Clean Max Enviro Energy IPO – Review

• IPO GMP
• IPO Review
• IPO Allotment
• IPO Listing Estimate

About the Company
Clean Max Enviro Energy Solutions Ltd. operates in the commercial and industrial (C&I) renewable energy segment, providing green power solutions through long-term PPAs along with EPC, O&M and carbon management services. The company has built a sizeable operational renewable portfolio of 2.54 GW with additional contracted capacity, positioning it among leading corporate-focused renewable energy providers in India. Its integrated model supports recurring revenue visibility, though profitability is still evolving due to high expansion investments and finance costs. The company is currently in a turnaround phase with improving EBITDA and positive PAT in FY25.

Financials and Key Parameters 

Financials (Rs. crore – Consolidated)

Key Performance Indicators (FY25)

Peer Comparison, Plus Points & Minus Points

Peer Comparison (Qualitative)
The company operates in the renewable IPP and C&I energy solutions space, where listed peers include renewable power developers and infrastructure players. Compared with large utility-scale renewable companies, Clean Max focuses more on corporate customers and integrated energy solutions. While EBITDA margins are improving, return ratios remain lower than mature renewable peers due to heavy capex and leverage.

Plus Points
• Leadership in the fast-growing commercial & industrial renewable segment.
• Long-term PPAs create predictable revenue streams.
• Integrated EPC and lifecycle execution capabilities.
• Strong EBITDA growth signals operating leverage potential.

Minus Points
• High leverage with Debt/Equity at 2.49 remains a key concern.
• Low RoNW and ROE reflect early-stage profitability.
• Capital-intensive business with execution dependency.
• Power generation sector currently not in strong market favour, limiting listing sentiment.

Industrial Scenario
India’s renewable energy industry continues to expand due to policy push, ESG adoption and corporate decarbonisation initiatives. The C&I renewable segment is witnessing increasing demand from industrial clients seeking stable power costs. However, the sector remains capital intensive and sensitive to interest rates and regulatory frameworks. While long-term structural growth remains intact, near-term market enthusiasm for power generation businesses appears moderate.

Chanakya IPO Review – Observation
Clean Max Enviro Energy Solutions offers exposure to India’s renewable energy growth with strong operational scale and long-term contracts. Financial improvement is visible, but leverage and low return ratios remain monitorables. Given current market preference away from power generation themes, listing gains may be limited, making the IPO more suitable for investors with a longer-term renewable energy outlook rather than short-term listing expectations.