| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹1000 to ₹1053 | 14 | 23th Feb, 2026 –25th Feb, 2026 | ₹3100 Cr |
Clean Max Enviro Energy Solutions Limited
Clean Max Enviro Energy Solutions Ltd. (CMEES), incorporated in 2010, is India’s largest commercial and industrial (C&I) renewable energy provider, with 2.80 GW of operational, owned, and managed capacity and 3.17 GW of contracted capacity yet to be executed as of October 31, 2025. The company is an early mover in India’s C&I renewable energy space and has played a significant role in shaping the sector’s evolution and operating models. It accounted for 12% and 8% of annual open-access renewable energy capacity additions in FY24 and FY25, respectively, in the Indian C&I market, with a stronger presence in Gujarat and Karnataka. CMEES offers a range of renewable energy solutions across geographies through two business segments: (i) Renewable Energy Power Sales and (ii) Renewable Energy Services. The company sells electricity generated from its renewable energy plants to customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). Its key customer base includes companies from high-growth sectors such as data centres, AI, and technology, along with Conventional C&I customers across infrastructure, industrial manufacturing, and real estate. CMEES focuses on providing Net Zero and decarbonization solutions, including renewable power supply, energy services, and carbon credit solutions, to data centres, AI and technology companies (Technology customers), as well as C&I enterprises across sectors such as infrastructure, cement, steel, industrial manufacturing, FMCG, pharmaceuticals, real estate, and global capability centres (Conventional C&I customers). It follows a customer-specific contracting approach by designing projects tailored to corporate consumers’ requirements and supplying energy generated from its solar, wind, and hybrid renewable energy farms. This model has enabled the company to build relationships with 555 customers as of September 30, 2025. CMEES aims to be a Net Zero partner to corporates, supported by a client-centric approach, execution excellence, focus on capital efficiency, and a strong organizational culture.
Objective of Clean Max Enviro Energy Solutions Limited
The net proceeds of the Fresh Issue are proposed to be utilized in the following manner:
- Repayment and/or pre-payment, in part or in full, of all or certain outstanding borrowings of the company and/or certain of its subsidiaries; and
- General corporate purposes.
Rationale To Clean Max Enviro Energy Solutions Limited
Investment Rationale
Integrated in-house capabilities driving cost discipline and scalable growth
The company’s execution of offsite STU-connected and proposed CTU-connected farms involves three key components: (i) site evaluation, for evacuation availability and land rights; (ii) EPC, focused on delivering projects on schedule and within budget; and (iii) O&M, aimed at ensuring optimal asset performance and energy generation. For its offsite farms, the company prioritizes securing adequate evacuation access and land rights during the development phase. As of September 30, 2025, it had a 38-member team for land acquisition, regulatory, and permitting, supporting its project development function. This team works to ensure timely land availability for project evacuation, with sufficient scale, appropriate resource quality (particularly for wind site micro-siting), and construction-friendly conditions. CMEES has developed in-house capabilities across key functions, including design and engineering, central procurement, construction management, and asset management. These capabilities enable it to maintain service quality, control costs, deliver projects on time, and manage construction and operational risks. The company has adopted and continues to adopt leading global technologies to reduce the levelized cost of energy and improve efficiency and reliability. It maintains a diversified supplier base for materials and equipment, supporting operational efficiency and cost control. All projects commissioned during the six months ended September 30, 2025, and between FY23 and FY25, were delivered within budgeted costs. The combination of in-house project development, execution, and management capabilities, built over time, supports timely project commissioning, delivery within budget, and optimal plant performance. This strengthens its ability to retain and attract customers while effectively managing risks.
Customer-centric platform strengthening C&I market leadership
CMEES is a market leader in the C&I renewable energy sector, with the largest customer base among C&I renewable energy players in India as of March 31, 2025 and September 30, 2025. The company offers five distinct solutions – Onsite, Offsite STU, Offsite CTU, Capex Services, and carbon services – enhancing its ability to support customers in achieving their Net Zero objectives. These diversified offerings, tailored to specific customer requirements, enable clients to meet their carbon neutrality mandates or Net Zero targets. As of March 31, 2025, CMEES had the largest geographic presence among C&I renewable energy players in India for Onsite Solar and STU-connected farms. It operates STU-connected farms across 10 states, has upcoming CTU-connected farms in 4 states to enable pan-India supply, and provides Onsite Solar solutions across 23 states and union territories in India, as well as in the United Arab Emirates, Bahrain, and Thailand, as of September 30, 2025. This broad footprint allows the company to serve customers with a presence across multiple states/geographies. Its business model focuses on smaller, customer-centric engagements, thereby diversifying risk across clients, sectors, and geographies. Unlike utility-scale renewable energy developers, the company does not participate in competitive tenders with state-owned distribution companies or central government utilities that award projects solely on the basis of the lowest tariff bids. As a result, CMEES prices its offerings at a premium compared to large utility-scale IPPs, due to differentiated project economics and risk profiles. For FY23, FY24, and FY25, as well as, the six months ended September 30, 2025, the company has achieved high customer repeat rates. Its ability to retain and expand relationships with existing customers enables deeper insights into client ecosystems, informing business strategy, driving cross-selling opportunities, and enhancing long-term visibility in its contracted pipeline.
Valuation of Clean Max Enviro Energy Solutions Limited
Clean Max Enviro Energy Solutions Ltd. (CMEES) is a renewable energy provider focused on commercial and industrial (C&I) customers, operating through a fully business-to-business model. With 15 years of experience, the company delivers decarbonization solutions, including renewable power supply, energy services, and carbon credit offerings. Its capabilities extend to EPC and O&M services for solar, wind, and hybrid plants, both at customer premises and at CleanMax-developed farms. India is expected to experience rapid growth, with its annual solar and wind capacity additions increasing from 35 GW in 2024 to 61 GW in 2030. The company is set to capitalize on favorable macroeconomic growth, supported by its in-house expertise across key functions, enabling it to maintain service quality, manage costs, ensure timely project delivery, and mitigate construction and operational risks. The integration of project development, execution, and management capabilities supports timely commissioning, delivery within budget, and optimal plant performance, thereby strengthening its ability to attract and retain customers. CMEES’ broad geographic presence among C&I renewable energy players in India allows it to serve customers across multiple states and geographies. Its diversified offerings, tailored to specific client requirements, and its focus on smaller, customer-centric engagements help diversify risk across clients, sectors, and regions. The company’s ability to retain and expand relationships with existing customers provides deeper insights into client ecosystems, supporting strategic planning, cross-selling opportunities, and long-term visibility in its contracted pipeline. On the financial front, the company’s revenue and EBITDA grew at CAGRs of 26.8% and 55.1%, respectively, over FY23-25. During the same period, its EBITDA margin grew from 40.3% to 60.2%. At the upper price band, the company is valued at an EV/EBITDA multiple of 21.2x. Given the company’s position within the industry, improving financials and favorable macro-economic conditions, we recommend a “SUBSCRIBE” rating to the issue from a medium-to long-term perspective.
What is the Clean Max Enviro Energy Solutions Limited IPO?
The initial public offer (IPO) of Clean Max Enviro Energy Solutions Limited offers an early investment opportunity in. A stock market investor can buy Clean Max Enviro Energy Solutions Limited IPO shares by applying in IPO before All Clean Max Enviro Energy Solutions Limited shares get listed at the stock exchanges. An investor could invest in Clean Max Enviro Energy Solutions Limited for short term listing gain or a long term.
How to apply for the Clean Max Enviro Energy Solutions Limited IPO through StoxBox?
To apply for the Clean Max Enviro Energy Solutions Limited. IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Clean Max Enviro Energy Solutions Limited IPO open?
Clean Max Enviro Energy Solutions Limited IPO is opening on 23 Feb Jan 2026. Apply Now
What is the lot size of the Clean Max Enviro Energy Solutions Limited IPO?
The Lot Size of Clean Max Enviro Energy Solutions Limited IPO is 14 equity shares. Login to your account now.
When is the Clean Max Enviro Energy Solutions Limited IPO allotment date?
The allotment Date for Clean Max Enviro Energy Solutions Limited IPO is 26th Feb 2026. Login to your account now.
When is the Clean Max Enviro Energy Solutions Limited IPO listing date?
The listing Date for Clean Max Enviro Energy Solutions Limited IPO is 2nd Mar 2026. Login to your account now
What is the minimum investment required for the Clean Max Enviro Energy Solutions Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,742. Login to your account now
What is the maximum investment allowed for the Clean Max Enviro Energy Solutions Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,91,646. Login to your account now
What are the risks associated with investing in the Clean Max Enviro Energy Solutions Limited IPO?
- The company may be unable to develop and secure rights to suitable land for the development of solar and wind projects, including the conversion of agricultural acquired or leased land for non-agricultural use. This could adversely impact its operations, limit its ability to generate electricity and mortgage such land, or result in loan recalls.
- The company’s PPAs or EAPAs may be terminated by counterparties upon the occurrence of certain events. If these agreements are terminated and the company is unable to secure replacement PPAs or EAPAs on a timely basis or on similar terms, its business, results of operations, cash flows, and future prospects could be materially affected.
- The company’s operational projects located in the States of Karnataka and Gujarat contribute to a major portion of its revenue from Renewable Energy Power Sales. Any adverse developments in these states, including changes in the regulatory environment, could have a heightened impact on the company’s business, cash flows, financial condition, and results of operations.
When will the Clean Max Enviro Energy Solutions Limited IPO shares be credited to my Demat account?
The Clean Max Enviro Energy Solutions Limited IPO be credited to the account on allotment date which is 26th Feb 2026. Login to your account now
Where can I find the Clean Max Enviro Energy Solutions Limited IPO prospectus?
The prospectus of Clean Max Enviro Energy Solutions Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
