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 20227.3% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.03x)
- Operating margins have improved to 18.4% from 15.1%
- Attractively priced for its growth - PEG of 0.3
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (34.1% of PBT)
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 222.8%
- Contingent liabilities are large at 128.0% of net worth
- Total debt has risen sharply - up 39.7% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 204.75 | 27.70 | 394854.12 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 332.00 | 11.60 | 321929.32 | 2.71 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 266.95 | 15.62 | 248279.62 | 3.37 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1288.95 | 119.01 | 212312.77 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1390.00 | 58.23 | 169990.67 | 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 | 529.90 | 49.39 | 97156.25 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 75.76 | 20.04 | 76101.18 | 2.13 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 88.18 | 122.42 | 74303.38 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1275.35 | 27.65 | 64265.34 | 1.57 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 269.35 | 11.64 | 37349.06 | 1.43 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| CLEANMAX | 1380.85 | 172.41 | 16229.37 | 0.00 | 551.74 | 3102.58 | 8321.56 | 1767.89 | 6.69 | 20.03 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Dec 2024 | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|
| 639 | 1,039 | 1,128 | 1,521 | 1,897 | 2,125 | |
| 488 | 886 | 1,015 | 1,146 | 1,669 | 1,829 | |
| Operating Profit | 151 | 153 | 113 | 375 | 227 | 296 |
| OPM % | 23.60% | 14.70% | 9.99% | 24.68% | 11.99% | 13.94% |
| 48 | 57 | 62 | 91 | 111 | 172 | |
| Interest | 46 | 61 | 52 | 95 | 136 | 108 |
| Depreciation | 10 | 11 | 10 | 14 | 13 | 14 |
| Profit before Tax | 142 | 138 | 174 | 357 | 189 | 468 |
| Tax % | 26.68% | 17.38% | 23.39% | 24.35% | 34.02% | 25.21% |
| Net Profit | 104 | 114 | 134 | 270 | 124 | 350 |
| 10.97 | 11.45 | 13.16 | 26.44 | 11.93 | 29.90 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 2,776 | 2,106 | 2,270 | 6,003 | 6,671 | |
| 2,424 | 1,655 | 1,841 | 4,898 | 5,659 | |
| Operating Profit | 352 | 452 | 430 | 1,106 | 1,012 |
| OPM % | 12.70% | 21.45% | 18.93% | 18.42% | 15.17% |
| -22 | 122 | 190 | 354 | 435 | |
| Interest | 103 | 155 | 192 | 370 | 391 |
| Depreciation | 18 | 30 | 39 | 50 | 52 |
| Profit before Tax | 209 | 389 | 389 | 1,039 | 1,189 |
| Tax % | 36.90% | 27.43% | 23.39% | 26.15% | 26.08% |
| Net Profit | 132 | 282 | 298 | 767 | 879 |
| EPS | 348.87 | 641.99 | 587.80 | 65.54 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 29%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 80%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 14%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 4 | 4 | 5 | 12 |
| 1,523 | 2,429 | 3,306 | 5,553 | |
| 892 | 1,143 | 1,540 | 2,159 | |
| Trade Payables | 1,164 | 766 | 1,269 | 3,290 |
| 466 | 588 | 1,180 | 2,062 | |
| Total Liabilities | 4,049 | 4,929 | 7,300 | 13,076 |
| 335 | 707 | 852 | 1,149 | |
| Capital Work in Progress | 359 | 86 | 226 | 546 |
| 1,509 | 2,041 | 2,946 | 3,843 | |
| 67 | 35 | 49 | 181 | |
| 0 | 642 | 376 | 788 | |
| Cash & Bank | 134 | 57 | 286 | 1,439 |
| 1,646 | 1,361 | 2,565 | 5,130 | |
| Total Assets | 4,049 | 4,929 | 7,300 | 13,076 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 957 | 58 | 1,083 | 2,945 | |
| Cash from Investing | -1,553 | -707 | -1,677 | -3,741 |
| Cash from Financing | 597 | 636 | 779 | 1,671 |
| -9 | -13 | 185 | 874 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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
2026-08-26 - Clean Max Enviro Energy Solutions Limited has informed the Exchange about General Updates
2026-08-25 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-21 - Clean Max Enviro Energy Solutions Limited has informed the Exchange regarding Allotment of 13562 Shares.
News
Recent coverage and analyst commentary for CLEANMAX
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Clean Max Enviro Energy Solutions Ltd.
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