Clean Max Enviro Energy Solutions IPO: A Deep Dive
About Clean Max Enviro Energy Solutions IPO
Clean Max Enviro Energy Solutions Limited IPO will be launched in August 2025. The Clean Max Enviro Energy Solutions IPO is structured as a 100% book-built offer, with a possible pre-IPO placement of up to ₹300 crores that may reduce the fresh issue size. The promoters of the company are Kuldeep Jain and Pratap Jain.
Industry Overview
The Indian renewable energy (RE) sector is witnessing strong growth, driven by India’s COP26 commitments and increasing corporate demand for green energy. The market is also undergoing consolidation with large independent power producers (IPPs) such as Adani Green, ReNew Energy Global, NTPC Green, and Tata Power Renewable competing alongside focused C&I players.
India’s policy landscape has also been favourable, with strong government support for renewable energy adoption. Programs like Renewable Energy Development Agency (IREDA) financing, Production Linked Incentive (PLI) schemes for solar manufacturing, and Renewable Purchase Obligations (RPOs) are pushing both utilities and corporates to scale their clean energy mix. Additionally, falling solar and wind tariffs have made renewables competitive with conventional sources, creating an attractive business case for commercial and industrial users.
Looking ahead, the corporate decarbonization wave is likely to be a major demand driver. Global corporations with significant India operations are setting ambitious net-zero goals, which will fuel the adoption of onsite and open-access renewable solutions. The growth of data centres, electric vehicles, and green hydrogen projects is also expected to create new demand pockets, making the sector one of the fastest-growing in India’s energy transition journey.
Clean Max Enviro Energy Solutions Business
Clean Max is India’s largest commercial & industrial (C&I) renewable energy provider as of March 31, 2025, with 2.54 GW operational and 2.53 GW contracted capacity. The company serves over 531 customers with 1,127 signed PPAs across sectors such as data centres, technology, cement, steel, FMCG, pharmaceuticals, and real estate. Its offerings span:
- Onsite solar, wind, and hybrid energy solutions.
- Offsite renewable farms developed by Clean Max.
- Decarbonization services including EPC, O&M, and carbon credit solutions.
Competitive Strengths
- Market Leadership: Largest C&I renewable energy provider in India.
- Diverse Portfolio: Onsite and offsite renewable projects across multiple technologies.
- Robust Customer Base: Strong relationships with Fortune 500 companies and global tech firms such as Apple, Google, Meta, Amazon, and Toyota through long-term partnerships.
- Sustainability Recognition: Recipient of several awards including India Green Energy Award and Sustainability Leadership Award.
Risk Factors
- Policy changes or reduction in government incentives could impact growth.
- Cost pressures from volatility in module, freight, and commodity prices.
- Land acquisition and transmission connectivity challenges delaying projects.
- Intense competition from large listed IPPs and emerging C&I-focused peers.
Peer Comparison
Clean Max Energy Enviro Solution competes with Adani Green, ReNew, ACME Solar, NTPC Green, and Tata Power Renewables, as well as direct C&I competitors like Continuum Green, Amplus Solar, Fourth Partner Energy, and Ampin Energy. Unlike some peers, Clean Max has the largest dedicated C&I portfolio and customer base in India.
Profit and Loss Statement
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
Revenue from operations | 14,957.01 | 13,898.37 | 9,295.82 |
Total Income | 16,103.42 | 14,25.309 | 9,60.979 |
EBITDA | 10,150.72 | 7,41.573 | 4,05.919 |
Profit/(Loss) Before Tax | 521.95 | 15.657 | 71.082 |
Net Profit/(Loss) for the Year | 194.29 | (376.43) | (594.73) |
EPS – Basic (₹) | 2.88 | (3.94) | (9.01) |
Cash Flow Statement
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
Profit Before Tax | 52.195 | 15.657 | 71.082 |
Operating Activities | |||
Net Cash from Operating Activities (A) | 1404.196 | 86.276 | 927.649 |
Investing Activities | |||
Net Cash Used in Investing Activities (B) | (36,17.050) | (19,38.603) | (30,10.765) |
Financing Activities | |||
Net Cash from Financing Activities (C) | 24,81.243 | 17,88.778 | 21,44.328 |
Cash at end of year | 3,28.585 | 49.617 | 1,13.166 |
Conclusion
Clean Max Enviro Energy Solutions IPO represents an opportunity to invest in India’s largest C&I renewable energy player, with strong fundamentals, a wide customer base, and a focus on sustainability. However, investors should weigh growth prospects against sector-specific risks such as regulatory changes, competition, and project execution challenges.
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This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.
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