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 ₹ 13,801 Cr.
- Current Price ₹ 1,180
- High / Low ₹ 1,199 / 727
- Stock P/E 256
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 7.39 %
- ROE 1.30 %
- Face Value ₹ 1.00
Pros
- Debtor days have improved from 59.5 to 45.9 days.
Cons
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.71% over last 3 years.
* 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 | |
|---|---|---|---|---|---|
| 621 | 702 | 930 | 1,390 | 1,496 | |
| 381 | 406 | 555 | 684 | 595 | |
| Operating Profit | 240 | 295 | 375 | 706 | 901 |
| OPM % | 39% | 42% | 40% | 51% | 60% |
| 15 | 9 | -58 | 25 | 114 | |
| Interest | 141 | 167 | 217 | 504 | 663 |
| Depreciation | 70 | 86 | 118 | 222 | 300 |
| Profit before tax | 44 | 52 | -18 | 5 | 52 |
| Tax % | 42% | 42% | 239% | 897% | 77% |
| 25 | 30 | -59 | -38 | 19 | |
| EPS in Rs | 334.17 | 83.97 | -179.97 | -70.44 | 54.89 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 29% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -9% |
| TTM: | 139% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | 1% |
| Last Year: | 1% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.76 | 4 | 4 | 4 | 5 | 10 |
| Reserves | 50 | 1,257 | 1,207 | 1,829 | 2,558 | 2,657 |
| 1,341 | 1,605 | 3,971 | 5,570 | 8,087 | 10,308 | |
| 1,240 | 862 | 1,691 | 1,465 | 2,374 | 3,971 | |
| Total Liabilities | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 16,946 |
| 2,031 | 2,149 | 2,929 | 6,649 | 8,060 | 9,557 | |
| CWIP | 112 | 603 | 2,683 | 680 | 1,913 | 3,575 |
| Investments | 7 | 42 | 49 | 93 | 76 | 51 |
| 481 | 934 | 1,212 | 1,447 | 2,976 | 3,763 | |
| Total Assets | 2,632 | 3,728 | 6,873 | 8,869 | 13,025 | 16,946 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 489 | 434 | 928 | 86 | 1,404 | |
| -510 | -1,034 | -3,011 | -1,939 | -3,606 | |
| 45 | 582 | 2,144 | 1,789 | 2,481 | |
| Net Cash Flow | 24 | -17 | 61 | -64 | 279 |
| Free Cash Flow | 36 | -375 | -1,964 | -1,807 | -1,551 |
| CFO/OP | 206% | 149% | 252% | 26% | 165% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 28 | 52 | 67 | 66 | 46 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 28 | 52 | 67 | 66 | 46 |
| Working Capital Days | -169 | -213 | -473 | -175 | -432 |
| ROCE % | 10% | 7% | 8% | 7% |
Documents
Announcements
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Board Meeting Intimation for Board Meeting Intimation For Considering And Approving The Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Financial Year Ended 31 March 2026
21h - Board to meet on 12 May 2026 to approve audited standalone and consolidated FY2026 results.
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Company confirms it is not a Large Corporate under SEBI circular; outstanding borrowing was Rs 2,186.85 crore.
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Announcement Under Regulation 30 Read With Schedule III Of The SEBI (LODR) Regulations 2015 As Amended For Sale Of Shares
28 Apr - Board approved sale of two non-operating subsidiaries for ₹49,000 and ₹26,000 by 30 June 2026.
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Addendum To The Shareholders Letter Dated 18 March 2026 For Q3 FY2026
28 Apr - Addendum to Q3 FY2026 shareholder letter analyses Maharashtra banking norms and ToD tariffs; worst-case EBITDA impact ~1.5%.
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Intimation Regarding Receipt Of An Assessment Order From Income Tax Department For Assessment Year 2023-24
28 Apr - Income-tax assessment order for AY 2023-24 raises ₹6.78 crore demand; company plans appeal.
Concalls
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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.