Clean Max Enviro Energy Solutions IPO: GMP, Price, Analysis, And Details

Clean Max Enviro Energy Solutions IPO - Company Analysis

Clean Max Enviro Energy Solutions IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 3,100 Cr by Clean Max Enviro Energy Solutions Ltd. and according to the CRISIL Report, is the biggest supplier of commercial and industrial ("C&I") renewable energy in India as of March 31, 2025. Providing energy services, carbon credit solutions, and renewable power are some of its main products. We serve a broad spectrum of clients, including both traditional C&I and technology clients.

Energy contracting, engineering, procurement, and construction (EPC), and operation and maintenance (O&M) of renewable energy plants (wind, solar, and hybrid) are among the company's areas of specialization.

Offerings for Businesses

• Sales Segment for Renewable Energy Power
• Renewable Energy Services Segment.
  
  

Clean Max Enviro Energy Solutions IPO Details

The Clean Max Enviro Energy Solutions Ltd IPO open date is from Feb 23 to Feb 25, 2026, with IPO allotment on Feb 26, refund initiation on Feb 26, 2026.

The Rs. 3,100 Cr mainline IPO comprises a combination of fresh issue of 1.14 crore shares (Rs. 1,200 Cr) and offer for sale of 1.80 crore shares (Rs. 1,900.00 Cr)

The Clean Max Enviro Energy Solutions IPO listing date might be on Monday, 02 March 2026, and it will be listed at the BSE and NSE. The Clean Max Enviro Energy Solutions IPO price band is Rs. 1000 to Rs. 1053 for each Share. 

 

 

Events	Date
IPO Opening Date	February 23, 2026
IPO Closing Date	February 25, 2026
IPO Allotment Date	February 26, 2026 (Tentative)
Refund Initiation	February 26, 2026 (Tentative)
Tentative IPO Listing Date	March 02, 2026

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	13,279.25	9,076.55	7,000.14
Total Income	1,610.34	1,425.31	960.98
Profit After Tax	19.43	-37.64	-59.47
EBITDA	1,015.07	741.57	405.92
Net Worth	2,545.44	1,817.96	1,209.93
Reserves and Surplus	7,973.70	5,514.56	3,843.42
Total Borrowing	13,279.25	9,076.55	7,000.14

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	14,041.96	862.76	9,276.49
Net Cash Flow Investing Activities	(36,170.50)	(19,386.03)	(30,107.65)
Net Cash Flow Financing Activities	24,812.43	17,887.78	21,443.28

 

Revenue Bifurcation

(Source: RHP)

Click to check the IPO application status.

Listed Peers of Clean Max Enviro Energy Solutions Ltd.

Name of the Company	Face Value (₹ per share)	EPS (₹)	P/E (x)
ACME Solar Holdings Ltd	2	4.55	49.46
NTPC Green Energy Ltd	10	0.67	132.94
Adani Green Energy Ltd	10	8.37	119.14
ReNew Energy Global PLC	0.0001 USD	10.92	44.84

 

Valuation

KPI	Values
ROE	1.27%
Debt/Equity	1.97
RoNW	1.09%
Price to Book Value	4.20

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 2.88 from the last year, the resulting P/E ratio is 365.62x.

Explore the Shree Ram Twistex IPO.

IPO's Strengths

• An extensive collection of customer-focused capabilities.
• Capabilities for Project Development, Execution, and Management that are Timely and Economical.
• Effective risk management and capital allocation.

 

 

IPO Weaknesses

• Risks associated with project development.
• PPA/EAPA Termination Risk.
• Challenges with Land Title and Acquisition.
  
  

Clean Max Enviro Energy Solutions IPO GMP

Clean Max Enviro Energy Solutions IPO GMP today is Rs. 19 as of 17 Feb 2026. A price band set at Rs. 1053 suggests that the estimated listing price of the IPO could be around Rs. 1072, indicating a gain/loss of 1.80%.

Clean Max Enviro Energy Solutions Limited IPO Summary

IPO Opening & Closing Date	Feb 23, 2026 to Feb 25, 2026
Face Value	Rs. 1 per Share
Issue Price	Rs. 1000 to Rs. 1053
Lot Size	14 Shares
Issue Size	2,94,39,695 Shares (Rs. 3100 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

Clean Max Enviro Energy Solutions IPO Lot Size

The Clean Max Enviro Energy Solutions Ltd. IPO allows retail investors to invest in a minimum and maximum of 1 Lot (14 Shares) amounting to Rs. 14742 and 13 Lots (182 Shares) amounting to Rs. 191646, respectively, while for S-HNI investors, the minimum Lot is 14 (196 Shares) amounting to Rs. 206388.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

 

Clean Max Enviro Energy Solutions IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Clean Max Enviro Energy Solutions IPO Allotment Status

To check the Clean Max Enviro Energy Solutions IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Clean Max Enviro Energy Solutions Ltd.

• Kuldeep Jain
• Pratap Jain
• Nidhi Jain
• BGTF One Holdings (DIFC) Ltd. 
• Kempinc LLP.
  
  

Pre-Issue Promoter Shareholding	74.89%
Post-Issue Promoter Shareholding	49.08%

 

Clean Max Enviro Energy Solutions IPO Lead Managers

• Axis Capital Ltd. 
  
  

Dividend Policy

The company has not declared a dividend during the last three financial years.

 

 

Conclusion

Although the Clean Max Enviro Energy Solutions IPO provides exposure to India's rapidly expanding renewable energy sector, only high-risk investors should consider it because of its extraordinarily high valuation (P/E ~365x), low ROE, and significant debt.

Short-term listing expectations seem reasonable given that GMP indicates low listing gains and that promoters' share has drastically decreased.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We have done our best to provide all the necessary details about the company that you should know before applying for the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company, Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.