CLEANMAX
Clean Max Enviro Energy Solutions share price & financials
- Price
- ₹1,262.2
- Market cap
- ₹15.5k Cr
- Sector
- Power
- Calls analysed
- 3
Clean Max Enviro Energy Solutions Limited Q1 FY27
What went well
- Revenue from operations grew 107% to INR832 crores, demonstrating significant top-line expansion.
- Profit After Tax (PAT) was positive at INR55 crores for the quarter, reflecting strong operational and financial leverage.
- EBITDA margins improved in both segments: RE Power Sales from 76% to 84% and RE Services from 9% to 11.2%.
What to watch
- The Bikaner CTU project is experiencing 70% curtailment, impacting approximately 13% of the company's run-rate EBITDA, and is expected to continue for the rest of the financial year.
- CTU grid uptime remains a problem area, similar to other players in the sector.
What Clean Max Enviro Energy Solutions Limited does
Clean Max Enviro Energy Solutions Limited develops, owns and operates solar, wind and hybrid renewable power projects and sells the electricity to commercial & industrial (C&I) customers under long-term power purchase agreements (PPAs), spanning both large open-access utility-scale plants and onsite/rooftop solar installations. Its customer base includes global data-centre/AI operators (e.g. Princeton Digital Group, Iron Mountain, STT Global Data Centers) and manufacturers (e.g. UltraTech Cement, Apar Industries, BASF, Gujarat Alkalies and Chemicals, CEAT), and it has a strategic joint venture with Apple for renewable capacity. Beyond selling power, it also provides RE Services — EPC and related project-delivery services for renewable energy assets.
Segments
- RE Power Sales
- RE Services
- RE Power Sales operational capacity
- 3,088 MW (as of Mar 31, 2026)
- RE Power Sales total contracted capacity
- 5,685 MW
- Total portfolio capacity (RE Power Sales + RE Services)
- 6,455 MW
- C&I customers served
- 588 (FY26)
- Onsite/rooftop solar footprint
- 1,600+ sites across 22 Indian states and 4 countries (India, UAE, Bahrain, Thailand)
- Utility-scale project presence
- 7 Indian states (Gujarat, Karnataka, Rajasthan, Tamil Nadu, Haryana, Maharashtra, Chhattisgarh)
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 1 delivered 1 missed 8 open- DSM & Storage Strategy Announcement delivered said Q4 FY26 Promised: we expect that in three or four months' time we will be able to make a proper announcement to investors in terms of what we are doing in storage and what that impact is on both DSM, curtailment, and revenue side. Q1 FY27: Management fulfilled this promise by detailing its Battery Energy Storage Systems (BESS) strategy, greenlighting its first investment, signing MOUs with clients, and discussing expected tariffs and market opportunities.
- Osaka Gas JV Capacity Build went quiet said Q3 FY26 Promised: build about 400 MW or more in this joint venture over three years Q1 FY27: No update was provided on the Osaka Gas JV for the second consecutive quarter.
- Bikaner 2 Connectivity Resolution at risk said Q3 FY26 Promised: somewhere in the quarter between October to December 2026 is by when they expect to resolve the same Q1 FY27: The situation has significantly worsened, with curtailment at the Bikaner project increasing from ~30% to 70%. Management now conservatively assumes this heavy curtailment will persist for the rest of the financial year, putting the resolution timeline and financial impact at greater risk.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 107.0%, net profit up 423.5% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 374 | 446 | 402 | 531 | 422 +13% | 557 +25% | 832 +107% |
| EBITDA | 184 | 257 | 266 | 335 | 263 +43% | 268 +4% | 421 +58% |
| Net profit | -4 | 17 | -17 | 36 | 21 +625% | 45 +165% | 55 +424% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +65.0% YTD
YTD: ₹867.5 on 2 Mar 2026 → ₹1,431. High ₹1,494 (22 Jun 2026), low ₹769.7 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.0%
- 3 Aug
- Q4 FY26
- +7.9%
- 13 May
- Q3 FY26
- −2.6%
- 18 Mar
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹1.9k Cr |
| Operating profit | ₹1.1k Cr |
| Operating margin | 59.2% |
| Interest | ₹786 Cr |
| Depreciation | ₹380 Cr |
| Net profit | ₹85 Cr |
| Net margin | 4.4% |
| Cash from operations | ₹1.7k Cr |
| Free cash flow | ₹-4.0k Cr |
| ROCE | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹10 Cr | ₹12 Cr |
| Reserves | ₹50 Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.8k Cr | ₹2.7k Cr | ₹4.6k Cr |
| Borrowings | ₹1.3k Cr | ₹1.6k Cr | ₹4.0k Cr | ₹5.6k Cr | ₹10.3k Cr | ₹12.7k Cr |
| Other liabilities | ₹1.2k Cr | ₹862 Cr | ₹1.7k Cr | ₹1.5k Cr | ₹4.0k Cr | ₹5.2k Cr |
| Total liabilities | ₹2.6k Cr | ₹3.7k Cr | ₹6.9k Cr | ₹8.9k Cr | ₹16.9k Cr | ₹22.6k Cr |
| Fixed assets | ₹2.0k Cr | ₹2.1k Cr | ₹2.9k Cr | ₹6.6k Cr | ₹9.6k Cr | ₹12.0k Cr |
| Capital work in progress | ₹112 Cr | ₹603 Cr | ₹2.7k Cr | ₹680 Cr | ₹3.6k Cr | ₹5.3k Cr |
| Investments | ₹7 Cr | ₹42 Cr | ₹49 Cr | ₹93 Cr | ₹51 Cr | ₹137 Cr |
| Other assets | ₹481 Cr | ₹934 Cr | ₹1.2k Cr | ₹1.4k Cr | ₹3.8k Cr | ₹5.1k Cr |
| Total assets | ₹2.6k Cr | ₹3.7k Cr | ₹6.9k Cr | ₹8.9k Cr | ₹16.9k Cr | ₹22.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Mar 2026, the public added +18.73 pp while FIIs trimmed −18.59 pp. The shareholder count shrank 26% to 23,620.
- Promoters
- 49.4%
- FIIs
- 11.2%
- DIIs
- 14.7%
- Public
- 24.7%
Since Mar 2026
- Public +18.73 pp
- FIIs −18.59 pp
- DIIs −0.08 pp
Who is on the register
Named in the Jun 2026 filing
Every holder of Clean Max Enviro Energy Solutions Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| BGTF One Holdings (DIFC) Limited | 21.28% | unchanged |
| Kempinc LLP | 11.09% | unchanged |
| Augment India I Holdings Llc | 9.50% | unchanged |
| Rikhab Investments B.V. | 8.36% | unchanged |
| Kuldeep Jain | 8.23% | unchanged |
| Jongsong Investments Pte. Ltd. | 6.16% | unchanged |
| Gss India Opportunities AIF - Scheme I AIF | 4.06% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 3.09% | −0.23 pp |
| Zulia Investments Pte. Ltd. FPI fund | 2.93% | unchanged |
| DSDG Holding Aps | 1.82% | unchanged |
| Indiafirst Life Insurance Co Ltd Insurer | 1.65% | unchanged |
| Nomura India Investment Fund Mother Fund Global fund house | 1.14% | −0.10 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CLEANMAX
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹77 Cr
- 2 schemes
- Biggest holder
- HDFC Business Cycle Fund
- ₹63 Cr · 2.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Business Cycle Fund HDFC Mutual Fund | ₹63 Cr | held | Feb '26 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹13 Cr | held | Apr '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +18%
- vs est. average cost
- Held by funds
- ₹77 Cr
- 2 schemes · ≈ 0.47% of the company
- Biggest holder
- HDFC Business Cycle Fund
- ₹63 Cr · 2.3% of that fund
Shares held by these funds +21%
Feb '26 5.75 L shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Clean Max Enviro Energy Solutions Limited
Guides on how to read this kind of business and the numbers that matter.