Clean Max Enviro Energy Solutions Ltd Sets IPO Subscription Record

Clean Max Enviro Energy Solutions Ltd: A Comprehensive Renewable Energy Company in India

Company Overview Clean Max Enviro Energy Solution Limited is the largest commercial and industrial (C&I) renewable energy company in India, with 2.80 GW of operational owned and managed capacity and an additional 3.17 GW of contracted capacity under execution as of October 31, 2025. Established in 2010, the company brings over 15 years of experience in delivering Net Zero and decarbonization solutions.

Business Offerings The company provides a diverse range of solutions, including renewable power supply, energy services, and carbon credit solutions to a customer base comprising data centers, AI and technology companies, as well as C&I enterprises across various sectors. Its capabilities cover the full value chain, including energy contracting, engineering, procurement and construction (EPC), and operation and maintenance (O&M) services for renewable energy assets such as solar, wind, and hybrid plants.

Valuation and Outlook At the upper price band, the company is valuing at an EV/EBITDA of 21.5x with respect to its FY25 earnings and has a market cap of Rs 1,23,252 million post issue of equity shares. We believe that the IPO is fully priced and recommend a "SubscribeLong Term" rating to the IPO.

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