Unsung hero
Parbati Giri
She joined the freedom movement at 11 and was imprisoned during the Quit India Movement at 16. She later devoted her life to orphans, women and rural communities.
Clean Max Enviro Energy Solutions Ltd
₹ 1,248
-0.51%
14 Aug
- 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 Cap ₹ 14,666 Cr.
- Current Price ₹ 1,248
- High / Low ₹ 1,536 / 727
- Stock P/E 93.5
- Book Value ₹ 396
- Dividend Yield 0.00 %
- ROCE 6.16 %
- ROE 1.76 %
- Face Value ₹ 1.00
Unsung hero
Matangini Hazra
At 72, she led a Quit India procession carrying the national flag. Even after being shot, she kept marching and chanting Vande Mataram until she died.
Pros
Cons
- Stock is trading at 3.15 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.
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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 | TTM | |
|---|---|---|---|---|---|---|---|
| 621 | 702 | 930 | 1,390 | 1,496 | 1,913 | 2,343 | |
| 381 | 406 | 555 | 684 | 595 | 781 | 1,056 | |
| Operating Profit | 240 | 295 | 375 | 706 | 901 | 1,132 | 1,287 |
| OPM % | 39% | 42% | 40% | 51% | 60% | 59% | 55% |
| 15 | 9 | -58 | 25 | 114 | 169 | 199 | |
| Interest | 141 | 167 | 217 | 504 | 663 | 786 | 820 |
| Depreciation | 70 | 86 | 118 | 222 | 300 | 380 | 411 |
| Profit before tax | 44 | 52 | -18 | 5 | 52 | 135 | 255 |
| Tax % | 42% | 42% | 239% | 897% | 77% | 37% | |
| 25 | 30 | -59 | -38 | 19 | 86 | 157 | |
| EPS in Rs | 334.17 | 83.97 | -179.97 | -70.44 | 54.89 | 8.04 | 14.05 |
| 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: | 121% |
| 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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Documents
Announcements
-
In-Principle Approval For Modification In Terms Of Non- Convertible Debentures
- BSE approved modification terms for 40,000 NCDs aggregating up to Rs 400 crore on 14 August 2026.
-
Intimation For Issuance Of Corporate Guarantee
- Approved INR 92 crore corporate guarantee for Clean Max Rudra Private Limited's Federal Bank term loan.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
- Allotment of 2,00,000 shares under Clean Max Enviro Energy Solutions Limited Employee Stock Option Scheme 2015 as amended
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Intimation of Schedule of Analysts/Institutional Investors meet - Motilal Oswal 22nd Annual Global Investor Conference, 2026 to be held on Wednesday, 19 August 2026 at …
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Transcript of earnings conference call of Clean Max Enviro Energy Solutions Limited for the unaudited standalone and consolidated financial results for the quarter ended 30 …
Concalls
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Aug 2026Transcript PPT REC
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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.