Clean Max Enviro Energy Solutions IPO is a book-built public issue with a total size of approximately ₹3,100 crore, comprising both a fresh issue and an offer-for-sale component. The issue includes a fresh issue aggregating up to ₹1,200 crore and an Offer For Sale (OFS) aggregating up to ₹1,900 crore by existing shareholders.
The IPO subscription window opened on February 23, 2026 and closed on February 25, 2026. The basis of allotment was finalised on February 26, 2026, and the shares are scheduled to list on both BSE and NSE on March 2, 2026, subject to regulatory approvals.
The IPO price band is fixed at ₹1,000 to ₹1,053 per equity share. Investors must apply in a lot size of 14 shares, with retail investors required to invest a minimum amount of ₹14,742 at the upper price band of ₹1,053. Retail maximum, S-HNI and B-HNI investment limits vary depending on the number of lots applied.
Axis Capital Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar of the IPO.
(Source: RHP, Chittorgarh)
Company Overview
Clean Max Enviro Energy Solutions Limited is a renewable energy company focused on providing clean power solutions to commercial and industrial clients. The company develops, owns and operates solar, wind and hybrid renewable energy assets across multiple Indian states.
It primarily supplies electricity under long-term power purchase agreements to corporate customers seeking to reduce carbon emissions and manage energy costs efficiently.
As of July 31, 2025, the company had approximately 2.54 GW of operational renewable energy capacity, including owned and managed assets. In addition, around 2.53 GW of capacity was contracted and under execution, supported by a substantial pipeline of projects at various development stages.
Clean Max positions itself as a decarbonisation partner for businesses aiming to achieve sustainability and net zero targets.
(Source: RHP)
Industry Context
The renewable energy sector in India is expanding rapidly due to structural and policy driven factors. Key industry drivers include:
- Global renewable energy capacity reached 4,924 GW in 2024, accounting for 46% of total installed power capacity worldwide.
- Solar capacity expanded from 327 GW in 2016 to 2,168 GW in 2024, registering strong double digit growth globally.
- India is the third largest electricity consumer and ranks third globally in total installed renewable energy capacity.
- India’s non-fossil fuel based power capacity increased to 47.1% in 2024, supported by policy incentives and infrastructure upgrades.
- Solar capacity in India rose from 2.6 GW in fiscal 2014 to 106 GW in fiscal 2025, reflecting accelerated adoption.
(Source: RHP)
Business Strengths
- Established presence in the commercial and industrial renewable energy segment.
- Diversified portfolio across solar, wind and hybrid power projects.
- Long-term contracts providing predictable revenue visibility.
- Multi-gigawatt operational and contracted project base.
- Strong project development and execution capabilities.
- Focus on energy efficiency and carbon reduction solutions.
(Source: RHP)
Financial Performance
Clean Max Enviro Energy Solutions Limited – Restated Consolidated Financials (₹ in crore)
| Particulars | Sept 30, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| Net Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
(Financial data compiled as of September 30, 2025)
(Source: RHP)
Key Ratios & Metrics (Annualised)
| KPI | September 30, 2026 |
|---|---|
| ROE | 0.43% |
| Debt/Equity | 2.53 |
| RoNW | 0.43% |
| Price to Book Value | 4.11 |
(Financial data compiled as of September 30, 2025)
(Source: RHP)
Market Outlook & GMP Trends
As of February 18, 2026 at 02:37 PM, the Grey Market Premium (GMP) for the Clean Max Enviro Energy Solutions IPO stands at ₹9. With the upper price band fixed at ₹1,053, the estimated listing price is around ₹1,062, indicating a potential gain of approximately 0.85% per share, or about ₹9 per share over the issue price. Over the last eight sessions, grey market activity has shown an upward trend, with GMP fluctuating between ₹0 and ₹14.
(Note: Grey market data is updated daily based on available market inputs. Grey market trends are unofficial and should not be considered a reliable indicator of listing performance.)
(Source: Investorgain)
IPO Details
| IPO Detail | Information |
|---|---|
| IPO Date | February 23 to February 25, 2026 |
| Allotment Date | February 26, 2026 |
| Listing Date | March 2, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹1,000 to ₹1,053 |
| Lot Size | 14 shares |
| Retail Minimum Investment | ₹14,742 |
| Issue Size | ₹3,100 crore |
| Fresh Issue | ₹1,200 crore |
| Offer For Sale (OFS) | ₹1,900 crore |
| Issue Type | Book-built IPO |
| Listing At | BSE, NSE |
(Source: RHP, Chittorgarh)
Conclusion
Clean Max Enviro Energy Solutions IPO offers exposure to India’s growing renewable energy sector, particularly within the commercial and industrial power segment. The company benefits from long-term contracts, operational scale and rising demand for sustainable energy solutions.
However, investors should carefully assess execution risks, capital intensity and regulatory exposure before making an investment decision. As with any IPO, suitability depends on individual risk appetite and long-term investment strategy.
Disclaimer: Investment in the securities market is subject to market risks. Read all the related documents carefully before investing. This content is purely for information purpose only and in no way is to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation. Investors are requested to do their own due diligence before investing.
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