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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Clean Max Enviro Energy Solutions Ltd (CLEANMAX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544717 NSE: CLEANMAX Power Generation/Distribution | Small Cap | Clean Max Env. Energ Share Price
₹1,326.60 -55.95 (-4.05%)
As on 30-Sep'26 16:59
Clean Max Enviro Energy Solutions Ltd (CLEANMAX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544717 NSE: CLEANMAX Power Generation/Distribution | Small Cap | Clean Max Env. Energ Share Price
₹1,326.60 -55.95 (-4.05%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹16,252 Cr.
Current Price
₹1,326.6
52-Week Low / High
₹728 / 1,533
TTM EPS
₹8
TTM Sales
₹1,913 Cr.
Book Value per Share
₹392.2
P/E Ratio
172.65
Higher than its 5-year historical median
Industry PE
25.3
Price to Book (P/B)
3.53
Higher than its 5-year historical median
Price to Sales (P/S)
8.50
Higher than its 5-year historical median
EV/EBITDA
20.34
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
2.43%
Underperforms industry median
Return on Capital Employed (ROCE)
6.69%
Outperforms industry median
Return on Assets (ROA)
0.48%
Operating Profit Margin
63.1%
Net Profit Margin
4.47%
Gross Profit Margin
26.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
164.42%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
25.51%
Net Profit Growth (1 Year)
-
340.45%
Asset Quality
Promoter Holding
49.42%
Pledged shares (%) of Promoter's holding (%)
20.02%
Reserves
₹4,598 Cr.
Equity
₹11.8 Cr.
Face Value
₹1
All Time Low / High
₹728.00 / 1532.80
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is Clean Max Enviro Energy Solutions Ltd a good quality company?
Clean Max Enviro Energy Solutions Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Clean Max Enviro Energy Solutions Ltd performance compare with that of its Peers?
Revenue growth of Clean Max Enviro Energy Solutions Ltd vs industry peers?
Clean Max Enviro Energy Solutions Ltd revenue CAGR is 27.19%, compared to the industry median CAGR of 2.2%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Clean Max Enviro Energy Solutions Ltd?
Promoters hold 49.42% of the Clean Max Enviro Energy Solutions Ltd, with 20.02% of their stake pledged, indicating high pledge risk.
Stock return of Clean Max Enviro Energy Solutions Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Clean Max Enviro Energy Solutions Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | 0% | 0% | 0% | 12.8% | 17.9% | 13.5% | 22.1% | - |
| Value Creation Index ⓘ | NA | NA | NA | NA | NA | NA | -0.1 | 0.3 | 0 | 0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 2,776 | 2,106 | 2,270 | 6,003 | 6,003 |
| Sales YoY Gr. | - | NA | NA | NA | NA | NA | NA | -24.1% | 7.8% | 164.4% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 26.6 | 32.7 | 29.2 | 65.2 | 65.3 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | 23.1% | -10.5% | 123% | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 210.4 | 276.5 | 326.4 | 475.3 | 503.2 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 193 | 287 | 297 | 763 | 768 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 947 | 58.5 | 1,083 | 2,945 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0.9 | 20 | 1.4 | 0.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 29.3% | 164.4% | ||||
| Adj EPS ⓘ | NA | NA | 34.9% | 123% | ||||
| BVPSⓘ | NA | NA | 31.2% | 45.6% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 12.4 | 14.3 | 10.1 | 16.9 | 13.3 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 12.8 | 21.5 | 19 | 18.6 | 17.9 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 6.9 | 13.7 | 13.1 | 12.7 | 12.8 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0.6 | 0.5 | 0.5 | 0.4 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 325 | 404 | 276 | 60 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -111 | -72 | -68 | -7 |
Valuation of Clean Max Env. Energ - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 20.02 | 20.02 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Sales | 930 | 1,390 | 1,496 | 1,913 |
| Operating Expenses ⓘ + | 555 | 683 | 595 | 782 |
| Operating Profit ⓘ | 375 | 706 | 901 | 1,131 |
| Operating Profit Margin (%) | 40.3% | 50.8% | 60.3% | 59.1% |
| Other Income ⓘ + | 31 | 35 | 116 | 165 |
| Interest ⓘ | 218 | 505 | 665 | 788 |
| Depreciation ⓘ | 118 | 222 | 300 | 380 |
| Profit Before Tax ⓘ | -18 | 5 | 60 | 135 |
| Tax ⓘ | 43 | 44 | 40 | 49 |
| Profit After Tax | -61 | -39 | 19 | 86 |
| PAT Margin (%) | -6.6% | -2.8% | 1.3% | 4.5% |
| Adjusted EPS (₹) | -9.0 | -3.5 | 2.7 | 8.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,183 | 1,788 | 2,475 | 4,555 | |||||||
| Debt + | 3,669 | 5,246 | 7,226 | 11,939 | |||||||
| Minority Interest | 258 | 401 | 641 | 885 | |||||||
| Trade Payables | 1,119 | 788 | 1,295 | 3,481 | |||||||
| Others Liabilities ⓘ | 643 | 628 | 1,387 | 1,692 | |||||||
| Total Liabilities ⓘ | 6,872 | 8,851 | 13,025 | 22,553 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 2,929 | 6,649 | 8,060 | 11,954 | |||||||
| CWIP ⓘ | 2,683 | 680 | 1,913 | 5,343 | |||||||
| Investments ⓘ | 49 | 93 | 76 | 137 | |||||||
| Inventories | 77 | 40 | 52 | 40 | |||||||
| Trade Receivables | 169 | 252 | 188 | 278 | |||||||
| Cash Equivalents | 530 | 382 | 1,189 | 2,288 | |||||||
| Others Assets ⓘ | 435 | 755 | 1,546 | 2,514 | |||||||
| Total Assets ⓘ | 6,872 | 8,851 | 13,025 | 22,553 | |||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 928 | 86 | 1,404 | 1,731 |
| Cash Flow From Investing Activity ⓘ + | -3,011 | -1,939 | -3,617 | -5,957 |
| Cash Flow From Financing Activity ⓘ + | 2,144 | 1,789 | 2,481 | 5,095 |
| Net Cash Flow ⓘ | 61 | -64 | 268 | 869 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -5.19 | -2.62 | 0.91 | 2.43 | ||||||
| ROCE (%) | 3.95 | 8.22 | 8.11 | 6.69 | ||||||
| Asset Turnover Ratio | 0.14 | 0.18 | 0.14 | 0.11 | ||||||
| PAT to CFO Conversion(x) | N/A | N/A | 73.89 | 20.13 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 66.50 | 55.30 | 53.70 | 44.50 | ||||||
| Inventory Days | 30.10 | 15.30 | 11.20 | 8.80 | ||||||
| Payable Days | 0 | 0 | 0 | 0 | ||||||
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Clean Max Enviro Energy Solutions Ltd FAQs
The current trading price of Clean Max Env. Energ on 30-Sep-2026 16:59 is ₹1,326.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of Clean Max Env. Energ stood at ₹16,252.2 Cr
The latest P/E ratio of Clean Max Env. Energ as of 29-Sep-2026 is 21.18.
The latest P/B ratio of Clean Max Env. Energ as of 29-Sep-2026 is 2.75.
The 52-week high of Clean Max Env. Energ is ₹1,532.8 and the 52-week low is ₹728.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Clean Max Env. Energ is ₹6,003 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Clean Max Enviro Energy Solutions Ltd is a below average quality company.
The key valuation ratios of Clean Max Enviro Energy Solutions Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Clean Max Enviro Energy Solutions Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Clean Max Enviro Energy Solutions Ltd
Clean Max Enviro Energy Solutions was originally incorporated as ‘Clean Max Enviro Energy Solutions Private Limited’ at Mumbai, Maharashtra as a private limited company on September 29, 2010. Subsequently, upon conversion of the company into a public limited company, the name of the company was changed to ‘Clean Max Enviro Energy Solutions Limited’, pursuant to the resolution passed by the board on July 9, 2025 and the resolution passed by the shareholders at the extraordinary general meeting on July 14, 2025.
The company is a commercial and industrial (C&I) renewable energy provider. It specializes in delivering Net Zero and decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers across data centres, AI and technology industries (Technology customers); and C&I enterprises across a range of sectors, including infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres (Conventional C&I customers). Its expertise spans across providing energy contracting, engineering, procurement and construction (EPC) services, and operation and maintenance (O&M) services of renewable energy plants including solar, wind and hybrid plants, within its customer’s premises (Onsite) and within CleanMax-developed renewable energy (solar, wind and hybrid) farms (Offsite).
The company also provides end-to-end decarbonization solutions to customers such as turnkey development, O&M solutions for renewable energy power plants and carbon credits solutions. It is committed to being a Net Zero partner to corporates, driven by a client-first culture, execution excellence, focus on capital efficiency and its people and culture. It has developed in-house capabilities in various aspects of execution, including project development (evacuation and assessment), land acquisition, EPC, financing and asset management. These capabilities help it to achieve project returns, source and develop new projects to support long-term growth, and maintain control over the entire project lifecycle, from greenfield/brownfield development to ownership and operations.
Business area of the company
The company is a commercial and industrial (C&I) renewable energy provider. Its key offerings include supplying renewable power, providing energy services, and offering carbon credit solutions. It caters to a wide range of customers, including Technology customers and conventional C&I customers. The company has comprehensive suite of customer-centric capabilities.
Business verticals of the company
- Renewable Energy Power Sales Segment
- Renewable Energy Services Segment
Awards, accreditations and recognition
- 2018: The company was awarded ‘India Green Energy Award’ in the category of outstanding renewable energy generation, solar by Indian Federation of Green Energy (IFGE) in 2018.
- 2018: The company was declared as the winner of ‘Achievement in Transformational Infrastructure’ for the rooftop project developed by it in Gujarat for a client, at the FT/IFC Transformational Business Awards, 2018.
- 2020: The company was awarded ‘5-star rating’ for excellence in EHS practices at the CII-SR EHS Excellence Awards, 2020.
- 2021: The company was awarded the ‘Fastest Growing Solar Developer of the Year 2021’ at EQs UAE Annual Solar Awards 2020-21.
- 2021: The company was awarded the ‘Gold Award’ for excellence in EHS practices, as well as sectoral topper in power at CII-SR EHS Excellence Awards, 2021.
- 2021: The company was awarded the ‘Silver Award’ for commitment to excellence in EHS practices at CII-SR EHS Excellence Awards, 2021.
- 2021: The company was awarded the ‘EHS Award (Haryana) Renewable Energy Sector’ at the Global Safety Summit, 2021.
- 2022: The company was awarded the ‘National ESG Excellence Award’ in the large enterprises - renewable energy sector at the 10th Global Safety Summit, 2022.
- 2023: The company was awarded the ‘Sustainability Leadership Award (Organization)’ at the India Sustainability Conclave and Awards, 2023.
- 2023: The company was awarded the ‘Best Hybrid Project Award’ at the Mercom India Clean Energy Awards, 2023.
- 2023: The company was awarded the ‘Super Gold Award’, the ‘Green Excellence Award’ and the ‘Best Organization in Propagation of Quality Concepts Award’ at the 34th Chapter Convention on Quality Concepts, 2023.
- 2023: Received ISO 14001:2015 and ISO 45001:2018 certifications.
- 2024: The company was awarded ‘Great Indian Sustainable Performance in Net Zero Award’ at the India Sustainability Conclave and Awards, 2024.
- 2024: The company was awarded the ‘Best Hybrid Project Award’ at the Mercom India Clean Energy Awards, 2024.
- 2024: The company was awarded the ‘CARE’ award at the India Supplier Conference, 2024 organised by Baker Hughes.
- 2024: The company was awarded the ‘Bronze Award’ for commitment in EHS practices in energy and utilities sector at the CII- EHS Excellence Awards, 2024.
- 2024: The company was awarded the ‘Silver Award’ for commitment to excellence in EHS practices in energy and utilities sector at the CII-SR EHS Excellence Awards, 2024.
- 2024: The company was awarded the ‘Environmental Sustainability Award’ by Cisco.
- 2024: The company was awarded the ‘Solar Wind Hybrid Project (Diamond) of the Year Award’ by EQ Awards - SuryaCon and Decarbonise India, 2024.
- 2024: Received ISO 9001:2015 certification.
- 2025: The company was awarded distinction in onsite renewable business for the Maruti (Manesar) Project and in utility renewable business for the Jagalur Project along with merit in onsite renewable business for the Mondelez Project (Bahrain) and Indorama Project (Thailand) at the International Safety Awards, 2025 organised by the British Safety Council.
- 2025: The company was recognised as one of the Iconic Brands of India 2025 by ET Now.
- 2025: The company was awarded the ‘CARE’ award at the India Supplier Conference, 2025 organised by Baker Hughes.
History and milestones
- 2010: Establishment of the company.
- 2013: Commissioned the first onsite solar plant for a corporate client for 100 KWp.
- 2015: Began offering grid-connected solutions for corporate clients through the SPV, KAS Onsite Power Solutions LLP.
- 2017: Secured equity investment from Warburg Pincus and a global development financial institution based in the US.
- 2017: Expanded operations to Dubai, UAE through the SPV, Cleanmax Solar MENA FZCO.
- 2017: Commissioned its first grid connected STU solar project under group captive mode for 30 MWp in Tamil Nadu for a large datacentre client through the SPV, KAS Onsite Power Solutions LLP.
- 2017: Commission the first STU connected third party open access project in Karnataka.
- 2018: Achieved a cumulative operating capacity of 500 MWp+.
- 2018: Signed the first solar photovoltaic system leasing and operation agreement in Dubai, UAE, through CleanMax Alpha LeaseCo FZCO.
- 2019: Secured an equity investment from UK government’s climate-based fund.
- 2019: Signed the first onsite solar project in Thailand through its subsidiary, Clean Max Energy (Thailand) Co. Ltd.
- 2019: Started operations in Bangkok, Thailand, through its subsidiary, Clean Max Energy (Thailand) Co. Ltd.
- 2019: Expanded into wind power projects by commissioning the first wind farm at Hosahalli, Karnataka through the SPV, Cleanmax Pluto Solar Power LLP.
- 2021: Secured an equity investment from Washington based fund amidst Covid’19 pandemic and provided full exit to the erstwhile PE investors.
- 2021: Commissioned a wind-solar hybrid (WSH) farm in Jagalur, Karnataka with more than 100 MW capacity.
- 2022: Expanded the grid connected STU offerings to Maharashtra, through the SPV, Clean Max Light Power LLP.
- 2022: Started developing Central Transmission Utility of India (CTU) sites and received up to 600 MW connectivity approval for CTU wind site at Koppal, Karnataka.
- 2022: Established a new carbon business offset business line for carbon credit/green credit trade.
- 2023: BGTF One Holdings (DIFC) Limited, an affiliate of Brookfield, committed to invest Rs 18,000 million in the company, as primary infusion along with secondary investment of approximately Rs 10,970 million.
- 2023: Reached a cumulative capacity of 1 GW.
- 2023: Reached a cumulative capacity of 100+ MWp onsite solar capacity in international operations i.e. Dubai and Thailand.
- 2023: Entered into a strategic collaboration with Apple for investing together into rooftop projects through the SPV, Clean Max Hyperion Power LLP.
- 2023: Partnered with a technology player, through their designated affiliate, for sale of renewable energy certificates from projects commissioned by the company for corporate customers.
- 2023: Achieved water neutrality for 40% of the utility scale solar portfolio.
- 2023: Achieved carbon neutrality (Scope 1 + Scope 2) greenhouse gas (GHG) emissions.
- 2023: Built and commissioned 350 MW+ State Transmission Utility (STU) wind-solar hybrid capacity in Gujarat.
- 2024: Entered into a partnership with Yusuf Bin Ahmed Kanoo Company WLL, through the SPV, Clean Max Solar Mena FZCO, for developing renewable energy projects in Bahrain and Kingdom of Saudi Arabia.
- 2024: Reached a cumulative capacity of 2 GW+.
- 2024: Commissioned the first onsite solar photovoltaic plant in Bahrain, through the SPV, Kanoo Clean Max Renewables Asset Co W.L.L.
- 2024: Expanded the grid connected STU offerings to Haryana and Chhattisgarh.
- 2025: Entered into a strategic collaboration with Osaka Gas and Japan Bank for International Cooperation for investing in C&I renewable energy projects together.
- 2025: Entered into a co-investment collaboration with Toyota Tsusho India Private Limited aimed at serving Toyota group companies in India through long-term corporate power purchase agreements.
- 2025: Signed a renewable energy certificate sale and purchase agreement with a global technology services company, an energy attribute purchase agreement with a leading technology firm, and a power purchase agreement with a renewable energy trading arm of a multinational corporation.
- 2026: Pursuant to the Pre-IPO Placement and certain secondary transactions in the Equity Shares of the company, Jongsong Investments Pte. Ltd. (an indirect wholly owned subsidiary of Temasek Holdings Private Limited), GSS India Opportunities AIF Scheme I (an affiliate of Bain Capital Special Situations, LP), and TRUST Group’s Relativity Resilience Fund - I, among others, acquired certain shareholding in the company.
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