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 ₹ 15,103 Cr.
- Current Price ₹ 1,290
- High / Low ₹ 1,400 / 727
- Stock P/E 19.7
- Book Value ₹ 482
- Dividend Yield 0.00 %
- ROCE 24.6 %
- ROE 18.9 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 83.8% CAGR over last 5 years
- Debtor days have improved from 87.4 to 47.9 days.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
* 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
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 387 | 812 | 927 | 2,776 | 2,106 | 2,270 | 6,003 | |
| 358 | 745 | 831 | 2,423 | 1,655 | 1,841 | 4,899 | |
| Operating Profit | 29 | 67 | 97 | 354 | 452 | 429 | 1,104 |
| OPM % | 8% | 8% | 10% | 13% | 21% | 19% | 18% |
| 15 | 19 | 30 | -23 | 122 | 189 | 354 | |
| Interest | 29 | 25 | 28 | 103 | 155 | 190 | 369 |
| Depreciation | 13 | 12 | 13 | 18 | 30 | 39 | 50 |
| Profit before tax | 2 | 49 | 86 | 209 | 389 | 389 | 1,039 |
| Tax % | 26% | 25% | 27% | 37% | 27% | 23% | 26% |
| 1 | 37 | 62 | 132 | 282 | 298 | 767 | |
| EPS in Rs | 19.48 | 487.66 | 171.92 | 363.90 | 641.96 | 587.78 | 65.54 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | 29% |
| TTM: | 164% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 84% |
| 3 Years: | 60% |
| TTM: | 157% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 16% |
| Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.75 | 0.76 | 4 | 4 | 4 | 12 | |
| Reserves | 846 | 158 | 1,401 | 1,550 | 2,474 | 5,636 | |
| 208 | 161 | 183 | 984 | 1,179 | 2,168 | ||
| 265 | 1,109 | 628 | 1,511 | 1,273 | 5,260 | ||
| Total Liabilities | 1,319 | 1,429 | 2,216 | 4,049 | 4,929 | 13,076 | |
| 229 | 233 | 282 | 335 | 707 | 1,149 | ||
| CWIP | 10 | 0 | 12 | 360 | 88 | 546 | |
| Investments | 556 | 545 | 754 | 1,509 | 2,041 | 3,843 | |
| 524 | 651 | 1,169 | 1,846 | 2,093 | 7,538 | ||
| Total Assets | 1,319 | 1,429 | 2,216 | 4,049 | 4,929 | 13,076 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 34 | 125 | 18 | 947 | 58 | 1,083 | 2,945 | |
| -218 | -32 | -474 | -1,553 | -707 | -1,677 | -3,741 | |
| 207 | -68 | 437 | 597 | 636 | 779 | 1,671 | |
| Net Cash Flow | 23 | 24 | -18 | -9 | -13 | 185 | 874 |
| Free Cash Flow | 30 | 118 | -51 | 540 | -66 | 752 | 2,160 |
| CFO/OP | 127% | 190% | 24% | 271% | 34% | 268% | 272% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 107 | 145 | 60 | 111 | 48 | |
| Inventory Days | 14 | ||||||
| Days Payable | 165 | ||||||
| Cash Conversion Cycle | 53 | 107 | 145 | 60 | 111 | -103 | |
| Working Capital Days | 71 | 13 | 58 | -88 | -28 | -125 | |
| ROCE % | 11% | 13% | 19% | 18% |
Documents
Announcements
-
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations 2015 As Amended From Time To Time
2d - Company disclosed subsidiary guarantee of up to INR 128 crores; no current impact.
-
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations 2015 As Amended From Time To Time
2d - Apple India completed acquisition of Clean Max Taurus on 14 May 2026; it ceased to be wholly owned.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 2d
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 May - Audio/video recording of 13 May 2026 earnings call for FY26 results posted online.
-
Shareholders Letter For FY2026 Dated 12 May 2026
12 May - FY2026 shareholder letter: 1.4 GW commissioned, 3.1 GW operational, FY2027 guidance above 1.5 GW.
Concalls
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May 2026TranscriptAI SummaryPPT
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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.