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CLEAN MAX ENVIRO EN SOL L

CLEANMAXNSE
Market snapshot · 2026-08-10 20:43 UTC

1,292.00

₹-31.80 (-2.40%)

MARKET CAP

₹15.15K Cr

STOCK P/E

96.6x

52W HIGH

₹1,536.00

52W LOW

₹727.10

BOOK VALUE

₹444.41

EPS

₹13.37

ROE

SECTOR

Utilities

DEBT/EQUITY

229.64

VOLUME

1.32L

P/B RATIO

2.91x

PEG RATIO

Sector

Utilities

Themes

Renewable Energy
₹1,456.90₹1,294.83₹1,132.75₹970.68₹808.60VolumeMar '26Mar '26Apr '26May '26Jun '26Jun '26Jul '26Aug '26

AI Summary

✦ Clartha

Clean Max Enviro Energy Solutions is a renewable-energy developer and operator serving commercial and industrial customers. Power Sales monetizes wind, solar, hybrid, rooftop, floating, and carport projects, while Services earns from development, EPC, transmission, operations, and lifecycle asset management. Hyperscaler demand and data-centre growth could accelerate contracted renewable capacity, supporting 27.7% revenue growth and improving margins. Profit grew 238.1%, but ROE is unavailable, limiting assessment of capital efficiency. At 229.64 debt/equity, leverage can materially amplify financial risk and distort returns to equity. The stock trades at 99x earnings, a rich valuation versus its growth rate and sector norms. Positive sentiment reflects renewable demand, but execution, financing costs, and customer concentration remain open questions.

Forecast

Analyst targets, estimate history, and probabilistic forward ranges for CLEANMAX.

5.00 analysts

Price Forecast

Current
₹1,292
High Target
₹1,711
▲ +32.4%
Median Target
₹1,578
▲ +22.1%
Low Target
₹1,400
▲ +8.4%
Now₹1,292High ₹1,711Median ₹1,578Low ₹1,400Mar '26Now12M Target
Price history (1Y)
Analyst target range
5 analysts

Probabilistic Range

Probabilistic lognormal cone using 1Y realized volatility and analyst-target drift when available.

Time horizonRange ()Probability
3M₹984.22 - ₹1,99580%
6M₹922.11 - ₹2,50480%
12M₹881.84 - ₹3,62380%
Realized vol: +55.1% · Drift: +47.6%

Revenue Forecast

₹ Cr
Jun '26Current₹2,125.0
Sep 2026 ETrend estimate range
High₹2,362.0Base₹2,187.0Low₹2,012.0
Sep '25: ₹1,458.0 · Dec '25: ₹1,521.0 · Mar '26: ₹1,897.0 · Jun '26: ₹2,125.0 · Sep '26: ₹2,187.0 · Dec '26: ₹2,281.5
Sep '25Dec '25Mar '26Jun '26Sep '26 EDec '26 E1,458.01,521.01,897.02,125.02,187.02,281.5
PastCurrentTrend estimate: Low / Base / High

EPS Forecast

₹ / share
Jun '26Current₹29.88
Sep 2026 ETrend estimate range
High₹18.47Base₹16.49Low₹14.51
Sep '25: ₹23.56 · Dec '25: ₹26.28 · Mar '26: ₹10.63 · Jun '26: ₹29.88 · Sep '26: ₹16.49 · Dec '26: ₹18.40
Sep '25Dec '25Mar '26Jun '26Sep '26 EDec '26 E23.5626.2810.6329.8816.4918.40
PastCurrentTrend estimate: Low / Base / High
Market Intelligence

Multi-factor synthesis of 5 key dimensions

Overall Outlook
Supportive
79%
Analyst Consensus
Positive

From 5 analysts

Mean upside+21.8%

Fundamentals

Strong

Fundamentals institutional score is 90 using growth durability 90.1.

Valuation

Attractive relative to peers

Valuation institutional score is 72 using relative multiple z-scores where peer dispersion is available.

Analyst Consensus

Positive

Analyst View institutional score is 84 using mean target upside 21.8%; dispersion penalty 7.9; recommendation breadth from available consensus.

Technical Structure

Mixed Momentum

Technicals institutional score is 68 using EMA-20 continuation within 5% tolerance; VCP range/volume contraction proxy.

Market Sentiment

Positive catalysts emerging

Recent news flow is skewing constructive on impact and recency. Based on 4 recent ticker-linked news items.

Signal Summary

Market intelligence remains Supportive. fundamentals and valuation provide support.

Composite weights: Fundamentals 25%, Valuation 20%, Analyst Consensus 20%, Technical Structure 20%, Market Sentiment 15%.

Fundamentals StrongValuation Attractive relative to peersAnalyst Consensus PositiveTechnical Structure Mixed MomentumMarket Sentiment Positive catalysts emerging

Key Data Points

Mean Target Price1,573.4 target
Mean Upside+21.8%
Technical Score68%
Fundamental Score90%
Data CoverageHigh

Important Note: This is market intelligence, not investment advice. Always conduct your own research and consider your financial goals and risk tolerance.

Valuation Metrics

Trading 11.4% above historical median. Valuation is rising — currently in the strongly overvalued zone (z-score: +0.94). Confidence: 83%.

Live forward EPS implies next-12-month EPS of ₹31.32. Applying the stock's normalized valuation corridor produces a fair range of ₹2,221.21 to ₹3,043.99, with base value near ₹2,784.35 (+115.5% vs current price).

Forward Valuation Outlook

Live forward estimate anchored to the company's historical valuation corridor.

Below normalized range

Forward EPS

₹31.32

Forward P/E

41.3x

Base Fair Value

₹2,784.35

Fair Range

₹2,221.21 - ₹3,043.99

Upside To Base

+115.5%

Estimate Source

Live forward EPS

P/E
Strongly Overvalued

5Y Average

93.42

Current

99.01

Overvalued

97.19

Undervalued

70.92

EV/EBITDA
Overvalued

5Y Average

19.94

Current

20.63

Overvalued

21.32

Undervalued

18.23

P/B
Strongly Undervalued

5Y Average

3.16

Current

2.91

Overvalued

3.63

Undervalued

2.69

Peers & Comparison

Sector: Utilities · Theme: Renewable Energy

Renewable Energy Peers5 peers
Avg P/E: 27.8x
CompanyRev. GrowthMarginP/Evs Avg52W Perf.
SJVN LTD
SJVNRenewable Energy
+52.0%12.8%
41.9x
Premium
+51% vs avg
-26.9%
ACME SOLAR HOLDINGS LTD
ACMESOLARRenewable Energy
+46.8%21.1%
37.8x
Premium
+36% vs avg
+33.7%
JAIPRAKASH POWER VEN. LTD
JPPOWERRenewable Energy
+12.2%11.1%
25.4x
Fair
-9% vs avg
-7.3%
WAAREE RENEWABLE TECH LTD
WAAREERTLRenewable Energy
+53.2%-34.0%
18.7x
Undervalued
-33% vs avg
-9.6%
KPI GREEN ENERGY LIMITED
KPIGREENRenewable Energy
+39.8%17.7%
15.3x
Undervalued
-45% vs avg
-29.5%
WHY THESE PEERS

CLEAN MAX ENVIRO EN SOL L trades at a premium (96.6x vs peer avg 27.8x), implying higher growth or quality expectations from the Renewable Energy cohort. Peers include SJVN LTD, ACME SOLAR HOLDINGS LTD, JAIPRAKASH POWER VEN. LTD — selected based on business model, industry classification, market cap similarity, and business theme alignment.

Financials

Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.

Latest revenue

₹2.13K CrJun 2026

Latest net profit

₹350 CrJun 2026

Latest EPS

₹29.88Jun 2026

Net margin

20.0%Jun 2026

Performance

Bars show revenue and net profit. The line shows net margin.

Rs crore + margin %
Q1 '26Q2 '26Q3 '26Q4 '26Q1 '270.0%7.0%14.0%21.0%28.0%0.00 Cr550 Cr1.10K Cr1.65K Cr2.20K Cr
  • Revenue
  • Net income
  • Net margin %

Earnings

Revenue is shown in crores. EPS is rupees per share.

Rs crore + Rs/share
Q1 '26Q2 '26Q3 '26Q4 '26Q1 '270.00 Cr550 Cr1.10K Cr1.65K Cr2.20K Cr₹0₹8₹16₹24₹32
  • Revenue
  • EPS

Revenue to profit conversion

Bridge from operating numbers to profit for the latest reported period.

Rs crore
RevenueExpensesDepreciationOtheradjustmentsOperatingprofitOther incomeInterestOtheradjustmentsProfitbefore taxTax & otherNet Profit0.00 Cr550 Cr1.10K Cr1.65K Cr2.20K Cr

Latest reported period: Jun 2026

Debt level and coverage

Debt, cash and free cash flow compared on the same crore scale.

Rs crore
Annual view
Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026-4.50K Cr0.00 Cr4.50K Cr9.00K Cr13.50K Cr
  • Debt
  • Free cash flow
  • Cash & equivalents

Results

MetricDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales +6391,0391,1281,4581,5211,8972,125
Expenses +4888869531,1311,1461,6691,707
Operating Profit151153175327375227418
OPM %24%15%16%22%25%12%20%
Other Income +4857629191111172
Interest4661528795136108
Depreciation10111012141314
Profit before tax142138174319357189468
Tax %27%17%23%25%24%34%25%
Net Profit +104114134239270124350
EPS in Rs205.73224.2326.3323.5626.2810.6329.88
Raw PDF

All values in ₹ Crores unless otherwise stated. Source: Screener Master (Standalone).

Shareholding Pattern

HolderMar 2023Mar 2024Mar 2025Dec 2025Mar 2026
Promoters17.45%17.64%65.27%49.48%49.48%
FII42.26%10.76%10.62%
DII34.37%33.93%
Public1.75%0.85%0.70%2.99%3.32%
Others80.80%39.25%34.03%2.40%2.65%
Mar 2026
Promoters
FII
DII
Public
Others

Events Timeline

Annual Report FY26

FY2026PDFCompany Reports Open

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Aug 07, 2026PDFCompany Reports Open

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Aug 03, 2026PDFCompany Reports Open

Announcement under Regulation 30 (LODR)-Newspaper Publication

Aug 01, 2026PDFCompany Reports Open

Statement Of Deviation Or Variation In Utilisation Of Funds Raised Through Initial Public Offering ('IPO') For The Quarter Ended 30 June 2026

Jul 31, 2026PDFCompany Reports Open