Loading…
Indian renewable-energy developer building solar and wind projects that sell power directly to commercial and industrial customers.
Indian renewable-energy developer building solar and wind projects that sell power directly to commercial and industrial customers.
Sells power to businesses under long-term contracts, often in a group-captive structure where the buyer owns a share of the plant so it can buy at lower grid charges under Indian rules. Plants are built to order for corporate buyers, which gives contracted rather than merchant sales.
Moat: narrow (customer qualification, scale). Long-term C&I power-purchase relationships, but the renewable IPP space has many well-capitalized rivals.
Headquarters: Mumbai, India · Founded: 2011 · Employees: 594
Size Clean Max Enviro Energy Solutions (CLEANMAX.NS) is an India Utilities company (Alternative Power Generation) with a market value of $1.57B, the 449th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,260 on 6 Nov 2026.
Performance Over six months the shares gained 8.0%, against -25.4% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 27.9% over the last twelve months (peer median +5.4%); the operating margin is 43.6% (peer median 24.4%).
Valuation It trades at 107.0× forward earnings against a peer median of 15.7× (2nd most expensive of 19).
Capital Return on invested capital runs 13.9 points below its cost of capital (16.8% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | ₹19.1B | ₹15.0B | ₹13.9B | ₹9.30B |
| Revenue growth | — | +28% | +8% | +50% | — |
| Gross profit | n/a | ₹9.27B | ₹6.80B | ₹5.58B | ₹3.17B |
| EBITDA | n/a | ₹12.1B | ₹9.10B | ₹7.10B | ₹3.79B |
| Net income | n/a | ₹941M | ₹278M | -₹310M | -₹653M |
| Free cash flow | n/a | -₹49.1B | -₹20.8B | -₹22.2B | -₹21.1B |
| Capital expenditure | n/a | ₹57.5B | ₹29.1B | ₹18.7B | ₹28.5B |
| Total debt | ₹176B | ₹128B | ₹80.9B | ₹55.7B | ₹38.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions CLEANMAX.NS | $1.57B | +8% | +28% | 44% | 107.0× | n/a |
| ReNew Energy Global RNW | $2.53B | +23% | +11% | 42% | 26.4× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CLEANMAX.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.3% | -6.8% | 10th lowest of 21 |
| 6-month return | +8.0% | -25.4% | 2nd highest of 19 |
| Distance from 52-week high | -18.0% | -37.5% | 5th highest of 21 |
| Revenue growth (TTM) | +27.9% | +5.4% | 6th highest of 21 |
| Operating margin | 43.6% | 24.4% | 5th highest of 21 |
| Forward P/E | 107.0× | 15.7× | 2nd most expensive of 19 |
| ROIC minus cost of capital | -13.9 pp | -1.3 pp | 2nd lowest of 21 |
| EV / EBITDA | 25.2× | 12.4× | 2nd most expensive of 13 |
| Net debt / EBITDA | 12.1× | 5.4× | 3rd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Clean Max Enviro Energy Solutions CLEANMAX.NS | India | $1.57B | +8% | +28% | 44% | 107.0× | n/a | n/a |
| Juniper Green Energy JNPR.NS | India | $1.54B | n/a | +1,313% | 52% | 100.5× | n/a | n/a |
| Nyocor 600821.SS | China | $1.63B | -29% | -12% | 12% | 40.5× | 6.8% | +20.6% |
| Scatec SCATC.OL | Norway | $1.50B | -16% | +16% | 29% | n/a | n/a | n/a |
| Jiaze Renewables 601619.SS | China | $1.65B | -34% | -5% | 43% | 15.0× | 0.2% | +19.7% |
| Luenmei Quantum 600167.SS | China | $1.76B | -21% | -11% | 15% | 19.4× | -8.9% | -2.1% |
| XPLR Infrastructure, LP XIFR | United States | $1.38B | -38% | -1% | 3% | 3.0× | n/a | n/a |
| Grandtop Yongxing 601033.SS | China | $1.83B | -2% | +6% | 26% | 14.0× | -5.1% | +18.4% |
| Aker Solutions AKSO.OL | Norway | $1.89B | -17% | -9% | 5% | 5.8× | -14.7% | +16.9% |
| Alerion Clean Power ARN.MI | Italy | $1.11B | -35% | +13% | 51% | 16.4× | n/a | n/a |
| Cox Infrastructure COXG.MC | Spain | $1.05B | -12% | +72% | 9% | 10.1× | n/a | n/a |
| Solaria Energia y Medio Ambiente SLR.MC | Spain | $2.40B | -33% | +26% | 92% | 11.2× | n/a | n/a |
| ReNew Energy Global RNW | United States | $2.53B | +23% | +11% | 42% | 26.4× | n/a | n/a |
| SK Eternix 475150.KS | South Korea | $949M | -35% | +39% | 9% | 40.0× | n/a | n/a |
| CECEP Solar Energy 000591.SZ | China | $2.65B | -9% | -13% | 28% | 17.4× | 0.4% | -1.5% |
| Fervo Energy FRVO | United States | $2.66B | n/a | -31% | -35,367% | n/a | n/a | n/a |
| Xinyi Energy 3868.HK | Hong Kong | $863M | -38% | +2% | 54% | 8.1× | -2.6% | +9.1% |
| Waaree Renewable Technologies WAAREERTL.NS | India | $810M | -30% | +78% | 17% | 12.2× | 24.1% | +203.3% |
| Shanghai Nenghui Technology 301046.SZ | China | $680M | +8% | -49% | -13% | 2,690.0× | n/a | n/a |
| ERG ERG.MI | Italy | $3.77B | -3% | +5% | 28% | 19.4× | 10.0% | -2.8% |
| Century Wind Power 2072.TW | Taiwan | $618M | -41% | +62% | 22% | 5.7× | -17.2% | +41.9% |