 3,971 | 5,570 | 8,087 | 12,684 | |
| 1,240 | 862 | 1,691 | 1,465 | 2,374 | 5,776 | |
| Total Liabilities | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 23,098 |
| 2,031 | 2,149 | 2,929 | 6,649 | 8,060 | 11,992 | |
| CWIP | 112 | 603 | 2,683 | 680 | 1,913 | 5,339 |
| Investments | 7 | 42 | 49 | 93 | 76 | 102 |
| 481 | 934 | 1,212 | 1,447 | 2,976 | 5,665 | |
| Total Assets | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 23,098 |
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 | -5,957 | |
| 45 | 582 | 2,144 | 1,789 | 2,481 | 5,095 | |
| Net Cash Flow | 24 | -17 | 61 | -64 | 279 | 869 |
| Free Cash Flow | 36 | -375 | -1,964 | -1,807 | -1,551 | -4,003 |
| CFO/OP | 206% | 149% | 252% | 26% | 165% | 160% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 28 | 52 | 67 | 66 | 46 | 53 |
| Inventory Days | 29 | |||||
| Days Payable | 1,274 | |||||
| Cash Conversion Cycle | 28 | 52 | 67 | 66 | 46 | -1,192 |
| Working Capital Days | -169 | -213 | -473 | -175 | -432 | -766 |
| ROCE % | 10% | 7% | 8% | 7% | 6% |
Documents
Announcements
-
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015
2h - Clean Max subsidiary commissioned 351.4 MWp at Bikaner Solar Park on 26 May 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2h
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
4h - CleanMax secured ~$575 million financing for ~1 GW renewable projects in Rajasthan and Karnataka.
- Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 20 May
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
20 May - CleanMax upgraded to CARE AA-/Stable from A+/Positive on 20 May 2026; FY26 EBITDA ₹1,295 crore, PAT ₹85.6 crore.
Concalls
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May 2026TranscriptPPT
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May 2026Transcript PPT
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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.