Clean Max Enviro Energy Solutions Limited is set to open its Initial Public Offering (IPO) on February 23, 2026 and close on February 25, 2026.
It is India’s largest renewable energy provider catering specifically to the Commercial and Industrial (C&I) sector.
Backed by global investment giant Brookfield, the company commands a 12% market share in its segment and counts marquee names like Amazon and Google among its clients.
The IPO aims to raise ₹3,100 Crores through a mix of fresh equity and an Offer for Sale, with the price band fixed at ₹1,000 to ₹1,053 per share. You can track the details of all the live and upcoming IPOs at our IPO section which is updated regularly.
In this article, you will find Clean Max Enviro Energy IPO GMP today, price band, and a detailed review.
For subscription status of this and other IPOs, check the IPO subscription status hub page and for the allotment status, check our regularly updated allotment status hub page.
Briefs of Clean Max Enviro Energy IPO Details:
- Price Band: ₹1,000 – ₹1,053 per share
- IPO Open / Close Dates: February 23, 2026 – February 25, 2026
- Lot Size: 14 Shares
- Issue Size: ₹3,100 Crores
- Fresh Issue: ₹1,200 Crores
- Offer For Sale (OFS): ₹1,900 Crores
- Registrar: MUFG Intime India Private Limited
- Listing Exchange: BSE, NSE
The investors who have queries related to checking allotment, credit of share, refunds, they can find our MUFG Intime allotment status guide quite useful
What Is The Clean Max Enviro Energy IPO GMP Today?
Check the GMP of this and other issues at our Live GMP hub page.
Note: The Grey Market Premium (GMP) is an unofficial indicator and is not regularised by SEBI, NSE, or BSE.
What Are The Important Clean Max Enviro Energy IPO Dates & Allotment Schedule?
- IPO Open Date: Monday, February 23, 2026
- IPO Close Date: Wednesday, February 25, 2026
- Basis of Allotment Date: Thursday, February 26, 2026
- Refund Initiation Date: Friday, February 27, 2026
- Credit of Shares: Friday, February 27, 2026
- Listing Date: Monday, March 2, 2026
What Are The Objectives of Clean Max Enviro Energy IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following objects:
- Debt Repayment: A substantial portion (approx. ₹1,122 Crores) will be used to prepay or repay outstanding borrowings, which will help deleverage the balance sheet and reduce finance costs.
- General Corporate Purposes: The remaining funds will be used for general corporate requirements to support business growth.
How is The Financial Performance of Clean Max Enviro Energy?
The following table summarises the company's financial performance based on restated consolidated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 (6M) | FY Ended 31 Mar 25 | FY Ended 31 Mar 24 | FY Ended 31 Mar 23 |
Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
Profit After Tax | 19.00 | 19.43 | (37.64) | (59.47) |
EBITDA | 637.86 | 1,015.07 | 741.57 | 405.92 |
Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company has demonstrated consistent top-line growth, reaching ₹1,610.34 Crores in FY25, driven by the expansion of its operational capacity to 2.8 GW and long-term contracts. This momentum continued in the first half of FY26 with revenue of ₹969.35 Crores, supported by the addition of high-credit-quality corporate clients.
Profit After Tax (PAT):
Clean Max successfully transitioned to profitability in FY25 with a PAT of ₹19.43 Crores, recovering from prior losses as it achieved operational scale. This positive trend persisted in H1 FY26, highlighting the viability of its high-margin asset ownership model.
EBITDA:
Operational efficiency has improved significantly, with EBITDA expanding to ₹1,015.07 Crores in FY25 and maintaining strong margins above 67%. This surge reflects the strategic shift towards the high-margin "Power Sales" segment compared to the lower-margin services business.
Total Borrowing:
Total borrowings rose sharply to ₹10,121.46 Crores in September 2025 to fund the aggressive capital expenditure required for constructing solar and wind assets. The IPO proceeds are specifically targeted to deleverage this balance sheet and reduce associated finance costs.
Assets:
The asset base has more than doubled from FY23 levels to reach ₹16,945.65 Crores in September 2025, underscoring the capital-intensive nature of the business. This rapid accumulation is primarily driven by the development of new renewable energy projects to meet growing corporate demand.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹2.79, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 377.42x at the upper end of the price band (₹1053).
P/E Ratio = ₹1053(Price) / ₹2.79(Earnings Per Share)
P/E Ratio ≈ 377.42x
Peer Comparison Table:
| Company | P/E Ratio | Revenue (FY25 ₹ Cr) | EBITDA Margin |
Clean Max Enviro Energy | 377.42 | 1,496 | 67.9 |
| NTPC Green Energy | 132.94 | 2,209 | 93.2 |
| Adani Green Energy | 119.14 | 11,212 | 95.8 |
| ACME Solar | 49.46 | 1,405 | N/A |
Analysis:
Clean Max Enviro Energy is entering the market at a P/E multiple of approximately 377.42x based on an EPS of ₹2.79. This valuation represents a substantial premium compared to utility-scale listed peers like NTPC Green Energy (132.94x) and Adani Green Energy (119.14x).
The ultra-high P/E ratio is reflective of the company being in the early stages of net profitability after a turnaround in FY25. Investors are essentially pricing in significant future growth rather than current earnings. While Clean Max commands a niche leadership position in the C&I segment with superior receivable days (26 days), the valuation demands a strong belief in its ability to scale profits exponentially to justify the premium over established utility players.
What Is Industry Outlook of Clean Max Enviro Energy Solutions Limited?
Growth Potential:
The Indian renewable energy sector is poised for exponential growth, targeting 500 GW capacity by 2030.
C&I Segment Trends:
Corporate demand for green energy is rising due to sustainability goals (Net Zero commitments) and the cost advantage of renewables over grid tariffs. As the largest player in this space, Clean Max is well-positioned to capture this structural shift.
What Are The Strengths and Risks of Clean Max Enviro Energy IPO?
Strengths:
- Market Leadership: As the largest C&I renewable player in India, it enjoys a competitive moat and strong brand recall.
- Client Profile: 94.7% of customers have an 'A-' credit rating or higher, ensuring timely payments and low credit risk.
- Revenue Visibility: Long-term Power Purchase Agreements (PPAs) with a weighted average tenure of nearly 23 years provide stable cash flows.
- Brookfield Backing: Sponsorship by a global asset manager provides financial muscle and operational expertise.
Risks:
- High Leverage: The company carries significant debt (₹10,121 Cr). While IPO proceeds will reduce this, the business remains capital-intensive.
- Regulatory Risk: The business model depends on "Open Access" policies. Any adverse changes in state regulations or banking norms could impact profitability.
- Customer Concentration: The top 10 clients contribute roughly 35% of revenue, creating a dependency risk.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note that Clean Max is an infrastructure play. The company has moved from a project development phase to an asset ownership phase, resulting in high debt but also creating long-term recurring revenue. The IPO is primarily for debt reduction, which is a positive step for the balance sheet. Investors must weigh the premium valuation against the company's dominant market position and the strong tailwinds in the corporate green energy sector.
Key Takeaways
- IPO Price: ₹1,000 - ₹1,053 per share.
- Min Investment: ₹14,742 (14 Shares).
- Allotment:: February 26, 2026
- Listing Date: March 2, 2026.
- Core Business: Renewable energy for Corporate/Industrial clients.
FAQs on Clean Max Enviro Energy IPO
What is Clean Max Enviro Energy IPO GMP today?
The GMP is an unofficial market indicator. Please refer to our dedicated GMP section for daily updates.
What is Clean Max Enviro Energy IPO price band?
The price band is set at ₹1,000 to ₹1,053 per equity share.
What is Clean Max Enviro Energy IPO allotment date?
The allotment is expected to be finalized on Thursday, February 26, 2026.
How to check Clean Max Enviro Energy IPO allotment status?
You can check the status on the website of the registrar, MUFG Intime India Private Limited, or via the BSE/NSE websites.
What is Clean Max Enviro Energy IPO listing date?
The listing is scheduled for Monday, March 2, 2026.
Investment Perspective on Clean Max Enviro Energy IPO
Clean Max offers a unique opportunity to invest in the decarbonization of India Inc. With a strong parentage and market leadership, it is a significant player. However, high debt levels and regulatory sensitivities are key factors to watch.
Disclaimer: The information provided in this article is based on the Red Herring Prospectus (RHP). It is factual and neutral. IPO investments are subject to market risks. Read all scheme-related documents carefully. This is not a recommendation to buy or sell.
