Clean Max Enviro Energy Solutions IPO - Company Analysis
Clean Max Enviro Energy Solutions IPO is a Mainboard IPO structured as a bookbuilding issue of ₹3,100 crore. According to the CRISIL Report, the company is the largest supplier of commercial and industrial (C&I) renewable energy in India as of March 31, 2025.
The company provides a comprehensive range of services, including renewable power supply, energy services, and carbon credit solutions. It caters to a diverse client base comprising traditional C&I businesses as well as technology-focused enterprises.
Clean Max specializes in energy contracting, engineering, procurement and construction (EPC), and operation and maintenance (O&M) of renewable energy plants, including wind, solar, and hybrid projects.
Offerings for Businesses
- Renewable Energy Power Sales Segment – Supplying renewable energy solutions to commercial and industrial clients.
- Renewable Energy Services Segment – Providing comprehensive energy services, including project development, implementation, and ongoing operational support.
Clean Max Enviro Energy Solutions IPO Details
The IPO is scheduled to open from February 23 to February 25, 2026. The IPO allotment is expected on February 26, 2026, with refund initiation also on February 26, 2026.
The ₹3,100 crore mainboard IPO consists of a fresh issue of 1.14 crore shares aggregating to ₹1,200 crore and an offer for sale of 1.80 crore shares amounting to ₹1,900 crore.
The IPO is tentatively expected to list on Monday, March 02, 2026, on both the BSE and NSE. The price band for the IPO has been fixed at ₹1,000 to ₹1,053 per share.
| Events | Date |
| IPO Opening Date | February 23, 2026 |
| IPO Closing Date | February 25, 2026 |
| IPO Allotment Date | February 26, 2026 (Tentative) |
| Refund Initiation | February 26, 2026 (Tentative) |
| Tentative IPO Listing Date | March 02, 2026 |
Industry Outlook
Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.43 | -37.64 | -59.47 |
| EBITDA | 1,015.07 | 741.57 | 405.92 |
| Net Worth | 2,545.44 | 1,817.96 | 1,209.93 |
| Reserves and Surplus | 7,973.70 | 5,514.56 | 3,843.42 |
| Total Borrowing | 13,279.25 | 9,076.55 | 7,000.14 |
Cash Flows
The cash flows from various activities are presented below:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 14,041.96 | 862.76 | 9,276.49 |
| Net Cash Flow Investing Activities | (36,170.50) | (19,386.03) | (30,107.65) |
| Net Cash Flow Financing Activities | 24,812.43 | 17,887.78 | 21,443.28 |
Revenue Bifurcation
(Source: RHP)
Click to check the IPO application status.
Listed Peers of Clean Max Enviro Energy Solutions Ltd.
| Name of the Company | Face Value (₹ per share) | EPS (₹) | P/E (x) |
| ACME Solar Holdings Ltd | 2 | 4.55 | 49.46 |
| NTPC Green Energy Ltd | 10 | 0.67 | 132.94 |
| Adani Green Energy Ltd | 10 | 8.37 | 119.14 |
| ReNew Energy Global PLC | 0.0001 USD | 10.92 | 44.84 |
Valuation
| KPI | Values |
| ROE | 1.27% |
| Debt/Equity | 1.97 |
| RoNW | 1.09% |
| Price to Book Value | 4.20 |
Evaluation of P/E Ratio
Considering the period ended on FY 2025 with an EPS of Rs. 2.88 from the last year, the resulting P/E ratio is 365.62x.
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IPO's Strengths
- A broad range of customer-centric capabilities.
- Strong project development, execution, and management capabilities delivered in a timely and cost-efficient manner.
- Effective risk management practices and disciplined capital allocation.
IPO Weaknesses
- Risks related to project development and execution delays.
- Risk of termination or renegotiation of PPA/EAPA agreements.
- Challenges associated with land title verification and land acquisition processes.
Clean Max Enviro Energy Solutions IPO GMP
As of February 18, 2026, the Clean Max Enviro Energy Solutions IPO GMP (Grey Market Premium) stands at ₹13.00. With the upper price band fixed at ₹1,053, the estimated listing price is projected to be around ₹1,072 per share, indicating a potential listing gain of approximately 1.80%.
Clean Max Enviro Energy Solutions Limited IPO Summary
| IPO Opening & Closing Date | Feb 23, 2026 to Feb 25, 2026 |
| Face Value | Rs. 1 per Share |
| Issue Price | Rs. 1000 to Rs. 1053 |
| Lot Size | 14 Shares |
| Issue Size | 2,94,39,695 Shares (Rs. 3100 Cr) |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | MUFG Intime India Pvt. Ltd. |
Clean Max Enviro Energy Solutions IPO Lot Size
The IPO allows retail investors to apply for a minimum of 1 lot (14 shares) amounting to ₹14,742, and a maximum of 13 lots (182 shares) amounting to ₹1,91,646.
For S-HNI investors, the minimum application size is 14 lots (196 shares), requiring an investment of ₹2,06,388.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 13 Lots |
| SHNI (Minimum) | 14 Lots |
| SHNI (Maximum) | 67 Lots |
| BHNI (Minimum) | 68 Lots |
Clean Max Enviro Energy Solutions IPO Reservation
| Institutional Share Portion | 50% |
| Retail Investors' Share Portion | 35% |
| Non-Institutional Shares Portion | 15% |
Clean Max Enviro Energy Solutions IPO Allotment Status
To check the Clean Max Enviro Energy Solutions IPO allotment status, investors can visit the official Registrar’s website or the BSE website. The relevant website links are provided below for easy access.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Clean Max Enviro Energy Solutions Ltd.
- Kuldeep Jain
- Pratap Jain
- Nidhi Jain
- BGTF One Holdings (DIFC) Ltd.
- Kempinc LLP.
| Pre-Issue Promoter Shareholding | 74.89% |
| Post-Issue Promoter Shareholding | 49.08% |
Clean Max Enviro Energy Solutions IPO Lead Managers
- Axis Capital Ltd.
Dividend Policy
The company has not declared or paid any dividend during the last three financial years.
Conclusion
Although the Clean Max Enviro Energy Solutions IPO offers exposure to India’s fast-growing renewable energy sector, it may be suitable primarily for high-risk investors due to its very high valuation (P/E ~365x), relatively low ROE, and significant debt levels.
Short-term listing expectations appear modest, as the current GMP indicates limited listing gains, and the promoters’ shareholding has reduced substantially post-issue.
To review complete details, investors are advised to read the company’s prospectus. Click here to download the DRHP.
Disclaimer: The information provided in this blog is for educational and informational purposes only and should not be considered as investment advice, research, or a recommendation to buy, sell, or hold any securities. Stock market investments are subject to market risks. Readers are advised to read all scheme-related documents carefully and consult their financial advisor before making any investment decisions.
