Quick Stats
Listing Price
960
(-8.83%)
Subscription
0.94x
Allotment Status
Out
Last Updated
26-03-2026 05:01 PM
Clean Max Enviro Energy IPO – Live GMP, Review & Analysis
Clean Max Enviro Energy IPO GMP Today - ₹-37 (-3.51%)
Last updated: 02-03-2026 10:00 AM
Grey Market Premium Analysis
As of today, the latest Grey Market Premium (GMP) for Clean Max Enviro Energy IPO is ₹-37. Considering the upper price band of ₹1053, the estimated listing price is ₹1016 (Cap Price + GMP). This indicates a listing gain of -3.5% per share. The GMP trend has been Down over the last 3 days.
GMP Trend Analysis
| Date | GMP Price | Est. Listing Gain | Trend |
|---|---|---|---|
| 02-03-2026 | -37 | ₹-518 | Down |
| 01-03-2026 | -20 | ₹-280 | Neutral |
| 28-02-2026 | -20 | ₹-280 | Down |
| 27-02-2026 | -11 | ₹-154 | Neutral |
| 26-02-2026 | -11 | ₹-154 | Down |
| 25-02-2026 | 0 | ₹0 | Down |
| 24-02-2026 | 1 | ₹14 | Down |
| 23-02-2026 | 3 | ₹42 | Neutral |
| 22-02-2026 | 3 | ₹42 | Neutral |
| 21-02-2026 | 3 | ₹42 | Neutral |
| 20-02-2026 | 3 | ₹42 | Down |
| 19-02-2026 | 7 | ₹98 | Down |
| 18-02-2026 | 9 | ₹126 | Down |
| 17-02-2026 | 19 | ₹266 | Neutral |
Clean Max Enviro Energy IPO Date, Price Band & Lot Size
Price Band
₹1000-1053
Lot Size
14 shares
Cutoff Investment
14742
Promoter Holding
Open
Feb 23, 2026
Close
Feb 25, 2026
Allotment Date
Feb 26, 2026
Listing Date
Mar 2, 2026
Issue Size
3100
Clean Max Enviro Energy IPO Review: Business Model
*This section provides a detailed description of Clean Max Enviro Energy IPO's business operations and market position.
Clean Max Enviro Energy IPO Financial: Revenue, Profit & Margins
Key financial metrics over recent years.
*Values in Cr
Revenue
₹1,610 Cr
Net Profit
₹19 Cr
EBITDA
₹1,015 Cr
ROE
3.05%
ROCE
9.50%
Debt/Equity
2.1x
PAT Margin
1.18%
Peer Comparison
Renewable Energy (C&I and EPC) • FY25
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | P/E | Market Cap (₹ Cr) | Comment |
|---|---|---|---|---|---|---|
Clean Max Enviro Energy Solutions (IPO Company) IPO Company | 1,610.34 | 19.43 | 63.03% | 634.33 | 12,325 | Focuses on providing renewable energy to Commercial & Industrial (C&I) clients through onsite and offsite models. |
Waaree Renewable Technologies Ltd | 1,597.46 | 229.49 | 20.16% | 40.37 | 9,265.91 | Primarily an EPC player for solar projects, differing from the asset-heavy developer model. |
KPI Green Energy Ltd | 1,592 | 252.35 | 33.47% | 31.61 | 7,977.51 | Operates as both an Independent Power Producer (IPP) and a service provider for captive clients. |
Adani Green Energy Ltd | 11,212 | 1,260 | 70.10% | 233.63 | 2,94,381 | Large-scale utility renewable developer with significant capacity and higher capital intensity. |
Analysis & Interpretation
Peers in this list operate with varying business models, ranging from asset-heavy utility developers (like Adani Green) to EPC-focused service providers (like Waaree Renewable). Clean Max operates a hybrid model focused specifically on C&I clients, which influences its margin profile and valuation metrics compared to pure-play utility or EPC peers. Valuation multiples vary significantly based on the scale of operations and the mix between recurring power sales versus one-time EPC revenue.
Note: The peer group includes companies with different business models and commodity exposure. Financial metrics are provided for sectoral context and may not represent direct business equivalence. Clean Max FY25 financials are based on DRHP disclosures; Peer data is based on FY25 or trailing 12-month data as available.
Source: Company DRHP, Annual Reports, and publicly available financial data (FY25/TTM).
This peer comparison is for informational purposes only and is based on publicly available financial data. It does not constitute investment advice or a recommendation to buy or sell any security.
IPO Objectives (Use of Funds)
Repayment of Borrowings
₹1,125 Cr(93.8%)Repayment or pre-payment, in full or part, of certain outstanding borrowings availed by the company and its subsidiaries.
General Corporate Purposes
₹75 Cr(6.2%)Funding for strategic initiatives, operational expenses, and other corporate exigencies.
Note: The Offer for Sale (OFS) proceeds of ₹1,900 Cr will be received by the selling shareholders and not the company. Utilisation amounts are based on the Fresh Issue size of ₹1,200 Cr.
Source: RHP / DRHP
For informational purposes only.
Anchor Investor List & Allocation Details
Key institutional investors who subscribed to the IPO prior to opening.
| Investor Name | Category | Shares Allocated | Amount (Cr) |
|---|---|---|---|
| ZULIA INVESTMENTS PTE. LTD. | FPI | 6,31,540 | ₹66.50 Cr |
| SBI LIFE INSURANCE CO. LTD | Insurance | 6,31,540 | ₹66.50 Cr |
| HDFC MUTUAL FUND - HDFC BUSINESS CYCLE FUND | Mutual Fund (MF) | 4,74,838 | ₹50.00 Cr |
| NOMURA INDIA INVESTMENT FUND MOTHER FUND | FPI | 6,31,540 | ₹66.50 Cr |
| PRUDENTIAL HONG KONG LIMITED - PHKL ASIA PACIFIC ACTIVE GROWTH EQUITY PORTFOLIO - AHAPAG- EASTSPRING GROWTH EQUITIES TEAM | FPI | 3,95,640 | ₹41.66 Cr |
| EASTSPRING INVESTMENTS - ASIA OPPORTUNITIES EQUITY FUND | FPI | 2,35,900 | ₹24.84 Cr |
| 360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 12 | AIF | 2,37,398 | ₹25.00 Cr |
| 360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 9 | AIF | 2,13,668 | ₹22.50 Cr |
| 360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 10 | AIF | 83,118 | ₹8.75 Cr |
| 360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 13 | AIF | 59,360 | ₹6.25 Cr |
| FRANKLIN INDIA LARGE & MID CAP FUND | Mutual Fund (MF) | 4,74,838 | ₹50.00 Cr |
| PIONEER INVESTMENT FUND SCHEME II | AIF | 5,93,558 | ₹62.50 Cr |
| PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA FLEXI CAP FUND | Mutual Fund (MF) | 1,70,954 | ₹18.00 Cr |
| PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA SMALL CAP FUND | Mutual Fund (MF) | 1,64,304 | ₹17.30 Cr |
| PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA ELSS TAX SAVER FUND | Mutual Fund (MF) | 71,218 | ₹7.50 Cr |
| PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA MULTI CAP FUND | Mutual Fund (MF) | 38,934 | ₹4.10 Cr |
| PGIM INDIA TRUSTEES PRIVATE LIMITED A/C PGIM INDIA AGGRESSIVE HYBRID EQUITY FUND | Mutual Fund (MF) | 19,936 | ₹2.10 Cr |
| PGIM INDIA TRUSTEE PRIVATE LIMITED A/C - PGIM INDIA RETIREMENT FUND | Mutual Fund (MF) | 9,492 | ₹1.00 Cr |
| INDIAFIRST LIFE INSURANCE CO LTD | Insurance | 4,74,838 | ₹50.00 Cr |
| PANVIRA INDIA INNOVATION FUND | AIF | 4,74,838 | ₹50.00 Cr |
| ABU DHABI INVESTMENT AUTHORITY - MONSOON | Sovereign / Pension Fund | 2,84,914 | ₹30.00 Cr |
| CANARA HSBC LIFE INSURANCE CO LTD | Insurance | 2,84,914 | ₹30.00 Cr |
| MALABAR INDIA FUND LIMITED | FPI | 2,84,914 | ₹30.00 Cr |
| SBI GENERAL INSURANCE COMPANY LIMITED | Insurance | 2,37,426 | ₹25.00 Cr |
| BARODA BNP PARIBAS SMALL CAP FUND | Mutual Fund (MF) | 1,23,466 | ₹13.00 Cr |
| BARODA BNP PARIBAS ENERGY OPPORTUNITIES FUND | Mutual Fund (MF) | 66,472 | ₹7.00 Cr |
| UNION FLEXI CAP FUND | Mutual Fund (MF) | 1,42,464 | ₹15.00 Cr |
| TRUST MUTUAL FUND - TRUST MF SMALL CAP FUND | Mutual Fund (MF) | 66,486 | ₹7.00 Cr |
| TRUST MUTUAL FUND - TRUST MF FLEXI CAP FUND | Mutual Fund (MF) | 56,980 | ₹6.00 Cr |
| TRUST MUTUAL FUND - TRUSTMF MULTI CAP FUND | Mutual Fund (MF) | 18,998 | ₹2.00 Cr |
| CHANAKYA WEALTH CREATION FUND | AIF | 1,42,464 | ₹15.00 Cr |
| SUSQUEHANNA PACIFIC PTY LTD | FPI | 1,42,464 | ₹15.00 Cr |
| TATA INVESTMENT CORPORATION LIMITED | Others | 94,976 | ₹10.00 Cr |
| BNP PARIBAS FUNDS GLOBAL CLIMATE SOLUTIONS | FPI | 94,976 | ₹10.00 Cr |
| BHARTI AXA LIFE INSURANCE COMPANY LTD | Insurance | 94,976 | ₹10.00 Cr |
| MOON CAPITAL TRADING PTE. LTD. | FPI | 94,976 | ₹10.00 Cr |
| VIRIDIAN ASIA OPPORTUNITIES MASTER FUND | FPI | 94,976 | ₹10.00 Cr |
| SOCIETE GENERALE - ODI | FPI | 94,976 | ₹10.00 Cr |
| MERCURY SERIES UNION MID AND SMALL CAP FUND | AIF | 94,962 | ₹10.00 Cr |
| CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED | FPI | 94,717 | ₹9.97 Cr |
| ASHIKA INDIA SELECT FUND | AIF | 47,488 | ₹5.00 Cr |
SWOT Analysis (Pros & Cons)
Comprehensive analysis of Strengths, Weaknesses, Opportunities, and Threats.
Strengths
- •Largest C&I renewable energy provider in India with 2.54 GW operational capacity.
- •Diversified asset portfolio comprising solar, wind, and hybrid projects across 21 states.
- •Strong client base of 531 customers including major data center and technology firms.
- •Business model focused on high-margin corporate PPAs rather than low-tariff government tenders.
- •established track record of executing projects under both onsite and offsite open access models.
Weaknesses
- •History of net losses in FY23 and FY24, with profitability achieved only in FY25.
- •High geographic concentration with ~78% of power sales revenue coming from Karnataka and Gujarat.
- •Significant capital expenditure requirements leading to high indebtedness (₹7,973 Cr debt in FY25).
- •Dependent on a limited number of customers for a substantial portion of revenue.
Opportunities
- •Growing demand from corporates for Round-the-Clock (RTC) renewable power to meet Net Zero goals.
- •Expansion into Battery Energy Storage Systems (BESS) to enhance power reliability.
- •Rising potential in carbon credit trading and environmental attribute markets.
- •Opportunity to scale international operations in Thailand, UAE, and Bahrain.
Threats
- •Regulatory changes regarding open access charges and withdrawal of banking facilities by states.
- •Intense competition from utility-scale developers entering the C&I segment.
- •Grid unavailability or congestion delays impacting project commissioning and power evacuation.
- •Fluctuations in interest rates affecting the cost of financing for capital-intensive projects.
IPO Video Analysis (External)
Detailed analysis of Clean Max Enviro Energy IPO Analysis by market experts.
*Video embedded for convenience. Click the play button to load the content from YouTube.
Disclaimer: This video is shared for informational and educational purposes only. The views expressed are those of the respective creator and do not constitute investment advice.