Clean Max Enviro Energy Solutions Limited

Clean Max Enviro Energy Solutions Limited is India’s largest commercial and industrial ('C&I') renewable energy provider with 2.80 GW of operational, owned and managed capacity, and 3.17 GW of contracted, yet to be executed capacity, as of October 31, 2025. With 15 years of experience since the inception in 2010, they specialize 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'). The 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 the customer’s premises ('Onsite') and within Clean Max-developed renewable energy (solar, wind and hybrid) farms ('Offsite'). 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. They are committed to being a Net Zero partner to corporates, driven by a client-first culture, execution excellence, focus on capital efficiency and our people and culture. As per financial performance, Clean Max Enviro Energy Solutions Limited has posted total income / net profits of Rs 960.97 Cr / Rs (59.47) Cr (FY23), Rs 1,425.30 Cr / Rs (37.64) Cr (FY24), Rs 1,610.34 Cr / 19.42 Cr (FY25) and Rs 969.34 Cr / 19 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs (1.42) and average RoNW of (0.92)% for last three fiscals. Issue is priced at a P/BV of 4.11 as per NAV of Rs 256.14/- as on 30.09.25. If we attribute latest earnings of FY24, FY25, TTM and annualised FY26 on equity post issue, then asking price is at a P/E of around NA, 634.38, 386.19 and 324.28 respectively. As per RHP, comparison between listed peers are shown in the above market. On BRLM's front, Axis Capital Limited, J.P. Morgan India Private Limited, BNP Paribas, HSBC Securities and Capital Markets (India) Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited, BOB Capital Markets Limited, SBI Capital Markets Limited  are associated with this IPO, and has handled 225 IPOs in last three fiscal years. ( As on 17.02.26 ) As per financials, Clean Max Enviro Energy Solutions Limited has shown good growth, RoNW is 1.09% and P/E is NA, 634.38, 386.19 and 324.28 respectively as per FY24, FY25, TTM and annualised FY26 earnings. So issue looks very aggressively priced. Company is India’s largest commercial and industrial ('C&I') renewable energy provider, which is growing business segment. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Kuldeep Jain
• 2 . Pratap Jain
• 3 . Nidhi Jain
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