Clean Max Enviro Energy Solutions Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Renewable Power Projects: 73.2% • Renewable Energy Services: 26.0% • Other Unallocable: 0.8%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Latest quarter profit grew 3102.6% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 48.77x)
- Operating margins have improved to 59.1% from 43.7%
- Working capital cycle has improved - days down from -142 to -329
CONS
- Company has a high debt-to-equity of 2.72x
- A large part of profit comes from other income (122.3% of PBT)
- Company has a low return on equity of 0.2% over last 3 years
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 7.7%
- Interest coverage is weak at 1.2x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| CLEANMAX | 1432.30 | 178.83 | 16834.07 | 0.00 | 551.74 | 3102.58 | 8321.56 | 1767.89 | 6.69 | 20.03 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2024 | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|
| 374 | 442 | 402 | 422 | 555 | 832 | |
| 189 | 189 | 440 | 159 | 290 | 781 | |
| Operating Profit | 184 | 253 | -38 | 263 | 265 | 52 |
| OPM % | 49.32% | 57.27% | -9.46% | 62.29% | 47.73% | 6.20% |
| 36 | 50 | 9 | 44 | 82 | 42 | |
| Interest | 154 | 204 | 0 | 190 | 180 | 0 |
| Depreciation | 83 | 81 | 83 | 111 | 97 | 115 |
| Profit before Tax | -17 | 22 | -30 | 6 | 73 | 94 |
| Tax % | 73.42% | 41.15% | 43.81% | -230.22% | 40.97% | 41.30% |
| Net Profit | 0 | 0 | -17 | 21 | 45 | 55 |
| 0.26 | 2.27 | -1.40 | 2.70 | 5.31 | 4.14 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 930 | 1,390 | 1,496 | 1,913 | 2,212 | |
| 555 | 683 | 595 | 782 | 1,670 | |
| Operating Profit | 375 | 706 | 901 | 1,131 | 541 |
| OPM % | 40.33% | 50.83% | 60.25% | 59.13% | 24.48% |
| -58 | 25 | 116 | 165 | 177 | |
| Interest | 218 | 505 | 665 | 788 | 370 |
| Depreciation | 118 | 222 | 300 | 380 | 406 |
| Profit before Tax | -18 | 5 | 60 | 135 | 144 |
| Tax % | -239.22% | 896.32% | 67.48% | 36.60% | 28.67% |
| Net Profit | -61 | -39 | 19 | 86 | 102 |
| EPS | -9.01 | -70.44 | 54.90 | 8.04 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 27%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 0%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 4 | 4 | 5 | 12 |
| Minority Interest | 258 | 401 | 641 | 885 |
| 1,180 | 1,784 | 2,470 | 4,543 | |
| 3,996 | 5,395 | 7,455 | 12,518 | |
| Trade Payables | 1,119 | 788 | 1,295 | 3,481 |
| 316 | 479 | 1,159 | 1,113 | |
| Total Liabilities | 6,872 | 8,851 | 13,025 | 22,553 |
| 2,929 | 6,649 | 8,060 | 11,954 | |
| Capital Work in Progress | 2,682 | 677 | 1,913 | 5,339 |
| 49 | 93 | 76 | 137 | |
| 77 | 40 | 52 | 40 | |
| 0 | 252 | 188 | 278 | |
| Cash & Bank | 530 | 382 | 1,189 | 2,288 |
| 605 | 758 | 1,547 | 2,517 | |
| Total Assets | 6,872 | 8,851 | 13,025 | 22,553 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 942 | 86 | 1,404 | 1,731 | |
| Cash from Investing | -3,011 | -1,939 | -3,617 | -5,957 |
| Cash from Financing | 2,144 | 1,789 | 2,481 | 5,095 |
| 61 | -64 | 268 | 869 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding Allotment of 17660 Shares.
2026-09-10 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Schedule of meet
2026-09-09 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Sale or disposal
2026-09-08 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding a press release dated September 08, 2026, titled Crisil Ratings Assigns CRISIL AA/Stable Corporate Credit Rating to CleanMax Affirms Market Leadership and Prudent Financial Discipline.
2026-09-07 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Credit Rating- New
2026-09-03 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding Allotment of 46978 Shares.
2026-08-28 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about General Updates
2026-08-27 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Schedule of meet
2026-08-27 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for CLEANMAX
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