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
Competitive Strengths
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries | 1,122.67 |
| 2 | General corporate purposes | |
| Total | 1,122.67 |
| KPI | Sep 30, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 0.43% | 1.27% |
| Debt/Equity | 2.53 | 1.97 |
| RoNW | 0.43% | 1.09% |
| Price to Book Value | 4.11 | 4.20 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 1.84 | 3.25 |
| P/E (x) | 634.34 | 324.28 |
| IPO Date | 23 to 25 Feb, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹1000 to ₹1053 |
| Lot Size | 14 Shares |
| Sale Type | Fresh Capital & OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹100.00 |
| Total Issue Size | 2,94,39,695 shares (agg. up to ₹3,100 Cr) |
| Fresh Issue | 1,13,96,011 shares (agg. up to ₹1,200 Cr) |
| Offer for Sale | 1,80,43,684 shares of ₹1 (agg. up to ₹1,900 Cr) |
| Share Holding Pre Issue | 10,56,53,268 shares |
| Share Holding Post Issue | 11,70,49,279 shares |
Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd and Kempinc LLP are the company promoters.
| Share Holding Pre Issue | 74.89% |
| Share Holding Post Issue | 49.08% |
As per our analysis and Based on the information we have, this is the output.
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