Clean Max Enviro Energy Solutions share price
NSE: CLEANMAXBSE: 544717PowerSmall Cap
Clean Max Enviro Energy Solutions Limited · Face value ₹1 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Mar 2026 · Issue price ₹1,053
Last close ₹1,252.30up ₹22.80 (1.85%)BSE ₹1,252.40
Share price at the NSE close on 28 Oct 2026. Previous close ₹1,229.50.
28 Oct: open ₹1,235.40, high ₹1,268.00, low ₹1,226.80
Range of traded prices from listing on 2 Mar 2026 to 28 Oct 2026
₹727.10Low, 30 Mar 2026₹1,536.00High, 24 Jun 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹14,721 Cr489th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- No full year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.17
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Mar 2026
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 2.25
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 1,94,20753.4% delivered
About Clean Max Enviro Energy Solutions
Clean Max Enviro Energy Solutions develops, owns and operates solar, wind and wind-solar hybrid power plants and sells the electricity to commercial and industrial (C&I) companies under long-term power purchase agreements (contracts to buy power from a plant over many years).123 Its customers include data centres, technology companies and manufacturers such as steel, cement and pharmaceutical makers.2 It operates in India, Thailand, the UAE, Bahrain and Saudi Arabia.4
Its Renewable Energy Power Sales segment supplies power from solar plants on customers' premises (on-site) and from its own solar, wind and hybrid farms that deliver power through transmission networks (off-site).5 Its Renewable Energy Services segment builds and runs plants that customers own, and offers carbon credits and carbon advisory services.6 Under the group captive model, a customer holds at least 26% of the project company that supplies it, as Indian electricity rules require, and CleanMax typically holds 74%.78
It was incorporated in 2010.9 It commissioned its first on-site solar plant for a corporate customer in 2013.10 It expanded to Dubai and raised investment from Warburg Pincus in 2017, and raised $360 million from Brookfield Renewables in 2023.11 Its shares were listed on NSE and BSE in the year to Mar 2026.12 Its promoters are Kuldeep Jain (its founder and managing director) with related entities, and the Brookfield group.1314
Clean Max Enviro Energy Solutions key points
Results
- In the quarter to Jun 2026, consolidated revenue from operations rose 107% to ₹832 crore, and profit after tax, including minority owners' share, was ₹55 crore against a loss of ₹17 crore a year earlier.151617
- Adjusted EBITDA (operating profit before interest, tax, depreciation and non-cash items, as the company presents it) rose 74% to ₹494 crore in the quarter to Jun 2026, from ₹284 crore; reported EBITDA rose 68% to ₹462 crore.1819
- In the year to Mar 2026, consolidated revenue was ₹1,913 crore, reported EBITDA ₹1,295 crore against ₹1,015 crore a year earlier, and profit after tax, including minority owners' share, ₹85.58 crore against ₹19 crore.202117
Market position
- On its earnings call of 3 Aug 2026, the company estimated its share of the renewable energy business of hyperscalers (the largest cloud and data-centre operators) in India at about 35%.22
- On its earnings call of 3 Aug 2026, the company put its share of India's C&I renewable energy market at about 14%.23
Business segments
- Renewable Energy Power Sales revenue rose 47% to ₹528 crore in the quarter to Jun 2026, from ₹358 crore a year earlier, and its EBITDA margin rose from 76% to 84%.242526
- Renewable Energy Services revenue was ₹300 crore in the quarter to Jun 2026, against ₹41 crore a year earlier, as the company executed more customer projects.2726
- Revenue by segment28
Item year to Mar 2026 year to Mar 2025 Renewable Energy Power Sales ₹13,995 million ₹11,072 million Renewable Energy Services ₹4,973 million ₹3,767 million
Plants and capacity
- Operating Renewable Energy Power Sales capacity, largest states, June 20262930The 3,493 MW is 2,791 MWp of solar (80%; MWp is the panels' peak rating) and 701 MW of wind (20%).
Item quarter to Jun 2026 Karnataka 1,104 MW (32%) Gujarat 842 MW (24%) Rajasthan, central grid 525 MW (15%) - At the end of June 2026, a further 2,500 MW of Renewable Energy Power Sales capacity was contracted and under construction, and Renewable Energy Services had 682 MW operating and 147 MW under execution.31
- CleanMax commissioned 403 MW of Renewable Energy Power Sales capacity in the quarter to Jun 2026, after 1.4 GW in the year to Mar 2026.3233
- On its call of 3 Aug 2026, the company said it had approved its first battery storage investment, at a state-grid project in Rajasthan, and signed memoranda of understanding with 3 clients in the month before.34
Debt and financing
Customers and partners
- Customers the company names include Amazon, Google, Meta, Cisco, Equinix, NTT Data Group, Iron Mountain India Data Centers, Ultratech Cements and Grasim Industries.37
- At the end of June 2026, the company had 593 C&I customers, and data-centre and AI customers held 42% of its contracted Renewable Energy Power Sales capacity.3839
- In the year to Mar 2026, CleanMax expanded its partnership with Apple to develop more than 150 MW of renewable energy capacity in India, through a joint venture in which it holds 51%.40
What the company expects
- In its presentation of 31 Jul 2026, the company said it expects to commission at least 1,500 MW of Renewable Energy Power Sales capacity in the year to Mar 2027, for operating capacity of at least 4.6 GW on 1 April 2027.4142
- On its earnings call of 3 Aug 2026, the company said it expects reported EBITDA of at least ₹3,000 crore in the year to Mar 2028, with net debt of about ₹16,000 crore at that level.4344
- On its earnings call of 3 Aug 2026, the company said its project at Bikaner, connected to the central grid, faces about 70% curtailment (output the grid cannot take), which it expects through the year to Mar 2027.4542
Recent events
- On 30 Sep 2026, the company said ₹2,500 crore of green non-convertible debentures (bonds that cannot be turned into shares) had been listed on BSE.46
- On 7 Sep 2026, Crisil Ratings assigned a CRISIL AA/Stable rating to the company's corporate credit and its non-convertible debentures.47
- On 31 Jul 2026, the board approved merging wholly owned subsidiaries Clean Max Aditya Power, Cleanmax IPP 1, CMES Power 1 and CMES Infinity into the company, putting all rooftop projects in one entity, subject to National Company Law Tribunal sanction.4849
- On 10 Jun 2026, Meta agreed to buy 100% of the environmental attributes (the right to claim the power as renewable) from 837 MW of new solar and wind capacity CleanMax is to build and run in Rajasthan and Karnataka.50
Last updated
All 50 sources, each with its page
- 1. Annual report, 30 Jun 2026, page 250
- 2. Annual report, 30 Jun 2026, page 242
- 3. Annual report, 30 Jun 2026, page 252
- 4. Annual report, 30 Jun 2026, page 254
- 5. Annual report, 30 Jun 2026, page 250
- 6. Annual report, 30 Jun 2026, page 251
- 7. Annual report, 30 Jun 2026, page 46
- 8. Annual report, 30 Jun 2026, page 47
- 9. Annual report, 30 Jun 2026, page 348
- 10. Annual report, 30 Jun 2026, page 245
- 11. Annual report, 30 Jun 2026, page 245
- 12. Annual report, 30 Jun 2026, page 244
- 13. Exchange filing, 7 Sep 2026, page 5
- 14. Annual report, 30 Jun 2026, page 244
- 15. Earnings call, 3 Aug 2026, page 8
- 16. Investor presentation, 31 Jul 2026, page 6
- 17. Investor presentation, 31 Jul 2026, page 31
- 18. Investor presentation, 31 Jul 2026, page 6
- 19. Earnings call, 3 Aug 2026, page 9
- 20. Annual report, 30 Jun 2026, page 244
- 21. Annual report, 30 Jun 2026, page 247
- 22. Earnings call, 3 Aug 2026, page 4
- 23. Earnings call, 3 Aug 2026, page 17
- 24. Earnings call, 3 Aug 2026, page 8
- 25. Earnings call, 3 Aug 2026, page 6
- 26. Investor presentation, 31 Jul 2026, page 17
- 27. Earnings call, 3 Aug 2026, page 9
- 28. Annual report, 30 Jun 2026, page 355
- 29. Investor presentation, 31 Jul 2026, page 7
- 30. Investor presentation, 31 Jul 2026, page 7
- 31. Earnings call, 3 Aug 2026, page 6
- 32. Investor presentation, 31 Jul 2026, page 14
- 33. Annual report, 30 Jun 2026, page 247
- 34. Earnings call, 3 Aug 2026, page 12
- 35. Earnings call, 3 Aug 2026, page 9
- 36. Investor presentation, 31 Jul 2026, page 6
- 37. Investor presentation, 31 Jul 2026, page 13
- 38. Investor presentation, 31 Jul 2026, page 14
- 39. Investor presentation, 31 Jul 2026, page 6
- 40. Annual report, 30 Jun 2026, page 257
- 41. Investor presentation, 31 Jul 2026, page 8
- 42. Investor presentation, 31 Jul 2026, page 11
- 43. Earnings call, 3 Aug 2026, page 7
- 44. Earnings call, 3 Aug 2026, page 18
- 45. Earnings call, 3 Aug 2026, page 8
- 46. Exchange filing, 30 Sep 2026, page 1
- 47. Exchange filing, 7 Sep 2026, page 1
- 48. Exchange filing, 31 Jul 2026, page 1
- 49. Exchange filing, 31 Jul 2026, page 4
- 50. Exchange filing, 10 Jun 2026, page 2
Results
Consolidated; ₹ crore.Clean Max Enviro Energy Solutions quarterly results
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹832 Crup 49.28%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹55 Crup 21.54%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 6.6%
Revenue by quarter
Peak revenue ₹832 Cr, quarter to Jun 2026; lowest ₹422 Cr, quarter to Dec 2025
Net profit by quarter, a loss in red
| ₹ crore | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 422 | 557 | 832 |
| Net profit | 21 | 45 | 55 |
| Net margin | 5.0% | 8.1% | 6.6% |
Consolidated. The 3 quarters from Dec 2025, the first on record. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026
- Revenue
- ₹1,913 Cr
- Net profit
- ₹86 Cr
- Net margin
- 4.5%
| ₹ crore | Mar 2026 |
|---|---|
| Revenue | 1,913 |
| Net profit | 86 |
| Net margin | 4.5% |
Consolidated. Years to March. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Renewable Energy Power SalesRenewable Energy Power Sales, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,399 Cr73.8%
- Renewable Energy ServicesRenewable Energy Services, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹497 Cr26.2%
Mutual fund holdings
81 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before.All 81 funds holding Clean Max Enviro Energy Solutions
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 48
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 11
- CutCut. Funds that held fewer shares than at the end of the month before.
- 3
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 18
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 2
| Fund | |||
|---|---|---|---|
 Bandhan Small Cap FundBandhan Mutual Fund | 5,40,000 | 0.20% | ₹71.7 Cr |
 Axis ESG Integration Strategy FundAxis Mutual Fund | 5,19,331 | 6.94% | ₹68.9 Cr |
 HDFC Business Cycle FundHDFC Mutual Fund | 4,74,838 | 2.38% | ₹63.0 Cr |
 Canara Robeco Small Cap FundCanara Robeco Mutual Fund | 4,62,028 | 0.44% | ₹61.3 Cr |
 TRUSTMF Small Cap FundTrust Mutual Fund | 4,07,816 | 1.40% | ₹54.1 Cr |
 Franklin India Large & Mid Cap FundFranklin Templeton Mutual Fund | 3,69,121 | 1.47% | ₹49.0 Cr |
 Mahindra Manulife Mid Cap FundMahindra Manulife Mutual Fund | 3,33,566 | 0.88% | ₹44.3 Cr |
 ICICI Prudential Energy Opportunities FundICICI Prudential Mutual Fund | 3,04,616 | 0.50% | ₹40.4 Cr |
| Mahindra Manulife Large & Mid Cap FundMahindra Manulife Mutual Fund | 2,69,588 | 1.30% | ₹35.8 Cr |
| Canara Robeco Multi Cap FundCanara Robeco Mutual Fund | 2,51,748 | 0.59% | ₹33.4 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Clean Max Enviro Energy Solutions insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Others0 purchases, 10 salesNo purchase₹3.27 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹3.27 Cr4 pledges invoked by a lender · 32 pledge filings of unclear kind
- Promoters and promoter group: no market trade · 2 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Clean Max Enviro Energy Solutions competitors and peers
Power Generation, 36 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Clean Max Enviro Energy Solutions in market cap.Power stocks
Clean Max Enviro Energy Solutions is not on the chart: it has no P/E or return on equity today
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 NTPC Green EnergyNTPCGREEN | 70,124 | 115.53 | 3.70 | – | – | 3.2% | 3.4% | 0.00% |
 NLC IndiaNLCINDIA | 31,608 | – | 1.47 | +16.8% | – | – | 6.8% | 1.69% |
 Acme Solar HoldingsACMESOLAR | 29,063 | 38.40 | 3.48 | +53.7% | – | 11.5% | 5.3% | 0.05% |
 SJVNSJVN | 20,018 | 31.32 | 1.41 | +60.5% | −7.4% | 4.5% | 5.1% | 2.94% |
 NavaNAVA | 14,208 | 18.80 | 1.62 | +9.0% | −27.6% | 9.2% | 9.7% | 1.69% |
 Juniper Green EnergyJNPR | 13,727 | – | – | – | – | – | – | 0.00% |
 Vedanta PowerVEDPOWER | 11,258 | – | 5.81 | – | – | – | – | 0.00% |
 Jaiprakash Power VenturesJPPOWER | 8,889 | – | 0.67 | +5.9% | – | – | 7.6% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.Clean Max Enviro Energy Solutions announcements
Oct 2026
21 Oct · General Updates
16 Oct
8 Oct · Disclosure
7 Oct · Giving guarantees/indemnity/ becoming a surety for third party
Clean Max Enviro Energy Solutions annual report, year to Mar 2026
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 1,169.80 | 1,254.80 | 1,169.80 | 1,229.50 | 1,230.21 | 4,52,128 | 46.8% |
| 26 Oct 2026 | 1,165.00 | 1,178.50 | 1,143.50 | 1,161.20 | 1,156.96 | 2,64,123 | 58.3% |
| 23 Oct 2026 | 1,207.80 | 1,207.80 | 1,145.80 | 1,175.90 | 1,164.69 | 3,30,311 | 57.1% |
| 22 Oct 2026 | 1,208.90 | 1,217.70 | 1,178.00 | 1,204.30 | 1,198.43 | 1,61,902 | 45.4% |
| 21 Oct 2026 | 1,239.80 | 1,256.00 | 1,210.50 | 1,218.50 | 1,224.70 | 1,45,473 | 54.1% |
| 19 Oct 2026 | 1,289.50 | 1,289.60 | 1,221.50 | 1,235.80 | 1,244.50 | 1,64,541 | 50.6% |
| 16 Oct 2026 | 1,256.00 | 1,292.70 | 1,240.60 | 1,276.00 | 1,270.33 | 2,30,949 | 43.0% |
| 15 Oct 2026 | 1,300.10 | 1,301.50 | 1,246.80 | 1,255.50 | 1,260.56 | 4,59,628 | 67.6% |
| 14 Oct 2026 | 1,296.80 | 1,325.00 | 1,283.00 | 1,298.60 | 1,305.37 | 2,45,317 | 46.7% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- CLEANMAX
- BSE code
- 544717
- ISIN
- INE647U01026
- Industry
- Power
- Website
- www.cleanmax.com
- CIN
- L93090MH2010PLC208425
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2010
- Registered office
- The International, 4th Floor, 16 Maharshi Karve Road, New Marine Lines Cross Road No.1, Churchgate, Mumbai 400020, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments