Synopsis: Clean Max Enviro Energy Solutions Limited launches a ₹3,100 crore IPO comprising a fresh issue and OFS to reduce debt and strengthen finances, offering exposure to India’s growing corporate renewable energy market amid high leverage and execution risks.
Clean Max Enviro Energy Solutions Limited is launching its Initial Public Offering (IPO) to raise funds for repayment of debt and general corporate purposes. The ipo size aggregates up to Rs. 3,100 crore, comprising a fresh issue of 1.14 crore equity shares totaling Rs. 1,200 crore and an offer for sale of 1.80 crore shares worth Rs. 1,900 crore.
Clean Max Enviro Energy Solutions Limited’s IPO price band is set at Rs. 1,000 to Rs. 1,053 per share. The IPO opens for subscription on February 23, 2026, and closes on February 25, 2026. The shares will be listed on NSE and BSE on Monday, March 2, 2026. Here’s everything you need to know.
GMP of Clean Max Enviro Energy Solutions Limited IPO
As of February 17th, 2026, the shares of Clean Max Enviro Energy Solutions Limited in the grey market were trading at a 0.28 percent premium. The shares in the Grey Market traded at Rs. 1,056. This gives it a premium of Rs. 3 per share over the cap price of Rs. 1,053.
Overview of Clean Max Enviro Energy Solutions Limited
Clean Max Enviro Energy Solutions Ltd is India’s largest renewable energy provider for commercial and industrial customers. The company operates 2.54 GW of owned and managed renewable capacity and has 2.53 GW under execution as of July 31, 2025. It serves technology firms and large industrial clients that want stable, low-cost clean power. The company focuses on reducing energy expenses and carbon emissions for businesses.
Clean Max sells renewable electricity through long-term Power Purchase Agreements and Energy Attribute Purchase Agreements. These contracts provide predictable pricing and reliable supply. The company develops solar, wind, and hybrid projects using in-house engineering, procurement, and construction expertise. It also manages operations and maintenance for the full project lifecycle.
The company provides energy services and carbon credit solutions to support sustainability targets. Its turnkey model covers land acquisition, infrastructure setup, and project execution. This integrated approach helps customers shift to renewable energy efficiently.
The promoters include Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings, and KEMPINC LLP. The promoter group brings deep experience in renewable energy and infrastructure management. Their leadership has driven rapid expansion across India and international markets.
Clean Max Enviro Energy Solutions Limited Selling Shareholders
In the Clean Max Enviro Energy Solutions Limited IPO, promoter and investor shareholders are participating through the Offer for Sale. Kuldeep Jain will sell equity shares aggregating up to Rs. 216.80 crore. BGTF One Holdings (DIFC) Limited will sell equity shares aggregating up to Rs. 903.90 crore. KEMPINC LLP will sell equity shares aggregating up to Rs. 73 crore.
Among investor shareholders, Augment India I Holdings, LLC will sell equity shares aggregating up to Rs. 541.92 crore. DSDG Holding APS will sell equity shares aggregating up to Rs. 164.38 crore. Together, these shareholders are offering equity shares aggregating up to Rs. 1,900 crore through the Offer for Sale.
Lead Managers of Clean Max Enviro Energy Solutions Limited IPO
The book-running lead managers include Axis Capital, J.P. Morgan India, BNP Paribas, and HSBC Securities and Capital Markets (India), IIFL Capital Services, Nomura Financial Advisory and Securities (India), BOB Capital Markets, and SBI Capital Markets also manage the issue. MUFG Intime India acts as the registrar for the IPO. These institutions oversee pricing, marketing, and allocation processes.
Objectives of the IPO Offer
Clean Max Enviro Energy Solutions Limited’s IPO proposes to utilize the net proceeds primarily to strengthen its financial position. The company will allocate approximately Rs. 1,122.67 crore towards repayment and pre-payment of outstanding borrowings of the company and certain subsidiaries.
The remaining funds will be used for general corporate purposes to support expansion, operations, and strategic initiatives. This allocation aims to reduce debt, improve cash flows, and enhance overall financial flexibility.
Financials
Coming into financial highlights, Clean Max Enviro Energy Solutions Limited’s consolidated revenue from operations has increased from Rs. 1,389.84 crore in FY24 to Rs. 1,495.70 crore in FY25, which represents a growth of 7.62 percent. The net profit has converted from negative to positive, from a net loss of Rs. 37.64 crore in FY24 to a net profit of Rs. 19.43 crore in FY25.
In the H1 FY26, Clean Max Enviro Energy Solutions Limited has reported a consolidated revenue from operations of Rs. 932.95 crore and a net profit of Rs. 19 crore. Further, Clean Max Enviro Energy Solutions Limited’s revenue has grown at a CAGR of 26.85 percent over the last two years.
In terms of return ratios, the company’s ROE and RONW stand at 0.43 percent and 0.43 percent, respectively. Clean Max Enviro Energy Solutions Limited has an earnings per share (EPS) of Rs. 2.79, and its debt-to-equity ratio is 2.53x.
Clean Max Enviro Energy Solutions Limited vs Peers
Clean Max Enviro Energy Solutions Limited reported revenue of Rs. 1,495.70 crore and a RoNW of 1.09 percent. In comparison, ACME Solar Holdings Limited recorded revenue of Rs. 1,405.13 crore with a RoNW of 5.59 percent, while NTPC Green Energy Limited posted revenue of Rs. 2,209.64 crore and a RoNW of 2.58 percent.
Adani Green Energy Limited achieved revenue of Rs. 11,212 crore with a RoNW of 13.48 percent. ReNew Energy Global PLC reported revenue of Rs. 9,751.30 crore and a RoNW of 3.39 percent.
Clean Max Enviro Energy Solutions Limited’s net asset value per share stands at Rs. 250.93, compared to Rs. 74.54 for ACME Solar Holdings Limited, Rs. 21.88 for NTPC Green Energy Limited, Rs. 58.63 for Adani Green Energy Limited, and Rs. 310.40 for ReNew Energy Global PLC.
Strengths of Clean Max Enviro Energy Solutions Limited
- The company leads India’s commercial renewable energy market with significant installed operating capacity.
- Long-term contracts create predictable cash flows and reduce exposure to short-term price volatility.
- Integrated EPC and O&M expertise improves project efficiency and lifecycle asset performance.
- Strong promoter experience supports strategic expansion and disciplined capital allocation decisions.
- Diverse customer base reduces concentration risk across industries and geographic markets.
Weaknesses of Clean Max Enviro Energy Solutions Limited
- High capital expenditure requirements increase financing dependence and leverage-related financial risk.
- Project execution delays may impact revenue timelines and investor return expectations.
- Renewable policy changes could affect incentives, tariffs, and long-term profitability outlook.
- Currency fluctuations may influence imported equipment costs and project economics.
- Competitive pressure may compress margins as new renewable developers enter the market.
Clean Max Enviro Energy Solutions Limited offers exposure to India’s expanding corporate renewable energy sector. The company benefits from scale, long-term contracts, and integrated service capabilities. Investors should evaluate financial leverage, policy risks, and sector competition before subscribing. The IPO suits investors seeking long-term participation in clean energy growth.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
