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HomeIPOClean Max Enviro Energy Solutions

About Clean Max Enviro Energy Solutions

Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, we have 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. We cater to a wide range of customers, including Technology customers and conventional C&I customers. The company's expertise covers Energy contracting, Engineering, procurement, and construction (EPC), and Operation and maintenance (O&M) of renewable energy plants (solar, wind, and hybrid). Business Offerings: Power Sales Renewable Energy: Power Sales Use Provided by the way of Long-term Power Purchase Agreement (PPA) and Energy Attribute Purchase Agreement (EAPA). Services of Renewable Energy: It offers the following services: turnkey project development, EPC services, evacuation infrastructure, lifetime O and M services and carbon services.

Checklist Quality Analysis

Revenue Growth

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Clean Max Enviro Energy Solutions

Clean Max Enviro Energy Solutions

Open Date

Feb 23, 2026

Close Date

Feb 25, 2026

listed

Min Investment

₹14,742

Lot Size

14 Shares

Issue Size

₹3100 Cr

Price Range

₹1000 - ₹1000

Listing Date

Mar 2, 2026

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Grey Market Premium (GMP) Trend

Clean Max Enviro Energy Solutions IPO - Issue Objectives

The company will use ₹1,122.67 crore to repay outstanding borrowings. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Repayment of borrowings

93.56%

General corporate purposes

6.44%

1

Repayment of borrowings

The company will use ₹1,122.67 crore to repay outstanding borrowings.

93.56%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

6.44%

IPO Subscription Status

QIB
2.99x
NII
0.57x
Individual
0.07x
Total
0.99x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Clean Max Enviro Energy Solutions

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue969.351,610.341,425.31960.98
EBITDA637.851,015.07741.57405.92
Expenses
Profit After Tax19.0019.43-37.64-59.47
Assets16,945.6513,279.259,076.557,000.14
Net Worth2,598.342,545.441,817.961,209.93
Reserves
Borrowing10,121.467,973.705,514.563,843.42

Clean Max Enviro Energy Solutions - Promoter(s)

Kuldeep Jain

Pratap Jain

Nidhi Jain

BGTF One Holdings (DIFC) Ltd

Kempinc LLP

Pre Issue Share Holding

74.89%

Post Issue Share Holding

49.08%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Market leadership in C&I renewable segment:

The company has established itself as a market leader in the commercial and industrial (C&I) renewable energy segment that is witnessing very fast growth as corporations aggressively set net-zero targets. With 2.80 GW of operational capacity and an additional 3.17 GW already contracted, the company has more scale and good growth visibility. Its mix of solar, wind, and hybrid solutions also allows it to serve various customer needs, which further enhances its competitiveness.

02

High-quality customer base

The company has a portfolio of more than 555 corporate clients, including global technology giants and large Indian industrial groups. Most of the customers are investment-grade rated; very low counterparty risk. The long-term power purchase agreements (with an average duration of almost 23 years) ensure steady cash flows, while the over 70% repeat customer rate indicates a great level of customer satisfaction.

03

High margins driven by bilateral contracting

Many renewable developers depend largely on government tenders. Whereas one of the company's major focuses is on direct bilateral agreements with corporations. This enables it to secure better tariffs while continuously allowing strong profitability. The power sales segment is the main contributor to revenue, and it operates at a very high gross margin (92% to 93%), which is supportive of overall earnings quality.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High dependence on project execution

The company is involved in the renewable energy EPC and developer sector, where the timing of project execution is very important, not only for revenue recognition but also for cash flow realisation. Thus, if any of the land acquisition, permitting, grid connectivity, equipment supply, or counterparty agreements get delayed, it may postpone the commissioning schedules and have an adverse impact on the revenue booking. Besides that, renewable projects usually have long gestation periods and consist of a variety of stakeholders, which brings about an increased execution risk.

02

Capital-intensive business model

The company's growth plan will require substantial capital investment and, as a consequence, lead to the company carrying high leverage levels. Total borrowings stood at approximately ₹7,974 crore in FY25, compared with ₹3,843 crore in FY23. This sharp increase is a reflection of the ongoing expansion. High debts expose the company to interest rate risk, refinancing risk, and the requirement for covenant compliance.

Contact Details

Clean Max Enviro Energy Solutions

4th Floor, The International 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate Mumbai, Maharashtra, 400020

+91226252000
Secretarial@cleanmax.com
http://www.cleanmax.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
cleanmax.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Clean Max Enviro Energy Solutions IPO - FAQs

Clean Max Enviro Energy Solutions IPO is a Mainboard IPO. The issue is priced at 1000-₹1053. The minimum order quantity is 14 Shares. The IPO opens on 23 Feb, and closes on 25 Feb. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-02-20
  • Bidding Starts2026-02-23
  • Bidding Ends2026-02-25
  • Allotment Finalisation2026-02-26
  • Release of Funds2026-02-27
  • Demat Transfer2026-02-27
  • Listing2026-03-02
04

Wide geographic presence:

Onsite solar installations have been the focus of the company's dispersed renewable portfolio. As of September 30, 2025, the company was running 1,330 onsite solar plants with a total capacity of 368.06 MWp in 23 states and UTs and had an international presence in markets like Thailand. This kind of geographic diversification lowers the risk from state-level regulations, and thus, the company is more capable of serving multi-location corporate clients, which is an extremely important competitive advantage in the C&I segment.

03

Power generation variability

The company's revenues from renewable energy assets are largely determined by the actual energy produced, which in turn depends on solar irradiation, wind speeds, and weather conditions. Due to the changing behavior of the weather patterns caused by climate change, the energy output can be less than the planned level which can affect the revenue stability of a company.

04

Technology performance and equipment reliability risks:

Renewables projects are heavily dependent on the performance of solar modules, inverters, wind turbines, and energy storage systems. Any underperformance, wear and tear, or obsolescence of the technology can result in lower generation efficiency and profit. Besides, the fast-paced changes in renewable technology pose a risk. Equipment failure is another aspect that can cause loss of production time, higher maintenance costs, and penalties for non-compliance with power purchasing agreements.