Clean Max Enviro Energy Solutions Limited (CLEANMAX)

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Clean Max Enviro Energy Solutions Limited (CLEANMAX) · mywealthgrid

About

Clean Max Enviro Energy Solutions Limited operates in power generation, utilities sector. Market cap ₹14,632 Cr; quarterly revenues ₹1.5k–2.1k Cr. Mid-scale India utility player. Name indicates clean/renewable energy focus.

Face value: ₹1

Market cap

₹15,234 Cr

P/E

161.8×

P/B

3.3×

Dividend yield

ROE

2.6%

ROCE

6.4%

Debt / equity

2.68

OPM

59.2%

EPS (TTM)

₹8.0

Book value

₹396.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 155.45 extremely elevated vs current earnings; market pricing significant future growth—verify realistic visibility and execution capability
ROE 2.61% despite OPM 59.19% signals poor capital deployment; verify capex strategy and returns
D/E 2.68 high leverage in capital-intensive sector exposes to interest-rate and refinancing risk
Revenue volatility ₹422–2,125 Cr, OPM swing 11.99%–62.29% questions consistency; verify accounting vs operational variance

Generated analysis · source review pending

Growth drivers

Revenue grew ₹1,521 Cr (Dec 2025)→₹2,125 Cr (Jun 2026)—demonstrates expansion; verify sustainability
Operating margins 50–62% create leverage: incremental revenue at these rates drives earnings disproportionately
India renewable expansion and clean power transition represent sector tailwinds; verify competitive position and addressable market

Generated analysis · source review pending

142 historical price candles were omitted because the exchange source has not been verified.

₹1,299.8-6%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 59.2%

Cons

−Low return on equity of 1.9% (3-yr avg)
−Heavily leveraged (debt/equity 2.7)
−Weak interest coverage of 1.2×
−Expensive at 161.8× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

25/100

Business quality: 21
Valuation: 29

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2025	Mar 2026
	1,496	1,913
COGS	—	501
Gross profit	—	1,411
	—	273
	—	1,138
OPM %	—	59.5%
Depreciation	—	380
Interest	663	786
	115	162
Profit before tax	60	135
Tax	40	49
Tax %	67.5%	36.6%
	19	86
PAT margin %	1.3%	4.5%
EPS (₹)	2.9	9.1
EPS adjusted (₹)	5.5	8
Annual report	—	Annual report for Mar 2026

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4	4	5	12
Reserves	1,207	1,829	2,558	4,627
Minority interest	258	401	641	885
	3,843	5,515	7,974	12,411
	1,688	1,328	2,101	5,164
Total equity & liabilities	7,000	9,077	13,279	23,098
	2,929	6,649	8,060	11,954
CWIP	2,682	677	1,913	5,339
Investments	5	24	76	137
	1,384	1,726	3,231	5,668
Total assets	7,000	9,077	13,279	23,098

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	928	86	1,083	1,731
	-3,011	-1,939	-1,677	-5,957
	2,144	1,789	779	5,095
Net cash flow	61	-64	185	869
Free cash flow	—	—	—	-3,956
CFO / Operating profit %	—	—	—	152.9%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 28%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 341%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 2%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Segment A - Renewable Energy Power Sales	1,399.45	545.77	19,673.4	16,395.31	3,278.09	16.65
Segment B - Renewable Energy Services	497.33	58.86

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	—	73.8%
EBITDA margin %	—	59.2%
EBIT margin %	—	39.3%
PAT margin %	1.3%	4.5%
Working capital
Receivable days	46	53
Inventory days	—	29
Payable days	—	1,274
NWC days	—	-1,192
Leverage
Current ratio	0.76	0.66
Debt to EBITDA	—	10.96
Debt to equity	3.11	2.68
Interest coverage	0.2	1.2
Asset turnover	0.11	0.08
Return ratios
Return on assets %	0.1%	0.4%
Return on capital employed %	1.1%	6.4%
Return on equity %	0.8%	1.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Dec 2025	Mar 2026	Jun 2026
	49.48%	49.48%	49.42%
	29.93%	29.8%	11.21%
	15.29%	14.75%	14.67%
Government	0%	0%	0%
	5.3%	5.97%	24.7%
No. of shareholders	34,276	31,746	23,620

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

1.55%

of the company's equity

All mutual funds

3.16%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

11 schemes · 5 fund houses

		Shares
Franklin India Large & Mid Cap Fund (Formerly known as Franklin India Equity Advantage Fund)^	Franklin Templeton Mutual Fund	4.6 L	57.34	1.58%	0.392%	-15,000
Small Cap Fund	Bajaj Finserv Mutual Fund	3.14 L	39.13	1.48%	0.268%	+8,843
TRUSTMF Small Cap Fund	Trust Mutual Fund	3 L	37.45	1.09%	0.256%	-0
Small Cap Fund	Baroda BNP Paribas Mutual Fund	1.93 L	24.06	1.84%	0.165%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	1.56 L	19.46	0.1%	0.133%	—
TRUSTMF Flexi Cap Fund	Trust Mutual Fund	1.14 L	14.26	1.37%	0.098%	-23,624
Energy Opportunities Fund	Baroda BNP Paribas Mutual Fund	1 L	12.47	1.99%	0.085%	-10,861
TRUSTMF Multi Cap Fund	Trust Mutual Fund	60,400	7.53	0.93%	0.052%	-0

1–8 of 11

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results31 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

55 announcementsExport CSV

1 Oct 2026, 6:22 pmCompany Update

Intimation Of Final Approval For Modification In NCD Terms Received From BSE Limited

General PDF

30 Sept 2026, 6:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

30 Sept 2026, 5:37 pmCompany Update

Intimation Of Listing Approval

General PDF

30 Sept 2026, 12:47 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

29 Sept 2026, 4:41 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 1:31 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

28 Sept 2026, 7:58 pmAGM/EGM

Clean Max Enviro Energy Solutions Ltd - 544717 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

28 Sept 2026, 7:52 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

Postal Ballot PDF

Date	Category	Subject	Filing
1 Oct 2026, 6:22 pm	Company Update General	Intimation Of Final Approval For Modification In NCD Terms Received From BSE Limited	PDF
30 Sept 2026, 6:14 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	—	73.8%
EBITDA margin %	—	59.2%
EBIT margin %	—	39.3%
PAT margin %	1.3%	4.5%
Working capital
Receivable days	46	53
Inventory days	—	29
Payable days	—	1,274
NWC days	—	-1,192
Leverage
Current ratio	0.76	0.66
Debt to EBITDA	—	10.96
Debt to equity	3.11	2.68
Interest coverage	0.2	1.2
Asset turnover	0.11	0.08
Return ratios
Return on assets %	0.1%	0.4%
Return on capital employed %	1.1%	6.4%
Return on equity %	0.8%	1.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—
Clean Max Enviro Energy Solutions LimitedCLEANMAXCLEANMAX	₹15,234 Cr	₹27,644 Cr	₹1,913 Cr	₹1,132 Cr	59.2%	₹94 Cr	4.5%	6.4%	2.6%	-1,192
Vedanta Power LimitedVEDPOWERVEDPOWER	₹12,814 Cr	₹18,646 Cr	₹5,453 Cr	₹1,040 Cr	19.1%	₹-1,713 Cr	-31.4%	11%	-88.4%	76
Jaiprakash Power Ventures LimitedJPPOWERJPPOWER	₹10,143 Cr	₹13,523 Cr	₹5,756 Cr	₹1,525 Cr	24.6%	₹641 Cr	8.1%	6.9%	3.6%	93
Reliance Power LimitedRPOWERRPOWER	₹8,028 Cr	₹22,840 Cr	₹7,690 Cr	₹2,361 Cr	31%	₹-319 Cr	-4.4%	6.1%	-2.1%	139

13 deals · 2 Mar 2026 – 28 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Sept 2026	AUGMENT INDIA I HOLDINGS LLC	Bulk	NSE	Sell	76,33,385	₹1,289.01	₹983.95 Cr
28 Sept 2026	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Bulk	NSE	Buy	11,15,384	₹1,288.40	₹143.71 Cr
28 Sept 2026	AUGMENT INDIA I HOLDINGS LLC	Bulk	NSE	Sell	8,69,152	₹1,288.40	₹111.98 Cr
28 Sept 2026	HSBC INDIA INFRASTRUCTURE EQUITY MOTHER FUND	Bulk	NSE	Buy	7,88,000	₹1,288.40	₹101.53 Cr
28 Sept 2026	GOLDMAN SACHS INVESTMENTS MAURITIUS I LIMITED	Bulk	NSE	Buy	7,18,539	₹1,289.04	₹92.62 Cr
3 Sept 2026	DSDG HOLDING APS	Block	NSE	Sell	16,33,727	₹1,220.00	₹199.31 Cr
3 Sept 2026	DSDG HOLDING APS	Bulk	NSE	Sell	16,33,727	₹1,220.00	₹199.31 Cr
3 Sept 2026	SBI LIFE INSURANCE COMPANY LTD.	Block	NSE	Buy	5,09,485	₹1,220.00	₹62.16 Cr
3 Sept 2026	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD	Block	NSE	Buy	5,09,485	₹1,220.00	₹62.16 Cr
3 Sept 2026	DSP INDIA FUND INDIA LONG SHORT STRATEGY FUND WITH CASH MANAGEMENT OPTION	Block	NSE	Buy	2,04,919	₹1,220.00	₹25.00 Cr

1–10 of 13

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Clean Max Enviro Energy Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

Announcements

1

Not in the F&O segment

Announcements

Annual reports

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Other unallocable · revenue

Clean Max Enviro Energy Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Board meetings1

Announcements

Ratio timeline

Board meetings1

Not in the F&O segment

Announcements

Quarterly record

Annual reports

Offer and rights documents

Credit ratings

Investor Presentation and earnings call

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Other unallocable · revenue

1

1