Business Profile of Clean Max Enviro Energy Solutions Limited
Clean Max Enviro Energy Solutions Limited is India’s largest renewable energy provider in commercial and industrial (“C&I”) areas, according to CRISIL Report. The company has 2.54 GW of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution. Under key offerings of company includes providing energy services, supplying renewable power and offering carbon credit solutions. It also has expertise in Operation and maintenance (O&M) and Energy contracting, Engineering, procurement, and construction (EPC). Under business segments of company offers renewable energy power sales segment and renewable energy services segment.
Objective of Clean Max Enviro Energy Solutions Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨ 1.00 each aggregating up to ₹ 15,000.00 million and OFS consists XXXX shares at face value of ₨ 1.00 each aggregating up to ₨ 37,000.00 million. There are fresh shares issues and OFS by company and main objective of company is repayment of outstanding borrowings and general corporate expenses.
Details of Clean Max Enviro Energy Solutions Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 52,000.00 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 15,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 37,000.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Clean Max Enviro Energy Solutions Limited IPO: Issue Price & Size
The issue price of CLEAN MAX ENVIRO ENERGY SOLUTIONS LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 52,000.00 million at the price of ₨XXXX.
Launch Date of Clean Max Enviro Energy Solutions Limited IPO
The IPO opening date of CLEAN MAX ENVIRO ENERGY SOLUTIONS LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Clean Max Enviro Energy Solutions Limited
| Particulars | 31st March , 2025 |
31st March , 2024 |
31st March , 2023 |
| A. Income : | |||
| ( a ) Revenue from operations | 14,957.01 | 13,898.37 | 9,295.82 |
| ( b ) Other income | 1,146.41 | 354.72 | 313.97 |
| Total income ( A ) | 16,103.42 | 14,253.09 | 9,609.79 |
| B. Expenses : | |||
| ( a ) Cost of materials consumed and cost of services | 4,073.22 | 4,496.10 | 4,271.57 |
| ( b ) Purchase of traded goods | 26.35 | 13.60 | – |
| ( c ) Employee benefits expense | 1,046.82 | 1,584.47 | 675.06 |
| ( d ) Other expenses | 806.31 | 743.19 | 603.97 |
| Total expenses ( B ) | 5,952.70 | 6,837.36 | 5,550.60 |
| C. EBITDA | 10,150.72 | 7,415.73 | 4,059.19 |
| D. Finance costs | 6,628.87 | 5,043.84 | 2,172.22 |
| E. Depreciation , amortisation and impairment expenses | 2,999.90 | 2,215.32 | 1,176.15 |
| F. Restated Profit before tax and exceptional items | 521.95 | 156.57 | 710.82 |
| G. Exceptional items | – | 107.66 | 891.90 |
| H. Restated Profit ( Loss ) after exceptional items | 521.95 | 48.91 | ( 181.08 ) |
| I. Tax expense : | |||
| Current tax | 566.95 | 606.79 | 600.66 |
| Deferred tax credit | ( 163.77 ) | ( 168.40 ) | ( 167.48 ) |
| Total tax expens | 403.18 | 438.39 | 433.18 |
| J. Restated P&L before share of profit of JVs | 118.77 | ( 389.48 ) | ( 614.26 ) |
| K. Share of profit of joint venture and associate | 75.52 | 13.05 | 19.53 |
| L. Restated Profit ( Loss ) for the year | 194.29 | ( 376.43 ) | ( 594.73 ) |
Key financial ratios of Clean Max Enviro Energy Solutions Limited
| Particulars | Units | As at March | ||
| 2025 | 2024 | 2023 | ||
| Total Income | million | 16,103.42 | 14,253.09 | 9,609.79 |
| Gross margin % | % | |||
| Renewable Energy Power Sales Segment | % | 92.56 % | 93.36 % | 93.48 % |
| Renewable Energy Services Segment | % | 16.17 % | 25.11 % | 12.88 % |
| EBITDA | million | 10,150.72 | 7,415.73 | 4,059.19 |
| Renewable Energy Power Sales Segment | % | 81.94 % | 74.16 % | 75.30 % |
| Renewable Energy Services Segment | % | 14.35 % | 20.30 % | 10.59 % |
| Cash SG & A / Adjusted EBITDA | % | 13.38 % | 25.87 % | 24.20 % |
| PAT Attributable to owners | million | 278.43 | -309.88 | -652.69 |
| Adjusted EBITDA | million | 10,093.31 | 7,722.36 | 4,245.97 |
| Reported ROIC | % | 10.73 % | 11.36 % | 9.78 % |
| Reported ROE | % | 1.27 % | -2.04 % | -5.28 % |
| Cost of project debt | % | 9.19 % | 9.47 % | 9.60 % |
| Debt Adjusted EBITDA | Times | 4.80 | 4.10 | 2.71 |
| Debt to Equity Ratio | Times | 1.97 | 2.17 | 2.16 |
Promoters & Shareholding Clean Max Enviro Energy Solutions Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 75.00% shareholding in company.
| Name of Shareholders | Number of Equity Shares | Percentage of Equity share |
| Promoters & Promoters group (A) | 75,971,840 | 74.89 |
| Public (B) | – | – |
| Non Promoter Non Public(C) | 25,469,980 | 25.11 |
| Total ( A + B+ C ) | 101,441,820 | 100% |
Should You Subscribe To Clean Max Enviro Energy Solutions Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Clean Max Enviro Energy Solutions Limited IPO
Robust counterparty credit risk management
The company has partner with investment-grade companies with credit ratings of “A” or above to safeguard its cash flows and balance sheet. For certain customers whose standalone rating falls a specified credit ratings threshold, company seek parent-entity guarantees from higher rated entities and also seek bank guarantees from certain customers in relation to their obligations under PPAs.
Customer equity co-investment
Under the STU Group Captive model, all company group captive customers have invested 26% or more equity capital into company SPVs and negotiated long-term shareholder agreements that include board and shareholder approvals for equity infusions. As the power requirements of company group captive customers grow, they routinely expand their capacity by adding new PPAs within the same SPV.
Tariff Premium
The business model of company is distinct from utility-scale renewable energy developers, as company do not participate in competitive tenders with state-owned distribution companies or central government utilities which award projects solely based on the lowest tariff bids. As a result, company price its offerings at a premium compared to large utility scale IPPs, primarily due to distinct project economics and risk profile.
EPC and O&M
The has developed in-house capabilities across key functions including (i) design and engineering, (ii) central procurement; (iii) construction management, and (iv) asset management. It help company towards maintaining the quality of our services, managing costs, completing projects on time for customers, and handling construction and operational risks. The company also adopted technologies to enhance its operational efficiency and optimize the performance of projects.
Risk Factors of Clean Max Enviro Energy Solutions Limited IPO
Consecutive loss
In Fiscals 2024 and 2023, company incurred restated loss for the year of ₹376.43 million and ₹594.73 million respectively and generated profits in Fiscal 2025. Further, some of Subsidiaries have incurred losses in Fiscals 2025, 2024 and 2023. If company is unable to generate adequate cash profits and make scheduled loan repayments, it may not be able to maintain its profitability.
Geographic risk
The operational project of company located in the States of Karnataka and Gujarat contributed an aggregate of 78.76%, 79.71% and 66.91% of revenue from Renewable Energy Power Sales in Fiscals 2025, 2024 and 2023, respectively. Any adverse developments including changes in the regulatory framework affecting such states may have a heightened impact on company business, cash flows, financial condition and results of operations.
Suppliers Dependency
The ability of company to deliver projects in a timely manner depends on company ability to secure key equipment from suppliers in a timely manner and the cost of solar modules and wind turbine generators, and any delays in the procurement of such equipment may result in project delays and cost overruns and subject to penalties, because of limited number of suppliers.
Regulatory and policy threat
The business of company is subject to various Indian laws, such as the Electricity Act, 2003 and changes in regulatory & policy environment affecting the renewable energy sector in India. A change in policy including those resulting in the termination of policy benefits or curtailment of renewable energy generation may adversely affect company business.
Clean Max Enviro Energy Solutions Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the CLEAN MAX ENVIRO ENERGY SOLUTIONS LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
