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 ₹ 15,046 Cr.
- Current Price ₹ 1,284
- High / Low ₹ 1,536 / 727
- Stock P/E 238
- Book Value ₹ 396
- Dividend Yield 0.00 %
- ROCE 6.16 %
- ROE 1.76 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 3.19 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 -0.47% 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 | 122 | 169 | |
| Interest | 141 | 167 | 217 | 504 | 663 | 786 |
| Depreciation | 70 | 86 | 118 | 222 | 300 | 380 |
| Profit before tax | 44 | 52 | -18 | 5 | 60 | 135 |
| Tax % | 42% | 42% | 239% | 897% | 67% | 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: | 19% |
| 3 Years: | -8% |
| TTM: | 548% |
| 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 | |
|---|---|---|---|---|---|---|
| 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 | 5,232 | |
| Total Liabilities | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 22,555 |
| 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 |
| 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 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/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 | ||||||
| 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 |
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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.