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Clean Max Enviro IPO
Price Band
₹1000.0–1053.0
Issue Size
₹3079.88 Cr
Lot Size
14 shares
Min Investment
₹14,742
GMP
₹-35.0 (-3.32%)
Issue Price
₹1053.0
Clean Max Enviro IPO AI Summary
- Clean Max Enviro IPO is listed on BSE, NSE in the Power Generation sector.
- Price band: ₹1000.0–₹1053.0 per share, lot size 14 shares (min. investment ₹14,742).
- Subscription window: 23 Feb–25 Feb 2026, listing on 02 Mar 2026.
- Current GMP is ₹-35.0 (-3.32%), an estimated listing price of ₹1018 — unofficial and can change daily.
Clean Max Enviro is positioned as a leader in India's renewable energy sector, with significant operational capacity and a diverse range of services. While the company has shown improvements in total income and profitability, potential investors should carefully consider its financial volatility and market sentiment before participating in the IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Clean Max Enviro IPO Grey Market Premium (GMP) Today
GMP
₹-35.0
GMP %
-3.32%
Est. Listing
₹1018.0
Updated: 14 Jul 2026 15:52
About the Company
Clean Max Enviro is India’s largest commercial and industrial (“C&I”) renewable energy provider as of March 31, 2025, according to the CRISIL Report. As of July 31, 2025, the company has 2.54 GW of operational, owned, and managed capacity, with an additional 2.53 GW of contracted capacity under execution. The company’s core offerings include supplying renewable power, delivering comprehensive energy services, and providing carbon credit solutions. It serves a diverse customer base, including both technology sector clients and traditional C&I customers. Clean Max Enviro’s expertise spans energy contracting, engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) of renewable energy plants, including solar, wind, and hybrid projects. Business Segments: Renewable Energy Power Sales: Supply renewable energy to customers through long-term Power Purchase Agreements (PPAs) and Energy Attribute Purchase Agreements (EAPAs). Renewable Energy Services: Offer end-to-end turnkey solutions, covering land acquisition, evacuation infrastructure, EPC services, power evacuation, and lifetime O&M services, along with carbon services offerings. Competitive Strengths Comprehensive Suite of Customer-Centric Capabilities Timely and Cost-Effective Project Development, Execution and Management Capabilities Efficient capital allocation and risk management
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 16,945.65 | 13,279.25 | 9,076.55 | 7,000.14 |
| Total Income | 969.35 | 1,610.34 | 1,425.31 | 960.98 |
| Profit After Tax | 19.00 | 19.43 | -37.64 | -59.47 |
| EBITDA | 637.85 | 1,015.07 | 741.57 | 405.92 |
| NET Worth | 2,598.34 | 2,545.44 | 1,817.96 | 1,209.93 |
| Total Borrowing | 10,121.46 | 7,973.70 | 5,514.56 | 3,843.42 |
Key Ratios
EPS
₹1.84
NAV
₹250.93
ROE
1.27%
RoNW
1.09%
P/B Value
4.20
P/E Ratio
634.34
Market Cap
₹12325.29 Cr
Debt/Equity
1.97
Promoters
Kuldeep Jain, Pratap Jain, Nidhi Jain, BGTF One Holdings (DIFC) Ltd. and Kempinc LLP
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings of the Company and/or certain of the Subsidiaries 1,122.67 2 General Corporate Purposes 23.79 3 Issue Expenses 134.63 Total 1,281.10
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹960.98 Cr in the year ending 31 Mar 2023, increasing to ₹1,425.31 Cr by 31 Mar 2024, then rising further to ₹1,610.34 Cr in the year ending 31 Mar 2025. However, by 30 Sep 2025, total income dropped to ₹969.35 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was negative at ₹-59.47 Cr for the year ending 31 Mar 2023, improving to ₹-37.64 Cr in the following year (31 Mar 2024). By 31 Mar 2025, profit after tax was slightly positive at ₹19.43 Cr, and it decreased slightly to ₹19.00 Cr by 30 Sep 2025.
Grey Market Premium, Explained
The grey market premium (GMP) indicates the premium at which an IPO is expected to list compared to its issue price. A negative GMP suggests that the shares may list below the issue price, reflecting lower investor sentiment in the grey market.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their financial goals and risk tolerance. It's important to consider the company's growth potential in the renewable energy sector and its operational performance.
Who May Want to Wait
Investors who are risk-averse or those looking for stable, consistent returns may want to avoid this IPO, particularly given the company's recent fluctuations in profitability and the negative GMP.
IPO Timeline, Explained
The IPO opens for subscription on February 23, 2026, and closes on February 25, 2026. Allotment of shares will be done on February 26, 2026, with shares expected to be listed on March 2, 2026.
Listing Gains — The Risk
Listing-day gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance. Investors should be aware that fluctuations on the listing day can occur, and past performance is not indicative of future results.
This evaluation is generated from Clean Max Enviro's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Clean Max Enviro IPO GMP today?
Clean Max Enviro IPO GMP today is ₹-35.0 (-3.32%), indicating an estimated listing price of ₹1018. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Clean Max Enviro IPO?
The price band of Clean Max Enviro IPO is ₹1000.0–₹1053.0 per share.
When does Clean Max Enviro IPO open and close?
Clean Max Enviro IPO opens on 23 February 2026 and closes on 25 February 2026.
When does Clean Max Enviro IPO list on the stock exchange?
Clean Max Enviro IPO listed on 02 March 2026 at ₹1018.0.
What is the lot size for Clean Max Enviro IPO?
The lot size for Clean Max Enviro IPO is 14 shares, requiring a minimum investment of ₹14,742.
What is the lot size for this IPO?
The lot size for Clean Max Enviro's IPO is 14 shares.
What is the minimum investment required?
The minimum investment required is ₹14,742.
What is the price band for the IPO?
The price band for the IPO is between ₹1,000 and ₹1,053.
When is the listing date?
The listing date for the IPO is March 2, 2026.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected premium or discount at which the shares might list compared to the issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Feb 2026
Close
25 Feb 2026
Allotment
26 Feb 2026
Listing
02 Mar 2026
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