Clean Max Enviro Energy Solutions Limited, India’s largest renewable energy provider for the Commercial & Industrial segment, today, announced its financial and operational performance for the quarter (Q4 FY2026) and financial year (FY2025–26).

Financial Performance FY2025-26: Key Details

Revenue from Operations stood at ₹1,913 Cr, compared to ₹1,496 Cr in FY2024-25; 28% growth compared to the prior period

EBITDA increased by 28% year-on-year to INR 1,295 Cr from INR 1,015 Cr in FY2024-25.

The Company has recognised an FX gain of ₹70 Cr in Other Income and a corresponding FX loss of ₹63 Cr in Other Expenses, arising from the depreciation of the Indian Rupee.

Reported Profit After Tax (PAT) surged 4.4x to ₹85.6 crore compared to ₹19.4 crore in FY2024-25.

Clean Max Enviro Energy Solutions Q4 FY 2026

Q4 FY2026 Financial Performance

Clean Max Enviro Energy Solutions Q4 FY 2026

Capacity and Portfolio: Key Highlights

CleanMax’s contracted RE Power Sales portfolio reached ~5.7 GW as of March 31, 2026.

Commissioned ~1.4 GW of RE Power Sales capacity during FY2025–26

Operational RE Power Sales capacity grew nearly 80% year-on-year to ~3.1 GW as of March 31, 2026, from ~1.7 GW a year earlier.

Contracted yet-to-be-executed RE Power Sales capacity stood at ~2.6 GW as of March 31, 2026

Including the RE Services business, the total contracted portfolio reached ~6.5 GW.

Other Updates

Customer quality remained strong, with over 95 percent of clients A-rated or higher, while the weighted-average Power Purchase Agreement (PPA) tenor remained at ~23 years, supporting long-term revenue visibility.

Financing and capital efficiency metrics continued to strengthen during FY2025-26, supported by lower borrowing costs, disciplined leverage, and efficient capital deployment across projects.

Strategic partnerships also continued to support growth in a capital-efficient manner during the year.

Company Overview & Others

Overview: Clean Max Enviro Energy Solutions Ltd (NSE: CLEANMAX), (BSE: 544717) is India’s largest pureplay Commercial & Industrial (C&I) renewable energy company with more than 15 years of operations. The Company planned an IPO in February 2026.

Market Cap: Clean Max has a total market capitalization of ₹16,000 crore as of May 14, 2026, according to the NSE data.

Technical: The stock is currently trading above its 20-day simple moving averages (SMAs).

Price Performance: The company’s shares have been trading 54% higher over the last month.

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Disclaimer: This article is purely for informational purposes. While much time and effort is made to provide the information, I (Vishal Dalwadi) or (FinBlab) do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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Clean Max Enviro Energy Solutions Limited, the largest renewable energy provider for the Commercial and Industrial sector in the country, on March 17, 2026, announced key financial and operational performance for the quarter and nine months ended 31 December 2025.

Financial Performance: Key Details

The Company reported a 33% increase in EBITDA for the first nine months of FY 25-26, to ₹945 crores, compared to ₹709 crores in the same period last year.

On a quarterly basis, EBIDTA for the October to December quarter of FY 25-26 was ₹307 crores, up 40% from the corresponding quarter last year, at ₹220 crores.

Clean Max reported Profit After Tax (PAT) of ₹40 Cr in the first nine months of FY 26 (April to Dec 2025) compared to ₹2 Cr reported PAT in the same period last fiscal.

The company continued to improve its cost of borrowing, with its weighted average project finance interest rate declining from 9.2% P.A. as of March 31, 2025, to 8.9% p.a. as of December 31, 2025.

Clean Max Enviro Energy Solutions Q3 FY 2026

Capacity and Portfolio: Key Highlights

As of March 31, 2026, the company has a total energy sale (contracted capacity) of about 5.7 GW (compared to 1.75 GW as of 1.4.2024, 4.4 GW as of 1.4.2025, and 5.5 GW as of 31.12.2025).

Clean Max also recently commissioned its first 0.5 GW CTU-connected plant in Bikaner, Rajasthan, designed to supply renewable energy offsets to Data and AI customers.

It has operationalized a 51% CleanMax-owned strategic partnership with Osaka Gas, with 176 Cr investment from Osaka Gas for 49% stake in CORE (CleanMax Osaka Gas Renewable Energy).

Other Updates

The Company thanks Mr. Arijit Basu for his valuable service on the Board and accepts his resignation, and welcomes Shri. DK Khara as an Independent Director on its Board, effective immediately.

Disclaimer: The contents and data presented here are just for your information & personal use only. While much time and effort is made to provide the information, I (Vishal Dalwadi) or “FinBlab” do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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Clean Max Enviro Energy Solutions Limited, India’s largest Commercial & Industrial (C&I) renewable energy provider, made a weak debut on the bourses on Monday, March 02, 2026.

The weak (disappointing) listing was anticipated as the company’s ₹3,100 Crores Initial Public Offering received just 81 percent subscription (according to National Stock Exchange data) during February 23-25.

ALSO READ – oswal pumps news

The shares of Clean Max were listed at ₹960 apiece on the NSE, against the IPO price band of ₹1000 – ₹1053, representing a discount of 9%.

On the Bombay Stock Exchange (BSE), the shares of the company were listed at ₹952 per share, a reduction of 9.57%.

The Stock made an intra-day high of ₹960 and a low of ₹768 before closing at ₹867.50 (down 18 percent) on the NSE at the market’s close.

In terms of volumes, Clean Max Energy traded with 6,824,962 shares on the NSE.

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20 February 2026

Clean Max Enviro Energy Solutions Limited, a leading industrial and commercial renewable energy provider in India, is planning to raise ₹3,100 crore through an Initial Public Offering (IPO).

[Fresh Issue ₹1,200 Cr + OFS ₹1,900 Cr]

Clean max enviro energy solutions ipo price is ₹1000 – ₹1053 per share

Clean Max Enviro Energy: History

The company was originally incorporated as Clean Max Enviro Energy Solutions Private Limited, at Mumbai, Maharashtra, India, as a private limited company under the provisions of the Companies Act, 2013, on September 29, 2010.

It was then converted into a public limited company under a special resolution passed by the shareholders at the extraordinary general meeting (EGM) on July 14, 2025.

Its name was subsequently changed to Clean Max Enviro Energy Solutions Limited under a fresh certificate of incorporation issued by the Registrars of Companies (RoC) on August 7, 2025.

Clean Max Enviro Energy: Business

With nearly 15 years of experience since its inception in 2010, Clean Max specializes in delivering Net Zero and decarbonization solutions.

The Company offers a range of renewable energy offerings to clients under two business segments:

1. Renewable Energy Power Sales Segment; and
2. Renewable Energy Services Segment.

Its expertise spans providing energy contracting, EPC services, and operation and maintenance services of renewable energy plants, including wind, solar, and hybrid plants, within clients’ premises and within CleanMax-developed renewable energy farms.

The Company provides its services to data centres, AI and technology industries, and commercial & industrial enterprises across a range of sectors, including cement, FMCG, infrastructure, industrial manufacturing, pharmaceuticals, real estate, steel, and global capability centres (GCC).

Clean Max also provides end-to-end decarbonization solutions to clients, including turnkey development and O&M solutions for renewable energy power plants, as well as carbon credits solutions.

Largest Energy Provider

According to the CRISIL report, Clean Max is India’s largest commercial and industrial (C&I) renewable energy provider, as of March 31, 2025.

Capacity

As of July 31, 2025, Clean Max has 2.54 gigawatt (GW) of operational, owned, and managed capacity and an additional 2.53 GW of contracted capacity under execution.

Strategies Ahead

• Preserving Core Purpose and Values
• Evolving Operating Practices and Strategies

Company Promoters

1. Kuldeep Jain,
2. Pratap Jain,
3. Nidhi Jain,
4. BGTF One Holdings (DIFC) Limited,
5. Kempinc LLP

Refer to Clean Max Enviro DRHP for detailed information.

IPO Details

ipo date: 23 Feb – 25 Feb 2026

Minimum Amount: ₹14,742

Minimum Bid: 14 Shares

Face Value: ₹1

Listing On: NSE, BSE

Financial

Book Running Lead Managers

Axis Capital, BNP Paribas, BOB Capital, HSBC Securities and Capital Markets, IIFL Capital, Nomura Financial Advisory, SBI Capital, and J.P.Morgan India.

CONCLUSION

FinBlab recommends ‘NEUTRAL‘ ratings on Clean Max Enviro Energy Solutions Limited IPO.

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Disclaimer: The contents and data presented here are just for your information & personal use only. While much effort is made to provide the information, I (Vishal Dalwadi) or “FinBlab” do not guarantee the accuracy, correctness, completeness or reliability of any information or data displayed herein and shall not be held responsible.

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