Announcement: Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec et quam blandit odio sodales pharetra.
Clean Max Enviro Energy IPO Review 2026: Should You Invest in This Renewable Energy Giant?
Clean Max Enviro Energy Solutions Ltd IPO opens from February 23–25, 2026. With ₹3,100 crore issue size, strong EBITDA margins but high debt, is this renewable energy player worth investing in? Here’s a complete review covering financials, valuation, risks, and long-term outlook.
Written by: SERNET Research Team
Table of Content
Clean Max Enviro Energy Solutions Ltd
Clean Max Enviro Energy Solutions Ltd is one of the largest suppliers of clean energy to commercial and industrial (C&I) customers. The company currently has about 2.54 GW of operational owned, operational, and managed capacity, with an equal capacity currently under execution. Their offerings encompass supplying renewable energy, related energy services, as well as carbon credit solutions to businesses. Their main areas of expertise include energy contracting, EPC, as well as operational and maintenance of RE plants. The company has a track record of timely and cost-effective implementation of large products with minimal time and cost overruns.
Clean Max Enviro Energy Solutions Ltd has been promoted by Kuldeep Jain, Pratap Jain, BGTF One Holdings Ltd, and KEMPINC LLP. The fresh funds raised in the IPO will be used for repayment of loans taken and for general corporate purposes. The Offer for Sale (OFS) is by promoter shareholders (Kuldeep Jain, BGTF One Holdings, KEMPINC LLC) and investor shareholders (Augment India Holdings LLC, DSDG Holdings). The issue is being lead-managed by Axis Capital, JP Morgan India, BNP Paribas, HSBC, IIFL Capital, Nomura, BOB Caps and SBI Caps; while MUFG Intime India Private Ltd will be the registrars to the IPO.
Highlights of the IPO Issue
Here are the key highlights of the public issue of Clean Max Enviro Energy Solutions Ltd.
- The IPO of will be open from February 23rd, 2026 to February 25th, 2026. It has a face value of ₹1 per share and IPO price band is set in range of ₹1,000 to ₹1,053 per share.
- The IPO of Clean Max Enviro Energy Solutions Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early investors.
- The Fresh issue portion comprises the issue of 1,13,96,011 shares (113.96 lakh shares), which at the upper price band of ₹1,053 per share translates into ₹1,200 crore.
- The offer for sale (OFS) portion comprises the sale of 1,80,43,684 shares (180.44 lakh shares), which at the upper price band of ₹1,053 per share translates into ₹1,900 crore.
- The overall IPO, therefore, will comprise of the fresh issue portion and the offer for sale of 2,94,39,695 shares (294.40 lakh shares), which at the upper price band of ₹1,053 per share translates into ₹3,100 crore.
The IPO of Clean Max Enviro Energy Solutions Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on February 20, 2026.
Key Dates, Investor Allocation, And Lot Sizes
Here are the key dates pertaining to the IPO of Clean Max Enviro Energy Solutions Ltd
| Event | Tentative Date |
| IPO Open Date | Monday, 23 February, 2026 |
| IPO Close Date | Wednesday, 25 February, 2026 |
| Basis of Allotment | Thursday, 26 February, 2026 |
| Initiation of Refunds to non-allottees | Friday, 27 February, 2026 |
| Credit of Shares to Demat | Friday, 27 February, 2026 |
| Listing Date on NSE and BSE | Monday, 2 March, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Category of Investors | Allocation of shares | % Share |
| Reservation for Employees | 3,33,333 shares | 1.09% of total IPO size |
| Anchor Allocation | 87,46,437 shares | 28.61% of total IPO size |
| QIB Shares Offered | 61,39,997 shares | 20.09% of total IPO size |
| NII (HNI) Shares Offered | 46,05,000 shares | 15.06% of total IPO size |
| Retail Shares Offered | 1,07,44,999 shares | 35.15% of total IPO size |
| Total Shares Offered | 3,05,69,766 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Clean Max Enviro Energy Solutions Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 14 | ₹ 14,742 |
| Retail (Max) | 13 | 182 | ₹ 1,91,646 |
| S-HNI (Min) | 14 | 196 | ₹ 2,06,388 |
| S-HNI (Max) | 67 | 938 | ₹ 9,87,714 |
| B-HNI (Min) | 68 | 952 | ₹ 10,02,456 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 14 shares)
Financial Highlights
The table captures the key financials of Clean Max Enviro Energy Solutions Ltd for last 3 financial years.
| Particulars | FY25 | FY24 | FY23 |
| Net Revenues (₹ in crore) | 1,495.70 | 1,389.84 | 929.58 |
| Sales Growth (%) | 7.62% | 49.51% | |
| Profit after Tax (₹ in crore) | 27.84 | -30.99 | -65.27 |
| PAT Margins (%) | 1.86% | -2.23% | -7.02% |
| Total Equity (₹ in crore) | 2,563.48 | 1,833.47 | 1,210.74 |
| Total Assets (₹ in crore) | 13,279.25 | 9,076.55 | 7,000.14 |
| Return on Equity (%) | 1.09% | -1.69% | -5.39% |
| Return on Assets (%) | 0.21% | -0.34% | -0.93% |
| Asset Turnover Ratio (X) | 0.11 | 0.15 | 0.13 |
| Earnings per share (₹) | 2.79 | -3.94 | -9.01 |
| EBITDA (₹ in Crore) | 1,015.07 | 741.57 | 405.92 |
| EBITDA Margins (%) | 67.87% | 53.36% | 43.67% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The company was a loss-making entity on a bottom-line basis till the previous year FY24, and hence it has only 1 year of profitable performance. That makes any historical comparison of financials and ratios difficult. However, the company has reported steady EBITDA margins of well above 40% in all 3 years with the EBITDA margins actually crossing the 60% mark in the latest year.
Valuation Metrics
At the IPO price of ₹1,053 per share, the indicative P/E comes to about 377X at the latest year EPS of ₹2.79 per share. There are not too many comparable peer-group companies, but the company should get a premium valuation for its primary focus on implementation of renewable energy solutions for the C&I customer base. Also, it track record of project execution should be a major advantage.
There is one area that investors will have to focus on and that is the quantum of debt. The company has long term debt that is nearly 70% of the balance sheet and that is going to put a huge financial cost on the company over the coming years. While EBITDA margins may continue to be impressive, the net margins have a long road to traverse. This IPO is only for investors who are willing to play the long-haul game of 2-3 years of waiting.
Comments