India’s IPO market in 2026 continues to see participation from large scale infrastructure and renewable energy companies. With rising corporate commitments towards sustainability and net zero targets, commercial and industrial renewable energy demand has grown significantly. Renewable power providers offering long term power purchase agreements and integrated energy services are attracting attention from institutional and retail investors alike.
Against this backdrop, Clean Max Enviro Energy Solutions Limited has opened its IPO on February 23, 2026. Here is a detailed insight into Clean Max Enviro Energy Solutions Limited, its IPO, and the industry outlook.
About Clean Max Enviro Energy Solutions Ltd.
Clean Max Enviro Energy Solutions Limited is India’s largest commercial and industrial 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 renewable capacity and an additional 2.53 GW of contracted capacity under execution.
Its offerings include:
• Supplying renewable energy through long term Power Purchase Agreements and Energy Attribute Purchase Agreements
• Turnkey renewable energy project development including land acquisition and evacuation infrastructure
• Engineering, procurement, and construction services
• Operation and maintenance of renewable energy plants including solar, wind, and hybrid projects
• Carbon credit and energy services solutions
The company caters to technology companies, data centres, AI driven industries, and conventional commercial and industrial customers.
Clean Max Enviro Energy Solutions IPO Details
Clean Max Enviro Energy Solutions IPO is a book build issue of ₹3,100.00 crores. The issue comprises:
• Fresh issue of 1.14 crore shares aggregating to ₹1,200.00 crores
• Offer for sale of 1.80 crore shares aggregating to ₹1,900.00 crores
The IPO price band is set at ₹1,000 to ₹1,053 per share. The shares are proposed to be listed on BSE and NSE.
The company proposes to utilise the net proceeds from the fresh issue towards:
• Repayment and or prepayment of certain outstanding borrowings of the company and or its subsidiaries
• General corporate purposes
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Allotment Date | February 26, 2026 |
| Initiation of Refunds | February 26, 2026 |
| Credit of Shares to Demat | February 27, 2026 |
| Listing Date | March 2, 2026 |
Key IPO Details
Here is the table on the Clean Max Enviro Energy Solutions IPO Review:
| Particulars | Details |
|---|---|
| Face Value | ₹1 per share |
| Issue Price Band | ₹1,000 to ₹1,053 per share |
| Lot Size | 14 shares |
| Total Issue Size | 2,94,39,695 shares aggregating up to ₹3,100 crore |
| Fresh Issue | 1,13,96,011 shares aggregating up to ₹1,200 crore |
| Offer for Sale | 1,80,43,684 shares aggregating up to ₹1,900 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre issue | 10,56,53,268 shares |
| Shareholding Post issue | 11,70,49,279 shares |
| Market Capitalisation Pre IPO | ₹12,325.29 crore |
| Employee Discount | ₹100 per share |
Lot Size of Clean Max Enviro Energy Solutions IPO
Investors can bid for a minimum of 14 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Min | 1 | 14 | ₹14,742 |
| Retail Max | 13 | 182 | ₹1,91,646 |
| S HNI Min | 14 | 196 | ₹2,06,388 |
| S HNI Max | 67 | 938 | ₹9,87,714 |
| B HNI Min | 68 | 952 | ₹10,02,456 |
Clean Max Enviro Energy Solutions Ltd. Financials
Clean Max Enviro Energy Solutions has a pre issue market capitalisation of ₹12,325.29 crore.
Key performance indicators include:
• ROE of 1.27 percent as of March 31, 2025
• RoNW of 1.09 percent as of March 31, 2025
• Debt to Equity ratio of 1.97 as of March 31, 2025
• Price to Book Value of 4.20 as of March 31, 2025
Key Company Financials (₹ Crore)
| 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 |
Clean Max Enviro Energy Solutions Ltd.: Industry Outlook
• Corporate demand for renewable energy is rising due to sustainability commitments and regulatory requirements.
• Long term Power Purchase Agreements provide revenue visibility and stable cash flows.
• Expansion of solar and wind capacity supports India’s renewable energy targets.
• High capital intensity and elevated debt levels can impact return ratios.
• Access to low cost financing and efficient project execution are critical success factors.
Conclusion
Clean Max Enviro Energy Solutions Limited operates in the commercial and industrial renewable energy segment with a diversified portfolio of solar, wind, and hybrid assets. With significant operational capacity and contracted projects under execution, the company plays a key role in corporate decarbonisation initiatives.
The IPO includes both a fresh issue and an offer for sale, with proceeds aimed at debt reduction and strengthening the balance sheet. While the renewable energy sector offers structural growth potential, investors should evaluate valuation metrics, leverage levels, return ratios, and sector specific risks before investing.
As with any public issue, reviewing the offer document and aligning the investment decision with individual risk appetite remains essential.
