Clean Max Enviro Energy
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Clean Max Enviro Energy's recent management commentary highlights a strong growth trajectory, particularly in the Data and AI segment, which has expanded tenfold in two years. The company is strategically positioned with a robust 2.6 GW contracted capacity pipeline and aims to add at least 1,500 MW in FY26-27, supported by long-term Power Purchase Agreements (PPAs). However, execution risks related to grid curtailment and regulatory uncertainties could impact revenue stability. Vista's financial outlook reflects expectations of accelerating revenue growth and improving margins, driven by Clean Max's strong execution capabilities and high customer retention rates. The anticipated EBITDA step-up by FY28 underscores the company's long-term growth potential. Industry dynamics, including supportive government policies and increasing solar demand, further bolster this outlook. Nevertheless, challenges such as competitive pricing pressures and elevated domestic module prices warrant close monitoring. Over the next 12-24 months, key opportunities include expanding into new states and leveraging the high-growth Data and AI segment, while watchpoints include regulatory risks and execution timelines
Why We Like This Stock
- Strong growth in the Data and AI segment, contributing significantly to contracted capacity
- Robust pipeline of 2.6 GW and a target of 1,500 MW in new capacity additions for FY26-27
- High customer retention rates and long-term PPAs provide revenue visibility
Things To Watch Out For
- Execution risks related to grid curtailment and regulatory uncertainties could impact revenue stability
- Competitive pricing pressures may challenge margins despite improving profitability
- Elevated domestic module prices could affect customer savings and overall demand
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 1,390 | 1,496 | 1,913 | 3,109 | 4,090 |
| Profit Before Tax (Cr.) | 13 | 43 | 135 | 284 | 353 |
| PBT Margin | 0.9% | 2.9% | 7.1% | 9.1% | 8.6% |
| Net Profit (Cr.) | -108 | 4 | 69 | 213 | 230 |
| Earnings Per Share | -8.6 | 1.0 | 6.7 | 15.8 | 19.6 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Macguire | ▲ Outperform | 1,700 | 23-Sep-2026 |
| Antique | ▲ Buy | 1,711 | 02-Jul-2026 |
| JPMorgan | ▲ Buy | 1,478 | 14-May-2026 |
Company Overview
Show Company Profile
Clean Max Enviro Energy Solutions Limited engages in development and maintenance of renewable energy projects, such as solar and wind power solutions for commercial and industrial customers. The company operates in two segments, Renewable Energy Power Sales Segment and Renewable Energy Services Segment. The company delivers renewable energy through wind, solar, and hybrid farms, rooftop and ground-mounted solar projects, floating solar, and solar carports. It also offers off-site renewable energy solutions, such as STU-connected and CTU-connected off-site solutions. In addition, the company offers land identification and acquisition; transmission and evacuation infrastructure; engineering, procurement, and construction; operations and maintenance; and lifecycle asset management services, as well as carbon trading and advisory services. In addition, it supplies renewable energy certificates, supports carbon project financing, and provides hybrid clean energy solutions, distributed solar, and technologies. The company serves commercial and industrial clients in sectors including automotive, education, pharmaceuticals, fast-moving consumer goods, information technology, data centers, textiles, and chemicals across India and internationally. Clean Max Enviro Energy Solutions Limited was incorporated in 2010 and is headquartered in Mumbai, India.